Nippon Life Insurance plans 1st rise in premium-linked rate in 21 yrs
January 15, 2006Nippon Life Insurance Co., Japan's largest life insurer, plans the first increase in about 21 years in the investment yield promised to policyholders of some products, meaning that new policy buyers will be paying less in premiums, informed sources said Sunday. The Tokyo-based company is taking the step to keep its products competitive against other investment vehicles ahead of likely increases in interest rates amid growing expectations that the Bank of Japan will soon make a monetary tightening move, the sources said.
China's foreign reserves top $800 billion for 1st time
January 15, 2006China's foreign exchange reserves totaled $818.9 billion at the end of December, officials said, topping the $800 billion mark for the first time and growing at a pace that could overtake Japan as the world's largest foreign reserve holder this year. According to official figures released by the People's Bank of China on Sunday, the December figure marks a 34.3 percent increase from a year earlier and a fourfold rise in five years.