Steady economic growth has prompted Japanese fund managers to bulk up their portfolios with domestic stocks and filter out bonds, a Reuters poll showed.

In polling 11 Japanese institutions, 58% of the average portfolio was shown to be in stock shares, while just 37.6% was dedicated to bonds. The percentage of Japanese stocks among the 58%, which is 33%, is the highest in more than seven years, according to Reuters.

"It would be ideal to be slightly overweight on equities in general and slightly underweight on bonds," Nomura Securities strategist Hiroshi Unno told Reuters .

Holding a yield of just 1.2%, 10-year Japan government bonds have not been faring well, and although rates are poised for a modest uptick, most strategists do not think Japan is on the verge of a spending spree in bonds.

Also slightly down was the weighting of North American stocks, from 41.6% to 40.6%.

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