日本寿险巨头削减看多日元对冲，头寸创十四年新低

Group 1 - The core viewpoint of the articles indicates that Japan's major life insurance companies have significantly reduced their hedging ratio for overseas assets, dropping from 45.2% six months ago to 44.4%, and down from 63% year-on-year, marking a 14-year low [1] - The trend of decreasing hedging has persisted for three years, reflecting a belief that the likelihood of a strong yen is diminishing due to low real interest rates [1][2] - The Bank of Japan's policy rate remains 3 percentage points lower than the country's inflation rate, with market expectations for a rate hike being pushed back, leading to a decline in demand for overseas bonds among life insurance companies [2] Group 2 - Life insurance companies have been forced to reduce their overseas asset holdings, with net sales of foreign bonds amounting to 756 billion yen (approximately 5.3 billion USD) over the past six months, marking the seventh consecutive period of such sales [3] - The outlook for the yen remains bleak, but a potential rate cut by the Federal Reserve could change the situation, as it may lower the currency hedging costs for Japanese investors [4] - The demand for currency hedging is expected to rebound if the Federal Reserve resumes rate cuts, which could lead to increased urgency among life insurance companies to hedge against currency risks [4]