Sumitomo Life sees USDJPY higher on likely US rate hike in December

Japan’s Sumitomo Life joins a list of Japanese life insurers, who have announced their H2 FY 2016-17 investment plans lately, and notes that the company expects USD/JPY to sustain at higher levels only in the event of a Dec Fed rate hike.

Key Headlines:

Will reduce domestic bonds Oct-March

Plans to maintain holdings of domestic stocks but ready to buy them on dips

Plans to buy foreign bonds without ccy hedging when USDJPY around 100

Sees USDJPY higher on likely US rate hike in December