BREAKING: Unrealized losses on domestic bond holdings for 4 of Japan’s largest life insurers rose to a record 60 billion in Q1 2025. This is 4 TIMES more than unrealized losses seen in Q1 2024. Nippon Life, the largest Japanese insurer and the world’s sixth-largest life insurance company, posted 25 billion paper losses, marking a +260% jump YoY. This comes as Japan’s 30-year and 40-year bonds have seen one of their most violent price declines in history. Japan’s financial system is on the edge.