TOKYO, April 23 (Reuters) - Meiji Yasuda Life Insurance plans to increase the holdings of yen bonds in the financial year to March and reduce foreign sovereign bonds with currency hedge, a senior investment planning official said on Friday. Following is a summary of its portfolio investment plan for FY 2021/22. -- Plans to allocate about 40% of its 3.9 trillion yen funds for investment in the current financial year on yen bonds, 20% to currency-hedged foreign credit products and another 20% to foreign sovereign bonds without currency hedge, said Yoshimasa Osaki, general manager of investment planning and research. -- Plans to step up buying in yen bonds when their yields rise. -- The company expects the dollar to strengthen against the yen as the U.S. economy is recovering ahead of Japan. But the dollar’s rise could slow later in the financial year as Japan and other countries will catch up in COVID-19 vaccinations, Osaki said. -- The holdings of its currency-hedged foreign sovereign bonds are expected to fall this financial year due to large amount redemptions. -- The firm is likely to lift the holdings of currency-hedged foreign credit products as well as those of foreign sovereign bonds without currency hedge. -- In the previous financial year, the holdings of yen bonds increased by 970 billion while those of foreign bonds dropped by 170 billion yen.