Insurance companies have made efforts to match the durations of their insurance payment liabilities and the products in which they invest their insurance premiums. They have invested in super long-term government bonds to address mismatch risk arising from long-term contracts such as life insurance. If the credit risk associated with sovereign debt is not negligible, these risk management practices will become less effective.
I have to contradict you: We have not taken a single decision which was aimed directly to the exchange rate. No one can say that. Our monetary policy is targeted to domestic objectives. We are justified to do so because of the difficult situation of low inflation we are in. Of course everybody knows that unavoidably there are consequences for the exchange rate.