For many investors, the market turmoil triggered by the COVID pandemic in March was one of the worst in their lifetime. A crash in the US stock market, a sharp plunge in US Treasuries, and a massive selloff across the globe had played havoc with market confidence. The global financial markets only started to stabilize after major central banks, including the Bank of Japan, led global efforts in unveiling their asset purchase programs and lending facilities of unprecedented scale. Like many other investors, portfolio managers of the Japanese life insurers were left with a bittersweet moment.