[Japanese life insurance companies plan to increase bond purchases to provide support for the Japanese government bond market] On October 21, Japanese life insurance companies released a signal that they would maintain or increase their purchases of domestic bonds in the second half of this fiscal year, which may provide support for the upcoming Japanese government bond auctions. Japan Post Insurance said it plans to increase purchases of yen-denominated bonds. Daido Life Insurance Co. has raised its plan to increase its domestic bond holdings, which will mainly be through corporate bonds. At the same time, Meiji Yasuda Life Insurance plans to keep its Japanese government bond holdings roughly unchanged, while selling lower-yielding bonds and switching to higher-yielding securities. The plans are a further sign that demand for bonds from insurance companies, one of Japan's most important investor groups, is starting to pick up. Insurers have been net buyers of ultra-long JGBs over the past four months, according to the Japan Securities Association. Strategists said the trend could provide more solid demand support for the upcoming Japanese government bond auctions.