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What’s New: Issuance Amount of the Inflation-Indexed Bond, etc. p. 2 The MOF decided on the “Issuance Amount of the Inflation-Indexed Bond in the
October-December quarter 2019” and “Issuance Amount for Liquidity EnhancementAuctions in the October-December quarter 2019”, following the discussions at the 82ndMeeting of JGB Market Special Participants, which was held on September 24, 2019.The latest JGB market situation and the future outlook were also discussed at themeeting.
Monthly Topics: GDP and Economic and Fiscal Projections, etc. p.3 The second preliminary GDP estimate (Apr.–Jun. 2019) was released on September 9.
Real GDP expanded by 0.3% (annual rate 1.3%) from the previous quarter which wasrevised down from the first preliminary GDP estimate, 0.4% (annual rate 1.8%).
The Bank of Japan (BOJ) released the Flow of Funds Accounts of the 2nd Quarter 2019.
English version Executive Summary of “Economic and Fiscal Projections for Mediumto Long term Analysis” published by the Cabinet Office is now available online.
IR Office: “Japan Investment Forum” in Tokyo p. 6 In mid-September, Mr. Kubota, Deputy Director-General of the Financial Bureau, made
a presentation at the “Japan Investment Forum” in Tokyo to approximately 150 foreignand domestic investors. He described Japan’s economy and public debt management.
StatisticsJGB 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.
October 2019
Issuance Amount of the Inflation-Indexed Bond and for Liquidity Enhancement Auctions
(the October-December quarter 2019)
The MOF decided on the “Issuance Amount of the Inflation-Indexed Bond in the October-December quarter 2019” and “Issuance Amount for Liquidity Enhancement Auctions in the October-December quarter 2019”, following the discussions at the 82nd Meeting of JGB Market Special Participants, which was held on September 24, 2019. The latest JGB market situation and the future outlook were also discussed at the meeting.
<Issuance Amount of the Inflation-Indexed Bond in the October-December quarter 2019> Issuance amount on November 2019 will be approximately 400 billion yen. The Buy-Back of Inflation-Indexed Bonds will be conducted every month in the October-
December quarter 2019. Auction schedule of issuance and Buy-Back of Inflation-Indexed Bonds in the October-
December quarter 2019 is determined as below:
Auction Month Auction amount
October 2019 Buy-Back: Approximately 20 billion yen
November 2019 Issuance: Approximately 400 billion yen Buy-Back: Approximately 20 billion yen
December 2019 Buy-Back: Approximately 20 billion yen (Note1) The Buy-back will be conducted once a month. (Note2) Issues eligible for the Buy-Back will be those with issue number 17 to 24. (Note3) The Ministry of Finance reserves the right not to accept a part or all of bids for Buy-Back. (Note4) The plan could be changed owing to market conditions and others. (Source) MOF
<Issuance Amount for Liquidity Enhancement Auctions in the October-December quarter 2019> Issuance amount at each auction remains unchanged from the current amount. Auction schedule of Liquidity Enhancement Auction in the October-December quarter 2019 is
determined as below:
October 2019 November 2019 December 2019
(1) Issues with remaining maturities of 1-5 years - Approximately 400 billion yen -
(2) Issues with remaining maturities of 5-15.5 years Approximately 600 billion yen
Approximately 600 billion yen
Approximately 600 billion yen
(3) Issues with remaining maturities of 15.5-39 years Approximately 500 billion yen - Approximately
500 billion yen (Note1) The starting date for calculation of remaining maturities is September 30, 2019. (Note2) Eligible issues for 2-year JGBs in (1) zone will be those with remaining maturities of more than one year on October 31, 2019. It also
includes those issued in the same month as the Liquidity Enhancement Auction is held (Note3) The plan could be changed owing to market conditions and others. (Source) MOF
The League Table of JGB Market Special Participants (PDs) The MOF updated the league table of the top 10 PDs for successful bids in the JGB auctions
which is updated quarterly.
Top 10 PDs for Successful Bids in Auctions (Calculated by Duration) (Apr.~Sep. 2019) Top 5 PDs for Successful Bids of Inflation-Indexed Bond (FY2018) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 SMBC Nikko Securities Inc. 1 Goldman Sachs Japan Co., Ltd. 2 Daiwa Securities Co. Ltd. 7 Merrill Lynch Japan Securities Co., Ltd. 2 Nomura Securities Co., Ltd. 3 Mizuho Securities Co., Ltd. 8 Deutsche Securities lnc. 3 JPMorgan Securities Japan Co., Ltd. 4 Nomura Securities Co., Ltd. 9 Mizuho Bank, Ltd. 4 Mizuho Securities Co., Ltd. 5 JPMorgan Securities Japan Co., Ltd. 10 Goldman Sachs Japan Co., Ltd. 5 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
-2-
What’s New
General Government
(ex Public Pensions)
3.2
0.3%Fiscal Loan Fund
0.0
0.0%
BOJ
494.1
43.5%
Banks,etc.
173.1
15.2%
Life and Non-life
Insurance,etc.
222.9
19.6%
Public Pensions
43.1
3.8%
Pension Funds
31.9
2.8%
Foreigners
145.3
12.8%
Households
13.3
1.2%
Others
10.1
0.9%
1. Quarterly Estimates of GDP Apr.–Jun. 2019 (Second Preliminary Estimates)The second preliminary GDP estimate (Apr.–Jun. 2019) was released on September 9. Real
GDP expanded by 0.3% (annual rate 1.3%) from the previous quarter which was revised down from the first preliminary GDP estimate, 0.4% (annual rate 1.8%). By demand item, private non-residential investment rose by 0.2% from the previous quarter,
which was revised down from the first preliminary GDP estimate, 1.5%, reflecting Financial Statements Statistics of Corporations by Industry released on September 2.
For more detailed data, please refer to the following: Quarterly Estimates of GDP: https://www.esri.cao.go.jp/en/sna/data/sokuhou/files/2019/toukei_2019.html
2. Breakdown by JGBs (including T-Bills) Holders (end of Jun. 2019)On September 20, the Bank of Japan (BOJ) released the Flow of Funds Accounts of the 2nd
Quarter 2019. The shares of JGBs (including T-Bills, hereinafter referred to as “JGBs”) holders were updated as follows:
(%)2019
4~6 7~9 10~12 1~3 4~60.5 -0.5 0.4 0.5 0.3 *** 1.30.5 -0.3 0.8 0.1 0.6 *** 2.6
(0.5) (-0.3) (0.8) (0.1) *** (0.6) ***0.7 -0.4 1.0 0.1 0.4 (0.3) 1.70.3 -0.1 0.4 -0.0 0.6 (0.3) 2.50.3 -0.1 0.4 -0.0 0.6 (0.3) 2.4
Excluding Imputed Rent 0.3 -0.2 0.4 -0.1 0.7 (0.3) 2.7-1.8 0.8 1.3 0.6 0.1 (0.0) 0.33.0 -2.8 3.0 -0.2 0.2 (0.0) 0.8
(-0.1) (0.2) (0.0) (0.1) *** (-0.0) ***-0.2 -0.1 0.4 0.2 1.3 (0.3) 5.30.1 0.3 0.7 -0.1 1.2 (0.2) 4.9
-1.4 -1.8 -1.2 1.5 1.8 (0.1) 7.2(-0.0) (-0.0) (0.0) (0.0) *** (-0.0) ***(0.0) (-0.2) (-0.4) (0.4) *** (-0.3) ***
2018 20194~6
Gross Domestic Product
Domestic Demand
Private DemandPrivate Consumption
Consumption of Households
Private Residential InvestmentPrivate Non-Resi. InvestmentChange in Private Inventories
Public DemandGovernment ConsumptionPublic InvestmentChange in Public Inventories
Net Exports of Goods & Services
1.3
-0.8-0.4
0.3
1.20.8
0.8
0
0.9
-1.9
0.10.5
1.3
0.20
-0.4
0.7
00.30.2
0.80.4 0.7
0.3
-0.1
0.5
-0.5
0.40.5
0.3
-3.5
-3.0
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
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
2012 2013 2014 2015 2016 2017 2018 2019
(%)
Private Demand Public DemandForeign Demand Real GDP
Contributions to change from the previous quarter (Seasonally adjusted)
Development of Real GDP (Quarterly, seasonally adjusted series)
Monthly Topics
Note 1: Change from the previous quarter (seasonally adjusted) Note 2: Annualized Note 3: The Figures in () indicate contributions to changes in GDP. Source: Cabinet Office Source: Cabinet Office
Note 1 Note 2
The total amount of JGBs and T-Bills outstanding increased by 11.5 trillion yen to 1,136.9 trillion yen. BOJ increased its holdings of JGBs by 8.1 trillion yen to 494.1 trillion yen. The amount of JGBs held by domestic Banks in Q2 fell by 8.5 trillion yen to 173.1 trillion yen. The amount of JGBs held by foreign investors in Q2 increased by 2.6 trillion yen to 145.3 trillion yen.
General Government
(ex Public Pensions)
3.3
0.3%Fiscal Loan Fund
0.0
0.0%
BOJ
486.0
43.2%
Banks,etc.
181.6
16.1%
Life and Non-life
Insurance,etc.
211.0
18.7%
Public Pensions
45.7
4.1%
Pension Funds
31.1
2.8% Foreigners
142.7
12.7%
Households
13.3
1.2%
Others
10.8
1.0%
Total ¥1,125.4 trillion
The end of Mar. 2019 The end of Jun. 2019
Source: Bank of Japan “Flow of Funds Account (Preliminary Figures)”
Total ¥1,136.9 trillion
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Although the current GDP growth rate is lower than the previous projection due to slowdown of the world economy, inthe Economic Growth Achieved Case, the growth rate is projected to achieve around 2% in real terms and overaround 3% in nominal terms in the early 2020s along with the increase in the potential growth rate, and the inflationand interest rates will increase gradually.
This projection does not reflect flexible macro-economic policies which will be implemented in the case where thedownside risks originating from the overseas economies materialize.
On July 31, 2019, the Cabinet Office submitted its “Economic and Fiscal Projections for Medium to Long term Analysis” to the Council on Economic and Fiscal Policy. Summary of the results of its analysis is as follows:
3. Summary: Economic and Fiscal Projections for Medium to Long term Analysis (July 31, 2019)
Projections of the Macro Economy
(Source) Cabinet Office
-4-
This projection reflects the current fiscal conditions of the Central and Local Governments (the FY2018 SettlementHighlight, etc.) and the medium to long term macroeconomic conditions, while the projection does not reflect specificexpenditure reforms since FY2020. As a result, in the Economic Growth Achieved Case, the primary balance tonominal GDP is projected to improve due to increases in tax revenues, and to be mostly balanced in FY2026. Theratio of outstanding debt to GDP is projected to decline steadily in the periods of the projection.
-5-
For more details, see: https://www5.cao.go.jp/keizai3/projection-e.html
Projections of the Central and Local Governments’ Public Finances
(Source) Cabinet Office
(*) It should be noted that the existing bonds issued at lower interest rates will be refinanced at higher interest rates sequentially with the long term nominal interest rate rising.
In mid-September, Mr. Kubota, Deputy Director-General of the Financial Bureau, made a presentation at the “Japan Investment Forum” in Tokyo to approximately 150 foreign and domestic investors. He described Japan’s economy and public debt management.
In the presentation, he explained the current JGB market situation and the importance of market liquidity. In addition, he mentioned economic policy in Japan including several measures to stimulate Japan’s growth potential. Finally, he outlined debt management policies including the basic objectives and stressed that we intend to enhance the trust in Japan’s debt management policy through dialogue with market participants.
In the Q&A session, the audience asked some questions such as about measures for preventing a recession, the view of the inflation rate, and acceptance of foreign workers.
IR Office
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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- competitiveAuction Ⅰ(billion yen)
Amounts of Bids Accepted at the
Non-price- competitiveAuction Ⅱ(billion yen)
7/2/2019 10-year 355 6/20/2029 0.1% 6,798.7 1,734.5 ▲0.137% ▲0.139% 0.309 364.4 0.0 7/4/2019 30-year 63 6/20/2049 0.4% 2,304.2 574.5 0.362% 0.357% - 124.8 100.1 7/9/2019 5-year 140 6/20/2024 0.1% 7,002.9 1,613.7 ▲0.231% ▲0.233% - 285.2 50.7 7/17/2019 20-year 169 6/20/2039 0.3% 3,563.8 728.2 0.249% 0.249% - 170.8 119.1 7/23/2019 40-year 12 3/20/2059 0.5% 1,207.7 399.6 0.425% - - - 0.0 7/25/2019 2-year 403 8/1/2021 0.1% 7,708.4 1,637.8 ▲0.208% ▲0.211% - 361.4 188.2 8/1/2019 10-year 355 6/20/2029 0.1% 6,436.5 1,711.1 ▲0.150% ▲0.152% 0.266 387.7 0.0 8/6/2019 30-year 63 6/20/2049 0.4% 2,017.5 576.6 0.299% 0.292% - 122.7 0.0 8/8/2019 10-year Inflation-Indexed Bonds 24 3/10/2029 0.1% 1,534.7 399.6 ▲0.329% - - - 14.7 8/15/2019 5-year 140 6/20/2024 0.1% 7,318.9 1,564.9 ▲0.310% ▲0.314% - 333.6 283.2 8/20/2019 20-year 169 6/20/2039 0.3% 2,767.4 726.6 0.114% 0.110% - 172.4 119.7 8/29/2019 2-year 404 9/1/2021 0.1% 8,832.8 1,634.5 ▲0.309% ▲0.311% - 365.1 123.0 9/3/2019 10-year 355 6/20/2029 0.1% 6,161.1 1,713.0 ▲0.264% ▲0.265% 0.280 385.7 313.4 9/5/2019 30-year 63 6/20/2049 0.4% 1,975.9 572.8 0.144% 0.140% - 126.3 98.5 9/11/2019 5-year 140 6/20/2024 0.1% 5,629.0 1,558.8 ▲0.302% ▲0.308% - 340.7 0.0 9/18/2019 20-year 169 6/20/2039 0.3% 2,565.4 738.0 0.210% 0.205% - 161.7 49.6 9/25/2019 40-year 12 3/20/2059 0.5% 1,075.8 399.9 0.435% - - - 55.7 9/27/2019 2-year 405 10/1/2021 0.1% 6,199.5 1,654.1 ▲0.327% ▲0.333% - 345.3 0.0
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)
7/5/2019 3-month 842 10/7/2019 11,290.25 3,573.27 ▲0.1323% ▲0.1455% 756.70 7/9/2019 6-month 843 1/10/2020 10,762.54 1,898.08 ▲0.1902% ▲0.1961% 401.90 7/12/2019 3-month 844 10/15/2019 9,197.60 3,607.54 ▲0.1363% ▲0.1463% 722.40 7/18/2019 1-year 845 7/20/2020 7,108.00 1,555.74 ▲0.1931% ▲0.1971% 344.20 7/19/2019 3-month 846 10/21/2019 10,259.20 3,501.97 ▲0.1303% ▲0.1407% 768.00 7/26/2019 3-month 847 10/28/2019 11,526.10 3,534.67 ▲0.1202% ▲0.1271% 785.30 8/2/2019 3-month 848 11/5/2019 11,631.30 3,494.85 ▲0.1070% ▲0.1154% 775.10 8/8/2019 6-month 849 2/10/2020 8,904.60 1,885.87 ▲0.1873% ▲0.1934% 414.10 8/9/2019 3-month 850 11/11/2019 12,650.22 3,514.26 ▲0.0932% ▲0.0989% 765.70 8/16/2019 3-month 851 11/18/2019 13,403.69 3,509.74 ▲0.1162% ▲0.1222% 790.20 8/19/2019 1-year 852 8/20/2020 8,229.10 1,556.19 ▲0.2228% ▲0.2367% 343.80 8/23/2019 3-month 853 11/25/2019 12,718.00 3,481.26 ▲0.1383% ▲0.1463% 778.70 8/30/2019 3-month 854 12/2/2019 11,143.30 3,504.47 ▲0.1623% ▲0.1731% 775.50 9/6/2019 3-month 855 12/9/2019 10,513.20 3,509.73 ▲0.1563% ▲0.1619% 790.20 9/9/2019 6-month 856 3/10/2020 8,143,10 1,878.59 ▲0.2643% ▲0.2883% 421.40 9/13/2019 3-month 857 12/16/2019 9,027.80 3,493.90 ▲0.1236% ▲0.1431% 786.10 9/18/2019 1-year 858 9/23/2020 7,960.40 1,578.98 ▲0.2171% ▲0.2200% 321.00 9/20/2019 3-month 859 12/23/2019 13,621.10 3,487.15 ▲0.1378% ▲0.1483% 782.80 9/27/2019 3-month 860 1/8/2020 16,487.75 3,485.47 ▲0.2553% ▲0.2709% 784.50
Auction Calendar for Oct. 2019 – Dec. 2019 Auction Date Issue Auction Date Issue Auction Date Issue Auction Date Issue 10/1(Tue) 10-year 10/29(Tue) 2-year 11/22(Fri) T-Bills (3-month) 12/13(Fri) T-Bills (3-month)
10/3(Thu) Liquidity Enhancement Auction (remaining maturities of 15.5-39 years) 11/1(Fri) T-Bills (3-month) 11/22(Fri) Liquidity Enhancement Auction
(remaining maturities of 5-15.5 years) 12/17(Tue) 20-year 10/4(Fri) T-Bills (3-month) 11/6(Wed) 10-year 11/26(Tue) 40-year 12/18(Wed) T-Bills (1-year)
10/8(Tue) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years) 11/7(Thu) T-Bills (6-month) 11/28(Thu) 2-year 12/20(Fri) T-Bills (3-month)
10/9(Wed) T-Bills (6-month) 11/8(Fri) T-Bills (3-month) 11/29(Fri) T-Bills (3-month) 12/20(Fri) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years)
10/10(Thu) 30-year 11/8(Fri) 10-year Inflation-Indexed Bonds 12/3(Tue) 10-year 12/24(Tue) 2-year
10/11(Fri) T-Bills (3-month) 11/12(Tue) 30-year 12/5(Thu) 30-year
10/17(Thu) T-Bills (1-year) 11/14(Thu) 5-year 12/6(Fri) T-Bills (3-month)
10/17(Thu) 5-year 11/15(Fri) T-Bills (3-month) 12/9(Mon) T-Bills (6-month) 10/18(Fri) T-Bills (3-month) 11/18(Mon) Liquidity Enhancement Auction
(remaining maturities of 1-5 years) 12/10(Tue) 5-year
10/24(Thu) 20-year 11/19(Tue) T-Bills (1-year) 12/12(Thu) T-Bills (approx. 2-month)
10/25(Fri) T-Bills (3-month) 11/20(Wed) 20-year 12/12(Thu) Liquidity Enhancement Auction (remaining maturities of 15.5-39 years)
Top 10 PDs for Successful Bids in Auctions (Calculated by Duration) (Apr.~Sep. 2019) Top 5 PDs for Successful Bids of Inflation-Indexed Bond (FY2018) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 SMBC Nikko Securities Inc. 1 Goldman Sachs Japan Co., Ltd. 2 Daiwa Securities Co. Ltd. 7 Merrill Lynch Japan Securities Co., Ltd. 2 Nomura Securities Co., Ltd. 3 Mizuho Securities Co., Ltd. 8 Deutsche Securities lnc. 3 JPMorgan Securities Japan Co., Ltd. 4 Nomura Securities Co., Ltd. 9 Mizuho Bank, Ltd. 4 Mizuho Securities Co., Ltd. 5 JPMorgan Securities Japan Co., Ltd. 10 Goldman Sachs Japan Co., Ltd. 5 Mitsubishi UFJ Morgan Stanley 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. Note.3: The issue date of Treasury Discount Bills auctioned on December 12, 2019 is December 16, 2019, and the maturity date is February 4, 2020.
(Until 30 September 2019)
(Until 30 September 2019)
-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
7/11/2019 1,652.6 596.9 ▲0.015% ▲0.013%
10-year(335, 336, 337, 348, 349, 351) 20-year(72, 86, 87, 95, 97, 102, 105, 106, 113, 114, 118, 119, 123, 124, 125, 126, 127, 128, 129, 134, 137, 138, 140, 142, 143, 144, 146, 148, 149, 151) 30-year(2, 3, 4, 5, 8, 12, 14, 15, 17)
7/19/2019 1,915.0 398.6 ▲0.009% ▲0.009%
2-year(401) 5-year(128, 130, 132, 133) 10-year(314, 317, 318, 320, 321, 322, 323, 324, 325) 20-year(53, 58, 64)
8/22/2019 1,717.3 598.5 ▲0.003% ▲0.001%
10-year(335, 336, 337, 338, 340, 341, 342, 344, 348) 20-year(72, 81, 83, 84, 85, 86, 88, 89, 90, 91, 93, 97, 98, 99, 100, 101, 102, 103, 105, 106, 108, 109, 115, 117, 119, 120, 127, 138, 145, 148) 30-year(2, 6, 9)
8/27/2019 1,321.2 498.1 0.030% 0.032% 20-year(152, 154, 155, 159, 161, 162, 164, 165, 167) 30-year(20, 21, 22, 23, 24, 27, 28, 29, 31, 35, 37, 38, 40, 41, 43, 45, 57, 59, 62) 40-year(1, 2, 3, 5, 6, 7, 9, 10, 11)
9/9/2019 1,596.4 398.6 ▲0.017% ▲0.015%
2-year(397, 398, 401, 402, 403) 5-year(131, 132, 133, 135, 136, 137) 10-year(315, 316, 322, 323, 324, 326, 329, 334) 20-year(48, 58, 70)
9/13/2019 1,670.5 599.5 0.038% 0.043%
10-year(335, 336, 337, 338, 339, 340, 341, 346, 347, 348, 349, 352) 20-year(72, 80, 81, 84, 89, 92, 94, 95, 98, 99, 102, 109, 111, 112, 113, 114, 120, 128, 130, 131, 132, 137, 138, 140, 142, 145, 146, 148, 150, 151) 30-year(1, 2, 4, 14, 17)
Target Zones of Liquidity Enhancement Auctions for the Third Quarter of FY 2019
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
2/20/2019 129.9 20.1 ▲0.035 ▲0.02 17, 18, 19, 22, 23 4/19/2019 76.5 20.1 ▲0.045 0.00 17, 18, 19, 22, 23 6/17/2019 112.1 20.0 ▲0.11 ▲0.11 19, 22 8/14/2019 91.3 20.1 ▲0.18 ▲0.14 20, 24
0500
1,0001,5002,0002,5003,0003,5004,0004,500
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 34
8JL
97JL
98 349
JL99 35
0JL
100
JL10
135
1JL
102
JL10
3JL
104
352
JL10
5JL
106
353
JL10
7JL
108
354
JL10
9JL
110
355
JL11
1JL
112
JL11
3JX
1JL
114
JL11
5JX
2JL
116
JL11
7JX
3JL
118
JL11
9JL
120
JL12
1JL
122
JX4
JL12
3JL
124
JL12
5JL
126
JL12
7JX
5JL
128
JL12
9JL
130
JL13
1JX
6JL
132
JL13
3JL
134
JL13
5JL
136
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
Amount issued by Liquidity Enhancement Auction Outstanding amount in the market (excluding amount issued by Liquidity Enhancement Auction)
5 10 15.5(Remaining maturities)
(billion yen)
0500
1,0001,5002,0002,5003,0003,5004,000
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
JL16
2
JX27
JL16
3
JL16
4
JX28
JL16
5
JL16
6
JX29
JL16
7
JL16
8
JX30
JL16
9
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
JX56
JX57
JX58
JU1
JX59
JX60
JX61
JX62
JU2
JX63
JU3
JU4
JU5
JU6
JU7
JU8
JU9
JU10
JU11
Amount issued by Liquidity Enhancement Auction Outstanding amount in the market (excluding amount issued by Liquidity Enhancement Auction)
(Remaining maturities)
(billion yen)
15.5 20 39
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 August 2019. Note2: All issues in the graph above will be eligible afterward.
Buy-Back Results
(Until 30 September 2019)
②Remaining maturity : approx.5‐~15.5‐year
-8-
(Until 30 September 2019)
0500
1,0001,5002,0002,5003,0003,5004,0004,5005,0005,5006,0006,5007,000
JN39
4
JN39
5
JS12
6
312
JL48
JN39
6
JN39
7
JN39
8
JS12
7
313
314
JL49
JL50
JN39
9
JN40
0
JN40
1
JS12
8
315
316
JL51
JN40
2
JN40
3
JS12
9
317
318
JL52
JS13
0
319
320
JL53
JL54
JS13
1
321
322
JL55
JS13
2
323
324
JL56
JL57
JS13
3
325
JL58
JS13
4
326
327
JL59
JL60
JS13
5
328
JL61
JS13
6
329
JL62
JL63
JS13
7
330
331
JL64
JS13
8
332
JL65
JL66
JS13
9
333
JL67
JL68
JL69
JS14
0
334
JL70
JL71 335
JL72
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)
-1%
0%
1%
2%
3%
4%
5%
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
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 August 2019)
(Until 31 August 2019)
(Until 31 August 2019)
(Until 31 August 2019)
JGB Secondary Market
0
500
1,000
1,500
2,000
2,500
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
Bond-Lending
Bond-Gensaki
0100200300400500600700800900
1,0001,1001,2001,3001,4001,5001,6001,7001,800
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
Treasury Discount BillsMedium Term BondsLong Term Bonds
-0.1%
0.0%
0.1%
0.2%
0.3%
0.4%
0.5%
Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
Call Rate (Uncollateralized Overnight)
TIBOR 3-months (Euro-Yen)
Basic Loan Rate
0
20
40
60
80
100
120
140
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
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-
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 August 2019)
Source: Japan Securities Dealers Association
Apr 2013(Actual)
August 2019(Actual)
Monetary Base 155 516
JGBs 98 474
CP 1.4 2.2
Corporate Bonds 2.9 3.2
ETFs 1.7 27.2
J-REITs 0.13 0.53
Total Assets 175 573 0
50
100
150
200
250
300
350
400
450
500
550
600
Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19
Total AssetsMonetary BaseJGBs
QQE2QQE(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
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 July
City Banks
Net Purchase
Net Sale
2015 2016 2017 2018 2019
-1.0
-0.8
-0.6
-0.4
-0.2
0.0
0.2
0.4
0.6
0.8
1.0
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr July
Regional banks
Net Purchase
Net Sale
2015 2016 2017 20192018
-0.5
0.0
0.5
1.0
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr July
Life and non-life insurance companies
Net Purchase
Net Sale
2015 2016 2017 2018 2019
-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
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr July
Foreigners
Net Purchase
Net Sale
2015 2016 2017 20192018
0
50
100
150
200
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-190
10
20
30
40
50
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
200210220230240250260270
0%
5%
10%
15%
20%
25%
30%
35%
40%
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
City Banks Trust Banks Insurance Companies Foreigners
145.3
12.8%
40
50
60
70
80
90
100
110
120
130
140
150
160
1
2
3
4
5
6
7
8
9
10
11
12
13
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Amount of JGB Holdings (right)
Proportion of JGB Holdings (left)
(trillion yen)(%)
12.8%
38.4%
64.2%
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
①Market Share of Foreign Investors (JGB Futures Market)
②Market Share of Foreign Investors (JGB Market)
③JGB Holdings by Foreign Investors
-8
-6
-4
-2
0
2
4
6
8
10
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
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-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
Short-term debt securities Long-term debt securities Equity and investment fund shares
Net Purchase
Net
Sales
-6
-4
-2
0
2
4
6
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
Short-term debt securities Long-term debt securities Equity and investment fund shares
Net Purchase
Net
Sales
-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 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
JGB and T-Bill Holders
Breakdown by JGB and T-Bill Holders (The end of Jun. 2019 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
Total 95.9 trillion yen
JGB Holders
Total 1,041.0 trillion yen
Total 1,136.9 trillion yen
-13-
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
850
900
FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
17.8% 18.3% 18.2% 17.9% 17.3% 16.4% 15.1% 14.3% 13.4% 13.1%
13.0% 12.5% 11.9% 12.4% 12.0% 11.1% 10.6% 10.5% 10.5% 10.8%
8.5%7.9% 8.6% 8.1% 7.8% 7.8% 7.9% 7.7% 8.2% 7.0%
8.4%9.0%
8.6% 8.1% 8.1% 8.2% 7.8% 8.2% 7.1% 7.4%8.8%8.4%
7.8%7.8% 7.8% 7.4% 7.8% 6.8% 6.8% 6.7%
5.2%4.7%
4.9%4.4% 4.2% 5.0% 4.2% 4.4% 5.0% 4.7%
4.9%5.2%
4.6%4.5% 5.0% 4.3% 4.4% 4.8% 4.7% 4.9%
5.5%4.8%
4.8%5.3%
4.5% 4.5% 5.0% 4.8% 5.0% 4.6%
5.2%5.1%
5.6%4.7%
4.8% 5.2% 4.9% 5.1% 4.7% 4.9%
4.7%5.2%
4.4%4.3%
4.6% 4.2% 4.5% 4.1% 4.0% 4.2%
14.4%14.4%
14.9%15.6%
16.5%17.7%
18.4% 19.2% 19.6% 20.2%
3.6%
4.6%
5.8%
6.7%
7.5%8.3%
9.4%10.1%
11.1%11.6%
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)
594.0
636.3669.9
705.0
743.9774.1
805.4830.6
853.2
*years to maturity
Average
YTM* 6Y5M 6Y8M 7Y0M 7Y3M 7Y7M 8Y0M 8Y5M 8Y7M 8Y10M 9Y0M
Average YTM*
(excluding saving
bonds)6Y6M 6Y10M 7Y1M 7Y5M 7Y8M 8Y0M 8Y5M 8Y8M 8Y11M 9Y1M
874.0
General Government
(ex Public Pensions)
3.2
0.3%
BOJ
483.7
46.5%
Banks,etc.
158.2
15.2%
Life and Non-life
Insurance,etc.
220.9
21.2%
Public Pensions
43.1
4.1%
Pension Funds
31.9
3.1%
Foreigners
76.7
7.4%
Households
13.3
1.3%
Others
10.1
1.0%
General Government
(ex Public Pensions)
3.2
0.3%
Fiscal Loan Fund
0.0
0.0%
BOJ
494.1
43.5%
Banks,etc.
173.1
15.2%
Life and Non-life
Insurance,etc.
222.9
19.6%
Public Pensions
43.1
3.8%
Pension Funds
31.9
2.8%
Foreigners
145.3
12.8%
Households
13.3
1.2%
Others
10.1
0.9%
BOJ
10.4
10.8%Banks,etc.
14.9
15.5%
Life and Non-life
Insurance,etc.
2.0
2.1%
Foreigners
68.7
71.6%
Fiscal Loan Fund0.00.0%
General Government(ex Public Pensions)
0.00.0%
Types The amount of redemption at maturity Scheduled redemption date
2-Year Bonds 2,199.5 October 15
Treasury Bills 1,800.0 October 21
Total 3,999.5
545.9594.0
636.3669.9
705.0743.9
774.1805.4
830.6 853.2880.2 896.7
127.1
142.4 143.1
163.1 163.3 153.6
158.0 150.5 148.3
140.0 140.2 136.7
100
200
300
400
500
600
700
800
900
0
30
60
90
120
150
180
08 09 10 11 12 13 14 15 16 17 18 19
Outstanding (right-hand scale)Issuance Amount (left-hand scale)
Source: Ministry of Finance
General Bonds Issuance Amount and Outstanding
Note 1: Issuance Amount: revenue basis, FY2008-2017: Actual, FY2018: Supplementary budget, FY2019: Initial budget Note 2: Outstanding: nominal basis, FY2008-2017: Actual, FY2018 Supplementary budget, FY2019: Initial budget Source: Ministry of Finance
Market-held Balance of the Inflation-Indexed Bonds (as of the end of August, 2019)
(trillion yen)
Scheduled redemption of JGB at maturity in October, 2019
Note.1: The figures are based on the outstanding JGBs at the end of August, 2019. 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(Jun. 2019)
-14-
87.62
100.13
65.35 64.7964.91
41.5143.34
40.4842.47
43.23
15.73 16.53 16.2519.32 19.00 20.74
19.5918.12 17.99 17.90
5.476.71 7.19
6.338.39 9.52 10.90 9.31 11.34 10.02
1.36 1.96 1.95 1.99 2.17 2.28 2.50 2.74 1.72 0.400
102030405060708090
100110120130
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 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 1 months
0100200300400500600700800900
1,0001,1001,2001,3001,4001,5001,6001,7001,8001,9002,0002,1002,200
17 18 19 20 21 22 23 24
(billion yen)
(issue number)
Outstanding amount (excl.BOJ holding)BOJ holding
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
(ratio)
Aug, 20191.59
Aug, 20192.2%
Job openings-to-applicants ratio(RHS)
Unemployment rate(LHS)
Aug, 20090.42
Jul, 20095.5%
-30%
-20%
-10%
0%
10%
20%
30%(Diffusion index)
Large enterprises/Manufacturing
Large enterprises/Non-Manufacturing
Small enterprises/Manufacturing
Small enterprises/Non-Manufacturing
0.4%
0.3%
-1
0
1
2
3
4(%)
CPI
CPI excluding food (excludingalcohilic beverages) and energy
Change from the previous year
Apr.4, 2013BOJ released QQE
600
650
700
750
800
850
900
950
1,000
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
(billion yen)
Monthly Quarter (Mean)
0
100
200
300
400
500
600
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
(trillion yen)
Banknotes in Circulation
Coins in Circulation
Current Account Balances
5.2
-3.2
-1.4
1.0
4.8
3.3 3.4
-0.2
3.9
-7.3
0.4
2.0
5.4
0.6
-0.2-1.6
2.8
0.1
1.10.8
3.41.8 2.9
1.3
-0.6
1.9
-1.9
1.82.2
1.3
-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
2012 2013 2014 2015 2016 2017 2018 2019
(%)
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
7.2
4.3
5.9 5.0
5.7
2.6
6.0
4.5
-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
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 exc. 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-
85
90
95
100
105
110
115
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
(2015 average=100・Seasonally Adjusted Index)
Production Shipments
Inventory Inventory Ratio
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-
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