TOKYO, April 5 (Reuters) - Meiji Yasuda Life Insurance Co. plans to stay mainly neutral on foreign bonds in 2007/2008 as a weak yen has made them an expensive buy, a deputy president at Japan's No. 3 insurer told reporters on Thursday.

The insurer plans to reinvest around 70 billion yen ($590.5 million) in maturing unhedged foreign bonds in 2007/2008 and may increase its net holdings if the yen strengthens beyond 115 yen to the dollar, said Yasuharu Takamatsu, a deputy president.

The dollar/yen traded around 118.65 yen (JPY=: Quote , Profile , Research ) on Thursday, near a five-week high of 119.09 yen hit in the previous session.

He added that a climb in the yen to 146 yen to the euro may prompt fresh buying of overseas debt. The euro/yen traded far from that level on Thursday, around 158.50 yen (EURJPY=R: Quote , Profile , Research ), roughly one yen away from a record high.

The insurer plans to invest a net 300 billion yen in yen-denominated bonds in the year that started this week, and will reinvest 110 billion yen in maturing debt. Continued...

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