One reason is they will be worried about currency losses.

Below that rate, the gains from higher British interest rates would be offset by currency losses.

And the recent rally of the yen has turned earlier currency losses into small gains that have added to the return from the stock market.

This year Japanese life insurance companies must recognize any currency losses of 15 percent or greater.

But the sharply rising dollar created currency losses in its portfolio.

Even without the currency losses, Apple earnings were at the low end of analysts' estimates.

He noted that for certain kinds of assets, Japanese life insurance companies must write off currency losses exceeding 15 percent.

It also included a foreign currency loss of $8,000.

That hard currency loss apparently led to a change in policy in September.

The latest periods included foreign currency losses of $293,000 for the quarter and $1,030,000 for the year.