27 Aug 2015
AUD/JPY flows: Nippon Life Insurance in talks to buy NAB insurance business
FXStreet (Bali) - According to Reuters, Yomiuri press reports that Nippon Life Insurance is in "serious" talks to buy National Australia Bank Ltd's insurance business.
Yomiuri elaborates further, noting that the could be worth up to $2.5 billion, with no sources were cited by the paper. As per the timing of the deal, hope is to be concluded by the end of the year, with JP Morgan designated adviser.
The news may have a positive psychological effect in AUD/JPY, even before partial deal-related flows are potentially through. At present time, the AUD/JPY exchanges hands at 85.70 following a session high of 86.00 post better-than-expected third 2015/2016 Australian capex (investment intentions by Australian firms).
Yomiuri elaborates further, noting that the could be worth up to $2.5 billion, with no sources were cited by the paper. As per the timing of the deal, hope is to be concluded by the end of the year, with JP Morgan designated adviser.
The news may have a positive psychological effect in AUD/JPY, even before partial deal-related flows are potentially through. At present time, the AUD/JPY exchanges hands at 85.70 following a session high of 86.00 post better-than-expected third 2015/2016 Australian capex (investment intentions by Australian firms).