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It was also bullish on riskier equities from emerging markets, with a 16 percent allocation.
Individual Europeans, moreover, are only now migrating in large numbers to equities from bonds and bank deposits.
The central bank has promised to buy up to 2 trillion yen $16.8 billionn) in equities from Japanese banks to help them reduce their exposure to risk assets.
Scottish Mutual made the switch two years ago, reducing the proportion of its assets invested in equities from 80% to 50%.
LAST year record amounts flowed into emerging-market equities from rich-world investors, pushing the index prepared by MSCI up by 19%.
Mr. Jen notes that since 2003, American mutual funds have increased their allocation of overseas equities from 15percentto22.5percentcent, a pace he describes as "gradual but determined".
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Did you get any loans or take any equity from anyone?
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