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Gold/Mining/Energy : Euro Impact on Gold, USD ...

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To: banco$ who wrote (128)	12/16/1998 10:24:00 PM
From: banco$	Read Replies (1) of 289

"Nippon Life says to mull raising euro investment" - TOKYO, Dec 16 (Reuters) - Nippon Life Insurance Co, Japan's largest life insurer, said on Wednesday it would consider boosting investment in euro-denominated assets. Nippon Life will consider increasing investment in euro-denominated assets to about 50 percent of its overseas investment in the near future, a company spokesman said. Nippon Life's mid-term business report released last month showed the firm's main account allocated nearly 70 percent of its overseas investment in dollar-denominated assets as of the end of September. Its exposure to currencies of nations that will participate in the first wave of monetary union when it is introduced at the beginning of 1999 stood at around 22 percent. A Nippon Life official said last month the merits of the European single currency from the investor's standpoint were that it would create a highly liquid bond market and would decrease the need to worry about currency fluctuations. Nippon Life's assets totalled 43.2 trillion yen at the end of September and its holdings of foreign securities totalled 4.9 trillion yen. The Financial Times reported on Wednesday that if the launch of the euro went smoothly, Nippon Life would consider increasing its exposure to the euro to 50 percent of its overseas investment over the next two years. The paper quoted Kiyoshi Ujihara, general manager of Nippon Life's international investment department as saying the insurer was now ''considerably overweight'' in dollar-denominated assets when compared to Salomon Smith Barney's World Government Bond Index, which the firm uses as an internal benchmark. In Salomon's World Government Index for December, U.S. Treasuries had a weighting of about 31 percent, while government bonds of the countries that will join the euro from January accounted for 36 percent of the index.

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