A company that sells long-term savings and protection policies and must pay claims decades later. To match those liabilities it buys long-dated bonds — 20 and 30 years.
寿险公司
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| $2.5tn | Japan's 20-year bond sale sees strongest demand on record 寿险公司 · 第 5 张术语卡 | Japanese life insurers run $2.5 trillion, about a quarter invested abroad. They are the marginal buyer this story turns on. 寿险是债市里最「耐心」的钱，也是最难掉头的钱：负债端是几十年后的赔付，资产端就必须匹配久期；一旦改变配置，通常以年为单位，不会一夜之间完成。这解释了为什么日本寿险只卖了 2,890 亿日元外国债券，却足以让全球债市紧张——市场怕的不是这一次，而是「方向变了」。 |