japanese government bonds - mof.go.jp€¦ · japanese government declared the state of emergency...
Post on 31-Jul-2020
2 Views
Preview:
TRANSCRIPT
What’s New: The 52nd meeting of the Advisory Council, etc. p.2-4
The 52nd meeting of the Advisory Council on Government Debt Management was held
on June 22, 2020. The agenda was as follows:
1. Current and future JGB issuance
2. COVID-19 and medium- to long-term challenges in Japan
3. Current status of and future efforts in the JGB futures market
The MOF has decided on the “Issuance of the Inflation-Indexed Bonds in July-
September 2020” and “Issuance Amounts for Liquidity Enhancement Auctions in July-
September 2020” following the discussions at the 89th Meeting of JGB Market Special
Participants which was held on June 24 2020.
Monthly Topic: JGB Holdings as of March 2020 p.5
On June 25, the Bank of Japan (BOJ) released the Flow of Funds Accounts of the 1st
Quarter 2020.
IR Office: Dialogue with the market amid expansion of the COVID-19 outbreak p.6
The MOF has been holding forums aimed at promoting dialogue with the market, with
non-face-to-face methods in 2020.
Statistics JGB Primary Market … p. 7 Liquidity Enhancement Auctions and JGB Buy-Back … p. 8
JGB Secondary Market … p. 9 Investor Trends and JGB Outstanding … p. 11
Economic and Financial Trends … p. 15 Information … p. 16
-1-
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.
July 2020
1. The 52nd meeting of the Advisory Council on Government Debt Management
The 52nd meeting of the Advisory Council on Government Debt Management was held on June 22, 2020. The agenda was as follows: (Agenda)
1. Current and future JGB issuance 2. COVID-19 and medium- to long-term challenges in Japan 3. Current status of and future efforts in the JGB futures market
The MOF explained 1, Mr. Suezawa, SMBC Nikko Securities, explained 2, and Mr. Ichimoto,
Osaka Exchange, explained 3. Here, we highlight the key discussions regarding the first topic in the meeting. For the other parts, please refer to the links below.
Current state and future considerations on Government Bond issuance
Summary of the Financial Bureau’s presentation
(Current state of the Government Bond issuance in Japan)
- Under the supplementary budgets formulated in April and May, the total amount of
JGBs to be issued in FY2020 was increased by approx. 100 trillion yen from the initial
FY2020 plan to about 253 trillion yen, the largest amount ever recorded. The
calendar-based JGB Market Issuance amount was increased to over 200 trillion yen,
also marking a historical high.
- One feature of the revisions on the issuance plan was that, as for the maturity
composition of the amount, the MOF set relatively large increases in the short-term
zones by checking the room for additional amounts in each zone after careful
dialogue with the market.
(Current state of the Government Bond issuance in foreign countries)
- Foreign countries have come up with economic assistance packages due to the
spread of COVID-19. Subsequently, they have been forced to raise more funds by
changing government bond issuance plans and increasing government bond
issuances. The U.S., Germany and France are issuing relatively large amounts of
discount bonds. With regard to coupon-bearing bonds, each country sets relatively
large increases in the 1- to 7-year short-term zone in general.
(Future considerations on JGB issuance)
- The MOF sets three future considerations:
to correspond flexibly depending on the actual situation in order to ensure necessary
fundraising;
to continue stable and transparent government bond issuance from the viewpoint of
minimizing medium- to long-term fundraising costs, figuring out medium- to long-term
demands of investors, along with considerations on the future government bond
issuance outlook, appropriate debt management such as Cost-at-Risk analysis and
so on; and
to consider change in the structure of operations, bearing in mind the probability that
split operations and working remotely, which have been widely conducted since the
Japanese government declared the state of emergency amid expansion of the
COVID-19 outbreak, will continue.
What’s New
-2-
- In terms of recent efforts for the JGB issuance plan, the MOF decided on flexible
issuance of Treasury Discount Bills. It is mentioned in the plan that the maturity of
them, their issuance amount and the number of auctions may be adjusted in a flexible
manner. The MOF also decided on changing the plan in the middle of the fiscal year.
Last year in the 51st round, when discussing the initial JGB issuance plan, the MOF
touched on the possibility of changing the plan for the latter half of the fiscal year in
response to market circumstances and issuance conditions.
- Understanding the behavior changes of investors is another challenge regarding the
drastic change in the market environment. Especially, overseas IR activities remain
a key tool to grasp foreign investors’ activities. However, the MOF was not able to
conduct them from February in view of the expanding COVID-19 pandemic. Since it
seems the inability to go on overseas business trips will continue, conducting IR
activity via web conference and so on is worth considering.
Views expressed by the members (summarized by Financial Bureau)
- While the increased issuance amount by the first and second supplementary budgets
is extremely large, it was a favorable decision to set relatively large increases in the
short-term zones from the perspective of secure issuance.
- Most recently, due to difficulty in investments and the deflationary impact of the
COVID-19 pandemic, market participants are forced to buy government bonds
following the risk-off trend. In fact, since short-term bonds are considered preferable,
the U.S. has been rapidly issuing government bonds at the level around 2 trillion US
dollars. Most of them are issued as short-term bonds, preventing the long-term
interest rate to rise. Although buying short-term bonds is currently preferred as a flight
to quality response, it is unclear whether this trend will continue from the medium- to
long-term perspective.
- Amid this kind of crisis, considering flexible government bond issuance is important.
In Japan, however, the bond issuance plan is announced in detail with a specific
figure for each tenor in December of the previous year when the budget is formulated.
It is likely worth considering focusing more on flexibility, by deciding rough amounts
for the maturity zones and adjusting the details later on, for instance.
- While COVID-19 spreads around the world, the amount of government bonds issued
in Japan has reached double compared to those in other countries, and the
outstanding amount of the government debt is by far the highest. Facing this crisis
under such situation, it is important to maintain the market’s confidence in the Debt
Management Policy. Moreover, how steadily we can promote fiscal consolidation
when the economy returns to normal is becoming more important.
- With regard to overseas IR activity, it is true that visiting investors’ offices has become
difficult. On the other hand, meeting them online can save time and costs, whereby
we can arrange more meetings. Opportunity lies in the middle of difficulty, thus
contacting new investors under the current situation should be a worthy thing to
attempt.
Advisory Councils on Government Debt Management (in Japanese): https://www.mof.go.jp/about_mof/councils/gov_debt_management/proceedings/index.html English minutes (it will be published later.): https://www.mof.go.jp/english/about_mof/councils/gov_debt_management/index.html
-3-
1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
2 Daiwa Securities Co. Ltd.
3 Nomura Securities Co., Ltd.
4 Mizuho Securities Co., Ltd. 5 JPMorgan Securities Japan Co., Ltd.
6 Goldman Sachs Japan Co., Ltd.
7 Mizuho Bank, Ltd.
8 SMBC Nikko Securities Inc.
9 Deutsche Securities Inc.
10 Morgan Stanley MUFG Securities Co., Ltd.
1 JPMorgan Securities Japan Co., Ltd.
2 Mizuho Securities Co., Ltd.
3 Goldman Sachs Japan Co., Ltd.
4 Merrill Lynch Japan Securities Co., Ltd. 5 Nomura Securities Co., Ltd.
2. Inflation-indexed Bonds and Liquidity Enhancement Auction (July-September quarter 2020)
The MOF has decided on the “Issuance of the Inflation-Indexed Bonds in July-September
2020” and “Issuance Amounts for Liquidity Enhancement Auctions in July-September 2020”
following the discussions at the 89th Meeting of JGB Market Special Participants which was held
on June 24, 2020.
<Issuance of the Inflation-Indexed Bonds in July-September 2020>
Issuance amount in August 2020: Approximately 200 billion yen.
The auction schedule for the Buy-Back Program of Inflation-Indexed Bonds in the July-September quarter 2020 was determined as below:
Auction Month Auction Amount
July 2020 Buy-Back: Approximately 50 billion yen
August 2020 Issuance: Approximately 200 billion yen Buy-Back: Approximately 50 billion yen
September 2020 Buy-Back: Approximately 50 billion yen
(Source) MOF https://www.mof.go.jp/english/jgbs/topics/press_release/20200626-02e.htm
<Issuance Amounts for Liquidity Enhancement Auctions in July-September 2020>
The auction schedule for Liquidity Enhancement Auctions in the July-September quarter 2020 was determined as below:
July 2020 August 2020 September 2020
(1) Issues with remaining maturities of 1-5 years Approximately 400 billion yen
- Approximately 400 billion yen
(2) Issues with remaining maturities of 5-15.5 years Approximately 500 billion yen
Approximately 500 billion yen
Approximately 500 billion yen
(3) Issues with remaining maturities of 15.5-39 years - Approximately 500 billion yen
-
(Source) MOF https://www.mof.go.jp/english/jgbs/topics/press_release/20200626-01e.htm
The League Table of JGB Market Special Participants (PDs)
The MOF updated the league table of the top 10 PDs for successful bids in JGB auctions, which is updated quarterly.
Top 10 PDs for Successful Bids in Auctions (Weighted by Duration) (Jan. 2020 - June 2020) Top 5 PDs for Successful Bids of Inflation-Indexed Bond (FY2019)
-4-
Breakdown by JGBs (including T-Bills) Holders (end of Mar. 2020)
On June 25, the Bank of Japan (BOJ) released the Flow of Funds Accounts of the 1st Quarter
2020. The shares of JGBs (including T-Bills, hereinafter referred to as “JGBs”) holders were
updated as follows:
The end of Dec. 2019 The end of Mar. 2020
(Preliminary Figures)
The total amount of JGBs and T-Bills outstanding decreased by 1.4 trillion yen to 1,130.8 trillion yen.
BOJ increased its holdings of JGBs by 4.8 trillion yen to 499.4 trillion yen.
The amount of JGBs held by domestic Banks in Q1 fell by 4.2 trillion yen to 165.7 trillion yen.
The amount of JGBs held by foreign investors in Q4 decreased by 0.6 trillion yen to 145.8 trillion
Total ¥1,132.2 trillion
(trillion yen) (trillion yen)
Monthly Topic
-5-
For more detailed data, please refer to the following link: BOJ Time Series Data Search: https://www.stat-search.boj.or.jp/index_en.html
Source: Bank of Japan “Flow of Funds Accounts (Preliminary Figures)”
Total ¥1,130.8 trillion
In Japan, “Basic Policies for Novel Coronavirus Disease Control” was decided by the Headquarters for Novel Coronavirus Disease Control on February 25, 2020. In the policy, it is stated “communities and companies to re-examine the necessity of hosting public events from the viewpoint of infection control.” Amid expansion of the Novel Coronavirus (COVID-19) outbreak, the Japanese Government declared a state of emergency for seven prefectures on April 7 and for the whole of Japan on April 16, which led split operations and working remotely to spread in Japan.
Under such circumstances, the Ministry of Finance (MOF) has been holding forums aimed at promoting dialogue with the market, with non-face-to-face methods in 2020 as below:
March 23: The Meeting of JGB Market Special Participants (held on paper) March 24: The Meeting of JGB Investors (held on paper) April 2: The Meeting of JGB Market Special Participants (held on paper) April 2: The Meeting of JGB Investors (held on paper) April 30: The Meeting of JGB Market Special Participants (held on paper) May 22: The Meeting of JGB Market Special Participants (held on paper) May 22: The Meeting of JGB Investors (held on paper) June 10: The Meeting of JGB Top Retailers (teleconference) June 22: The Advisory Council on Government Debt Management (online conference) June 24: The Meeting of JGB Market Special Participants (held on paper)
With regard to our overseas IR activities, we have been unable to conduct them from February in view of the COVID-19 pandemic. In the Advisory Council on Government Debt Management held on June 22, further approaches to JGB investors, including the idea of holding web conferences, were discussed.
We will continue making efforts to enhance relations with foreign investors in JGBs while monitoring the pandemic conditions.
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
-6-
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)
4/2/2020 10-year 358 3/20/2030 0.1% 7,101.0 1,693.7 0.024% 0.023% 1.005 404.7 206.4 4/7/2020 30-year 66 3/20/2050 0.4% 2,018.0 572.2 0.441% 0.426% - 127.5 0.0 4/9/2020 5-year 143 3/20/2025 0.1% 7,669.8 1,541.1 ▲0.093% ▲0.095% - 358.4 189.1 4/21/2020 20-year 172 3/20/2040 0.4% 2,615.0 730.1 0.340% 0.335% - 169.3 0.0 4/23/2020 2-year 412 5/1/2022 0.1% 8,808.9 1,622.5 ▲0.136% ▲0.140% - 377.1 163.2 5/8/2020 10-year Inflation-Indexed Bonds 25 3/10/2030 0.2% 768.6 200.0 0.117% - - - - 5/12/2020 10-year 358 3/20/2030 0.1% 6,936.0 1,696.1 0.000% ▲0.001% 0.265 403.1 208.9 5/14/2020 30-year 66 3/20/2050 0.4% 2,085.7 565.5 0.453% 0.449% - 133.5 20.4 5/18/2020 5-year 143 3/20/2025 0.1% 6,919.0 1,540.3 ▲0.119% ▲0.122% - 358.9 87.1 5/20/2020 20-year 172 3/20/2040 0.4% 3,108.9 732.1 0.335% 0.332% - 167.0 58.2 5/26/2020 40-year 13 3/20/2060 0.5% 1,527.3 499.5 0.505% - - - 10.4 5/28/2020 2-year 413 6/1/2022 0.1% 8,550.6 1,620.5 ▲0.169% ▲0.172% 1.000 378.0 29.2 6/2/2020 10-year 358 3/20/2030 0.1% 5,727.0 1,702.0 0.001% 0.000% 0.284 396.9 0.0 6/4/2020 30-year 66 3/20/2050 0.4% 1,609.7 565.8 0.534% 0.529% - 133.5 0.0 6/18/2020 5-year 143 3/20/2025 0.1% 5,837.5 1,544.1 ▲0.117% ▲0.119% - 355.2 0.0 6/25/2020 20-year 172 3/20/2040 0.4% 2,833.3 732.2 0.389% 0.386% - 166.5 79.0 6/30/2020 2-year 414 7/1/2022 0.1% 11,390.0 2,432.2 ▲0.131% ▲0.136% - 567.3 250.6
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)
4/3/2020 3-month 898 7/6/2020 15,686.60 4,089.56 ▲0.1022% ▲0.1218% 950.40 4/9/2020 6-month 899 10/12/2020 11,537.80 2,354.98 ▲0.1419% ▲0.1458% 545.00 4/10/2020 3-month 900 7/13/2020 15,499.80 4,090.55 ▲0.1202% ▲0.1431% 949.40 4/16/2020 1-year 901 4/20/2021 7,054.50 1,545.99 ▲0.1477% ▲0.1547% 354.00 4/17/2020 3-month 902 7/20/2020 13,446.00 4,089.55 ▲0.1263% ▲0.1367% 950.40 4/24/2020 3-month 903 7/27/2020 16,322.50 4,657.78 ▲0.1142% ▲0.1283% 1,082.20 5/1/2020 3-month 904 8/3/2020 22,746.85 5,896.47 ▲0.0995% ▲0.1061% 1,343.50 5/7/2020 6-month 905 11/10/2020 12,344.50 2,032.69 ▲0.1435% ▲0.1474% 467.30 5/8/2020 3-month 906 8/11/2020 22,461.77 5,933.43 ▲0.1110% ▲0.1229% 1,306.50 5/15/2020 3-month 907 8/17/2020 21,298.40 5,873.63 ▲0.1102% ▲0.1154% 1,366.30 5/19/2020 1-year 908 5/20/2021 9,297.30 2,029.07 ▲0.1607% ▲0.1657% 470.90 5/22/2020 3-month 909 8/24/2020 21,321.49 6,600.26 ▲0.1102% ▲0.1166% 1,539.70 5/27/2020 6-month 910 11/25/2020 11,486.60 2,027.37 ▲0.1607% ▲0.1627% 472.60 5/29/2020 3-month 911 8/31/2020 18,154.30 6,618.26 ▲0.1002% ▲0.1078% 1,521.70 6/5/2020 3-month 912 9/7/2020 22,086.80 7,428.32 ▲0.0922% ▲0.0986% 1,711.60 6/9/2020 6-month 913 12/10/2020 11,294.70 2,271.67 ▲0.1733% ▲0.1753% 528.30 6/12/2020 3-month 914 9/14/2020 23,044.30 7,436.83 ▲0.0982% ▲0.1018% 1,703.10 6/15/2020 6-month 915 12/16/2020 10,365.70 2,300.19 ▲0.1733% ▲0.1753% 499.80 6/18/2020 1-year 916 6/21/2021 10,780.90 2,434.28 ▲0.1931% ▲0.1961% 565.70 6/19/2020 3-month 917 9/23/2020 19,957.60 6,609.35 ▲0.1020% ▲0.1071% 1,530.60 6/26/2020 3-month 918 9/28/2020 22,452.90 6,613.26 ▲0.0902% ▲0.0946% 1,526.70
Auction Calendar for Jul. 2020 – Sep. 2020
Auction Date Issue Auction Date Issue Auction Date Issue Auction Date Issue
7/2(Thu) 10-year 7/22(Wed) T-Bills (3-month) 8/19(Wed) T-Bills (1-year) 9/10(Thu) 20-year
7/3(Fri) T-Bills (3-month) 7/28(Tue) 40-year 8/20(Thu) 5-year 9/11(Fri) T-Bills (3-month)
7/7(Tue) 30-year 7/30(Thu) 2-year 8/21(Fri) T-Bills (3-month) 9/15(Tue) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years)
7/9(Thu) T-Bills (6-month) 7/31(Fri) T-Bills (3-month) 8/24(Mon) T-Bills (6-month) 9/16(Wed) T-Bills (1-year)
7/9(Thu) 5-year 8/4(Tue) 10-year 8/25(Tue) 20-year 9/18(Fri) T-Bills (3-month)
7/10(Fri) T-Bills (3-month) 8/6(Thu) T-Bills (6-month) 8/27(Thu) 2-year 9/18(Fri) Liquidity Enhancement Auction (remaining maturities of 1-5 years)
7/14(Tue) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years) 8/6(Thu) 10-year Inflation-Indexed Bonds 8/28(Fri) T-Bills (3-month) 9/24(Thu) T-Bills (6-month)
7/16(Thu) T-Bills (1-year) 8/7(Fri) T-Bills (3-month) 9/1(Tue) 10-year 9/24(Thu) 40-year
7/16(Thu) Liquidity Enhancement Auction (remaining maturities of 1-5 years) 8/12(Wed) Liquidity Enhancement Auction
(remaining maturities of 15.5-39 years) 9/3(Thu) 30-year 9/25(Fri) T-Bills (3-month)
7/17(Fri) T-Bills (3-month) 8/14(Fri) T-Bills (3-month) 9/4(Fri) T-Bills (3-month) 9/29(Tue) 2-year
7/21(Tue) T-Bills (6-month) 8/14(Fri) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years) 9/8(Tue) 5-year
7/21(Tue) 20-year 8/18(Tue) 30-year 9/9(Wed) T-Bills (6-month)
Top 10 PDs for Successful Bids in Auctions (Calculated by Duration) (Jan. 2020~June 2020) Top 5 PDs for Successful Bids of Inflation-Indexed Bond (FY2019) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 Goldman Sachs Japan Co., Ltd. 1 JPMorgan Securities Japan Co., Ltd. 2 Daiwa Securities Co. Ltd. 7 Mizuho Bank, Ltd. 2 Mizuho Securities Co., Ltd. 3 Nomura Securities Co., Ltd. 8 SMBC Nikko Securities Inc. 3 Goldman Sachs Japan Co., Ltd. 4 Mizuho Securities Co., Ltd. 9 Deutsche Securities Inc. 4 Merrill Lynch Japan Securities Co., Ltd. 5 JPMorgan Securities Japan Co., Ltd. 10 Morgan Stanley MUFG Securities Co., Ltd. 5 Nomura 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 June 2020)
(Until 30 June 2020)
-7-
Results of Liquidity Enhancement Auctions
Auction Date
Amounts of Competitive
Bids (billion yen)
Amounts of Bids
Accepted (billion yen)
Average Accepted Spread
Highest Accepted Spread
Issues Re-opened
4/14/2020 1,194.8 499.1 0.016% 0.022% 20-year(155, 156, 157, 159, 160, 166, 167, 168, 169, 170) 30-year(23, 27, 28, 30, 32, 33, 34, 36, 38, 41, 42, 44, 45, 46, 48, 49, 54, 57, 58, 59, 60, 62, 64, 65) 40-year(1, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
4/16/2020 1,870.1 499.2 ▲0.011% ▲0.009% 10-year(339, 344, 345, 346, 347, 348, 349, 350, 354, 355) 20-year(84, 87, 88, 89, 90, 91, 92, 95, 96, 97, 98, 132, 134, 135, 136, 141, 142, 145, 151)
5/1/2020 1,315.3 399.4 0.014% 0.018%
2-year(404, 405, 407, 410) 5-year(133, 134, 135, 136, 137, 139, 142) 10-year(325, 327, 328, 329, 330, 332, 334, 335, 336, 337, 338) 20-year(54, 55, 56, 61, 62, 63, 64, 65, 69, 70, 71)
5/22/2020 1,726.8 498.4 ▲0.007% ▲0.005% 10-year(339, 341, 345, 346, 348) 20-year(93, 97, 98, 99, 100, 112, 117, 118, 124, 135, 136, 149, 150, 151, 152, 153, 154) 30-year(15, 16, 17, 18)
6/11/2020 1,200.7 499.2 ▲0.011% ▲0.007% 20-year(156, 162, 164, 169, 170, 171) 30-year(22, 33, 34, 36, 37, 38, 40, 43, 45, 46, 50, 53, 55, 63, 64) 40-year(9, 12)
6/15/2020 1,636.7 498.7 ▲0.007% ▲0.005% 10-year(339, 340, 345, 346, 347, 351, 353) 20-year(87, 88, 89, 92, 94, 95, 96, 99, 100, 107, 113, 150, 152) 30-year(17, 18)
Target Zones of Liquidity Enhancement Auctions for the Second Quarter of FY 2020
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
3/4/2020 88.1 20.1 0.089 0.19 17, 18, 19, 20, 21, 22, 23, 24
3/25/2020 373.7 300.0 0.279 0.55
4/17/2020 176.2 50.2 ▲0.298 ▲0.20 18, 20, 21, 22, 23, 24
5/13/2020 181.7 50.1 ▲0.218 ▲0.15 17, 18, 20, 21, 22, 23, 24, 25
6/26/2020 172.8 50.1 ▲0.368 ▲0.23 17, 18, 20, 21, 22, 23, 24, 25
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
JL1
56
JX22
JL1
57
JX23
JL1
58
JX24
JL1
59
JX25
JL1
60
JX26
JL1
61
JL1
62
JX27
JL1
63
JL1
64
JX28
JL1
65
JL1
66
JX29
JL1
67
JL1
68
JX30
JL1
69
JL1
70
JX31
JL1
71
JL1
72
JX32
JX33
JX34
JX35
JX36
JX37
JX38
JX39
JX40
JX41
JX42
JX43
JX44
JX45
JX46
JX47
JX48
JX49
JX50
JX51
JX52
JX53
JX54
JX55
JX56
JX57
JX58
JU1
JX59
JX60
JX61
JX62
JU2
JX63
JX64
JX65
JX66
JU3
JU4
JU5
JU6
JU7
JU8
JU9
JU10
JU11
JU12
Amount issued by Liquidity Enhancement Auction Outstanding amount in the market (excluding amount issued by Liquidity Enhancement Auction)(billion yen)
(Remaining maturities)15.5 20 39
0500
1,0001,5002,0002,5003,0003,5004,0004,5005,0005,500
340
JL81
JL82 34
1
JL83
JL84 34
2
JL85
JL86
JL87 34
3
JL88
JL89 34
4
JL90
JL91 34
5
JL92 34
6
JL93
JL94 34
7
JL95
JL96 34
8
JL97
JL98 34
9
JL99 35
0
JL10
0
JL10
1
351
JL10
2
JL10
3
JL10
4
352
JL10
5
JL10
6
353
JL10
7
JL10
8
354
JL10
9
JL11
0
355
JL11
1
JL11
2
356
JL11
3
JX1
357
JL11
4
JL11
5
JX2
358
JL11
6
JL11
7
JX3
JL11
8
JL11
9
JL12
0
JL12
1
JL12
2
JX4
JL12
3
JL12
4
JL12
5
JL12
6
JL12
7
JX5
JL12
8
JL12
9
JL13
0
JL13
1
JX6
JL13
2
JL13
3
JL13
4
JL13
5
JL13
6
JX7
JL13
7
JL13
8
JL13
9
JL14
0
JX8
JL14
1
JL14
2
JX9
JL14
3
JL14
4
JX10
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
Amount issued by Liquidity Enhancement Auction Outstanding amount in the market (excluding amount issued by Liquidity Enhancement Auction)
5 10 15.5
(billion yen)
(Remaining maturities)
0500
1,0001,5002,0002,5003,0003,5004,0004,5005,0005,5006,0006,5007,000
JN40
2
JN40
3
JN40
4
JS12
9
317
318
JL5
2
JN40
5
JN40
6
JN40
7
JS13
0
319
320
JL5
3
JL5
4
JN40
8
JN40
9
JN41
0
JS13
1
321
322
JL5
5
JN41
1
JN41
2
JS13
2
323
324
JL5
6
JL5
7
JS13
3
325
JL5
8
JS13
4
326
327
JL5
9
JL6
0
JS13
5
328
JL6
1
JS13
6
329
JL6
2
JL6
3
JS13
7
330
331
JL6
4
JS13
8
332
JL6
5
JL6
6
JS13
9
333
JL6
7
JL6
8
JL6
9
JS14
0
334
JL7
0
JL7
1
JS14
1
335
JL7
2
JS14
2
336
337
JL7
3
JL7
4
JS14
3
338
JL7
5
JL7
6
JL7
7
339
JL7
8
JL7
9
JL8
0
Amount issued by Liquidity Enhancement Auction Outstanding amount in the market (excluding amount issued by Liquidity Enhancement Auction)
1 2 5(Remaining maturities)
(billion yen)
③Remaining maturity : approx.15.5‐~39‐year
Liquidity Enhancement Auctions and JGB Buy-Back
①Remaining maturity : approx.1‐~5‐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 May 2020. Note2: All issues in the graph above will be eligible afterward.
Buy-Back Results
(Until 30 June 2020)
②Remaining maturity : approx.5‐~15.5‐year
(Until 30 June 2020)
-8-
-0.6%
-0.4%
-0.2%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
2019/6/28
2019/9/30
2019/12/30
2020/3/31
2020/4/30
2020/5/29
40353020 25151050-0.4%
-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 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20
Volatility Yield (right scale)
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
2-year bond 5-year bond 10-year bond
20-year bond 30-year bond 40-year bond
-1%
0%
1%
2%
3%
4%
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
Japan United States
United Kingdom Germany
-1%
0%
1%
2%
3%
4%
5%
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
BEI (Japan : 10 year)
BEI (U.S.A. : 10 year)
BEI (U.K. : 10 year)
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 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 May 2020)
(Until 31 May 2020)
(Until 31 May 2020)
(Until 31 May 2020)
JGB Secondary Market
0
20
40
60
80
100
120
140
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
0
500
1,000
1,500
2,000
2,500
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
Bond-Lending
Bond-Gensaki
0100200300400500600700800900
1,0001,1001,2001,3001,4001,5001,6001,7001,8001,9002,0002,100
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
Treasury Discount Bills
Medium Term Bonds
Long Term Bonds
-0.1%
0.0%
0.1%
0.2%
0.3%
0.4%
0.5%
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
Call Rate (Uncollateralized Overnight)
TIBOR 3-months (Euro-Yen)
Basic Loan Rate
Short-Term Interest Rates
Source: Bank of Japan, Tanshi Association, Bloomberg
JGB Over-the-Counter Trading Volume (TOKYO)
Trading Volume of 10-Year JGB Futures
Repurchase Transactions
-10-
Note: Trading volume is the sum of sales and purchases including the trading volume of bonds with repurchase agreements. Source: Japan Securities Dealers Association
Source: Tokyo Stock Exchange (until Mar.2014), Osaka Exchange (from Apr. 2014)
(trillion yen)
(trillion yen)
(trillion yen)
(Until 31 May 2020)
Source: Japan Securities Dealers Association
Apr 2013(Actual)
May 2020(Actual)
Monetary Base 155 543
JGBs 98 483
CP 1.4 4.1
Corporate Bonds 2.9 3.8
ETFs 1.7 32.3
J-REITs 0.13 0.60
Total Assets 175 639 0
50
100
150
200
250
300
350
400
450
500
550
600
650
Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20
Total Assets
Monetary Base
JGBs
QQE2QQE(trillion yen)
0
50
100
150
200
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-200
10
20
30
40
50
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
200210220230240250260270280
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
JanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr
City Banks
Net Purchase
Net Sale
2015 2016 2017 2018 2019 2020
-1.0
-0.8
-0.6
-0.4
-0.2
0.0
0.2
0.4
0.6
0.8
1.0
JanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr
Regional banks
Net Purchase
Net Sale
2015 2016 2017 20192018 2020
-0.5
0.0
0.5
1.0
JanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr
Life and non-life insurance companies
Net Purchase
Net Sale
2015 2016 2017 2018 2019 2020
-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
26.0
JanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr
Foreigners
Net Purchase
Net Sale
2015 2016 2017 20192018 2020
(trillion yen) (trillion yen)
(trillion yen) (trillion yen)
-11-
Trends in Bank Assets by Types
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
Investor Trends and JGB Outstanding
145.8
12.9
30
40
50
60
70
80
90
100
110
120
130
140
150
160
170
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Amount of JGB Holdings (RHS)
Proportion of JGB Holdings (LHS)
(trillion yen)(%)
12.9%
38.7%
63.2%
0%
10%
20%
30%
40%
50%
60%
70%
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
①Market Share of Foreign Investors (JGB Futures Market)
②Market Share of Foreign Investors (JGB Market)
③JGB Holdings by Foreign Investors
-15
-10
-5
0
5
10
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
Short-term debt securities Long-term debt securities Equity and investment fund shares
Net Purchase
Net
Sales
-1.5
-1
-0.5
0
0.5
1
1.5
2
2.5
3
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
Short-term debt securities Long-term debt securities Equity and investment fund shares
Net Purchase
Net
Sales
-6
-4
-2
0
2
4
6
8
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
Short-term debt securities Long-term debt securities Equity and investment fund shares
Net Purchase
Net
Sales
0%
5%
10%
15%
20%
25%
30%
35%
40%
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
City Banks Trust Banks Insurance Companies Foreigners
-12-
JGBs Holdings by Foreign Investors
Banks(Banking Accounts) Life Insurance Companies
Transactions of Domestic Securities by Non-Residents
Note.1: Quarterly basis. Note.2: “JGB” includes “FILP Bonds” and “T-Bills”. Source: Bank of Japan
Transactions of Foreign Securities by Residents (by Investor types)
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)
Source: Japan Securities Dealers Association
(trillion yen)
Outstanding of Repurchase Agreements (by Investor types)
Source: Ministry of Finance Source: Ministry of Finance
Source: Ministry of Finance
General Government
(ex Public Pensions)
3.2 0.3%
BOJ487.0 47.2%
Banks,etc.148.4 14.4%
Life and Non-life
Insurance,etc.218.1 21.1%
Public Pensions
40.7 3.9%
Pension Funds32.2 3.1%
Foreigners79.2 7.7%
Households13.9 1.3%
Others9.9
1.0%
BOJ12.4
12.6%
Banks,etc.17.2
17.5%
Life and Non-life
Insurance,etc.1.9
2.0%Pension Funds
0.0 0.0%
Foreigners66.7
67.9%
Fiscal Loan Fund0.0
0.0%
General Government(ex Public Pensions)
3.2 0.3% Fiscal Loan
Fund0.0
0.0%
BOJ499.4 44.2%
Banks,etc.165.7 14.6%
Life and Non-life
Insurance,etc.220.1 19.5%
Public Pensions
40.7 3.6%
Pension Funds32.2 2.9%
Foreigners145.8 12.9%
Households13.9 1.2%
Others9.9
0.9%
Total 98.2 trillion yen
JGB and T-Bill Holders
Breakdown by JGB and T-Bill Holders (The end of Mar. 2020 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 Non-life insurance, etc.” includes “Japan Post Insurance.”
(trillion yen)
Breakdown of Outstanding Amount of General Bonds by Remaining Years to Maturity
T-Bill Holders JGB Holders
-13-
Total 1,032.6 trillion yen
Total 1,130.8 trillion yen
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
850
900
FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019
18.3% 18.2% 17.9% 17.3% 16.4% 15.1% 14.3% 13.4% 13.1% 13.4%
12.5% 11.9% 12.4% 12.0% 11.1% 10.6% 10.5% 10.5% 10.8% 9.6%
7.9% 8.6%8.1% 7.8% 7.8% 7.9% 7.7% 8.2% 7.0% 7.5%
9.0%8.6%
8.1% 8.1% 8.2% 7.8% 8.2% 7.1% 7.4% 7.3%
8.4%7.8%
7.8% 7.8% 7.4% 7.8% 6.8% 6.8% 6.7% 6.3%4.7%4.9%
4.4%4.2% 5.0% 4.2% 4.4% 5.0% 4.7% 5.0%
5.2%4.6%
4.5%5.0% 4.3% 4.4% 4.8% 4.7% 4.9% 4.6%
4.8%4.8%
5.3%4.5% 4.5% 5.0% 4.8% 5.0% 4.6% 4.8%
5.1%5.6%
4.7%4.8% 5.2% 4.9% 5.1% 4.7% 4.9% 4.8%
5.2%4.4%
4.3%4.6% 4.2% 4.5% 4.1% 4.0% 4.2% 4.1%
14.4%14.9%
15.6%16.5%
17.7%18.4%
19.2% 19.6% 20.2% 20.5%
4.6%
5.8%
6.7%
7.5%
8.3%
9.4%10.1%
11.1%11.6% 12.1%
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
(Unit: trillion yen)
(at the end of FY)
636.3669.9
705.0
743.9774.1
805.4830.6
853.2874.0
*years to maturity
Average
YTM* 6Y8M 7Y0M 7Y3M 7Y7M 8Y0M 8Y5M 8Y7M 8Y10M 9Y0M 9Y2M
Average YTM*
(excluding savingbonds)
6Y10M 7Y1M 7Y5M 7Y8M 8Y0M 8Y5M 8Y8M 8Y11M 9Y1M 9Y2M
886.7
Types The amount of redemption at maturity Scheduled redemption date
15-Year Floating-Rate Bonds 1,323.5 July 20
2-Year Bonds 2,142.8 July 1
Treasury Bills 1,800.0 July 20
Total 5,266.3
0100200300400500600700800900
1,0001,1001,2001,3001,4001,5001,6001,7001,8001,9002,0002,1002,200
17 18 19 20 21 22 23 24 25
(billion yen)
(issue number)
Outstanding amount (excl.BOJ holding)
BOJ holding
594.0636.3
669.9705.0
743.9774.1 805.4 830.6
853.2 874.0 897.8 906.0
142.4 143.1
163.1 163.3 153.6
158.0 150.5 148.3
140.0 137.7 142.3 141.5
100
200
300
400
500
600
700
800
900
0
30
60
90
120
150
180
09 10 11 12 13 14 15 16 17 18 19 20
Outstanding (RHS)Issuance Amount (LHS)
Source: Ministry of Finance
General Bonds Issuance Amount and Outstanding
Note 1: Issuance Amount: revenue basis, FY2009-2018: Actual, FY2019: Supplementary budget, FY2020: Initial budget Note 2: Outstanding: nominal basis, FY2009-2018: Actual, FY2019: Supplementary budget, FY2020: Initial budget Source: Ministry of Finance
Market-held Balance of the Inflation-Indexed Bonds (as of the end of May, 2020)
(trillion yen)
Scheduled redemption of JGB at maturity in July, 2020
Note.1: The figures are based on the outstanding JGBs at the end of May, 2020 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)
Source: Ministry of Finance, Bank of Japan
Time-to-Maturity Structure of Outstanding JGB(Mar. 2020)
-14-
(trillion yen)
118.59
84.94
66.2765.08
56.02
44.0240.89
42.7242.92
36.22
16.8516.46
19.5519.18
21.4519.97
18.1918.30
18.12
13.766.71
7.196.37
8.509.60
10.919.31
11.3710.04 7.36
1.96 1.96 2.00 2.17 2.28 2.80 2.801.87 1.99
0
10
20
30
40
50
60
70
80
90
100
110
120
130
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 57 58
(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: 9 years and 2 months
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%(Diffusion index)
Large enterprises/Manufacturing
Large enterprises/Non-Manufacturing
Small enterprises/Manufacturing
Small enterprises/Non-Manufacturing
600
650
700
750
800
850
900
950
1,000
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
(billion yen)
Monthly Quarter (Mean)
75
85
95
105
115
125
135
145
155
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
(2015 average=100・Seasonally Adjusted Index)
Production Shipments
Inventory Inventory Ratio
0
100
200
300
400
500
600
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
(trillion yen)
Banknotes in Circulation
Coins in Circulation
Current Account Balances
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
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 Jan-18 Jan-19 Jan-20
(ratio)
May, 20201.20
May, 20202.9%
Job openings-to-applicants ratio(RHS)
Unemployment rate(LHS)
Aug, 20090.42
Jul, 20095.5%
0.1%
-1
0
1
2
3
4(%)
CPI
CPI excluding food (excluding alcohilicbeverages) and energy
Change from the previous year
Apr.4, 2013
BOJ released QQE
0.1%
4.9
-2.9-1.5
1.1
5.0
3.1 3.4
-0.2
4.0
-7.5
0.4
2.0
5.6
0.4
-0.2-1.5
2.0
0.60.91.2
4.7
1.4 2.21.9
-1.9
1.8
-3.3
2.3 2.6 2.1
0.0
-7.2
-2.2
-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 Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ
2012 2013 2014 2015 2016 2017 2018 2019 2020
(%)
Private Demand Public Demand
Foreign Demand Real GDP
Annualized rate of Change from the previous quarter (Seasonally adjusted)
(CY)
1.6 2.1
1.7
-1.0 -0.5
0.9
2.0
1.6
4.3
3.9
5.0
3.3
6.1
4.9
6.1
4.3
6.4
4.8
7.3
4.3
6.0
5.0 5.8
2.6
6.1
4.5
5.7
3.7
5.8
-8
-6
-4
-2
0
2
4
6
8
10
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
2016
Q3
2016
Q4
2017
Q1
2017
Q2
2017
Q3
2017
Q4
2018
Q1
2018
Q2
2018
Q3
2018
Q4
2019
Q1
2019
Q2
2019
Q3
2019
Q4
2020
Q1
Primary Income Trade Balance
Services Secondary Income
Current 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 excl. Volatile orders)
TANKAN (Business Conditions)
Source: Cabinet Office Source: Ministry of Internal Affairs and Communications
Source: Ministry of Health, Labour and Welfare
Ministry of Internal Affairs and Communications Source: Ministry of Finance
Source: Ministry of Economy, Trade and Industry
Source: Cabinet Office
(trillion yen)
Economic and Financial Trends
Source: Bank of Japan
Source: Bank of Japan
-15-
English Publications on JGBs Frequency URL
Debt Management
Message from the Financial Bureau As needed https://www.mof.go.jp/english/jgbs/debt_management/message.htm
About JGBs As needed https://www.mof.go.jp/english/jgbs/debt_management/guide.htm
About the Debt Management Policy As needed https://www.mof.go.jp/english/jgbs/debt_management/about.htm
JGB Issuance Plan As needed https://www.mof.go.jp/english/jgbs/debt_management/plan/index.htm
Auction Calendar
Auction Calendar Monthly https://www.mof.go.jp/english/jgbs/auction/calendar/index.htm
Historical Data of Auction Results Monthly https://www.mof.go.jp/english/jgbs/auction/past_auction_results/index.html
Topics
Product Characteristics of the JGB As needed https://www.mof.go.jp/english/jgbs/topics/bond/index.html
Treasury Discount Bills (T-Bills) As needed https://www.mof.go.jp/english/jgbs/topics/t_bill/index.htm
Japanese Government Guaranteed Bonds Annual https://www.mof.go.jp/english/jgbs/topics/gov_guaranteed_bonds/index.htm
Interest Rate Swap Semiannual https://www.mof.go.jp/english/jgbs/topics/swap/index.htm
Taxation of Government Bonds As needed https://www.mof.go.jp/english/jgbs/topics/taxation2016/index.html
For Individual Investors As needed https://www.mof.go.jp/english/jgbs/topics/individual/index.htm
Data
Central Government Debt Quarterly https://www.mof.go.jp/english/jgbs/reference/gbb/index.htm
Interest Rate Daily https://www.mof.go.jp/english/jgbs/reference/interest_rate/index.htm
STRIPS Monthly https://www.mof.go.jp/english/jgbs/reference/jgbstat/index.htm
Dialogue with the market
Advisory Councils on Government Debt Management Each Meeting https://www.mof.go.jp/english/about_mof/councils/gov_debt_management/index.html
Meeting of JGB Market Special Participants Each Meeting https://www.mof.go.jp/english/about_mof/councils/jgbsp/index.html
Meeting of JGB Investors Each Meeting https://www.mof.go.jp/english/about_mof/councils/jgb_investor/index.html
Publications
Debt Management Report Annual https://www.mof.go.jp/english/jgbs/publication/debt_management_report/index.htm
JGB Newsletter Monthly https://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: https://www.mof.go.jp/
To subscribe to our Newsletter mailing list,
please email: JGB-IR@mof.go.jp
-16-
Information
top related