What’s New: MOF started discussions for FY2018 JGB Annual Issuance Plan P2-3 Meetings of JGB Market Special Participants and JGB Investors

The MOF mentioned that the amount of “Newly-Issued Bonds” and “Refunding Bonds” may decrease from AIP2017, although the total amount required to finance for FY2018 depends on the ongoing budget planning process.

Most of the market special participants agreed on the reduction of all zones in a well-balanced manner and the increase of the issuance amount of Auctions for Enhanced-Liquidity.

The members gave their opinions on the issuance amount of each zone, which the MOF appreciates and will take into account in making AIP2018. (See P2 for the details)

What’s New: Central Government Debt (As of September 30, 2017) P4 Outstanding government bonds and borrowings increased to 1,080.4 trillion yen from

the end of June (1,079.0 trillion yen) by 1.5 trillion yen.

Monthly Topic: Quarterly Estimates of GDP Jul.-Sep. 2017 P5 The first preliminary GDP estimate (Jul. – Sep. 2017) was released on November 15.

Real GDP expanded by 0.3% (annual rate 1.4%) from the previous quarter. Real GDP has grown for seven consecutive quarters.

IR Office: Our IR activities in November P6 Conference in Tokyo, IR tour to UK and OECD meeting

(Statistics) JGB Primary Market … P7 The Auction for Enhanced Liquidity and JGB Buy-Back … P8

JGB Secondary Market … P9 Investor Trends and JGB Outstanding … P11

Economic and Financial Trend … P15 Information … P16

Monthly Newsletter of the Ministry of Finance, Japan JAPANESE GOVERNMENT BONDS

SUMMARY

The Ministry of Finance www.mof.go.jp

Our fundamental goal of debt management policy is to achieve stable and smooth financing for our national accounts and to minimize medium-to-long term financing costs.

December 2017

-1-

Discussions of FY2018 JGB Annual Issuance Plan in the Meeting of JGB Market Special Participants and the Meeting of JGB investors

The 73rd Meeting of JGB Market Special Participants and the 72nd Meeting of JGB investors were held on November 22 and 24, 2017, respectively. Discussions for the FY2018 JGB Annual Issuance Plan (AIP2018) started.

[Summary of the MOF explanation]

① Introducing the discussions of the 45th meeting of the Advisory Council on Government Debt Management in October

Please refer to the Newsletter issued in November 2017 for the details.

URL: http://www.mof.go.jp/english/jgbs/publication/newsletter/jgb2017_11e.pdf

② A notice for AIP2018

The amount of “Newly-Issued Bonds” and “Refunding Bonds” may slightly decrease from AIP2017 according to a provisional calculation based on a simple premise, although the total amount required to finance for FY2018 depends on the ongoing budget planning process. In addition, a technical revision of the calculation method is under consideration, which leads to further reduction of the calendar-base issuance amount in AIP.

[Opinions from the participants]

Most of the market special participants agreed that:

It is possible to reduce the annual issuance amount in any zone. In case the total financing amount decreases, the MOF should reduce all zones in a well-balanced manner.

Under current market conditions, it is desirable to increase the issuance amount of Auctions for Enhanced-Liquidity, although it may lead to a reduction in the calendar-base market issuance amount.

For super-long zones of JGBs, many market special participants mentioned that:

The MOF should prioritize the reduction of the issuance amount of 40- and 30-Year bonds among super-long zones, as that of 20-Year bonds has been reduced in FY2016 and FY2017 consecutively. In addition, 20-Year bonds still have broad investors even under the current yield.

Other market special participants mentioned that:

Some investors insisted on certain demands for super-long-term bonds, but those investors care about the level of the yield rather than the issuance amount itself.

The MOF should consider maintaining the issuance amount of 30-Year bonds because they may become a benchmark among super-long-term bonds.

The MOF should consider maintaining the issuance amount of 40-Year bonds or limiting the reduction amount because the 40-Year bond market is still in the stage of development.

Some of the JGB investors mentioned that:

The MOF should increase the issuance amount of 30- and 40-Year bonds, even if the calendar-base issuance amount in AIP decreases in total.

The MOF should maintain the issuance amount of 20-Year bonds, as 20-Year bonds have the longest maturity for most of banks’ investment.

What’s new

-2-

Regarding short- and medium-term bonds, most of the market special participants agreed that:

It's possible to reduce the issuance amount of 5-Year bonds rather than that of 2-Year bonds or T-bills because 2-Year bonds or T-bills are the main investment zones by foreign investors.

On the other hand, a participant said that:

There would be some investment demand for 5-Year bonds in case the yield returns to the level of near zero percent.

Some JGB investors also mentioned that:

The issuance amount of 5-Year bonds can be reduced, as the demand for them is declining.

-3-

Central Government Debt (As of September 30, 2017) On November 10, the Ministry of Finance released the update on central government debt. Debt

outstanding and composition as of the end of September 2017 are as follows.

The end of September 2017

(Actual)

Increase or Decrease(-) from

the End of the Previous Quarter

1) Outstanding Government Bonds and Borrowings

General Bonds 845.5 8.3

Fiscal Investment and Loan Program Bonds (FILP Bonds) 92.4 -3.4

Borrowings, Subsidy Bonds, etc. 64.7 -1.3

Financing Bills (FBs) 77.8 -2.1

Total 1,080.4 1.5

2) Outstanding Government-Guaranteed Debts

Government-Guaranteed Debts 40.6 0.3

The end of Sep. 2017 (Actual)

Increase or Decrease(-) from

the End of the Previous Quarter

The end of Mar. 2017 (Estimate)

① General Bonds 845.5 8.3 Approx. 865

② Fiscal Investment and Loan Program Bonds Not included Not included Not included

③ Borrowings, Subsidy Bonds, etc. 28.1 -0.1 Approx. 33

④ Financing Bills Not included Not included Not included

Long-term debt outstanding of central governments 873.6 8.2 Approx. 898

⑤ Long-term debt outstanding of local governments - Approx. 195

Long-term debt outstanding of central and local governments - Approx. 1,093

-4-

(trillion yen)

Notes: 1. Figures may not sum up to the total because of rounding. 2. Above "Outstanding Government Bonds and Borrowings" includes government bonds and borrowings held by government. 3. Figures are total of the general account and all special accounts, and the coverage is different from the central government defined in SNA. 4. The data as of December 31, 2017 will be released on February 9, 2018. Details: http://www.mof.go.jp/english/jgbs/reference/gbb/e201709.html

<Main Points>

Outstanding government bonds and borrowings increased to 1,080.4 trillion yen from the end of June (1,079.0 trillion yen) by 1.5 trillion yen. This is mainly because the total for general bonds increased by 8.3 trillion yen and that for FILP bonds decreased by 3.4 trillion yen.

Long-term outstanding central government debt, which does not include FILP bonds, FBs and some of the borrowings related to local governments, increased to 873.6 trillion yen from the end of June (865.4 trillion yen) by 8.2 trillion yen.

Notes: The borrowings of the Special Account for Allotment of Local Allocation Tax and Local Transfer Tax (end of FY2017:approx.¥32trillion) are included in [⑤Long-term debt outstanding of local governments] because the burden of redemption funds falls on local governments.

Central Government Debt

(Reference) Long-term debt outstanding of central and local governments The MOF has announced the “Long-term debt outstanding of central and local governments” whose interest payments and redemption funds are mainly to be covered by tax revenues, from the viewpoint of transparency of fiscal management. The statistics are derived by adding the long-term debt outstanding of local governments to the above mentioned Central Government Debt, while excluding Fiscal Investment and Loan Program Bonds and Financing Bills.

(trillion yen)

(％)2017

7～9 10～12 1～3 4～6 7～90.2 0.4 0.3 0.6 0.3 *** 1.4

-0.1 0.1 0.1 0.9 -0.2 *** -0.6(-0.1) (0.1) (0.1) (0.9) *** (-0.2) ***

-0.2 0.3 0.2 0.7 0.0 (0.0) 0.00.4 0.1 0.4 0.7 -0.5 (-0.3) -1.80.4 0.1 0.4 0.7 -0.5 (-0.3) -1.9

Excluding imputed Rent 0.4 0.1 0.4 0.8 -0.6 (-0.3) -2.62.9 0.3 0.9 1.1 -0.9 (-0.0) -3.5

-0.1 1.9 0.5 0.5 0.2 (0.0) 1.0(-0.5) (-0.2) (-0.2) (0.0) *** (0.2) ***

0.2 -0.5 0.0 1.6 -0.6 (-0.2) -2.40.3 0.0 -0.0 0.6 -0.1 (-0.0) -0.5

-0.4 -2.7 0.1 5.8 -2.5 (-0.1) -9.7(-0.0) (0.0) (0.0) (0.0) *** (-0.0) ***(0.4) (0.3) (0.1) (-0.2) *** (0.5) ***Net Exports of Goods & Services

Private Non-Resi. Investment

Government ConsumptionPublic Investment

2016 20177～9

Gross Domestic Product

Domestic Demand

Private DemandPrivate Consumption

Consumption of Households

Change in Private InventoryPublic Demand

Change in Public Inventory

Private Residential Investment

Quarterly Estimates of GDP Jul.–Sep. 2017

The first preliminary GDP estimate (Jul. – Sep. 2017) was released on November 15. Real GDP expanded by 0.3% (annual rate 1.4%) from the previous quarter. Real GDP has grown for seven consecutive quarters. External demand contributed 0.5 percentage points, while domestic demand contributed minus 0.2 percentage points. Contribution of external demand was positive after 2 quarters and domestic demand was negative after 4 quarters.

Net exports of goods & services contributed 0.5 percentage points, as exports of goods & services rose by 1.5% on the back of increasing export of cars and electronic parts, etc.

Domestic demand did not grow as in the previous quarter due to the bad weather such as typhoons and long rains, which affected industry including food service. However, on average, the improving trend of domestic demand is not changing.

Development of Real GDP (Quarterly, seasonally adjusted series)

MONTHLY TOPIC

Note1: Change from the previous quarter (seasonally adjusted) Note2: Annual rate Note3: The Figures in () indicate contributions to Changes in GDP. Source: Cabinet Office, Government of Japan

Source: Cabinet Office, Government of Japan

Note1

Note2

-5-

Mr. Furuya, Deputy Director-General of the Financial Bureau, made a presentation to more than 100 foreign and domestic investors at a private investment conference in Tokyo at the beginning of November. The title was “Japan’s Economy and Public Debt Management” which covered a broad range of topics. Firstly, he explained the Japanese economy from the mid- and long-term perspective. He also touched on historical developments of JGB markets and recent situations. Finally, he described a basic idea of public debt management which included the viewpoint of mid- and long-term consideration.

During the third week of November, Ms. Kimata, Director

for Debt Management and JGB Investor Relations, and Ms. Sato, officer, representing womenomics in Japan, visited London and Edinburgh to have meetings with various JGB investors. They had discussions mainly about the JGB market, Japan’s economy, and fiscal consolidation. Investors warmly welcomed them with refreshments such as coffee, tea and lovely decorated confectioneries. Supported by the genial welcome and nice weather, they were able to carry on the IR tour harmoniously. They would like to express their gratitude and look forward to seeing them again.

In the beginning of November, Mr. Miyoshi, Director of the International Organizations

Division, and Mr. Nakatsui, Deputy-Director of Debt Management Policy Division, participated in the OECD Working Party on Debt Management. Debt managers from OECD member countries actively exchanged views on debt management policy, the sovereign bond market, and many more topics. Mr. Miyoshi contributed to the discussion by leading a session and making presentations on the JGB market.

-6-

IR 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

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)

9/5/2017 10-year 348 9/20/2027 0.1% 7,369.5 1,865.1 0.016% 0.011% 0.306 434.3 11.1 9/7/2017 30-year 56 9/20/2047 0.8% 2,416.5 658.3 0.841% 0.832% - 141.2 3.6 9/12/2017 5-year 133 9/20/2022 0.1% 7,234.2 1,777.7 ▲0.104% ▲0.110% - 421.6 - 9/14/2017 20-year 162 9/20/2037 0.6% 3,337.7 803.9 0.563% 0.560% - 195.0 77.0 9/26/2017 40-year 10 3/20/2057 0.9% 1,618.0 499.4 1.015% - - - 56.8 9/28/2017 2-year 381 10/15/2019 0.1% 7,416.1 1,804.9 ▲0.114% ▲0.119% - 394.6 - 10/3/2017 10-year 348 9/20/2027 0.1% 7,842.2 1,920.0 0.082% 0.077% 0.496 379.0 - 10/5/2017 10-year Inflation-Indexed Bonds 22 3/10/2027 0.1% 1,237.8 399.4 ▲0.361% - - - 47.0 10/11/2017 30-year 56 9/20/2047 0.8% 2,559.9 643.3 0.884% 0.881% - 155.9 68.8 10/17/2017 20-year 162 9/20/2037 0.6% 3,243.7 800.1 0.591% 0.590% - 198.9 85.2 10/19/2017 5-year 133 9/20/2022 0.1% 7,559.9 1,782.9 ▲0.082% ▲0.082% - 416.1 328.1 10/26/2017 2-year 382 11/15/2019 0.1% 10,599.0 1,786.6 ▲0.141% ▲0.143% 0.500 412.3 163.9 11/1/2017 10-year 348 9/20/2027 0.1% 8,465.9 1,860.0 0.062% 0.062% 1.386 437.8 178.4 11/9/2017 30-year 56 9/20/2047 0.8% 2,217.4 647.3 0.800% 0.789% - 151.9 63.3 11/14/2017 5-year 133 9/20/2022 0.1% 7,542.7 1,800.0 ▲0.105% ▲0.107% - 399.1 271.5 11/16/2017 20-year 162 9/20/2037 0.6% 3,304.8 800.0 0.574% 0.573% - 199.0 43.9 11/28/2017 40-year 10 3/20/2057 0.9% 1,499.0 499.5 1.005% - - - 34.6 11/30/2017 2-year 383 12/15/2019 0.1% 8,599.3 1,808.2 ▲0.164% ▲0.166% - 390.9 -

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)

9/6/2017 6-month 706 3/12/2018 7,189.60 2,116.16 ▲0.1823% ▲0.1983% 483.80 9/7/2017 3-month 707 12/11/2017 11,539.40 3,621.75 ▲0.1864% ▲0.2040% 798.20 9/14/2017 3-month 708 12/18/2017 14,652.70 3,654.48 ▲0.1175% ▲0.1394% 745.50 9/15/2017 1-year 709 9/20/2018 9,178.60 1,876.68 ▲0.1278% ▲0.1308% 423.30 9/20/2017 3-month 710 12/25/2017 16,561.00 3,702.04 ▲0.1002% ▲0.1074% 727.90 9/28/2017 3-month 711 1/10/2018 15,884.90 3,563.08 ▲0.1550% ▲0.1652% 816.90 10/4/2017 6-month 712 4/10/2018 9,147.40 1,866.85 ▲0.1603% ▲0.1643% 433.10 10/5/2017 3-month 713 1/15/2018 14,000.50 3,569.58 ▲0.1617% ▲0.1685% 830.40 10/12/2017 3-month 714 1/22/2018 12,893.70 3,590.07 ▲0.1768% ▲0.1865% 849.90 10/18/2017 1-year 715 10/22/2018 9,965.40 1,896.79 ▲0.1618% ▲0.1687% 403.20 10/19/2017 3-month 716 1/29/2018 14,963.80 3,542.77 ▲0.1861% ▲0.1924% 827.20 10/26/2017 3-month 717 2/5/2018 14,573.50 3,600.63 ▲0.1898% ▲0.1961% 839.30 11/1/2017 3-month 718 2/13/2018 12,368.60 3,611.77 ▲0.1842% ▲0.1897% 808.20 11/8/2017 6-month 719 5/10/2018 10,346.00 1,873.67 ▲0.2276% ▲0.2376% 426.30 11/9/2017 3-month 720 2/19/2018 11,242.60 3,588.15 ▲0.2549% ▲0.2780% 841.80 11/15/2017 1-year 721 11/20/2018 7,275.10 1,864.30 ▲0.1936% ▲0.2145% 435.70 11/16/2017 3-month 722 2/26/2018 13,069.70 3,532.06 ▲0.2270% ▲0.2382% 827.90 11/22/2017 3-month 723 3/5/2018 12,793.60 3,573.58 ▲0.2456% ▲0.2538% 836.40 11/30/2017 3-month 724 3/12/2018 11,551.90 3,587.47 ▲0.1712% ▲0.1995% 802.50

Auction Calendar for Dec. 2017 – Feb. 2018 Auction Date Issue Auction Date Issue Auction Date Issue Auction Date Issue 12/5(Tue) 10-year 1/5(Fri) T-Bills (3-month) 1/25(Thu) 20-year 2/20(Tue) Auctions for Enhanced-liquidity

(remaining maturities of 5-15.5 years)

12/6(Wed) T-Bills (6-month) 1/5(Fri) Auctions for Enhanced-liquidity (remaining maturities of 1-5 years) 1/30(Tue) 2-year 2/22(Thu) T-Bills (3-month)

12/7(Thu) T-Bills (3-month) 1/10(Wed) T-Bills (6-month) 2/1(Thu) T-Bills (3-month) 2/22(Thu) 20-year

12/7(Thu) 30-year 1/10(Wed) 10-year 2/1(Thu) 10-year 2/27(Tue) 2-year 12/12(Tue) 5-year 1/11(Thu) T-Bills (3-month) 2/6(Tue) 10-year Inflation-Indexed Bonds 12/14(Thu) T-Bills (3-month) 1/12(Fri) 40-year 2/7(Wed) T-Bills (6-month) 12/14(Thu) 20-year 1/16(Tue) 5-year 2/8(Thu) T-Bills (3-month) 12/18(Mon) T-Bills (1-year) 1/17(Wed) T-Bills (1-year) 2/8(Thu) 30-year 12/19(Tue)

Auctions for Enhanced-liquidity (remaining maturities of 15.5-39 years) 1/18(Thu) T-Bills (3-month) 2/14(Wed) 5-year

12/20(Wed) T-Bills (3-month) 1/18(Thu) 30-year 2/15(Thu) T-Bills (3-month) 12/22(Fri)

Auctions for Enhanced-liquidity (remaining maturities of 5-15.5 years) 1/22(Mon) Auctions for Enhanced-liquidity

(remaining maturities of 5-15.5 years) 2/16(Fri) T-Bills (1-year)

12/26(Tue) 2-year 1/25(Thu) T-Bills (3-month) 2/16(Fri) Auctions for Enhanced-liquidity (remaining maturities of 15.5-39 years)

Top 10 PDs by Total Purchase in Auctions (Calculated by Duration) (Apr. 2017 ～ Sep. 2017) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 Deutsche Securities lnc. 2 Nomura Securities Co., Ltd. 7 SMBC Nikko Securities Inc. 3 Daiwa Securities Co. Ltd. 8 BNP Paribas Securities (Japan) Limited 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.

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.

(Until 30 November 2017)

(Until 30 November 2017)

-7-

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

9/20/2017 1,212.9 299.2 ▲0.007% ▲0.005%

2-year(370, 372, 373) 5-year(125, 131) 10-year(319, 320) 20-year(41, 47, 48, 53, 56, 57)

9/22/2017 1,544.7 547.6 ▲0.014% ▲0.013% 10-year(325, 327, 328, 329, 330, 333, 334, 335) 20-year(58, 61, 64, 65, 83, 84, 126, 127, 130, 131, 133, 134, 135, 138, 139, 140) 30-year(2, 7, 8, 9)

10/13/2017 1,990.9 546.6 +0.001% +0.002%

10-year(327, 328, 329, 330, 331, 332, 333, 334) 20-year(61, 64, 70, 71, 72, 76, 77, 94, 97, 99, 100, 101, 107, 109, 111, 114, 115, 127, 128, 130, 131, 137, 142) 30-year(2, 3)

10/24/2017 1,252.7 397.4 ▲0.007% ▲0.006% 20-year(145) 30-year(13, 15, 17, 25, 29, 33, 34, 38, 39, 41, 45, 46, 47, 49, 50, 51) 40-year(1, 3, 5, 6, 9)

11/7/2017 1,979.4 299.7 ▲0.020% ▲0.018% 5-year(123, 131) 20-year(47, 48, 53)

11/21/2017 1,824.4 548.4 ▲0.009% ▲0.007% 10-year(326, 327, 329, 330, 331) 20-year(59, 60, 61, 64, 83, 86, 131, 132, 133, 141, 142, 143) 30-year(2, 3, 8, 9, 10)

Target Zones of the Auction for Enhanced-Liquidity for the Third Quarter of FY 2017

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

4/17/2017 132.1 20.3 ▲0.149 ▲0.11 19, 20, 21, 22 6/15/2017 121.0 20.1 ▲0.284 ▲0.27 20, 22 8/18/2017 126.7 20.0 ▲0.111 ▲0.08 22

10/20/2017 90.2 20.0 ▲0.182 ▲0.09 18, 19, 20, 22

THE AUCTIONS FOR ENHANCED-LIQUIDITY AND JGB BUY-BACK

①Remaining maturity : approx.1‐～5‐year

③Remaining maturity : approx.15.5‐～39‐year

Note1： 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 2017. Note2： All issues in the graph above will be eligible afterward.

Buy-back Results

(Until 30 November 2017)

(Until 2 November 2017)

②Remaining maturity : approx.5‐～15.5‐year

-8-

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,0005,5006,0006,5007,000

JN37

0

JN37

1

JS11

6

297

298

JN37

2

JN37

3

JN37

4

JS11

7

299

300

JL41

JL42

JN37

5

JN37

6

JN37

7

JS11

8

JS11

9

301

302

JN37

8

JN37

9

JN38

0

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

JS12

9

317

318

JL52

JS13

0

319

320

JL53

JL54

JS13

1

321

322

JL55

JS13

2

323

324

JL56

JL57 325

JL58

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

1,0001,5002,0002,5003,0003,5004,0004,5005,000

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 34

4JL

90JL

91 345

JL92 34

6JL

93JL

94 347

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

6JX

7JL

137

JL13

8JL

139

JL14

0JX

8JL

141

JL14

2JX

9JL

143

JL14

4JX

10

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

JL14

5

JX11

JL14

6

JX12

JL14

7

JX13

JL14

8

JX14

JL14

9

JX15

JL15

0

JX16

JL15

1

JX17

JL15

2

JX18

JL15

3

JX19

JL15

4

JX20

JL15

5

JX21

JL15

6

JX22

JL15

7

JX23

JL15

8

JX24

JL15

9

JX25

JL16

0

JX26

JL16

1

JX27

JX28

JX29

JX30

JX31

JX32

JX33

JX34

JX35

JX36

JX37

JX38

JX39

JX40

JX41

JX42

JX43

JX44

JX45

JX46

JX47

JX48

JX49

JX50

JX51

JX52

JX53

JX54

JX55 JU1

JU2

JU3

JU4

JU5

JU6

JU7

JU8

JU9

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 Jan-17

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 Jan-17

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-13May-13Sep-13Jan-14May-14Sep-14Jan-15May-15Sep-15Jan-16May-16Sep-16Jan-17May-17Sep-17

Volatility Yield (right scale)

-0.4%

-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

2016/12/302017/3/312017/6/302017/8/312017/9/292017/10/31

40353020 25151050

Note: 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.

JGB SECONDARY MARKET JGB Yield Curves

Source: Japan Bond Trading Co.,Ltd.

Yields of JGB

Long - Term Interest Rates （10Yr） Source: Bloomberg

Source: Bloomberg

-9-

Yield and Volatility (10Yr)

Break-Even Inflation Rates

Source: Bloomberg, Calculation by the Ministry of Finance

(Until 31 October 2017)

(Until 31 October 2017)

(Until 31 October 2017)

(Until 31 October 2017)

-1%

0%

1%

2%

3%

4%

5%

Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17

BEI (Japan : 10 year)

BEI (U.S.A. : 10 year)

BEI (U.K. : 10 year)

0

500

1,000

1,500

2,000

2,500

Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17

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 Jan-17

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 Jan-17

Treasury Discount BillsMedium Term BondsLong Term Bonds

Short-Term Interest Rates

Source: Bank of Japan, Japanese Bankers Association

JGB Over-the-Counter Trading Volume (TOKYO)

Trading Volume of 10-Year JGB Futures

Repurchase Transactions

-10-

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 31 October 2017)

-0.1%

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17

Call Rate (Uncollateralized Overnight)

TIBOR 3-months (Euro-Yen)

Basic Loan Rate

0

50

100

150

200

250

300

350

400

450

500

550

Apr-12 Nov-12 Jun-13 Jan-14 Aug-14 Mar-15 Oct-15 May-16 Dec-16 Jul-17

Total AssetsMonetary BaseJGBs

QQE2QQE（trillion yen）Apr 2013(Actual)

Oct 2017(Actual)

Monetary Base 155 477

JGBs 98 412

CP 1.4 2.2

Corporate Bonds 2.9 3.2

ETFs 1.7 16.1

J-REITs 0.13 0.44

Total Assets 175 518

0

10

20

30

40

50

Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17

190200210220230240250

0

20

40

60

80

100

120

140

Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17

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

7.0

Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct

City Banks

Net Purchase

Net Sale

2013 2014 2015 2016 2017

-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 Oct Jan Apr Jul Oct

Regional banks

Net Purchase

Net Sale

2013 2014 2015 2016 2017

-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 Oct Jan Apr Jul Oct

Life and non-life insurance companies

Net Purchase

Net Sale

2013 2014 2015 2016 2017

-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 Oct Jan Apr Jul Oct

Foreigners

Net Purchase

Net Sale

2013 2014 2015 2016 2017

(unit: trillion yen)(unit: trillion yen)

(unit: trillion yen) (unit: trillion yen)

-11-

Trends in Bank Assets by Types

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 Jan-17

City Banks Trust Banks Insurance Companies Foreigners

-6

-5

-4

-3

-2

-1

0

1

2

3

4

Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17

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 Jan-17

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 Jan-17

Short-term debt securities Long-term debt securities Equity and investment fund shares

Net

Purchase

Net

Sales

59.1 63.3

67.9

55.2 55.6

55.0 52.2 49.3

46.4

52.1

58.1 56.6

61.8 67.8

77.0 78.3

76.7 81.8

86.1

82.6 81.9

81.7 79.0

83.8 81.5

83.9 87.2

93.0

97.7

94.9 100.5

108.5 110.3

111.6 113.6

114.9

116.6 117.0

7.3

7.9

8.5

6.8

6.9 6.7 6.3

5.9 5.5

6.0

6.6 6.4

7.0 7.5

8.3 8.5 8.3 8.6

9.0 8.5 8.4 8.4

8.0 8.4

8.1 8.2 8.6

9.1 9.4

9.1 9.6

10.4 10.2 10.1 10.4

10.6 10.8 10.8

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 Mar-17

Amount of JGB Holdings (right)

Proportion of JGB Holdings (left)

(trillion yen)

%

%

%

%

%

%

%

%

%

%

%

10.8%

32.2%

52.1%

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 Mar-17

①Market Share of Foreign Investors (JGB Futures Market)

②Market Share of Foreign Investors (JGB Market)

③JGB Holdings by Foreign Investors

-12-

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

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016

18.6% 17.0% 17.8% 18.3% 18.2% 17.9% 17.3% 16.4% 15.1% 14.3%

11.5% 11.4%13.0% 12.5% 11.9% 12.4% 12.0% 11.1% 10.6% 10.5%

8.2% 8.9%8.5%

7.9% 8.6% 8.1% 7.8% 7.8% 7.9% 7.7%9.0% 9.2%

8.4%9.0% 8.6% 8.1% 8.1% 8.2% 7.8% 8.2%

8.6% 8.4%

8.8%8.4% 7.8%

7.8% 7.8% 7.4% 7.8% 6.8%

4.6% 5.3%

5.2%4.7%

4.9%4.4% 4.2% 5.0% 4.2% 4.4%

5.6% 5.6%

4.9%5.2% 4.6%

4.5%5.0% 4.3% 4.4% 4.8%

6.0% 5.5%

5.5%4.8%

4.8%5.3%

4.5% 4.5% 5.0% 4.8%

5.9% 6.2%

5.2%5.1%

5.6%4.7%

4.8% 5.2% 4.9% 5.1%

5.5% 5.0%

4.7%5.2%

4.4%4.3%

4.6% 4.2% 4.5% 4.1%

14.5% 14.8%

14.4%

14.4%14.9%

15.6%16.5%

17.7%18.4% 19.2%

2.0% 2.7%

3.6%

4.6%

5.8%

6.7%

7.5%8.3%

9.4%10.1% 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）

541.5 545.9

594.0

636.3669.9

705.0

743.9

774.1805.4

*years to maturity

Average

YTM* 6Y1M 6Y3M 6Y5M 6Y8M 7Y0M 7Y3M 7Y7M 8Y0M 8Y5M 8Y7M

Average YTM*

(excluding saving

bonds)6Y1M 6Y4M 6Y6M 6Y10M 7Y1M 7Y5M 7Y8M 8Y0M 8Y5M 8Y8M

830.6

General Government

(ex Public Pensions)

3.6 0.4% Fiscal

Loan Fund0.0

0.0%

BOJ401.9 41.3%

Banks,etc.205.7 21.1%

Life and Non-life Insurance,etc.

202.5 20.8%

Public Pensions

46.9 4.8%

Pension Funds30.8 3.2%

Foreigners57.4 5.9%

Households12.3 1.3%

Others12.0 1.2%

General Government(ex Public Pensions)

3.6 0.3% Fiscal

Loan Fund0.0

0.0%

BOJ436.9 40.3%

Banks,etc.220.8 20.4%

Life and Non-life Insurance,etc.

204.7 18.9%

Public Pensions

46.9 4.3%

Pension Funds30.8 2.8%

Foreigners117.0 10.8%

Households12.3 1.1%

Others12.0 1.1%

JGB and T-Bill Holders

Breakdown by JGB and T-Bill Holders (The end of Jun. 2017 QE)

Source: Bank of Japan “Flow of Funds Accounts (Preliminary Figures)” Note1: “JGB” includes FILP Bonds. Note2: “Banks, etc.” includes Japan Post Bank, “Securities investment trust” and “Securities companies.” Note3: “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 112.0 trillion yen

JGB Holders

Total 972.9 trillion yen

Total 1,084.9 trillion yen

-13-

General Government(ex Public Pensions)

0.0 0.0%

Fiscal Loan Fund

0.0 0.0%

BOJ35.0

31.2%

Banks,etc.15.2

13.5%

Life and Non-life Insurance,etc.

2.2 2.0%

Public Pensions

0.0 0.0%

Pension Funds

0.0 0.0%

Foreigners59.7

53.3%

Households0.0

0.0%

Others0.0

0.0%

Types The amount of redemption at maturity Scheduled redemption date

10-Year Bonds 6,489.8 December 20

10-Year Inflation-Indexed Bonds 387.2 December 10

5-Year Bonds 7,709.9 December 20

2-Year Bonds 2,523.2 December 15

Treasury Bill 3,888.2 December 20

Total 20,998.3

Source: Ministry of Finance

Time-to-Maturity Structure of Outstanding JGB（Sep. 2017）

General Bonds Issuance Amount and Outstanding

Note 1: Issuance Amount: revenue basis, FY2005-2015: actual, FY2016: estimates, FY2017: initial budget Note 2: Outstanding: nominal basis, FY2005-2015: actual, FY2016: estimates, FY2017: initial budget Source: Ministry of Finance

Market-held Balance of the Inflation-Indexed Bonds (as of October 31, 2017)

(trillion yen)

Scheduled redemption of JGB at maturity in December, 2017

Note.1: The figures are based on the outstanding JGBs at the end of October, 2017. 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: About Inflation-Indexed Bonds, the amount of redemption at maturity is adopted the inflation-adjusted principal as of October 31, 2017. Note.4: The figures do not include "JGB for Retail Investors". Note.5: If the redemption date coincides with bank holiday, the payment of redemption is carried out on the following business day. Note.6: Figures may not sum up to total because of rounding.

(billion yen)

-14-

Source: Ministry of Finance, Bank of Japan

526.9 531.7 541.5 545.9 594.0 636.3 669.9 705.0 743.9 774.1 805.4 845.3 865.2

136.8 135.6 124.6 127.1

142.4 143.1 163.1 163.3

153.6 158.0 150.5 150.2 142.0

100

200

300

400

500

600

700

800

900

0

30

60

90

120

150

180

05 06 07 08 09 10 11 12 13 14 15 16 17

Outstanding (right-hand scale) Issuance Amount (left-hand scale)

0100200300400500600700800900

1,0001,1001,2001,3001,4001,5001,6001,7001,8001,9002,0002,1002,200

14 15 16 17 18 19 20 21 22

(billion yen)

(issue number)

Outstanding amount(excl. BOJ holding)

BOJ holding

Old type(without floor)

Market BOJ TotalOld 476 470 946New 6,450 1,096 7,546

61.05

102.24

77.24

68.8860.70

45.7041.21

39.5042.3739.87

20.33

12.1814.32 16.04

15.73

18.38 18.0419.86

19.16 17.94

8.184.73 5.32 6.39 6.91 6.19 8.16 9.44 10.75 9.12

3.651.30 1.31 1.93 1.87 1.96 2.07 2.26 2.24 1.03

0102030405060708090

100110120130

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 56

(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 8 months

0.2%

0.0%

-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 Jan-17 Jul-17

(%)

CPI

CPI excluding food (excludingalcohilic beverages) and energy

Change from the previous year

Apr.4, 2013BOJ released QQE

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 Jan-17

（ratio）Oct, 20171.55times

Oct, 20172.8％

Aug, 20090.42times

Jul, 20095.5％

Job opening-to-application ratio(right scale)

Unemployment rate(left scale)

70

80

90

100

110

120

130

140

150

160

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

Jan-

17

May

-17

Sep-

17

(2010 average=100・Seasonally Adjusted Index)

Production Shipments

Inventory Inventory Ratio

500

600

700

800

900

1,000

1,100

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

Oct

-16

Jan-

17Ap

r-17

Jul-1

7

(billion yen)

Monthly Quarter (Mean)

0

50

100

150

200

250

300

350

400

450

500(trillion yen)

Banknotes in Circulation

Coins in Circulation

Current Account Balances

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 1.6

4.3

3.9

4.9

3.1

5.9

4.6

5.8

4.1

6.0

4.6

7.0

-8

-6

-4

-2

0

2

4

6

8

2009

Q120

09Q2

2009

Q320

09Q4

2010

Q120

10Q2

2010

Q320

10Q4

2011

Q120

11Q2

2011

Q320

11Q4

2012

Q120

12Q2

2012

Q320

12Q4

2013

Q120

13Q2

2013

Q320

13Q4

2014

Q120

14Q2

2014

Q320

14Q4

2015

Q120

15Q2

2015

Q320

15Q4

2016

Q120

16Q2

2016

Q320

16Q4

2017

Q120

17Q2

2017

Q3

Primary Income Trade BalanceServices Secondary IncomeCurrent Account

4.3

-1.7 -1.7

0.6

4.94.0 2.6

-0.4

4.3

-7.3

-0.6

3.0

4.6

-0.1

0.7

-1.0

2.1 2.0

0.91.6

1.0

2.6

1.4

-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 Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ

2012 2013 2014 2015 2016 2017

(％)

Private Demand Public Demand

Foreign Demand Real GDP

Annualized rate of Change from the previous quarter (Seasonally adjusted)

(CY)

-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

Jan-

17

May

-17

Sep-

17

(Diffusion index)

Large enterprises/Manufacturing

Large enterprises/Non-Manufacturing

Small enterprises/Manufacturing

Small enterprises/Non-Manufacturing

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 of Japan "Orders Received for Machinery"

(trillion yen)

ECONOMIC AND FINANCIAL TRENDS

Source: Bank of Japan "Monetary Base"

Source: Bank of Japan "Tankan"

-15-

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/taxation2016/index.html

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

To subscribe to our Newsletter mailing list, please email: JGB-IR@mof.go.jp

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INFORMATION