A major Japanese life insurance company plans to slow down purchases of government bonds.

Golden Ten Data reported on April 20 that, according to reports, Japan's Fukoku Mutual Life Insurance Company plans to reduce its purchases of Japanese government bonds in the current fiscal year, as the company believes there is limited room for the yields on ultra-long-term bonds to increase. The insurance company plans to increase its holdings of Japanese bonds by 110 billion yen (approximately $691 million), which is lower than the anticipated increase of about 480 billion yen in the previous fiscal year. Yusuke Onodera, Executive Officer of the company's investment planning department, said: "Last fiscal year, domestic bond yields rose more than expected, so we increased domestic investments by reducing our foreign bond holdings. However, this year, we have found the yields on super long-term bonds have remained generally steady, so the pace of bond replacement will be relatively slow."