Japan Post Insurance (JPI) has agreed to acquire up to a 2.9% stake in Ashmore and also invest $1bn in Ashmore-managed emerging market funds.
Japanese financial groups have also been stepping up efforts to expand overseas and diversify away from their mature home market.
The latest agreement follows similar tie-ups between L&G and Meiji Yasuda, as well as between M&G and Dai-ichi Life.
"Emerging markets represent a strategically important and growing asset class for JPI," said Kunio Tanigaki, President and CEO of JPI.
