Dai-ichi Life takes loss selling off long bonds

Bond shift: A woman pushes a baby stroller in the Marunouchi district of Tokyo. Sumino expects the Bank of Japan to raise rates this month since the country’s economy is on track to recovery. — Bloomberg

TOKYO: Dai-ichi Life Insurance Co lost about 140 billion yen selling off bonds with longer maturities to prepare for higher interest rates.

The insurer sold about 500 billion yen of Japanese government notes, mainly 20- to 40-year bonds, in the fiscal first half ended September.