Not even a week after it was revealed that the biggest insurance companies in Japan were dumping their European bonds, a major Japanese investment firm reveals it is doing the same.

Kokusai Asset Management says it has sold off all Italian, Spanish and Belgian bonds that were part of its Global Sovereign Open Fund!

The Global Sovereign Open Fund is the largest in Japan, with about U.S.$26 billion in assets.  Kokusai Asset Management says the European bonds they sold off had already lost 8% of their value from the previous year.