Post on 08-May-2020
What’s New ⇒ The 43rd meeting of the Advisory Council on Government Debt Management Monthly Topic ⇒ 1. Outright Purchases of JGB by the BOJ
2. The 2nd Supplementary Budget for FY2016 was approved 3. The number of foreign visitors continues to increase in 2016
Historical Changes of Outstanding Amount
HAT’S NEW
The 43rd meeting of the Advisory Council on Government Debt Management The 43rd meeting of the Advisory Council on Government Debt Management was held on October 17, 2016, to discuss government debt management policy with intellectuals in the private sector. The agenda was as follows:
1. Current Status of the BOJ’s Monetary Policy (“Quantitative and Qualitative Monetary Easing with Yield Curve Control” and “Comprehensive Assessment of the Monetary Easing”) (by the BOJ)
2. JGB Market Trends in response to “BOJ’s Monetary Easing” and its Future Outlook (presentation by Mr. Yamawaki of JP Morgan Securities Japan Co., Ltd.)
3. Current Status of Japan’s Debt Management Policy (by the MOF)
The part of presentation material used in agenda 3 is as follows.
The Ministry of Finance www.mof.go.jp
Monthly Newsletter of the Ministry of Finance, Japan JAPANESE GOVERNMENT BONDS
Nov. 2016 Contents 1. What’s New
Monthly Topic IR Special Office
…P.1 2. JGB Primary
Market …P.4
3. The Auctions for
Enhanced-Liquidity and JGB Buy-Back
…P.5 4. JGB Secondary
Market …P.6
5. Investor Trends and
JGB Outstanding …P.8
6. Economic and
Financial Trends …P.12
7. Information
…P.13
WHAT’S NEW
This Month’s Special!
(863.5)
(819.2)(786.1)
(753.0)
(709.7)(675.3)
(645.6)
(599.1)(568.3)
(at the end of FY)
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
平成20 21 22 23 24 25 26 27 28
8.5% 8.8% 9.7% 10.0% 9.7% 9.3% 8.8% 7.8% 7.2%
24.3% 22.5% 21.1% 20.4% 20.2% 20.4% 20.1% 19.6% 19.2%
49.0% 47.8% 46.0% 43.6% 41.7% 39.7% 37.9% 36.7% 35.4%
15.2% 16.8%18.1% 19.5% 20.8%
21.9% 23.2% 24.4% 25.3%
2.9%3.8%
4.6%5.7%
6.7%7.5%
8.6%9.8%
10.8%
0.1%0.3%
0.5%0.7%
0.9%
1.1%1.3%
1.6%
2.0%
40年債
30年債
20年債
10年債
5年債
2年債
(trillion yen)
17.6
93.6
301.0
160.8
63.9
218.4
306.0
165.9
62.0
41 5
59 85
34 104
20 121
70
59
27 85
39 16
136 52
33
225 trillion yen33%
6%38%
22%18%
2%
26%38%
15%
41%
18%
13%
28% 7%
57%
22%
14%237 trillion yen208 trillion yen
315 trillion yenLess than 1 year 1 - 5 year
5 - 10 year Over 10 year
JGB Holders by maturity (at the end of 2015)
(Note 1) "Banks, etc." include “City Banks,” “Regional banks,” “Japan Post Bank,” etc.
(Note 2) “Insurance" includes “Life insurance,” “Nonlife insurance,” etc.
(Note 3) For “Less than 1 year,” holdings of JGBs (excluding T-Bills) by foreigners are included in “other.” For “1-5 year,” “5-10 year” and “over 10 year,” holdings by foreigners are included in “Other.”
(Source) Estimate by MOF
(Note 1) The figure above shows historical changes
(Note 2) Except other term bonds (Note 3) Launching of auction for 30-year
bonds (Note 4) Calculation is on a nominal value
basis. Figures may not sum up to the total because of rounding.
(Note 5) Up to FY2015: Actual figures; FY2016: Revised in September
<Outright Purchases of JGB by the BOJ> Amounts Offered in each Operation (After QQE2)
(unit:billion yen)
(Note 1) Amounts offered at the beginning of every month (actual) (Note 2) ¥100 billion ≒ $1 billion, $1≒¥101 (as of 30 Sep 2016) (Note 3) The next announcement will be on November 1, 2016, at 5 p.m
(Source) Japan National Tourism Organization
1. Outright Purchases of JGB by the BOJ
In accordance with “Quantitative and Qualitative Monetary Easing with Yield Curve Control,” on September 30, the BOJ announced the outright purchases of JGB and decided to reduce the amount of them. The purchase amounts of bonds with residual maturity of more than 10 years and up to 25 years, and more than 25 years are the smallest since the BOJ increased JGB purchases in October 2014. The BOJ takes account of market conditions and conducts purchases in a flexible manner, aiming to achieve the target level of a long-term interest rate.
2. The 2nd Supplementary Budget for FY2016 was approved
The Diet approved the 2nd supplementary budget for FY2016 on October 11. This budget is part of the economic stimulus package “Investment for Future.” The government improves potential growth and supports domestic demand by utilizing the budget.
The JGB total issuance amount was altered from 162 trillion yen to 168 trillion yen. However, using the adjustment between fiscal year, JGB market issuance size (Calendar Base) remained 147 trillion yen.
3. The number of foreign visitors continues to increase in 2016
According to the Japan National Tourism Organization, the total number of foreign visitors from January to September 2016 increased 24.1% compared with the same period last year. It seems that the annual number will go beyond 20 million.
The number of foreign visitors has risen almost consistently. The increase in 2015 was especially outstanding.
The government aims to increase the number of foreign visitors to Japan to 40 million by 2020, and 60 million by 2030. Relevant data starts from 1964, when the Tokyo Olympics were held. At that time, there were only 0.4 million foreign visitors. We would be very happy to welcome a hundred times that number to the 2020 Olympics.
MONTHLY TOPIC
-2-
0.4 0.9 0.8 1.3 2.3
3.2 3.3 4.8
6.7
8.6
6.2
8.4
10.4
13.4
19.7
0
2
4
6
8
10
12
14
16
18
20
22(million)
(Source) Japan National Tourism Organization
6.2 6.5
4.9
6.6
4.5
6.3 7.7
9.7
14.5
18.0
0
2
4
6
8
10
12
14
16
18
20
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
(million) <Foreign visitors (Jan-Sep)>
<Foreign visitors (1964-2015)>
~1year(twice / month)
1~3 years(6 times/month)
3~5 years(6 times /month)
5~10 years(6 times /month)
10~25 years(5 times /month)
25 years ~(5 times /month)
Floating RateBonds
(once / evenmonth)
JGBi(twice / month)
once / odd monthsuntil May 2016
2014-Nov 110 550 550 400 240 120 140 202014-Dec 110 450 450 400 240 160 140 02015-Jan 70 400 400 400 240 140 0 202015-Feb 70 400 400 400 240 140 140 02015-Mar 50 350 400 400 240 140 0 202015-Apr 70 375 375 400 240 140 140 02015-May 70 375 375 400 240 140 0 202015-Jun 70 375 400 400 240 140 140 02015-Jul 70 375 425 400 240 140 0 202015-Aug 70 375 425 400 240 140 140 02015-Sep 70 400 400 400 240 140 0 202015-Oct 70 400 400 400 240 140 120 02015-Nov 70 400 400 400 240 140 120 202015-Dec 70 350 350 400 240 140 120 202016-Jan 70 400 420 450 260 180 0 402016-Feb 70 400 420 450 260 180 120 02016-Mar 70 400 420 450 260 180 120 402016-Apr 70 350 440 450 220 180 100 02016-May 70 350 440 450 240 160 100 602016-Jun 70 350 440 450 220 140 100 252016-Jul 70 375 440 430 200 120 0 252016-Aug 70 400 420 430 200 120 100 252016-Sep 70 400 420 430 200 120 100 252016-Oct 70 400 420 410 190 110 100 25
In September 2016, the IR Special Office members visited New Zealand and Australia to have meetings with overseas investors. Ms. Kimata, director for debt management and JGB investor relations, and Mr. Suzuki, researcher, had discussions with investors, mainly about Japan’s economic situation including the Economic Stimulus Package in August, fiscal consolidation, and debt management. This was the first time for the IR team to visit New Zealand. The fact that, in Wellington, the capital of New Zealand, there are locations where “The Lord of the Rings” movies were filmed surprised us. (Did you know about that?) Unfortunately, we were not able to visit any of the filming locations as we had a short-term stay (only half a day!). We were also surprised by the unique Executive Wing of the Parliament building in Wellington, which is called the “Beehive” (see picture 1). When I saw the Beehive, I wondered whether visitors to Japan think that the Japanese Diet Building (see picture 2) is also unique—do you think it is?
In October, a delegation led by Mr. Ichikawa, deputy director-general of the Financial Bureau, visited Denmark, Sweden, Switzerland, Ireland and Belgium to have meetings with investors and debt management authorities . In the meeting, the Japanese team explained that the main focus of the recent economic stimulus package was on the promotion of structural reforms and strategic investments, both of which are aimed at improving Japan’s productivity and potential growth. The team also elaborated on the impact of BOJ’s new monetary policy, "QQE with Yield Curve Control," on the JGB market. The exchange of views with the authorities was very useful for the Japanese team, and the team is very grateful for their cooperation and generosity.
We will further continue IR activities. We would be delighted if our visits can contribute to deepening your understanding about the Japanese economy and Japan’s debt management policy.
-3-
IR SPECIAL OFFICE
If you have any questions regarding the contents of this newsletter, please do not hesitate to contact us at: JGB-IR@mof.go.jp
<Picture 1>
<Picture 2>
Auction Results
(Bonds)
Auction Date Type of Security Issue Number Maturity Date Nominal
Coupon
Amounts of Competitive
Bids (billion yen)
Amounts of Bids
Accepted (billion yen)
Yield at the Lowest
Accepted Price
Yield at the Average
Price
Amounts of Non-Competitive Bids Tendered
/Accepted (billion yen)
Amounts of Bids Accepted at the
Non-price- competitive Auction Ⅰ (billion yen)
Amounts of Bids Accepted at the
Non-price- competitive Auction Ⅱ (billion yen)
8/2/2016 10-year 343 6/20/2026 0.1% 6,876.0 2,175.2 ▲0.020% ▲0.047% 1.177 223.4 160.2 8/4/2016 10-year Inflation-Indexed Bonds 21 3/10/2026 0.1% 1,139.7 399.9 ▲0.324% - - - 54.4 8/9/2016 30-year 51 6/20/2046 0.3% 2,226.0 725.4 0.432% 0.424% - 74.2 1.3 8/18/2016 5-year 128 6/20/2021 0.1% 7,780.0 2,178.0 ▲0.163% ▲0.165% 0.100 221.0 275.0 8/23/2016 20-year 157 6/20/2036 0.2% 3,861.3 997.1 0.288% 0.286% - 102.1 164.1 8/30/2016 2-year 368 9/15/2018 0.1% 9,251.7 2,084.3 ▲0.191% ▲0.193% 0.010 214.8 157.6 9/1/2016 10-year 344 9/20/2026 0.1% 8,126.7 2,173.5 ▲0.044% ▲0.046% 1.445 224.2 0.0 9/6/2016 30-year 52 9/20/2046 0.5% 2,271.6 725.3 0.507% 0.500% - 74.2 27.6 9/8/2016 5-year 129 9/20/2021 0.1% 6,607.2 2,178.2 ▲0.173% ▲0.175% - 221.0 0.0 9/13/2016 20-year 158 9/20/2036 0.5% 3,322.3 996.9 0.442% 0.437% - 102.1 152.0 9/27/2016 40-year 9 3/20/2056 0.4% 1,363.3 499.4 0.560% - - - 32.7 9/29/2016 2-year 369 10/15/2018 0.1% 7,927.9 2,097.5 ▲0.254% ▲0.263% - 202.2 30.5 10/4/2016 10-year 344 9/20/2026 0.1% 8,288.3 2,170.9 ▲0.056% ▲0.058% 0.997 227.3 356.1 10/6/2016 10-year Inflation-Indexed Bonds 21 3/10/2026 0.1% 1,282.6 399.9 ▲0.391% - - - 25.2 10/12/2016 30-year 52 9/20/2046 0.5% 2,634.7 722.9 0.519% 0.514% - 76.3 118.9 10/14/2016 5-year 129 9/20/2021 0.1% 9,375.8 2,175.1 ▲0.201% ▲0.201% - 224.2 358.5 10/25/2016 20-year 158 9/20/2036 0.5% 3,455.8 990.6 0.367% 0.364% - 108.8 115.9
Auction Results (Treasury Discount Bills)
Auction Date Type of Security Issue Number Maturity Date
Amounts of Competitive Bids
(billion yen)
Amounts of Bids Accepted
(billion yen)
Yield at the Lowest
Accepted Price
Yield at the Average
Price
Amounts of Bids Accepted at the
Non-price- competitive Auction Ⅰ (billion yen)
8/4/2016 3-month 624 11/7/2016 14,493.10 4,009.98 ▲0.1844% ▲0.2100% 380.00 8/8/2016 6-month 625 2/10/2017 10,570.80 3,173.49 ▲0.2021% ▲0.2397% 326.50 8/10/2016 3-month 626 11/14/2016 13,075.30 4,009.98 ▲0.1844% ▲0.2224% 360.00 8/17/2016 1-year 627 8/21/2017 10,914.00 2,269.47 ▲0.2410% ▲0.2480% 230.50 8/18/2016 3-month 628 11/21/2016 15,319.60 3,974.28 ▲0.2124% ▲0.2341% 385.70 8/25/2016 3-month 629 11/28/2016 18,136.50 4,020.29 ▲0.2104% ▲0.2280% 409.70 9/1/2016 3-month 630 12/5/2016 15,572.36 4,051.92 ▲0.2304% ▲0.2425% 388.00 9/7/2016 6-month 631 3/10/2017 12,167.90 3,173.07 ▲0.2566% ▲0.2769% 326.90 9/8/2016 3-month 632 12/12/2016 15,217.50 3,970.35 ▲0.2645% ▲0.2817% 409.60 9/14/2016 1-year 633 9/20/2017 9,977.50 2,276.38 ▲0.3219% ▲0.3398% 223.60 9/15/2016 3-month 634 12/19/2016 16,614.90 3,992.77 ▲0.3363% ▲0.3549% 407.20 9/20/2016 3-month 635 12/26/2016 12,908.80 3,975.36 ▲0.3066% ▲0.3286% 404.60 9/29/2016 3-month 636 1/10/2017 12,824.30 4,054.97 ▲0.3407% ▲0.3547% 375.00 10/5/2016 6-month 637 4/10/2017 13,299.30 3,176.27 ▲0.3643% ▲0.3743% 323.70 10/6/2016 3-month 638 1/16/2017 15,985.40 3,992.38 ▲0.3120% ▲0.3274% 387.60 10/13/2016 3-month 639 1/23/2017 14,882.75 3,947.27 ▲0.2735% ▲0.2925% 402.70 10/18/2016 1-year 640 10/20/2017 10,591.60 2,269.29 ▲0.3080% ▲0.3219% 230.70 10/20/2016 3-month 641 1/30/2017 16,525.90 3,986.37 ▲0.2493% ▲0.2545% 393.60
Auction Calendar for Oct. – Dec. 2016 Auction Date Issue Auction Date Issue Auction Date Issue Auction Date Issue 10/4(Tue) 10-year 10/27(Thu) T-Bills (3-month) 11/22(Tue) Auctions for Enhanced-liquidity 12/15(Thu) 20-year 10/5(Wed) T-Bills (6-month) 10/27(Thu) 2-year 11/24(Thu) T-Bills (3-month) 12/16(Fri) T-Bills (1-year) 10/6(Thu) T-Bills (3-month) 11/2(Wed) T-Bills (3-month) 11/25(Fri) 40-year 12/21(Wed) T-Bills (3-month) 10/6(Thu) 10-year Inflation-Indexed Bonds 11/2(Wed) Auctions for Enhanced-liquidity 11/29(Tue) 2-year 12/21(Wed) Auctions for Enhanced-liquidity
10/12(Wed) 30-year 11/8(Tue) T-Bills (6-month) 12/1(Thu) T-Bills (3-month) 12/27(Tue) 2-year
10/13(Thu) T-Bills (3-month) 11/8(Tue) 10-year 12/1(Thu) 10-year
10/14(Fri) 5-year 11/10(Thu) T-Bills (3-month) 12/6(Tue) Auctions for Enhanced-liquidity 10/18(Tue) T-Bills (1-year) 11/10(Thu) 30-year 12/7(Wed) T-Bills (6-month) 10/18(Tue) Auctions for Enhanced-liquidity 11/15(Tue) 5-year 12/8(Thu) T-Bills (3-month) 10/20(Thu) T-Bills (3-month) 11/16(Wed) T-Bills (1-year) 12/8(Thu) 30-year 10/20(Thu) Auctions for Enhanced-liquidity 11/17(Thu) T-Bills (3-month) 12/13(Tue) 5-year 10/25(Tue) 20-year 11/17(Thu) 20-year 12/15(Thu) T-Bills (3-month)
Top 10 PDs by Total Purchase in Auctions (Calculated by Duration) (Apr. 2016 ~ Sep. 2016) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 SMBC Nikko Securities Inc. 2 Nomura Securities Co., Ltd. 7 BNP Paribas Securities (Japan) Limited 3 Daiwa Securities Co. Ltd. 8 Deutsche Securities lnc. 4 Mizuho Securities Co., Ltd. 9 Goldman Sachs Japan Co., Ltd. 5 Merrill Lynch Japan Securities Co., Ltd. 10 Morgan Stanley MUFG Securities Co., Ltd.
2 JGB PRIMARY MARKET
Note.1: The above calendar may be changed or added in light of changes in circumstances. In such cases, it will be announced in advance. Note.2: Each issue amount will be announced about one week prior to each auction date.
-4-
(Until 25 October 2016)
(Until 25 October 2016)
Results of Auctions for Enhanced-Liquidity
Auction Date
Amounts of Competitive
Bids (billion yen)
Amounts of Bids
Accepted (billion yen)
Average Accepted Spread
Highest Accepted Spread
Issues Re-opened
8/16/2016 674.7 399.6 +0.010% +0.022% 20-year(134,135,137,138,139,140,141,142,144,154,155) 30-year(7,14,21,22,24, 28,29,30,32,33,34,35,37,38,39,40,41,43,45,46,48,49,50) 40-year(1,2,3,4,8)
8/25/2016 1,923.6 499.2 ▲0.015% ▲0.012% 10-year(317,318,319,320,321,322,323,324,327,331) 20-year(52 ,53,55,63,88,89,131,132)
9/15/2016 978.2 199.9 ▲0.033% ▲0.026%
2-year(357,361) 5-year(107) 10-year(301,315) 20-year(38,43,51)
9/23/2016 1,590.6 499.5 ▲0.031% ▲0.023% 10-year(319,320,321,325,336) 20-year(73,75,85,88,89,93,99,100,101,105,106,107,110,111,113,116,117,120,122,123, 124,125,126,127,128,129,130,131,132,133)
10/18/2016 1,074.3 398.8 +0.001% +0.005% 20-year(137,139,147,150,157) 30-year(7,13,16,17,19, 20,21,22,25,26,28,29,30,31,32,33,34,35,36,37,38,41,43,48,49,50,51) 40-year(1,2,3,4,6,8)
10/20/2016 1,851.3 499.6 ▲0.015% ▲0.011% 20-year(87,88,89,106,107,108,110,120,125)
Target Zones of the Auction for Enhanced-Liquidity for the Third Quarter of FY 2016
10-year Inflation-Indexed
Auction Date Amounts of
Competitive Bids (billion yen)
Amounts of Bids Accepted
(billion yen)
Average Accepted
Spread (yen)
Highest Accepted
Spread (yen) Issue Numbers
6/15/2016 163.4 20.0 ▲0.758 ▲0.70 18,19,20,21 8/17/2016 90.9 20.1 ▲0.267 ▲0.160 17,18,20,21
3 THE AUCTIONS FOR ENHANCED-LIQUIDITY AND JGB BUY-BACK
①Remaining maturity : approx.1‐~5‐year
③Remaining maturity : approx.15.5‐~39‐year
Note.1: JN shows 2‐year JGBs. JS shows 5‐year JGBs. JL shows 20‐year JGBs. JX shows 30‐year JGBs. JU shows 40‐year JGBs. Outstanding amount is as of the end of September 2016. Note.2: All issues in the graph above will be eligible afterward.
Buy-back Results
(Until 25 October 2016)
(Until 30 September 2016)
-5-
②Remaining maturity : approx.5‐~15.5‐year
0500
1,0001,5002,0002,5003,0003,5004,0004,5005,0005,5006,0006,5007,0007,500
JN35
8
JN35
9
JS10
7
JS10
8
289
JN36
0
JN36
1
JN36
2
JS10
9
JS11
0
JS11
1
290
291
292
JL38
JL39
JN36
3
JN36
4
JN36
5
JS11
2
JS11
3
293
294
295
JN36
6
JN36
7
JN36
8
JS11
4
JS11
5
296
JL40
JS11
6
297
298
JS11
7
299
300
JL41
JL42
JS11
8
JS11
9
301
302
JS12
0
JS12
1
303
304
JL43
JS12
2
305
JS12
3
306
307
JL44
JL45
JS12
4
308
309
JL46
JS12
5
310
311
JL47
JS12
6
312
JL48
JS12
7
313
314
JL49
JL50
JS12
8
315
316
JL51 31
7
318
JL52
Amount issued by the Auction for Enhanced-liquidity Outstanding amount in the market (excluding amount issued by the Auction for Enhanced-liquidity)
1 2 5
(Remaining maturities)
(billion yen)
0500
1,0001,5002,0002,5003,0003,5004,0004,5005,0005,5006,0006,5007,0007,500
319
320
JL53
JL54 32
132
2JL
55 323
324
JL56
JL57 32
5JL
58 326
327
JL59
JL60 32
8JL
61 329
JL62
JL63 33
033
1JL
64 332
JL65
JL66 33
3JL
67JL
68JL
69 334
JL70
JL71 33
5JL
72 336
337
JL73
JL74 33
8JL
75JL
76JL
77 339
JL78
JL79
JL80 34
0JL
81JL
82 341
JL83
JL84 34
2JL
85JL
86JL
87 343
JL88
JL89
JL90
JL91
JL92
JL93
JL94
JL95
JL96
JL97
JL98
JL99
JL10
0JL
101
JL10
2JL
103
JL10
4JL
105
JL10
6JL
107
JL10
8JL
109
JL11
0JL
111
JL11
2JL
113
JX1
JL11
4JL
115
JX2
JL11
6JL
117
JX3
JL11
8JL
119
JL12
0JL
121
JL12
2JX
4JL
123
JL12
4JL
125
JL12
6JL
127
JX5
JL12
8JL
129
JL13
0JL
131
JX6
JL13
2JL
133
JL13
4JL
135
JL13
6
Amount issued by the Auction for Enhanced-liquidity Outstanding amount in the market (excluding amount issued by the Auction for Enhanced-liquidity)
5 10 15.5
(Remaining maturities)
(billion yen)
0500
1,0001,5002,0002,5003,0003,5004,000
JX7
JL13
7JL
138
JL13
9JL
140
JX8
JL14
1JL
142
JX9
JL14
3JL
144
JX10
JL14
5JX
11JL
146
JX12
JL14
7JX
13JL
148
JX14
JL14
9JX
15JL
150
JX16
JL15
1JX
17JL
152
JX18
JL15
3JX
19JL
154
JX20
JL15
5JX
21JL
156
JX22
JL15
7JX
23JX
24JX
25JX
26JX
27JX
28JX
29JX
30JX
31JX
32JX
33JX
34JX
35JX
36JX
37JX
38JX
39JX
40JX
41JX
42JX
43JX
44JX
45JX
46JX
47JX
48JX
49JX
50JX
51JU
1JU
2JU
3JU
4JU
5JU
6JU
7JU
8
Amount issued by the Auction for Enhanced-liquidity Outstanding amount in the market (excluding amount issued by the Auction for Enhanced-liquidity)(billion yen)
(Remaining maturities)15.5 20 39
-1%
0%
1%
2%
3%
4%
5%
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
Japan United States
United Kingdom Germany
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
2-year bond 5-year bond 10-year bond
20-year bond 30-year bond 40-year bond
-0.4%
-0.2%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
0%
1%
2%
3%
4%
5%
6%
7%
8%
Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16
Volatility Yield (right scale)
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2015/6/302015/9/302015/12/302016/7/292016/8/312016/9/30
40353020 25151050
Note: BEI (Japan : old JGBi) is calculated based on the compound interest rate of the old Inflation-Indexed Bonds (issue number 16 with current maturity of 1 years and 9months) and the 10-Year Bonds (issue number 293 with current maturity of 1 years and 9months). BEI (Japan : 10 year) is calculated based on the compound interest rate of the new Inflation-Indexed Bonds and the 10-Year Bonds.
Source: Japan: Calculation by the Ministry of Finance based on the information on interest rates offered by NIKKEI QUICK U.S.A., U.K. : Bloomberg
4 JGB SECONDARY MARKET
JGB Yield Curves
Source: Japan Bond Trading Co.,Ltd.
Yields of JGB
Long - Term Interest Rates (10Yr) Source: Bloomberg
Source: Bloomberg
-6-
Yield and Volatility (10Yr)
Break-Even Inflation Rates
Source: Bloomberg, Calculation by the Ministry of Finance
(Until 30 September 2016)
(Until 30 September 2016)
(Until 30 September 2016)
(Until 30 September 2016)
-3%
-2%
-1%
0%
1%
2%
3%
4%
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
BEI (Japan : old JGBi) BEI (Japan : 10 year)
BEI (U.K. : 10 year) BEI (U.S.A. : 10 year)
0
500
1,000
1,500
2,000
2,500
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
Bond-Lending
Bond-Gensaki
0
20
40
60
80
100
120
140
160
180
200
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
0
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
Treasury Discount Bills
Medium Term Bonds
Long Term Bonds
Short-Term Interest Rates
Source: Bank of Japan; Japanese Banker Association
JGB Over-the-Counter Trading Volume (TOKYO)
Trading Volume of 10-Year JGB Futures
Repurchase Transactions
-7-
Source: Japan Securities Dealers Association
Source: Tokyo Stock Exchange (until Mar.2014), Osaka Exchange (from Apr. 2014)
Source: Japan Securities Dealers Association
(trillion yen)
(trillion yen)
(trillion yen)
(Until 30 September 2016)
-0.1%
0.0%
0.1%
0.2%
0.3%
0.4%
0.5%
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
Call Rate (Uncollateralized Overnight)
TIBOR 3-months (Euro-Yen)
Basic Loan Rate
0
50
100
150
200
250
300
350
400
450
500
Apr-12 Sep-12 Feb-13 Jul-13 Dec-13 May-14 Oct-14 Mar-15 Aug-15 Jan-16 Jun-16
Total Assets
Monetary Base
JGBs
QQE2QQE(tri l l ion yen)Apr 2013(Actual)
Sep 2016(Actual)
Monetary Base 155 413
JGBs 98 341
CP 1.4 2.0
Corporate Bonds 2.9 3.2
ETFs 1.7 9.8
J-REITs 0.13 0.34
Total Assets 175 457
0
10
20
30
40
50
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
180190200210220230240
0
20
40
60
80
100
120
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
160
180
200
Super long-term
Long-term
Medium-term
T-bills
-9.0
-7.0
-5.0
-3.0
-1.0
1.0
3.0
5.0
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul
City Banks
Net Purchase
Net Sale
2013 2014 2015 2016
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul
Regional banks
Net Purchase
Net Sale
2013 2014 2015 2016
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul
Life and non-life insurance companies
Net Purchase
Net Sale
2013 2014 2015 2016
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
22.0
24.0
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul
Foreigners
Net Purchase
Net Sale
2013 2014 2015 2016
(unit: trillion yen)(unit: trillion yen)
(unit: trillion yen) (unit: trillion yen)
-8-
Trends in Bank Assets by Types
5 INVESTOR TRENDS AND JGB OUTSTANDING Trends in JGBs Transactions (by investor type)
BOJ Trends
Regional Banks City Banks
Source: Bank of Japan
(trillion yen) (trillion yen)
Loans
Cash and Deposits
Government Bonds
Municipal Bonds
Corporate Bonds
Equities
Foreign Securities
Source: Bank of Japan
Source: Japan Securities Dealers Association
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
City Banks Trust Banks Insurance Companies Foreigners
-5
-4
-3
-2
-1
0
1
2
3
4
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
Short-term debt securities Long-term debt securities Equity and investment fund shares
Net
Purchase
Net
Sales
-1
-0.5
0
0.5
1
1.5
2
2.5
3
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
Short-term debt securities Long-term debt securities Equity and investment fund shares
Net
Purchase
Net
Sales
-8
-6
-4
-2
0
2
4
6
8
10
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
Short-term debt securities Long-term debt securities Equity and investment fund shares
Net
Purchase
Net
Sales
59.2
63.3 67.9
55.2 55.6
55.0 52.2 49.3 46.4
52.1
58.1 56.5
61.8 67.8
77.0 78.3 76.6 81.8
86.1
82.6 81.9
81.7 78.9
83.8 81.5
84.0 87.2
93.0 97.7
94.9
100.5
108.4
109.7 110.6
7.4
8.0
8.6
6.9
7.0 6.8 6.4
6.0 5.6
6.0
6.6 6.4
7.1 7.5
8.4 8.5 8.3 8.7 9.1
8.6 8.5 8.4 8.1
8.5 8.2 8.3
8.6 9.1
9.4 9.2
9.7
10.5 10.2
10.0
20
40
60
80
100
120
1
2
3
4
5
6
7
8
9
10
11
Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Amount of JGB Holdings (right)
Proportion of JGB Holdings (left)
(trillion yen)
%
%
%
%
%
%
%
%
%
%
%
10.0%
30.2%
48.7%
0%
10%
20%
30%
40%
50%
60%
Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
①Market Share of Foreign Investors (JGB Futures Market)
②Market Share of Foreign Investors (JGB Market)
③JGB Holdings by Foreign Investors
-9-
JGBs Holdings by Foreign Investors
Banks(Banking Accounts) Life Insurance Companies
Transactions of Domestic Securities by Non-Residents
Note: “JGB” includes T-Bills. Source: Bank of Japan
Source: Ministry of Finance Source: Japan Securities Dealers Association
Outstanding of Repurchase Agreements (by Investor types)
Transactions of Foreign Securities by Residents (by Investor types)
Source: Ministry of Finance
Foreign Investors Presence
Note.1: Quarterly basis. Note.2: “JGB” includes T-Bills. The figures of ②excludes dealers’ transactions. Source: Bank of Japan, Japan Securities Dealers Association, Tokyo Stock Exchange,
Osaka Exchange
(trillion yen)
(trillion yen)
(trillion yen)
Source: Ministry of Finance
JGB and T-Bill Holders
-10-
Breakdown by JGB and T-Bill Holders (Jun. 2016)
Source: Bank of Japan “Flow of Funds Accounts (Preliminary Figures)”
Note.1: "JGB" includes FILP Bonds. "T-Bill" is the sum of "Treasury Bills (TBs)" and "Financial Bills (FBs)" with a maturity of 1 year or less and TBs and FBs have been jointly issued since February 2009.
Note.2: "Banks, etc." includes "Japan Post Bank", "Securities investment trust" and "Securities Companies". Note.3: "Life and Nonlife insurance" includes Japan Post Insurance.
(trillion yen)
Breakdown of Outstanding Amount of General Bonds by Remaining Years to Maturity
T-Bill Holders
Total 118.0 trillion yen
JGB Holders
Total 987.4 trillion yen
Total 1,105.4 trillion yen
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
850
FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015
20.3% 18.6% 17.0% 17.8% 18.3% 18.2% 17.9% 17.3% 16.4% 15.1%
12.8% 11.5% 11.4%13.0% 12.5% 11.9% 12.4% 12.0% 11.1% 10.6%
8.3%8.2% 8.9%
8.5% 7.9% 8.6% 8.1% 7.8% 7.8% 7.9%8.3% 9.0% 9.2%8.4%
9.0% 8.6% 8.1% 8.1% 8.2% 7.8%8.5% 8.6% 8.4%
8.8%8.4% 7.8%
7.8% 7.8% 7.4% 7.8%
4.2% 4.6% 5.3%
5.2%4.7%
4.9%4.4% 4.2% 5.0% 4.2%
4.8% 5.6% 5.6%
4.9%5.2%
4.6%4.5%
5.0% 4.3% 4.4%
5.8% 6.0% 5.5%
5.5%4.8%
4.8%5.3%
4.5% 4.5% 5.0%
6.3% 5.9% 6.2%
5.2%5.1%
5.6%4.7%
4.8% 5.2% 4.9%
5.4% 5.5% 5.0%
4.7%5.2%
4.4%4.3%
4.6% 4.2% 4.5%
13.8% 14.5% 14.8%
14.4%
14.4%14.9%
15.6%16.5%
17.7%18.4%
1.6% 2.0% 2.7%
3.6%
4.6%
5.8%
6.7%
7.5%8.3%
9.4%
20 yrs-
10-20 yrs
9-10 yrs
8-9 yrs
7-8 yrs
6-7 yrs
5-6 yrs
4-5 yrs
3-4 yrs
2-3 yrs
1-2 yrs
-1 yr
(trillion yen)
(at the end of FY)
531.7 541.5 545.9594.0
636.3
669.9
705.0
743.9
774.1
*years to maturity
805.4
Average
YTM* 5Y9M 6Y1M 6Y3M 6Y5M 6Y8M 7Y0M 7Y3M 7Y7M 8Y0M 8Y5M
Average YTM*
(excluding saving
bonds)5Y8M 6Y1M 6Y4M 6Y6M 6Y10M 7Y1M 7Y5M 7Y8M 8Y0M 8Y5M
General
Government(ex Public Pensions)
2.5
0.2% Fiscal Loan Fund
0.0
0.0%
BOJ
397.7
36.0%
Banks,etc.
264.5
23.9%
Life and Non-life
Insurance
218.9
19.8%
Public Pensions
52.4
4.7%
Pension Funds
34.3
3.1%
Foreigners
110.6
10.0%
Households
14.0
1.3%
Others
10.6
1.0%
General
Government
(ex Public Pensions)
2.5
0.2%Fiscal Loan Fund
0.0
0.0%
BOJ
344.9
34.9%
Banks,etc.
257.5
26.1%
Life and Non-life
Insurance
216.7
21.9%
Public Pensions
52.4
5.3%
Pension Funds
34.3
3.5%
Foreigners
54.7
5.5%
Households
14.0
1.4%
Others
10.6
1.1%
General
Government
(ex Public Pensions)
0.0
0.0%
Fiscal Loan Fund
0.0
0.0%
BOJ
52.8
44.8%
Banks,etc.
7.0
6.0%
Life and Non-life
Insurance
2.3
1.9%
Public Pensions
0.0
0.0%
Pension Funds
0.0
0.0%
Foreigners
55.9
47.4%
Households
0.0
0.0%
Others
0.0
0.0%
Types The amount of redemption at maturity Scheduled redemption date
2-Year Bonds 2,699.5 November 15
Treasury Bill 3,414.5 November 21
Total 6,114.0
Source: Ministry of Finance
Time-to-Maturity Structure of Outstanding JGB(Jun. 2016)
General Bonds Issuance Amount and Outstanding
Note 1: Issuance Amount: revenue basis, FY2004-2015: actual, FY2016 initial budget Note 2: Outstanding: nominal basis, FY2003-2015: actual, FY2016: estimates Source: Ministry of Finance
Market-held Balance of the Inflation-Indexed Bonds (as of September 30, 2016) JGB Holdings by Retail Investors
(trillion yen)
Scheduled redemption of JGB at maturity in November 2016
Note.1: The figures are based on the outstanding JGBs at the end of September, 2016. Note.2: The figures are the scheduled redemption at maturity and may be different from the actual redemption due to Buy-back of JGBs. Note.3: The figures do not include "JGB for Retail Investors". Note.4: If the redemption date coincides with bank holiday, the payment of redemption is carried out on the following business day. Note.5: Figures may not sum up to total because of rounding.
(billion yen)
-11-
Source: Ministry of Finance, Bank of Japan Note: Outstanding "JGBs for retail investors" at Sep-16 is calculated to 〔aggregate issues of ¥48.0trillion〕-〔redemption before maturity of ¥15.0trillion〕-〔aggregate redemption money of ¥22.2trillion〕. Other figures based on Bank of Japan “Flow of Funds Accounts”. Source: Ministry of Finance, Bank of Japan “Flow of Funds Accounts”
499.0526.9 531.7 541.5 545.9
594.0636.3
669.9705.0
743.9 774.1 805.4837.8119.9
136.8 135.6 124.6 127.1
142.4 143.1
163.1 163.3 153.6 158.0 150.5
145.7
100
200
300
400
500
600
700
800
900
0
30
60
90
120
150
180
04 05 06 07 08 09 10 11 12 13 14 15 16
Outstanding (right-hand scale) Issuance Amount (left-hand scale)
91.75 93.58
71.04
62.9068.43
37.3335.63
39.84 39.3341.75
12.8110.49 11.44
14.0615.75
15.2917.80 17.90 19.79 18.94
5.91 3.72 4.66 5.256.23 6.56
5.998.00 9.36 10.55
0.92 0.78 1.28 1.30 1.92 1.86 1.91 2.06 2.20 0.450
10
20
30
40
50
60
70
80
90
100
16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55
(trillion yen)
(FY)
Treasury Bills2-yr bondsJGBs for retail investors (3-yr-Fixed-rate)JGBs for retail investors (5-yr-Fixed-rate)5-yr bondsInflation-Indexed bondsJGBs for retail investors (Floating-rate)10-yr bonds15-yr-floating-rate bonds20-yr bonds30-yr bonds40-yr bonds
Average remaining years to maturity: 8 years and 5 months
0.4 0.7 1.0
2.0
3.3
4.8
6.5
8.4
10.1
12.4
14.0 15.3
17.1
18.7
20.7
22.0 23.2
24.1
25.8 26.5 26.7 26.8
27.4 27.5 27.6 27.5 27.7 27.7 27.2 27.3 27.4 27.2
25.8 25.2
24.1 23.4
22.9 22.3
21.0 20.3
19.7 19.2
18.2 17.8 17.4 16.8
15.9 14.9
13.8 12.6
11.9 11.2 11.0 11.0 10.8
12.3 12.5 12.4 13.4
14.6
15.9
18.0
20.1
21.8
24.5 25.7
26.9 28.0
29.1
31.4 32.3
33.4 33.6
35.4 36.0 36.3
35.3 35.8
36.7 36.0 35.6 35.5 35.0
34.4 34.4 34.1
33.0
31.1 30.4
29.5 28.5
27.7 27.0 25.5
24.5 24.2
22.9 22.0
21.4 21.0 20.4
19.3 18.4
16.9
15.4 14.5
13.6 13.8 14.0 13.7
2.1%2.0%
2.0%2.1%2.2%2.3%
2.6%2.9%
3.0%3.2%
3.4%3.5%
3.7%3.8%
4.1%4.2%
4.3%4.4%4.6%4.6%
4.5%4.5%4.5%
4.6%4.5%
4.4%4.3%4.3%4.1%
4.0%3.9%
3.8%3.6%
3.4%3.2%
3.1%3.0%2.9%
2.7%2.6%2.5%
2.4%2.2%
2.2%2.1%2.0%
1.9%1.8%
1.6%1.5%
1.4%1.3%1.3%
1.3%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
0
5
10
15
20
25
30
35
40
45
Mar - 03 Mar - 04 Mar - 05 Mar - 06 Mar - 07 Mar - 08 Mar - 09 Mar - 10 Mar - 11 Mar - 12 Mar - 13 Mar - 14 Mar - 15 Mar - 16
(trillion yen)
Total JGBs held by retail investors (left)
Outstanding "JGBs for retail investors" (left)
Ratio of JGBs held by retail investors (right)
Dec - 12
0100200300400500600700800900
1,0001,1001,2001,3001,4001,5001,6001,7001,8001,9002,0002,1002,200
10 11 12 13 14 15 16 17 18 19 20 21
(billion yen)
(issue number)
Outstanding amount (excl. BOJ holding)
BOJ holdingOld type
(without floor)
70
80
90
100
110
120
130
140
150
160
Jan-
09Ap
r-09
Jul-0
9O
ct-0
9Ja
n-10
Apr-
10Ju
l-10
Oct
-10
Jan-
11Ap
r-11
Jul-1
1O
ct-1
1Ja
n-12
Apr-
12Ju
l-12
Oct
-12
Jan-
13Ap
r-13
Jul-1
3O
ct-1
3Ja
n-14
Apr-
14Ju
l-14
Oct
-14
Jan-
15Ap
r-15
Jul-1
5O
ct-1
5Ja
n-16
Apr-
16Ju
l-16
(2010 average=100・Seasonally Adjusted Index)
Production Shipments
Inventory Inventory Ratio
0.4
0.6
0.8
1
1.2
1.4
1.6
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
(ratio)
Sep, 20161.38times
Sep, 20163.0%
Aug, 20090.42times
Jul, 20095.5%
Job opening-to-application ratio(right scale)
Unemployment rate(left scale)
0.0%
▲0.5%-1
0
1
2
3
4
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16
(%)
CPI
CPI excluding food (excludingalcohilic beverages) and energy
Change from the previous year
Apr.4, 2013BOJ released QQE
500
600
700
800
900
1,000
1,100
Jan-
09
Apr-
09
Jul-0
9
Oct
-09
Jan-
10
Apr-
10
Jul-1
0
Oct
-10
Jan-
11
Apr-
11
Jul-1
1
Oct
-11
Jan-
12
Apr-
12
Jul-1
2
Oct
-12
Jan-
13
Apr-
13
Jul-1
3
Oct
-13
Jan-
14
Apr-
14
Jul-1
4
Oct
-14
Jan-
15
Apr-
15
Jul-1
5
Oct
-15
Jan-
16
Apr-
16
Jul-1
6
(billion yen)
Monthly Quarter (Mean)
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
Jan-
09
May
-09
Sep
-09
Jan-
10
May
-10
Sep
-10
Jan-
11
May
-11
Sep
-11
Jan-
12
May
-12
Sep
-12
Jan-
13
May
-13
Sep
-13
Jan-
14
May
-14
Sep
-14
Jan-
15
May
-15
Sep
-15
Jan-
16
May
-16
Sep
-16
(Diffusion index)
Large enterprises/Manufacturing
Large enterprises/Non-Manufacturing
Small enterprises/Manufacturing
Small enterprises/Non-Manufacturing
0
50
100
150
200
250
300
350
400
450(trillion yen)
Banknotes in Circulation
Coins in Circulation
Current Account Balances
3.8
-1.7 -1.9
-0.1
4.1
2.62.0
-0.2
5.1
-8.1
-2.4
2.2
5.0
-1.9
2.1
-1.7
2.1
0.7
-14.0
-12.0
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ
2012 2013 2014 2015 2016
(%)
Private Demand Public Demand
Foreign Demand Real GDP
Annualized rate of Change from the previous quarter (Seasonally adjusted)
(CY)
2.3
3.2
4.3 3.8
5.4 4.4
5.5
4.1 4.3
1.8 3.3
0.9
2.1
1.1 1.6
-0.0
1.6 2.1
1.7
-1.0 -0.5
0.9
2.0 1.5
4.4 3.7
4.9
3.4
6.0
4.7
-8
-6
-4
-2
0
2
4
6
8
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
2013
Q2
2013
Q3
2013
Q4
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
Primary Income Trade BalanceServices Secondary IncomeCurrent Account
Real GDP Growth Rate
Employment Conditions
Prices
Changes in Current Account
Monetary Base Indices of Industrial Production
Total Value of Machinery Orders (Private Sector exc. Volatile orders)
TANKAN (Business Conditions)
Source: Cabinet Office "Quarterly Estimates of GDP"
Source: Ministry of Internal Affairs and Communications “CPI”
Source: Ministry of Health, Labour and Welfare “Employment Referrals for General Workers “, Ministry of Internal Affairs and Communications “Labour Force Survey”
Source: Ministry of Finance “Balance of Payments"
Source: Ministry of Economy, Trade and Industry "Indices of Industrial Production”
Source: Cabinet Office, Government Japan "Orders Received for Machinery"
(trillion yen)
6 ECONOMIC AND FINANCIAL TRENDS
Source: Bank of Japan "Monetary Base"
Source: Bank of Japan "Tankan"
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English Publications on JGBs Frequency URL Debt Management
Message from the Financial Bureau As needed http://www.mof.go.jp/english/jgbs/debt_management/message.htm
About JGBs As needed http://www.mof.go.jp/english/jgbs/debt_management/guide.htm
About the Debt Management Policy As needed http://www.mof.go.jp/english/jgbs/debt_management/about.htm
JGB Issuance Plan As needed http://www.mof.go.jp/english/jgbs/debt_management/plan/index.htm
Auction Calendar
Auction Calendar Monthly http://www.mof.go.jp/english/jgbs/auction/calendar/index.htm
Historical Data of Auction Results Each Auction http://www.mof.go.jp/english/jgbs/auction/past_auction_results/index.html
Topics
Product Characteristics of the JGB As needed http://www.mof.go.jp/english/jgbs/topics/bond/index.html
Treasury Discount Bills (T-Bills) Annual http://www.mof.go.jp/english/jgbs/topics/t_bill/index.htm
Japanese Government Guaranteed Bonds Annual http://www.mof.go.jp/english/jgbs/topics/gov_guaranteed_bonds/index.htm
Interest Rate Swap Semiannual http://www.mof.go.jp/english/jgbs/topics/swap/index.htm
Taxation of Government Bonds As needed http://www.mof.go.jp/english/jgbs/topics/taxation/index.htm
For Individual Investors As needed http://www.mof.go.jp/english/jgbs/topics/individual/index.htm
Data
Central Government Debt Quarterly http://www.mof.go.jp/english/jgbs/reference/gbb/index.htm
Interest Rate Daily http://www.mof.go.jp/english/jgbs/reference/interest_rate/index.htm
STRIPS Monthly http://www.mof.go.jp/english/jgbs/reference/jgbstat/index.htm
Dialogue with the market
Advisory Councils on Government Debt Management Each Meeting http://www.mof.go.jp/english/about_mof/councils/gov_debt_management/index.html
Meeting of JGB Market Special Participants Each Meeting http://www.mof.go.jp/english/about_mof/councils/jgbsp/index.html
Meeting of JGB Investors Each Meeting http://www.mof.go.jp/english/about_mof/councils/jgb_investor/index.html
Publications
Debt Management Report Annual http://www.mof.go.jp/english/jgbs/publication/debt_management_report/index.htm
JGB Newsletter Monthly http://www.mof.go.jp/english/jgbs/publication/newsletter/index.htm
Debt Management Policy Division, Financial Bureau, Ministry of Finance 3-1-1 Kasumigaseki, Chiyoda-ku, Tokyo 100-8940 Japan
Phone: 81-3-3581-4111 Web: www.mof.go.jp
7 INFORMATION
To subscribe to our Newsletter mailing list, please email: JGB-IR@mof.go.jp
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