Reuters survey of five Japan-based fund managers conducted between May 17 and 24 s

Trim overall stock holdings to 38.1 pct in May from 39.1 pct in April

Raise overall bond holdings to 55.9 pct in May from 55.5 pct in April

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  • Poll respondents increased North American stock exposure to 30.5 percent in May from 28.0 percent in April
  • They also raised their allocations to Japanese stocks to 46.3 percent from 43.8 percent
  • Raised North American bond holdings to 33.9 percent in May from 31.9 percent in April.
  • Increased euro zone bonds to 21.5 percent from 20.5 percent
  • Japanese bonds to 36.0 percent from 37.3 percent