Japanese fund managers slightly increased exposure to equities in their model portfolios in September and trimmed their bond holdings after the Federal Reserve refrained from hiking interest rates, underpinning demand for riskier assets, a Reuters survey showed.

The survey of five Japan-based fund managers conducted between Sept. 15 and Sept. 23 showed respondents on average wanted to allocate 37.4 percent of their portfolios to equities, up from 36.4 percent in August, which was the lowest on record stretching back to July 2011.

Poll respondents kept their exposure to North American and Japanese stocks in September unchanged from the previous month at 27.6 percent and 46.4 percent, respectively.