Core Viewpoint - The systemic risk of dollar asset maturity mismatch has been exposed by significant losses in Asian life insurance, marking a fundamental reversal in capital logic that has persisted for decades, leading to a massive $7.5 trillion "great retreat" from U.S. assets towards local markets [1][4]. Group 1: Life Insurance Sector Crisis - The Taiwanese dollar's surge in May caused severe impacts on the value of $294 billion in U.S. Treasury holdings, with a potential $18 billion unrealized loss due to a 10% appreciation of the TWD [2]. - Taiwanese life insurance reported a $620 million loss in April due to market volatility from tariffs, with net worth dropping to a near 11-month low of 24.172 trillion TWD [2]. - Japanese life insurance companies also faced significant losses, with Meiji Yasuda Life reporting a staggering increase in bond losses from 161.4 billion JPY to approximately 1.386 trillion JPY [2]. Group 2: Maturity Mismatch Issues - Life insurance companies, as major buyers of long-term bonds, face a critical weakness due to maturity mismatch, where rising interest rates lead to substantial declines in bond values, resulting in massive unrealized losses [3]. Group 3: Shift in Investment Strategy - The historical strategy of Asian export nations to invest in U.S. assets has been challenged, with a total of $7.5 trillion invested in U.S. stocks and bonds since 1997, peaking at $354 billion in annual inflows in 2004 [4][5]. - By 2024, capital inflows from Asia to the U.S. have dropped to $68 billion, only 11% of the trade surplus with the U.S., indicating a significant shift away from the "American exceptionalism" narrative [5]. Group 4: Capital Reallocation Opportunities - The transition from holding dollar assets to questioning U.S. exceptionalism could lead to a reallocation of $2.5 trillion or more in global markets, benefiting emerging market currencies and stock markets [6]. - Asian currencies, including the yen, are currently undervalued by approximately 57% based on purchasing power parity, suggesting potential for appreciation and capital inflow [7].

【环球网财经综合报道】5月26日周一，明治安田生命保险公司宣布，截至今年3月底的上一财年，其持有的日本 国内债券账面亏损（未实现损失）暴增超8倍，从1614亿日元飙升至约1.386万亿日元（约合97亿美元）。 此外，日本央行缩减大规模债券购买规模，且人寿保险公司在动荡市场中不愿购债，导致日本超长期债券价格上 周暴跌，30年期和40年期国债收益率双双攀升至历史最高水平，尽管周一有所回落。 更棘手的是，随着利率上升，保险公司可能被迫卖债。若利率持续上升，保单吸引力下降，民众将资金转向收益 更高的理财资产，保险公司需用现金兑付客户，只能抛售债券。同时，新发行债券收益率提高，保险巨头可能主 动抛售低收益债券，腾出资金购买高收益新债。但这可能进一步加剧债券抛售，若利率继续上行，将导致更多债 券贬值和更大的账面亏损。（陈十一） 实际上，并非只有明治安田一家遭遇此困境。上周五，日本最大的寿险公司日本生命保险（Nippon Life）发布类 似警告，该公司上一财年日债账面浮亏达3.6万亿日元，同比暴增两倍。住友生命保险公司也面临类似情况，截至 3月债券账面亏损增长两倍多，至1.518万亿日元。数据显示，日本四大寿险公司（包括 ...