The Wakayama economic review 393
2018-06-01 発行

Life Insurance Companies under Bank of Japan’s Negative Interest Rate Policy

日銀マイナス金利政策下の保険会社 : 生命保険会社の資産運用と経営・販売戦略の変化に注目して
FullText File
DOI
NII Article ID
40021679982
Language
jpn
Start Page
113
End Page
135
Keywords
保険会社
金融政策
競争戦略
Keywords Alternative
Insurance Company
Monetary Policy
Competitive Strategy
Abstract Alternative
The governor of the Bank of Japan (BoJ), Haruhiko Kuroda, announced the new monetary policy “Quantitative and Qualitative Monetary Easing with a Negative Interest Rate” (QQE with a negative interest rate) on January 1, 2016. Many financial markets and institutions in Japan, especially were affected by this announcement. In particular, the stock market and the Japanese government bond (JGB) market were affected. Institutional investors, like life insurance companies that hold large amounts of government bonds, were severely affected and forced to rebalance their portfolio and change competitive strategies. This study researches the change in asset management and competitive strategies of life insurance companies under the QQE with negative interest rate by the BoJ using various statistical data, information from researchers, and sales figures of life insurance companies. First, the study analyzed the industrial organization of the life insurance industry and its current situation in Japan. Then, it studied the influence of BoJ’s monetary easing and intensively researched the change in long-term interest rate and yields of JGBs in particular. It then focused on the influence of the BoJ’s ease of transacting JGBs by life insurance companies. Finally, the change in the sales strategy of life insurance products by life insurance companies was researched.
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