Sumitomo Life Insurance Co., Japan’s fourth-biggest life insurer, agreed to buy a stake in PT Bank Negara Indonesia’s life insurance unit for about 36.2 billion yen ($354 million) as it expands abroad.
Shoko Iwasaki looked for years for a tax-free way to pass down a lifetime of savings to her grandson. Prime Minister Shinzo Abe has offered the 71-year-old an answer with a program now helping unlock pensioners’ hoarded wealth.
The Bank of Japan will need to postpone the time-frame for achieving a 2 percent inflation target as it refrains from enlarging its asset-purchase program, economists forecast in a Bloomberg News survey.
Half a year after Bank of Japan Governor Haruhiko Kuroda unleashed record monetary easing, economists see the bank failing to meet its inflation target, underscoring the case for stronger steps to revive the economy.
China and Japan, which together hold more than $2.4 trillion in U.S. Treasuries, raised pressure on the U.S. to resolve a political impasse on its debt ceiling that threatens to destabilize global financial markets.