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Japan's Norinchukin Bank 'vigilant' after slashing U.S. bond holdings: CIO

Farm lender's CLO position isn't especially large now, investment chief says

Norinchukin Bank Chief Investment Officer Hiroshi Yuda signaled caution on new investments, given recent market volatility. (Photo by Kosuke Imamura)

TOKYO -- Agricultural lender Norinchukin Bank, one of Japan's biggest institutional investors, sold off tens of billions of dollars of U.S. government bond holdings last year in response to soaring interest rates, Chief Investment Officer Hiroshi Yuda said.

Now the bank and its peers in Japan are weighing the outlook for Japanese government bonds with an eye to a potential change in monetary policy under the next Bank of Japan governor.

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