chapter 1 government bonds (jgbs) · 2019-08-06 · note 1:issuance amount is calculated on a...

Ⅲ　Appendices

Chapter 1 G

overnment B

onds (JGB

s)1 Prim

ary Market for G

overnment B

onds

114

－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－

－

－

－－－－

43,760.575,564.491,849.0

121,553.2139,353.2138,906.1139,754.3131,050.1122,225.3118,191.8110,912.2109,260.7104,210.4

98,991.096,115.596,250.994,525.993,635.092,116.0

－－－－－－－－595.8 635.8 415.6 371.2 312.8 632.6

－290.3 895.2

3,272.7 4,514.5 5,360.3 8,957.3

11,488.6 15,449.0 13,946.1 15,079.8 18,653.2 18,875.7 21,496.9 21,812.9 22,881.7

25,376.7

26,552.4

31,432.0 42,431.0 40,084.4 53,269.7 59,329.6 69,615.5 74,948.9 84,450.5

105,519.5 108,120.6

99,189.4 93,909.5 90,480.3

100,835.5 109,020.0 110,957.9 110,156.9 119,372.8 114,230.8 109,479.8 106,382.0 104,169.8 103,140.4

－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－

－

－

－－－－

43,883.131,843.528,508.640,129.728,249.425,559.516,769.6

8,600.09,410.08,400.0

13,100.014,220.010,700.014,000.013,400.019,600.012,000.012,000.012,000.0

－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－

－

－

－－－－－－－－－－－－－－

11,250.02,303.3

－120.0

1,320.0790.9

76.8606.8928.4

－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－

－

－

－－－－－－－－－－－－－－－

2,584.22,603.5

－－－－－－

－665.6709.4462.1412.6347.2

1,187.11,950.01,766.22,160.03,190.03,725.05,028.06,330.07,133.06,955.07,039.97,036.06,809.96,409.96,303.06,248.96,880.06,196.06,430.06,343.26,730.09,536.0

16,174.012,345.7

16,440.1

10,707.0

9,940.017,050.013,166.011,138.0

9,076.09,148.06,693.08,704.07,762.06,415.06,044.06,975.0

15,011.07,603.08,368.0

11,429.07,014.06,577.06,479.08,901.47,281.88,097.26,952.0

0.61.12.33.54.13.73.44.04.95.04.96.98.29.4

10.612.514.215.816.318.119.520.920.920.319.321.622.822.821.319.6

18.6

21.8

21.722.224.225.820.820.520.521.422.423.525.324.322.922.423.324.324.024.324.324.424.123.823.2

22.048.9

115.3201.3278.8290.9319.3455.4704.5862.2

1,039.41,664.72,348.73,222.74,078.45,310.46,654.27,829.98,192.59,155.1

10,224.211,319.511,333.511,512.011,664.914,288.616,036.016,447.315,442.314,360.2

13,221.3

16,375.2

16,802.317,262.819,831.921,965.317,170.516,671.216,798.117,568.618,442.218,761.620,998.820,163.220,243.720,649.121,549.121,944.222,241.523,270.223,450.723,612.123,528.523,302.023,508.2

0.62.23.43.73.83.74.86.06.57.09.8

12.916.820.425.028.431.134.938.039.540.742.441.940.438.736.836.236.939.941.1

43.6

46.3

48.456.163.569.675.681.888.395.7

100.2100.5102.0107.2120.7127.4135.6142.6146.6149.4151.1154.7155.9159.3158.4

200.0875.0

1,595.02,054.42,463.42,811.23,952.15,818.67,550.49,658.4

14,973.122,076.731,902.442,615.856,251.370,509.882,273.496,482.2

109,694.7121,693.6134,431.4145,126.7151,809.3156,780.3160,910.0166,337.9171,647.3178,368.1192,539.3206,604.6

225,184.7

244,658.1

257,987.5295,249.1331,668.7367,554.7392,434.1421,099.1456,973.6499,013.7526,927.9531,701.5541,458.4545,935.6593,971.7636,311.7669,867.4705,007.2743,867.6774,083.1805,418.2830,573.3853,178.9880,198.8896,742.8

5.314.913.9

7.86.04.2

12.416.312.011.325.329.432.931.334.732.627.529.726.624.823.221.016.311.610.1

9.29.5

13.521.517.9

24.2

25.2

23.540.342.136.935.441.842.941.836.633.731.039.251.544.442.548.940.839.035.539.034.234.932.2

197.2665.6709.4462.1412.6347.2

1,187.11,950.02,362.02,795.85,696.17,569.49,874.1

11,306.613,472.014,460.513,795.117,317.518,000.918,141.721,265.322,743.524,867.221,098.621,718.325,965.225,605.731,032.937,986.939,371.7

46,623.8

48,300.7

49,890.076,431.077,597.986,273.7

133,212.7136,427.1138,802.5160,070.2165,037.9161,150.2141,341.0135,677.5151,845.3151,538.5176,168.0177,530.3164,311.4171,985.7163,869.1167,905.3152,013.4152,172.0148,729.3

197.2－－－－－－－－－

2,090.53,473.24,533.34,344.06,339.07,215.25,860.07,008.76,676.56,371.46,005.05,006.02,538.2

956.5208.5

(968.9)－－－

<3,333.7>[810. 6]

<2,851.1>1,955.8

<1,879.6>9,161.78,518.0

16,950.024,347.621,866.020,924.025,820.028,652.026,786.023,507.021,055.019,338.026,193.036,944.034,700.034,430.036,036.033,837.031,915.928,439.329,133.226,272.827,298.225,708.5

197.2665.6709.4462.1412.6347.2

1,187.11,950.01,766.22,160.05,280.57,198.29,561.2

10,674.013,472.014,170.212,899.914,044.713,486.312,781.312,308.011,254.9

9,418.17,152.56,638.57,312.06,730.09,536.0

16,174.016,490.0

21,247.0

21,748.3

18,458.034,000.037,513.633,004.030,000.034,968.035,345.035,490.031,269.027,470.025,382.033,168.051,955.042,303.042,798.047,465.040,851.038,492.934,918.338,034.633,554.635,395.432,660.5

Chapter 1 Government Bonds (JGBs)

Primary Market for Government Bonds1

（Unit: billion yen, %）(1) Issuance Amount of Government Bonds(A) (B)

FY(Unit) Subtotal

(billion yen) Construction Bonds(billion yen)

Special Deficit-Financing Bonds

(billion yen)

GDP(%)

GeneralAccount total

(%)

1947～646566676869707172737475767778798081828384858687888990919293

94

95

96

979899000102030405060708091011121314 15 16 17 18 19

Note 1: Issuance Amount is calculated on a revenue basis. Up to FY2017: actual; FY2018: supplementary budget; FY2019: initialThe figures in ( ) indicate Ad-hoc Deficit-Financing Bonds, < > are Special Deficit-Financing Bonds for Offset tax cuts, [ ] are Special Deficit-Financing Bonds for Earthquake.

Note 2:Reconstruction Bonds are issued under the General Account in 2011 and under the Special Account for Reconstruction from the Great East Japan Earthquake from 2012 onward.Note 3:The figure of Special Deficit-Financing Bonds in FY1965 includes Revenue Supplementary Bonds issued at the time of supplementary budget for reasons of expediency.

Note 5:JGB outstanding is calculated on a nominal basis. Up to FY2017: actual; FY2018: supplementary budget; FY2019: initialNote 6:JGB Outstanding/GDP is calculated on a nominal basis, up to FY2017: actual; FY2018 and 2019: figures on the “Fiscal 2019 Economic Outlook and Basic Stance for Economic and Fiscal Management　　　 (January 28, 2019 Cabinet Decision)”

Reconstruction Bonds

(billion yen)

FILPBonds

(billion yen)

RefundingBonds

(billion yen)

Total(billion yen)

General BondsOutstanding

(A)(billion yen)

FILP BondsOutstanding(billion yen)

In the period of balanced budget, there hadn't been JGBs issued.

Note 4:Bond Dependency Ratio is the issuance amount of (Construction Bonds+Special Deficit-Financing Bonds)/general account total. Up to FY2017: actual; FY2018: supplementary budget; 2019: initial

Issuance AmountBond

DependencyRatio(%)

JGB OutstandingNational DebtService (Initial)

(B)(billion yen)

Special Bonds forCovering Public

Pension Funding(billion yen)

Note 7:National Debt Service and National Debt Service/General Account Total: initial

Ⅲ　AppendicesC

hapter 1 Governm

ent Bonds (JG

Bs)

1 Primary M

arket for Governm

ent Bonds

115

－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－

－

－

－－－－

43,760.575,564.491,849.0

121,553.2139,353.2138,906.1139,754.3131,050.1122,225.3118,191.8110,912.2109,260.7104,210.4

98,991.096,115.596,250.994,525.993,635.092,116.0

－－－－－－－－595.8 635.8 415.6 371.2 312.8 632.6

－290.3 895.2

3,272.7 4,514.5 5,360.3 8,957.3

11,488.6 15,449.0 13,946.1 15,079.8 18,653.2 18,875.7 21,496.9 21,812.9 22,881.7

25,376.7

26,552.4

31,432.0 42,431.0 40,084.4 53,269.7 59,329.6 69,615.5 74,948.9 84,450.5

105,519.5 108,120.6

99,189.4 93,909.5 90,480.3

100,835.5 109,020.0 110,957.9 110,156.9 119,372.8 114,230.8 109,479.8 106,382.0 104,169.8 103,140.4

－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－

－

－

－－－－

43,883.131,843.528,508.640,129.728,249.425,559.516,769.6

8,600.09,410.08,400.0

13,100.014,220.010,700.014,000.013,400.019,600.012,000.012,000.012,000.0

－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－

－

－

－－－－－－－－－－－－－－

11,250.02,303.3

－120.0

1,320.0790.9

76.8606.8928.4

－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－

－

－

－－－－－－－－－－－－－－－

2,584.22,603.5

－－－－－－

－665.6709.4462.1412.6347.2

1,187.11,950.01,766.22,160.03,190.03,725.05,028.06,330.07,133.06,955.07,039.97,036.06,809.96,409.96,303.06,248.96,880.06,196.06,430.06,343.26,730.09,536.0

16,174.012,345.7

16,440.1

10,707.0

9,940.017,050.013,166.011,138.0

9,076.09,148.06,693.08,704.07,762.06,415.06,044.06,975.0

15,011.07,603.08,368.0

11,429.07,014.06,577.06,479.08,901.47,281.88,097.26,952.0

0.61.12.33.54.13.73.44.04.95.04.96.98.29.4

10.612.514.215.816.318.119.520.920.920.319.321.622.822.821.319.6

18.6

21.8

21.722.224.225.820.820.520.521.422.423.525.324.322.922.423.324.324.024.324.324.424.123.823.2

22.048.9

115.3201.3278.8290.9319.3455.4704.5862.2

1,039.41,664.72,348.73,222.74,078.45,310.46,654.27,829.98,192.59,155.1

10,224.211,319.511,333.511,512.011,664.914,288.616,036.016,447.315,442.314,360.2

13,221.3

16,375.2

16,802.317,262.819,831.921,965.317,170.516,671.216,798.117,568.618,442.218,761.620,998.820,163.220,243.720,649.121,549.121,944.222,241.523,270.223,450.723,612.123,528.523,302.023,508.2

0.62.23.43.73.83.74.86.06.57.09.8

12.916.820.425.028.431.134.938.039.540.742.441.940.438.736.836.236.939.941.1

43.6

46.3

48.456.163.569.675.681.888.395.7

100.2100.5102.0107.2120.7127.4135.6142.6146.6149.4151.1154.7155.9159.3158.4

200.0875.0

1,595.02,054.42,463.42,811.23,952.15,818.67,550.49,658.4

14,973.122,076.731,902.442,615.856,251.370,509.882,273.496,482.2

109,694.7121,693.6134,431.4145,126.7151,809.3156,780.3160,910.0166,337.9171,647.3178,368.1192,539.3206,604.6

225,184.7

244,658.1

257,987.5295,249.1331,668.7367,554.7392,434.1421,099.1456,973.6499,013.7526,927.9531,701.5541,458.4545,935.6593,971.7636,311.7669,867.4705,007.2743,867.6774,083.1805,418.2830,573.3853,178.9880,198.8896,742.8

5.314.913.9

7.86.04.2

12.416.312.011.325.329.432.931.334.732.627.529.726.624.823.221.016.311.610.1

9.29.5

13.521.517.9

24.2

25.2

23.540.342.136.935.441.842.941.836.633.731.039.251.544.442.548.940.839.035.539.034.234.932.2

197.2665.6709.4462.1412.6347.2

1,187.11,950.02,362.02,795.85,696.17,569.49,874.1

11,306.613,472.014,460.513,795.117,317.518,000.918,141.721,265.322,743.524,867.221,098.621,718.325,965.225,605.731,032.937,986.939,371.7

46,623.8

48,300.7

49,890.076,431.077,597.986,273.7

133,212.7136,427.1138,802.5160,070.2165,037.9161,150.2141,341.0135,677.5151,845.3151,538.5176,168.0177,530.3164,311.4171,985.7163,869.1167,905.3152,013.4152,172.0148,729.3

197.2－－－－－－－－－

2,090.53,473.24,533.34,344.06,339.07,215.25,860.07,008.76,676.56,371.46,005.05,006.02,538.2

956.5208.5

(968.9)－－－

<3,333.7>[810. 6]

<2,851.1>1,955.8

<1,879.6>9,161.78,518.0

16,950.024,347.621,866.020,924.025,820.028,652.026,786.023,507.021,055.019,338.026,193.036,944.034,700.034,430.036,036.033,837.031,915.928,439.329,133.226,272.827,298.225,708.5

197.2665.6709.4462.1412.6347.2

1,187.11,950.01,766.22,160.05,280.57,198.29,561.2

10,674.013,472.014,170.212,899.914,044.713,486.312,781.312,308.011,254.9

9,418.17,152.56,638.57,312.06,730.09,536.0

16,174.016,490.0

21,247.0

21,748.3

18,458.034,000.037,513.633,004.030,000.034,968.035,345.035,490.031,269.027,470.025,382.033,168.051,955.042,303.042,798.047,465.040,851.038,492.934,918.338,034.633,554.635,395.432,660.5

Chapter 1 Government Bonds (JGBs)

Primary Market for Government Bonds1

（Unit: billion yen, %）(1) Issuance Amount of Government Bonds(A) (B)

FY(Unit) Subtotal

(billion yen) Construction Bonds(billion yen)

Special Deficit-Financing Bonds

(billion yen)

GDP(%)

GeneralAccount total

(%)

1947～646566676869707172737475767778798081828384858687888990919293

94

95

96

979899000102030405060708091011121314 15 16 17 18 19

Note 1: Issuance Amount is calculated on a revenue basis. Up to FY2017: actual; FY2018: supplementary budget; FY2019: initialThe figures in ( ) indicate Ad-hoc Deficit-Financing Bonds, < > are Special Deficit-Financing Bonds for Offset tax cuts, [ ] are Special Deficit-Financing Bonds for Earthquake.

Note 2:Reconstruction Bonds are issued under the General Account in 2011 and under the Special Account for Reconstruction from the Great East Japan Earthquake from 2012 onward.Note 3:The figure of Special Deficit-Financing Bonds in FY1965 includes Revenue Supplementary Bonds issued at the time of supplementary budget for reasons of expediency.

Note 5:JGB outstanding is calculated on a nominal basis. Up to FY2017: actual; FY2018: supplementary budget; FY2019: initialNote 6:JGB Outstanding/GDP is calculated on a nominal basis, up to FY2017: actual; FY2018 and 2019: figures on the “Fiscal 2019 Economic Outlook and Basic Stance for Economic and Fiscal Management　　　 (January 28, 2019 Cabinet Decision)”

Reconstruction Bonds

(billion yen)

FILPBonds

(billion yen)

RefundingBonds

(billion yen)

Total(billion yen)

General BondsOutstanding

(A)(billion yen)

FILP BondsOutstanding(billion yen)

In the period of balanced budget, there hadn't been JGBs issued.

Note 4:Bond Dependency Ratio is the issuance amount of (Construction Bonds+Special Deficit-Financing Bonds)/general account total. Up to FY2017: actual; FY2018: supplementary budget; 2019: initial

Issuance AmountBond

DependencyRatio(%)

JGB OutstandingNational DebtService (Initial)

(B)(billion yen)

Special Bonds forCovering Public

Pension Funding(billion yen)

Note 7:National Debt Service and National Debt Service/General Account Total: initial

(2) Historical Changes in JGB Market Issuance by JGB Types (Unit: billion yen, %)

FY2000 (Actual)

FY2001 (Actual)

FY2002 (Actual)

FY2003 (Actual)

FY2004 (Actual)

FY2005 (Actual)

FY2006 (Actual)

FY2007 (Actual)

FY2008 (Actual)

FY2009 (Actual)

Share Share Share Share Share Share Share Share Share Share

40-Year －－－－－－－－－－－－－－ 99.9 0.1 601.9 0.6 1,100.0 0.8

30-Year 699.7 0.8 599.5 0.6 898.9 0.9 1,599.3 1.4 1,998.3 1.7 1,998.7 1.7 2,299.2 2.0 2,397.4 2.2 2,898.7 2.7 3,995.5 2.9

20-Year 2,397.1 2.8 3,195.1 3.5 4,195.3 4.0 5,392.6 4.7 7,190.4 6.1 8,390.4 7.1 9,595.0 8.5 9,590.4 8.7 10,091.7 9.5 12,597.7 9.2

15-YearCMT 2,797.2 3.3 3,596.9 3.9 5,494.5 5.2 5,994.2 5.3 7,194.2 6.1 8,794.2 7.4 5,389.1 4.8 3,396.7 3.1 599.6 0.6 －－

10-Year 17,800.0 20.9 20,400.0 22.1 21,600.0 20.5 22,800.0 20.0 22,800.0 19.4 22,800.0 19.3 22,799.0 20.2 22,792.5 20.8 22,657.7 21.4 24,992.5 18.2

10-YearJGBi －－－－－－ 99.8 0.1 799.2 0.7 1,998.5 1.7 2,498.9 2.2 2,997.5 2.7 1,499.3 1.4 －－

6-Year 2,496.6 2.9 －－－－－－－－－－－－－－－－－－

5-Year 11,385.5 13.3 19,684.7 21.3 22,579.3 21.4 22,790.3 20.0 23,987.6 20.4 23,988.5 20.3 23,992.3 21.2 23,989.0 21.9 22,962.9 21.7 27,190.0 19.8

5-YearDiscount 127.2 0.1 －－－－－－－－－－－－－－－－－－

4-Year 2,493.5 2.9 －－－－－－－－－－－－－－－－－－

3-YearDiscount 299.1 0.4 597.0 0.6 398.2 0.4 －－－－－－－－－－－－－－

2-Year 15,175.2 17.8 16,778.3 18.1 19,383.0 18.4 20,985.4 18.4 20,384.4 17.3 20,388.0 17.2 20,390.6 18.1 20,389.7 18.6 21,316.3 20.1 28,389.2 20.7

Subtotal 55,671.3 65.3 64,851.4 70.1 74,549.2 70.6 79,661.7 70.0 84,354.1 71.6 88,358.3 74.7 86,964.1 77.0 85,653.1 78.1 82,628.1 78.0 98,264.9 71.5

TB total 29,641.8 34.7 27,597.3 29.9 30,997.3 29.4 34,198.4 30.0 33,395.9 28.4 29,910.7 25.3 24,799.5 22.0 22,795.9 20.8 20,999.7 19.8 32,899.3 23.9

TB1Y 16,843.1 19.7 15,298.3 16.5 18,198.6 17.2 20,399.1 17.9 19,998.6 17.0 17,911.0 15.1 16,799.8 14.9 16,798.5 15.3 17,999.7 17.0 27,399.3 19.9

TB6M 12,798.7 15.0 12,299.0 13.3 12,798.7 12.1 13,799.3 12.1 13,397.3 11.4 11,999.7 10.1 7,999.7 7.1 5,997.4 5.5 3,000.0 2.8 5,500.0 4.0

LiquidityEnhancement

Auction－－－－－－－－－－－－ 1,196.3 1.1 1,195.9 1.1 2,295.2 2.2 6,286.2 4.6

Total 85,313.1 100.0 92,448.7 100.0 105,546.4 100.0 113,860.0 100.0 117,750.0 100.0 118,269.0 100.0 112,959.9 100.0 109,644.9 100.0 105,923.0 100.0 137,450.4 100.0

FY2010(Actual)

FY2011(Actual)

FY2012(Actual)

FY2013(Actual)

FY2014(Actual)

FY2015(Actual)

FY2016(Actual)

FY2017(Actual)

FY2018(Actual)

FY2019(Initial)

Share Share Share Share Share Share Share Share Share Share

40-Year 1,198.7 0.8 1,598.9 1.1 1,597.5 1.1 1,597.8 1.0 1,598.0 1.0 1,998.3 1.3 2,797.1 1.9 2,997.0 2.1 2,396.1 1.8 2,400.0 1.9

30-Year 4,795.1 3.4 5,593.9 3.9 5,593.1 3.7 6,791.8 4.3 7,991.4 5.2 9,591.0 6.3 9,592.1 6.5 9,589.3 6.8 8,389.0 6.3 8,400.0 6.5

20-Year 13,190.1 9.2 13,189.9 9.1 14,389.8 9.6 14,389.4 9.2 14,388.8 9.3 14,388.5 9.5 13,189.8 9.0 11,988.6 8.5 11,988.4 8.9 10,800.0 8.3

15-YearCMT －－－－－－－－－－－－－－－－－－－－

10-Year 26,389.9 18.5 26,388.5 18.2 27,788.4 18.6 28,789.7 18.4 28,791.8 18.6 28,791.8 18.9 28,791.5 19.6 27,589.7 19.5 26,388.1 19.7 25,200.0 19.5

10-YearJGBi －－－－－－ 599.4 0.4 1,799.5 1.2 1,999.5 1.3 1,599.7 1.1 1,598.3 1.1 1,598.3 1.2 1,600.0 1.2

6-Year －－－－－－－－－－－－－－－－－－－－

5-Year 28,790.0 20.2 29,188.1 20.2 30,387.8 20.3 32,388.6 20.7 32,390.3 21.0 29,990.3 19.7 28,791.6 19.6 26,389.9 18.7 23,989.7 17.9 22,800.0 17.6

5-YearDiscount －－－－－－－－－－－－－－－－－－－－

4-Year －－－－－－－－－－－－－－－－－－－－

3-YearDiscount －－－－－－－－－－－－－－－－－－－－

2-Year 31,189.0 21.8 31,594.4 21.8 32,388.7 21.7 34,790.5 22.2 32,392.4 21.0 29,991.1 19.7 27,591.8 18.8 26,391.2 18.7 25,192.5 18.8 24,000.0 18.5

Subtotal 105,552.8 73.9 107,553.7 74.3 112,145.4 75.1 119,347.2 76.2 119,352.2 77.3 116,750.5 76.7 112,353.6 76.5 106,544.0 75.5 99,942.1 74.5 95,200.0 73.6

TB total 29,999.2 21.0 29,999.0 20.7 29,999.1 20.1 29,999.4 19.2 26,700.0 17.3 25,800.0 17.0 25,000.0 17.0 23,800.0 16.9 21,600.0 16.1 21,600.0 16.7

TB1Y 29,999.2 21.0 29,999.0 20.7 29,999.1 20.1 29,999.4 19.2 26,700.0 17.3 25,800.0 17.0 25,000.0 17.0 23,800.0 16.9 21,600.0 16.1 21,600.0 16.7

TB6M －－－－－－－－－－－－－－－－－－－－

LiquidityEnhancement

Auction7,190.6 5.0 7,182.0 5.0 7,181.6 4.8 7,187.8 4.6 8,383.4 5.4 9,579.8 6.3 9,579.2 6.5 10,865.4 7.7 12,567.1 9.4 12,600.0 9.7

Total 142,742.6 100.0 144,734.7 100.0 149,326.0 100.0 156,534.4 100.0 154,435.6 100.0 152,130.3 100.0 146,932.8 100.0 141,209.4 100.0 134,109.2 100.0 129,400.0 100.0

Note 1: Figures may not sum up to total because of rounding. Figures are calculated on a nominal basis.Note 2: The figures include the amount of issuance to Syndicate until 2005.

Ⅲ　Appendices

Chapter 1 G

overnment B

onds (JGB

s)1 Prim

ary Market for G

overnment B

onds

116

10-YearIssue

Number Auction Date Issue Date Maturity Date Nominal Coupon(%)

Offering Amount(billion yen)

Amount ofCompetitive Bids

(billion yen)

Amount of BidsAccepted

(billion yen)Average Price

(yen)Yield at the

Average Price(%)

Lowest Price(yen)

Yield at theLowest Price

(%)Noncompetitive(billion yen)

Non-Price Competitive Auction I

(billion yen)

Non-Price Competitive Auction II

(billion yen)

350 4.3.18 4.5.18 3.20.28 0.1 2,200 7,445.8 1,789.7 100.67 0.032 100.66 0.033 1.286 408.2 328.4

350 5.8.18 5.9.18 3.20.28 0.1 2,200 7,446.3 1,770.9 100.53 0.046 100.52 0.047 0.386 427.6 232.8

350 6.5.18 6.6.18 3.20.28 0.1 2,200 7,881.9 1,801.4 100.50 0.048 100.49 0.049 0.511 397.2 55.9

351 7.3.18 7.4.18 6.20.28 0.1 2,200 7,782.3 1,782.5 100.62 0.037 100.60 0.039 1.313 415.4 279.1

351 8.2.18 8.3.18 6.20.28 0.1 2,200 7,769.8 1,861.3 99.74 0.126 99.62 0.138 0.386 337.8 285.5

351 9.5.18 9.6.18 6.20.28 0.1 2,200 8,105.3 1,782.2 99.87 0.113 99.86 0.114 0.577 416.2 306.9

352 10.2.18 10.3.18 9.20.28 0.1 2,200 7,460.4 1,772.6 99.59 0.141 99.58 0.142 1.446 425.0 236.7

352 11.1.18 11.2.18 9.20.28 0.1 2,200 7,663.0 1,769.9 99.65 0.135 99.63 0.137 0.286 428.7 314.5

352 12.4.18 12.5.18 9.20.28 0.1 2,200 6,849.2 1,793.2 100.25 0.074 100.22 0.077 0.532 405.5 326.8

353 1.8.19 1.9.19 12.20.28 0.1 2,200 7,150.9 1,769.5 100.84 0.015 100.83 0.016 0.269 428.3 37.2

353 2.5.19 2.6.19 12.20.28 0.1 2,200 8,494.0 1,770.2 101.12 ▲ 0.013 101.11 ▲ 0.012 0.265 428.5 328.9

353 3.5.19 3.6.19 12.20.28 0.1 2,200 7,609.5 1,790.2 101.00 ▲ 0.002 100.98 0.000 0.278 408.6 33.8

(3) Auction Results for JGBs and T-Bills in FY201840-Year

IssueNumber Auction Date Issue Date Maturity Date Nominal Coupon

(%)Offering Amount

（billion yen）Amount of

Competitive Bids（billion yen）

Amount of Bids Accepted

（billion yen）Lowest Price

（yen）Yield at the

Lowest Price(%)


（billion yen）

11 5.29.18 5.30.18 3.20.58 0.8 400 1,567.0 399.4 97.81 0.865 57.3

11 7.24.18 7.25.18 3.20.58 0.8 400 1,319.3 399.5 97.33 0.880 0.0

11 9.26.18 9.27.18 3.20.58 0.8 400 1,291.7 399.2 92.71 1.025 0.0

11 11.27.18 11.28.18 3.20.58 0.8 400 1,538.7 399.3 95.41 0.940 49.9

11 1.29.19 1.30.19 3.20.58 0.8 400 1,512.7 399.5 102.04 0.740 0.0

11 3.26.19 3.27.19 3.20.58 0.8 400 1,398.4 399.2 106.58 0.610 14.1

30-YearIssue




(billion yen)



(yen)Yield at the

Average Price(%)

Lowest Price(yen)


(%)


(billion yen)


(billion yen)

58 4.12.18 4.16.18 3.20.48 0.8 700 2,451.0 565.1 102.11 0.714 102.05 0.716 133.7 103.7

58 5.15.18 5.16.18 3.20.48 0.8 700 2,497.7 566.6 101.31 0.746 101.30 0.746 132.5 96.5

58 6.19.18 6.20.18 3.20.48 0.8 700 2,398.9 568.5 102.27 0.707 102.20 0.710 130.4 86.2

59 7.5.18 7.6.18 6.20.48 0.7 700 2,821.0 563.3 99.90 0.704 99.85 0.706 136.0 81.3

59 8.9.18 8.10.18 6.20.48 0.7 700 2,743.7 586.4 96.41 0.850 96.35 0.853 112.8 44.9

59 9.11.18 9.12.18 6.20.48 0.7 700 2,449.4 578.9 96.71 0.838 96.70 0.838 120.4 97.7

60 10.11.18 10.12.18 9.20.48 0.9 700 2,223.8 567.4 100.04 0.898 100.00 0.900 131.7 7.3

60 11.13.18 11.14.18 9.20.48 0.9 700 2,244.3 563.0 100.60 0.874 100.55 0.876 136.0 59.3

60 12.11.18 12.12.18 9.20.48 0.9 700 2,138.6 565.7 102.55 0.794 102.50 0.796 133.5 70.0

61 1.10.19 1.11.19 12.20.48 0.7 700 2,269.7 563.6 99.62 0.715 99.60 0.716 135.5 63.1

61 2.7.19 2.8.19 12.20.48 0.7 700 2,658.9 563.4 102.85 0.587 102.80 0.589 135.7 0.0

61 3.7.19 3.8.19 12.20.48 0.7 700 2,585.0 566.8 101.97 0.621 101.90 0.624 132.1 40.8

20-YearIssue




(billion yen)



(yen)Yield at the

Average Price(%)

Lowest Price(yen)


(%)


(billion yen)


(billion yen)

164 4.19.18 4.23.18 3.20.38 0.5 1,000 2,972.2 804.4 100.00 0.500 99.90 0.505 194.7 0.0

164 5.22.18 5.23.18 3.20.38 0.5 1,000 3,295.1 799.8 99.42 0.532 99.40 0.533 199.1 0.0

164 6.26.18 6.27.18 3.20.38 0.5 1,000 3,506.9 828.6 99.93 0.503 99.85 0.508 170.7 0.0

165 7.12.18 7.13.18 6.20.38 0.5 1,000 3,656.3 805.9 100.13 0.492 100.10 0.494 193.2 119.0

165 8.21.18 8.22.18 6.20.38 0.5 1,000 3,755.1 805.8 98.10 0.607 98.05 0.610 193.5 121.4

165 9.20.18 9.21.18 6.20.38 0.5 1,000 3,340.2 828.5 97.91 0.618 97.85 0.622 170.5 0.0

166 10.18.18 10.19.18 9.20.38 0.7 1,000 3,385.3 800.3 100.29 0.683 100.25 0.685 198.6 75.9

166 11.20.18 11.21.18 9.20.38 0.7 1,000 3,149.3 806.0 101.55 0.612 101.50 0.615 193.2 0.0

166 12.18.18 12.19.18 9.20.38 0.7 1,000 2,781.3 807.8 102.80 0.543 102.75 0.545 191.3 122.2

167 1.24.19 1.25.19 12.20.38 0.5 1,000 3,661.8 800.9 100.59 0.467 100.55 0.469 198.2 134.2

167 2.19.19 2.20.19 12.20.38 0.5 1,000 3,731.1 799.6 101.47 0.419 101.40 0.423 199.1 118.8

167 3.19.19 3.20.19 12.20.38 0.5 1,000 3,906.3 807.6 101.99 0.391 101.95 0.393 191.1 144.7

10-Year Inflation-Indexed BondsIssue




(billion yen)


(billion yen)Lowest Price

(yen)Yield at the

Lowest Price(%)


(billion yen)

23 5.10.18 5.11.18 3.10.28 0.1 400 1,605.7 399.6 106.35 ▲0.513 47.5

23 8.7.18 8.8.18 3.10.28 0.1 400 1,247.5 399.6 104.05 ▲0.309 18.8

23 11.6.18 11.7.18 3.10.28 0.1 400 1,479.9 399.5 103.90 ▲0.305 35.9

23 2.15.19 2.18.19 3.10.28 0.1 400 1,336.1 399.6 103.60 ▲0.287 22.2

Ⅲ　AppendicesC

hapter 1 Governm

ent Bonds (JG

Bs)

1 Primary M

arket for Governm

ent Bonds

117

2-YearIssue




(billion yen)



(yen)Yield at the

Average Price(%)

Lowest Price(yen)




(billion yen)


(billion yen)

388 4.24.18 5.15.18 5.15.20 0.1 2,100 9,349.0 1,733.3 100.471 ▲0.134 100.470 ▲0.134 0.000 366.5 199.2

389 5.31.18 6.1.18 6.1.20 0.1 2,100 8,425.5 1,716.4 100.496 ▲0.147 100.490 ▲0.144 0.000 383.0 15.0

390 6.28.18 7.2.18 7.1.20 0.1 2,100 8,582.4 1,757.4 100.458 ▲0.128 100.455 ▲0.127 0.000 341.8 43.6

391 7.26.18 8.1.18 8.1.20 0.1 2,100 7,916.6 1,809.4 100.437 ▲0.117 100.425 ▲0.112 0.000 289.6 9.5

392 8.30.18 9.3.18 9.1.20 0.1 2,100 9,200.2 1,748.5 100.425 ▲0.112 100.425 ▲0.112 0.000 351.1 207.9

393 9.28.18 10.1.18 10.1.20 0.1 2,100 7,611.5 1,740.3 100.425 ▲0.112 100.420 ▲0.109 0.000 359.0 0.0

394 10.25.18 11.1.18 11.1.20 0.1 2,100 9,215.8 1,736.0 100.436 ▲0.117 100.435 ▲0.116 0.000 363.0 226.6

395 11.29.18 12.3.18 12.1.20 0.1 2,100 8,145.6 1,747.1 100.468 ▲0.134 100.465 ▲0.132 0.000 352.4 299.2

396 12.26.18 1.4.19 1.1.21 0.1 2,100 9,287.6 1,732.8 100.454 ▲0.127 100.450 ▲0.125 0.000 366.5 199.7

397 1.31.19 2.1.19 2.1.21 0.1 2,100 10,340.1 1,702.0 100.537 ▲0.167 100.535 ▲0.166 0.000 396.9 171.1

398 2.28.19 3.1.19 3.1.21 0.1 2,100 9,018.6 1,712.4 100.511 ▲0.154 100.505 ▲0.151 0.000 387.2 7.6

399 3.28.19 4.1.19 4.1.21 0.1 2,000 8,564.8 1,621.9 100.553 ▲0.175 100.550 ▲0.174 0.000 377.7 228.1

T-BillsIssue

Number Auction Date Issue Date Maturity Date Offering Amount(billion yen)

Amount of Competitive Bids

(billion yen)



(yen)Yield at the

Average Price(%)

Lowest Price (yen)

Yield at the Lowest Price

(%)

Non-PriceCompetitive Auction Ⅰ

(billion yen)

748 4.3.18 4.5.18 7.2.18 4,350.0 17,689.80 3,545.54 100.0336 ▲ 0.1393 100.0320 ▲ 0.1326 804.40

749 4.5.18 4.9.18 7.9.18 4,380.0 20,192.30 3,545.14 100.0338 ▲ 0.1355 100.0325 ▲ 0.1303 834.80

750 4.6.18 4.10.18 10.10.18 2,300.0 13,304.10 1,868.80 100.080 ▲ 0.1594 100.077 ▲ 0.1534 431.20

751 4.12.18 4.16.18 7.17.18 4,380.0 18,885.40 3,545.27 100.0425 ▲ 0.1685 100.0410 ▲ 0.1625 834.70

752 4.18.18 4.20.18 4.22.19 2,100.0 11,598.50 1,700.10 100.181 ▲ 0.1796 100.177 ▲ 0.1757 399.90

753 4.19.18 4.23.18 7.23.18 4,420.0 16,287.90 3,576.56 100.0450 ▲ 0.1804 100.0435 ▲ 0.1744 843.40

754 4.26.18 5.1.18 7.30.18 4,380.0 15,381.10 3,575.27 100.0384 ▲ 0.1556 100.0335 ▲ 0.1358 804.70

755 5.2.18 5.7.18 8.6.18 4,420.0 18,453.30 3,581.04 100.0352 ▲ 0.1411 100.0330 ▲ 0.1323 838.90

756 5.9.18 5.10.18 11.12.18 2,300.0 10,037.80 1,917.48 100.066 ▲ 0.1294 100.064 ▲ 0.1255 382.50

757 5.11.18 5.14.18 8.13.18 4,410.0 15,766.40 3,620.95 100.0318 ▲ 0.1275 100.0305 ▲ 0.1222 789.00

758 5.17.18 5.21.18 5.20.19 2,100.0 10,647.15 1,706.15 100.139 ▲ 0.1391 100.137 ▲ 0.1371 393.80

759 5.18.18 5.21.18 8.20.18 4,380.0 17,888.30 3,571.64 100.0347 ▲ 0.1391 100.0330 ▲ 0.1323 808.30

760 5.25.18 5.28.18 8.27.18 4,350.0 15,985.50 3,532.64 100.0357 ▲ 0.1431 100.0345 ▲ 0.1383 817.30

761 6.1.18 6.4.18 9.3.18 4,350.0 15,753.90 3,534.56 100.0369 ▲ 0.1479 100.0360 ▲ 0.1443 815.40

762 6.7.18 6.11.18 12.10.18 2,300.0 9,667.00 1,889.73 100.064 ▲ 0.1282 100.063 ▲ 0.1262 410.20

763 6.8.18 6.11.18 9.10.18 4,350.0 17,079.30 3,533.63 100.0323 ▲ 0.1295 100.0310 ▲ 0.1243 816.30

764 6.14.18 6.18.18 9.18.18 4,360.0 14,534.00 3,552.91 100.0317 ▲ 0.1257 100.0305 ▲ 0.1209 807.00

765 6.19.18 6.20.18 6.20.19 2,100.0 8,467.70 1,706.69 100.130 ▲ 0.1298 100.127 ▲ 0.1268 393.30

766 6.22.18 6.25.18 9.25.18 4,370.0 14,647.70 3,539.25 100.0334 ▲ 0.1324 100.0325 ▲ 0.1288 830.70

767 6.29.18 7.2.18 10.1.18 4,300.0 13,547.20 3,507.95 100.0329 ▲ 0.1319 100.0315 ▲ 0.1263 792.00

768 7.6.18 7.9.18 10.9.18 4,280.0 17,955.70 3,477.13 100.0348 ▲ 0.1380 100.0335 ▲ 0.1328 802.80

769 7.9.18 7.10.18 1.10.19 2,300.0 11,414.80 1,881.85 100.071 ▲ 0.1407 100.069 ▲ 0.1367 418.10

770 7.13.18 7.17.18 10.15.18 4,250.0 15,417.20 3,451.35 100.0359 ▲ 0.1455 100.0345 ▲ 0.1398 798.60

771 7.19.18 7.20.18 7.22.19 2,100.0 10,176.30 1,768.46 100.145 ▲ 0.1440 100.143 ▲ 0.1420 331.50

772 7.20.18 7.23.18 10.22.18 4,320.0 14,128.50 3,645.52 100.0394 ▲ 0.1579 100.0380 ▲ 0.1523 674.40

773 7.27.18 7.30.18 10.29.18 4,250.0 15,712.00 3,587.26 100.0382 ▲ 0.1531 100.0360 ▲ 0.1443 662.70

774 8.3.18 8.6.18 11.5.18 4,280.0 16,280.10 3,615.19 100.0396 ▲ 0.1587 100.0355 ▲ 0.1423 664.80

775 8.9.18 8.10.18 2.12.19 2,300.0 9,956.20 1,943.46 100.079 ▲ 0.1549 100.074 ▲ 0.1451 356.50

776 8.10.18 8.13.18 11.12.18 4,300.0 12,844.20 3,632.44 100.0408 ▲ 0.1635 100.0385 ▲ 0.1543 667.50

777 8.16.18 8.20.18 8.20.19 2,100.0 9,117.50 1,775.27 100.156 ▲ 0.1557 100.154 ▲ 0.1537 324.70

5-YearIssue




(billion yen)



(yen)Yield at the

Average Price(%)

Lowest Price(yen)




(billion yen)


(billion yen)

135 4.17.18 4.19.18 3.20.23 0.1 2,000 7,144.8 1,623.9 101.09 ▲0.120 101.08 ▲0.118 0.000 375.4 0.0

135 5.17.18 5.18.18 3.20.23 0.1 2,000 6,999.8 1,657.1 100.99 ▲0.103 100.98 ▲0.101 0.000 342.1 0.0

135 6.21.18 6.22.18 3.20.23 0.1 2,000 6,431.5 1,658.7 101.02 ▲0.113 101.00 ▲0.109 0.000 340.4 0.0

136 7.10.18 7.11.18 6.20.23 0.1 2,000 8,038.4 1,650.8 101.03 ▲0.107 101.02 ▲0.105 0.000 348.1 33.0

136 8.16.18 8.17.18 6.20.23 0.1 2,000 6,756.1 1,711.0 100.86 ▲0.076 100.85 ▲0.074 0.000 288.4 92.5

136 9.13.18 9.14.18 6.20.23 0.1 2,000 9,060.3 1,637.1 100.82 ▲0.071 100.81 ▲0.069 0.000 361.9 0.0

137 10.16.18 10.17.18 9.20.23 0.1 2,000 7,996.5 1,637.3 100.77 ▲0.055 100.76 ▲0.053 0.000 361.6 0.0

137 11.15.18 11.16.18 9.20.23 0.1 2,000 6,384.2 1,642.0 100.91 ▲0.087 100.91 ▲0.087 0.000 356.8 278.7

137 12.13.18 12.14.18 9.20.23 0.1 2,000 6,326.3 1,647.7 101.02 ▲0.112 101.00 ▲0.108 0.000 351.8 156.5

138 1.16.19 1.17.19 12.20.23 0.1 2,000 8,344.3 1,621.5 101.21 ▲0.144 101.21 ▲0.144 0.000 377.7 299.1

138 2.13.19 2.14.19 12.20.23 0.1 2,000 7,858.7 1,623.0 101.23 ▲0.151 101.22 ▲0.149 0.000 376.4 298.6

138 3.12.19 3.13.19 12.20.23 0.1 2,000 7,660.3 1,625.5 101.24 ▲0.157 101.23 ▲0.155 0.000 373.5 254.0

Ⅲ　Appendices

Chapter 1 G

overnment B

onds (JGB

s)1 Prim

ary Market for G

overnment B

onds

118

IssueNumber Auction Date Issue Date Maturity Date Offering Amount

(billion yen)Amount of

Competitive Bids (billion yen)



(yen)Yield at the

Average Price(%)

Lowest Price (yen)

Yield at the Lowest Price

(%)

Non-PriceCompetitive Auction Ⅰ

(billion yen)

778 8.17.18 8.20.18 11.19.18 4,250.0 16,056.34 3,591.94 100.0410 ▲ 0.1643 100.0390 ▲ 0.1563 658.00

779 8.24.18 8.27.18 11.26.18 4,250.0 14,385.60 3,477.66 100.0387 ▲ 0.1551 100.0365 ▲ 0.1463 772.30

780 8.31.18 9.3.18 12.3.18 4,250.0 12,989.00 3,477.62 100.0382 ▲ 0.1531 100.0365 ▲ 0.1463 772.30

781 9.6.18 9.10.18 3.11.19 2,300.0 8,673.20 1,880.27 100.078 ▲ 0.1563 100.075 ▲ 0.1502 419.70

782 9.7.18 9.10.18 12.10.18 4,250.0 15,004.70 3,501.70 100.0347 ▲ 0.1391 100.0330 ▲ 0.1323 748.20

783 9.14.18 9.18.18 12.17.18 4,300.0 17,684.90 3,526.55 100.0307 ▲ 0.1244 100.0295 ▲ 0.1196 773.40

784 9.18.18 9.20.18 9.20.19 2,100.0 8,246.40 1,725.07 100.136 ▲ 0.1358 100.132 ▲ 0.1318 374.90

785 9.21.18 9.25.18 12.25.18 4,270.0 15,782.60 3,506.17 100.0285 ▲ 0.1142 100.0270 ▲ 0.1082 763.80

786 9.28.18 10.1.18 1.9.19 4,300.0 18,141.70 3,508.05 100.0557 ▲ 0.2031 100.0510 ▲ 0.1860 791.90

787 10.5.18 10.9.18 1.15.19 4,300.0 15,297.00 3,486.09 100.0765 ▲ 0.2847 100.0720 ▲ 0.2679 813.90

788 10.9.18 10.10.18 4.10.19 2,300.0 7,219.40 1,871.36 100.100 ▲ 0.2003 100.091 ▲ 0.1823 428.60

789 10.12.18 10.15.18 1.21.19 4,280.0 13,419.70 3,471.48 100.0791 ▲ 0.2943 100.0730 ▲ 0.2716 808.50

790 10.18.18 10.22.18 10.21.19 2,100.0 7,990.30 1,732.07 100.168 ▲ 0.1681 100.155 ▲ 0.1551 367.90

791 10.19.18 10.22.18 1.28.19 4,320.0 13,240.70 3,502.69 100.0797 ▲ 0.2966 100.0745 ▲ 0.2772 817.30

792 10.26.18 10.29.18 2.4.19 4,300.0 12,574.65 3,491.04 100.0863 ▲ 0.3211 100.0795 ▲ 0.2958 808.90

793 11.2.18 11.5.18 2.12.19 4,300.0 13,329.10 3,492.26 100.0809 ▲ 0.2980 100.0770 ▲ 0.2836 807.70

794 11.8.18 11.12.18 5.10.19 2,300.0 10,172.00 1,888.77 100.093 ▲ 0.1894 100.090 ▲ 0.1833 411.20

795 11.9.18 11.12.18 2.18.19 4,300.0 11,558.80 3,491.94 100.0692 ▲ 0.2575 100.0645 ▲ 0.2400 808.00

796 11.16.18 11.19.18 2.25.19 4,250.0 14,097.30 3,452.18 100.0802 ▲ 0.2984 100.0765 ▲ 0.2847 797.80

797 11.19.18 11.20.18 11.20.19 2,100.0 7,054.40 1,712.97 100.169 ▲ 0.1687 100.165 ▲ 0.1647 387.00

798 11.22.18 11.26.18 3.4.19 4,280.0 12,549.00 3,490.77 100.0722 ▲ 0.2687 100.0680 ▲ 0.2530 789.20

799 11.30.18 12.3.18 3.11.19 4,250.0 12,131.10 3,441.68 100.0535 ▲ 0.1991 100.0460 ▲ 0.1712 808.30

800 12.6.18 12.10.18 6.10.19 2,300.0 9,358.00 1,894.77 100.084 ▲ 0.1683 100.080 ▲ 0.1603 405.20

801 12.7.18 12.10.18 3.18.19 4,270.0 13,050.50 3,457.86 100.0471 ▲ 0.1753 100.0450 ▲ 0.1675 812.10

802 12.14.18 12.17.18 3.25.19 4,320.0 14,203.04 3,508.28 100.0571 ▲ 0.2125 100.0540 ▲ 0.2010 811.70

803 12.19.18 12.20.18 12.20.19 2,100.0 7,562.90 1,723.59 100.170 ▲ 0.1697 100.153 ▲ 0.1527 376.40

804 12.21.18 12.25.18 4.4.19 4,270.0 11,940.94 3,472.78 100.0563 ▲ 0.2053 100.0480 ▲ 0.1751 797.20

805 1.8.19 1.9.19 4.8.19 4,340.0 14,088.96 3,547.26 100.0373 ▲ 0.1529 100.0355 ▲ 0.1455 792.70

806 1.9.19 1.10.19 7.10.19 2,300.0 12,404.20 1,869.48 100.070 ▲ 0.1410 100.070 ▲ 0.1410 430.50

807 1.11.19 1.15.19 4.15.19 4,340.0 15,178.20 3,514.63 100.0371 ▲ 0.1504 100.0360 ▲ 0.1459 825.30

808 1.17.19 1.21.19 1.20.20 2,100.0 8,855.50 1,700.99 100.178 ▲ 0.1781 100.174 ▲ 0.1741 399.00

809 1.18.19 1.21.19 4.22.19 4,340.0 13,403.10 3,513.75 100.0469 ▲ 0.1880 100.0450 ▲ 0.1804 826.20

810 1.25.19 1.28.19 5.9.19 4,340.0 17,491.30 3,513.77 100.0535 ▲ 0.1932 100.0520 ▲ 0.1878 826.20

811 2.1.19 2.4.19 5.13.19 4,340.0 12,668.05 3,511.47 100.0713 ▲ 0.2653 100.0620 ▲ 0.2307 828.50

812 2.7.19 2.12.19 8.13.19 2,300.0 8,664.10 1,861.04 100.102 ▲ 0.2043 100.097 ▲ 0.1943 438.90

813 2.8.19 2.12.19 5.20.19 4,340.0 13,855.20 3,511.05 100.0574 ▲ 0.2158 100.0535 ▲ 0.2012 828.90

814 2.15.19 2.18.19 5.27.19 4,340.0 14,064.35 3,520.85 100.0566 ▲ 0.2106 100.0525 ▲ 0.1954 819.10

815 2.19.19 2.20.19 2.20.20 1,900.0 8,352.20 1,541.75 100.191 ▲ 0.1906 100.189 ▲ 0.1886 358.20

816 2.22.19 2.25.19 6.3.19 4,340.0 13,622.38 3,520.86 100.0593 ▲ 0.2207 100.0555 ▲ 0.2065 819.10

817 3.1.19 3.4.19 6.10.19 4,360.0 14,143.50 3,526.49 100.0436 ▲ 0.1623 100.0400 ▲ 0.1489 833.50

818 3.7.19 3.11.19 9.10.19 2,300.0 8,748.00 1,869.08 100.072 ▲ 0.1435 100.069 ▲ 0.1375 430.90

819 3.8.19 3.11.19 6.17.19 4,340.0 12,828.30 3,511.07 100.0347 ▲ 0.1291 100.0325 ▲ 0.1210 828.90

820 3.14.19 3.18.19 6.24.19 4,340.0 12,749.50 3,520.85 100.0386 ▲ 0.1437 100.0365 ▲ 0.1358 819.10

821 3.19.19 3.20.19 3.23.20 1,900.0 7,431.50 1,553.38 100.181 ▲ 0.1787 100.177 ▲ 0.1747 346.60

822 3.22.19 3.25.19 7.1.19 4,320.0 11,681.10 3,504.79 100.0526 ▲ 0.1958 100.0490 ▲ 0.1824 815.20

101

第Ⅲ編　資料編

(4) Issuance Amount of JGBs and T-Bills Offered to the Market at Each AuctionJGBs

T-Bills

Apr-18Apr-17Apr-16Apr-15Apr-14Apr-13Apr-12Apr-11Apr-10Apr-09


3.0

2.8

2.6

2.2

2.0

0.0

1.8

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

2.4

6.5

6.0

5.5

4.5

4.0

0.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

5.0

10-year bonds

20-year bonds

5-year bonds

2-year bonds

30-year bonds

40-year bonds10-year Inflation-Indexed Bonds

3M

2M

6M

1Y

Issuance Amount at Each Auction

Issuauce Amount at Each Auction

Ⅲ　AppendicesC

hapter 1 Governm

ent Bonds (JG

Bs)

1 Primary M

arket for Governm

ent Bonds

119101

第Ⅲ編　資料編

(4) Issuance Amount of JGBs and T-Bills Offered to the Market at Each AuctionJGBs

T-Bills



3.0

2.8

2.6

2.2

2.0

0.0

1.8

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

2.4

6.5

6.0

5.5

4.5

4.0

0.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

5.0

10-year bonds

20-year bonds

5-year bonds

2-year bonds

30-year bonds

40-year bonds10-year Inflation-Indexed Bonds

3M

2M

6M

1Y

Issuance Amount at Each Auction

Issuauce Amount at Each Auction

Ⅲ　Appendices

Chapter 1 G

overnment B

onds (JGB

s)1 Prim

ary Market for G

overnment B

onds

120

MaturityMonth of RedemptionCoupon Payment MonthsInitial Coupon Payment MonthMonth of Issuance

Month of Issuance

(5) Principal/Coupon Payment Corresponding to Days of Issuance in FY2019


Month of Issuance

MaturityMonth of RedemptionCoupon Payment MonthsInitial Coupon Payment Month


2-Year Bonds

As for termAs for termAs for termAs for termAs for termAs for termAs for termAs for termAs for termAs for termAs for termAs for term

AprilMayJuneJuly

AugustSeptember

OctoberNovemberDecemberJanuaryFebruary

March

April, OctoberMay, NovemberJune, December

January, JulyFebruary, AugustMarch, September




MarchAprilMayJuneJuly

AugustSeptember

AprilMayJuneJuly

AugustSeptember


MarchNote 1: Coupon payment date and redemption date are the first of the month.Note 2: With regard to establishing the day of issuance, as a rule, issuance shall occur on the first of the month.

March, SeptemberMarch, SeptemberMarch, SeptemberMarch, SeptemberMarch, SeptemberMarch, September

March, SeptemberMarch, SeptemberMarch, SeptemberMarch, September

40-Year Bonds

Maturity – 2 monthsMaturity – 4 monthsMaturity – 6 monthsMaturity – 8 monthsMaturity – 10 monthsMaturity – 12 months

MarchMarchMarchMarchMarchMarch

SeptemberSeptember

MarchMarchMarch

September

MayJuly

SeptemberNovemberJanuaryMarch

Note 1: Coupon payment date and redemption date are the twentieth of the month.Note 2: Issuance shall occur on T+1 (day of auction + 1 business day).

5, 10, 20, 30-Year Bonds

Maturity – 1 month Maturity – 2 months Maturity – 3 months Maturity – 1 month Maturity – 2 months Maturity – 3 months Maturity – 1 month Maturity – 2 months Maturity – 3 months Maturity – 1 month Maturity – 2 months Maturity – 3 months

MarchMarchMarchJuneJuneJune

SeptemberSeptemberSeptemberDecemberDecemberDecember

March, SeptemberMarch, SeptemberMarch, SeptemberJune, DecemberJune, DecemberJune, December




AprilMayJuneJuly

AugustSeptember


MarchNote 1: Coupon payment days and days of maturity are the twentieth of the month.Note 2: Issuance shall occur on T+1 (day of auction + 1 business day).

10-Year Inflation-Indexed Bonds

MarchMarchMarchMarch

SeptemberSeptember

MarchMarch

MayAugust

NovemberFebruary

Note 1: Coupon payment date and redemption date are the tenth of the month.Note 2: Issuance shall occur on T+1 (day of auction + 1 business day).

Maturity – 2 monthsMaturity – 5 monthsMaturity – 8 monthsMaturity – 11 months

Ⅲ　AppendicesC

hapter 1 Governm

ent Bonds (JG

Bs)

1 Primary M

arket for Governm

ent Bonds

121


Month of Issuance

(5) Principal/Coupon Payment Corresponding to Days of Issuance in FY2019


Month of Issuance



2-Year Bonds

As for termAs for termAs for termAs for termAs for termAs for termAs for termAs for termAs for termAs for termAs for termAs for term

AprilMayJuneJuly

AugustSeptember


March






MarchAprilMayJuneJuly

AugustSeptember

AprilMayJuneJuly

AugustSeptember


MarchNote 1: Coupon payment date and redemption date are the first of the month.Note 2: With regard to establishing the day of issuance, as a rule, issuance shall occur on the first of the month.

March, SeptemberMarch, SeptemberMarch, SeptemberMarch, SeptemberMarch, SeptemberMarch, September

March, SeptemberMarch, SeptemberMarch, SeptemberMarch, September

40-Year Bonds

Maturity – 2 monthsMaturity – 4 monthsMaturity – 6 monthsMaturity – 8 monthsMaturity – 10 monthsMaturity – 12 months

MarchMarchMarchMarchMarchMarch

SeptemberSeptember

MarchMarchMarch

September

MayJuly

SeptemberNovemberJanuaryMarch

Note 1: Coupon payment date and redemption date are the twentieth of the month.Note 2: Issuance shall occur on T+1 (day of auction + 1 business day).

5, 10, 20, 30-Year Bonds

Maturity – 1 month Maturity – 2 months Maturity – 3 months Maturity – 1 month Maturity – 2 months Maturity – 3 months Maturity – 1 month Maturity – 2 months Maturity – 3 months Maturity – 1 month Maturity – 2 months Maturity – 3 months







AprilMayJuneJuly

AugustSeptember


MarchNote 1: Coupon payment days and days of maturity are the twentieth of the month.Note 2: Issuance shall occur on T+1 (day of auction + 1 business day).

10-Year Inflation-Indexed Bonds

MarchMarchMarchMarch

SeptemberSeptember

MarchMarch

MayAugust

NovemberFebruary

Note 1: Coupon payment date and redemption date are the tenth of the month.Note 2: Issuance shall occur on T+1 (day of auction + 1 business day).

Maturity – 2 monthsMaturity – 5 monthsMaturity – 8 monthsMaturity – 11 months

(Unit: billion yen)

Securities Companies Banks

Insurance Companies

Short-Term Credit/

Securities Finance

Companies

Others Total forFY2018

Domestic Overseas Domestic Overseas

2-Year 18,402.4 12,130.5 6,271.9 2,382.9 2,382.9 0.0 0.0 54.8 0.0 20,840.1

Share 88.3% 58.2% 30.1% 11.4% 11.4% 0.0% 0.0% 0.3% 0.0% 100.0%

5-Year 18,797.7 10,743.8 8,053.9 937.9 937.9 0.0 0.0 0.0 0.0 19,735.6

Share 95.2% 54.4% 40.8% 4.8% 4.8% 0.0% 0.0% 0.0% 0.0% 100.0%

10-Year 19,236.3 9,965.3 9,271.0 2,217.3 2,217.3 0.0 0.0 0.0 0.0 21,453.6

Share 89.7% 46.5% 43.2% 10.3% 10.3% 0.0% 0.0% 0.0% 0.0% 100.0%

20-Year 8,214.8 4,405.0 3,809.8 1,440.1 1,440.1 0.0 40.3 0.0 0.0 9,695.2

Share 84.7% 45.4% 39.3% 14.9% 14.9% 0.0% 0.4% 0.0% 0.0% 100.0%

30-Year 6,380.7 3,294.1 3,086.6 322.1 322.1 0.0 115.9 0.0 0.0 6,818.7

Share 93.6% 48.3% 45.3% 4.7% 4.7% 0.0% 1.7% 0.0% 0.0% 100.0%

40-Year 2,285.5 1,048.0 1,237.5 70.0 70.0 0.0 40.6 0.0 0.0 2,396.1

Share 95.4% 43.7% 51.6% 2.9% 2.9% 0.0% 1.7% 0.0% 0.0% 100.0%

10-Year JGBi 1,311.9 492.6 819.3 286.4 286.4 0.0 0.0 0.0 0.0 1,598.3

Share 82.1% 30.8% 51.3% 17.9% 17.9% 0.0% 0.0% 0.0% 0.0% 100.0%

T-Bills 148,325.0 97,994.4 50,330.6 18,572.5 18,452.5 120.0 0.0 4,899.9 0.0 171,797.4

Share 86.3% 57.0% 29.3% 10.8% 10.7% 0.1% 0.0% 2.9% 0.0% 100.0%

Note 1: Figures may not sum up to the total because of rounding. Figures are calculated on a nominal basis.Note 2: Figures are the total of price-competitive auctions.

(6) Successful Bids Share for JGBs by Investor Type in FY2018

Ⅲ　Appendices

Chapter 1 G

overnment B

onds (JGB

s)1 Prim

ary Market for G

overnment B

onds

122

(7) Issuance of JGBs for Retail InvestorsTotal

10-Year Floating-Rate5-Year Fixed-Rate3-Year Fixed-RateMonth of issue

（first interest rate）（interest rate）（interest rate）

Note1: From January 2012 to June 2013, JGBs for Retail Investors have been issued as Reconstruction Bonds. Note2: JGBs for Retail Investors issued from April to June 2012 were posted under revenues in FY 2011 and issued from April to June 2013 were posted under revenues in FY2012, because Reconstruction Bonds are accepted to be issued between accounting adjustment term. Note3: Amounts of 10-year floating-rate JGBs issued for FY2011 and FY2012 include those of Reconstruction Supporters’ Bonds for Retail Investors.

〈FY Total〉

（Unit: billion yen）


Total10-Year Floating-Rate5-Year Fixed-Rate3-Year Fixed-Rate

Month of issue（first interest rate）（interest rate）（interest rate）


383.5348.6280.2943.2

1,395.11,418.51,772.61,865.21,764.72,337.41,642.31,362.91,928.61,816.82,224.31,590.71,506.41,180.51,967.6

962.4551.1354.0995.2439.0504.7320.8487.3310.4241.2190.3272.1

25.829.386.531.826.7

186.5116.4

62.3239.9105.5

58.3450.8116.6

50.3391.3

82.735.1

745.4104.5

45.5384.8

84.238.6

519.554.226.9

303.443.918.0

353.932.514.9

249.726.233.3

466.891.794.3

893.0107.9

34.1770.3342.4239.5364.9318.4157.1347.0270.5179.8230.3221.5

95.7

（0.09%）（0.05%）（0.05%）（0.77%）（0.62%）（0.55%）（0.74%）（0.74%）（0.67%）（0.73%）（0.45%）（0.55%）（0.68%）（0.85%）（1.10%）（0.92%）（0.84%）（0.87%）（1.01%）（0.85%）（0.68%）（0.57%）（1.00%）（0.69%）（0.58%）（0.50%）（0.73%）（0.53%）（0.45%）（0.53%）（0.48%）

－－

（0.25%）－－

（0.39%）－－

（0.51%）－－

（0.77%）－－

（0.72%）－－

（0.72%）－－

（0.64%）－－

（0.57%）－－

（0.53%）－－

（0.48%）－－

（0.42%）－－

（0.57%）－－

（0.51%）－－

（0.43%）（0.48%）（0.40%）（0.40%）（0.42%）（0.40%）（0.40%）（0.37%）（0.34%）（0.34%）（0.34%）（0.29%）

383.5348.6280.2943.2

1,395.11,418.51,772.61,865.21,764.72,337.41,642.31,362.9

800.1828.5981.3732.3433.4347.9371.3193.2131.6

62.2101.0

46.131.726.743.241.454.647.656.6－－

15.5－－

24.1－－

12.6－－

231.9－－

227.6－－

405.1－－

240.6－－

403.3－－

222.5－－

278.3－－

207.1－－

296.6－－

666.1－－

625.3235.5166.2265.7210.0

96.3256.2169.3125.0163.3142.8

63.4

－－－－－－－－－－－－

（0.80%）（1.01%）（1.30%）（1.13%）（1.20%）（1.13%）（1.50%）（1.15%）（0.94%）（0.81%）（1.22%）（0.99%）（0.80%）（0.71%）（0.82%）（0.60%）（0.44%）（0.48%）（0.42%）

－－

（0.23%）－－

（0.37%）－－

（0.52%）－－

（0.41%）－－

（0.32%）－－

（0.33%）－－

（0.27%）－－

（0.19%）－－

（0.17%）－－

（0.13%）－－

（0.06%）－－

（0.30%）－－

（0.24%）－－

（0.15%）（0.17%）（0.15%）（0.14%）（0.15%）（0.14%）（0.14%）（0.12%）（0.10%）（0.12%）（0.11%）（0.08%）

－－－－－－－－－－－－

1,128.5988.3

1,243.0858.4

1,073.0832.6

1,596.4769.2419.6291.9894.2392.9472.9294.1444.1269.0186.6142.7156.3－－

40.3－－

82.8－－

143.4－－

168.8－－

110.0－－

236.9－－

97.3－－

82.7－－

57.6－－

49.4－－

14.5－－

128.6－－

137.9－－

77.962.136.852.364.633.153.865.429.042.053.914.8

－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－

（0.19%）（0.14%）（0.15%）（0.11%）（0.12%）（0.13%）（0.21%）（0.22%）（0.27%）（0.32%）（0.26%）（0.24%）（0.20%）（0.21%）（0.18%）（0.17%）（0.17%）（0.18%）（0.18%）（0.17%）（0.18%）（0.12%）（0.14%）（0.10%）（0.07%）（0.07%）（0.07%）（0.07%）（0.07%）（0.07%）（0.07%）（0.07%）（0.05%）（0.05%）（0.05%）（0.12%）（0.14%）（0.14%）（0.12%）（0.11%）（0.10%）（0.10%）（0.08%）（0.09%）（0.08%）（0.07%）（0.08%）（0.08%）（0.07%）（0.06%）（0.06%）（0.06%）（0.05%）（0.05%）

－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－

59.225.829.330.831.826.779.5

116.462.383.9

105.558.350.1

116.650.353.782.735.1

103.4104.5

45.546.984.238.633.554.226.923.343.918.026.232.514.928.126.233.341.591.794.389.0

107.934.167.144.836.546.943.727.737.035.825.825.024.817.4

179.0144.5124.1174.8183.7146.6196.3225.5160.1159.5182.3

72.9225.1176.5233.5400.3274.9210.4310.5320.9169.2343.4196.4191.3634.2572.7931.5203.0189.4233.4325.6351.0211.5351.6277.6268.2368.5336.0333.4416.9363.5361.3426.5393.7362.4372.8394.8291.8362.7362.2584.2

（0.31%）（0.20%）（0.20%）（0.26%）（0.24%）（0.28%）（0.30%）（0.34%）（0.26%）（0.28%）（0.22%）（0.21%）（0.21%）（0.17%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.06%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.06%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.09%）（0.07%）（0.09%）（0.09%）（0.05%）（0.05%）（0.05%）

139.192.490.8

135.5127.8114.9159.3175.3132.6131.0147.6

54.7189.0149.0165.9246.7159.6123.5165.3187.5

82.6205.8

84.3105.3382.8350.4677.2137.1124.6184.0242.8274.3159.4290.3218.7208.1281.9278.3284.5347.4312.4297.2356.3323.6313.4335.1351.7259.0310.7308.5520.5

（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.08%）（0.05%）（0.09%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）

9.610.3

4.011.815.211.1

8.231.1

7.29.2

12.93.7

14.312.331.1

111.785.155.5

100.093.943.694.968.838.4

181.6170.0207.6

19.924.011.033.432.5

9.517.517.612.920.015.812.614.315.817.623.620.311.112.015.8

8.314.315.227.7

（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）

30.441.829.227.540.720.528.719.220.219.321.814.521.715.336.541.830.231.445.339.643.042.843.447.669.852.346.746.040.838.449.444.342.643.841.347.266.541.936.255.135.346.646.649.837.925.627.324.537.738.536.0

383.52,967.16,821.07,271.27,138.34,661.72,292.91,359.81,027.82,933.4

507.61,676.4

309.33,039.92,632.62,136.74,555.63,449.34,692.7

383.52,967.16,821.06,142.72,975.61,044.0

241.0165.9143.7

1,117.8240.6

1,111.2207.1

1,989.71,814.41,682.82,770.72,684.04,035.7

－－－

1,128.54,162.73,617.72,051.91,193.9

422.1756.5

97.3204.2

14.5443.3432.8168.1

1,251.0226.8196.0

－－－－－－－－

462.01,059.0

169.7361.0

87.6606.9385.4285.8533.9538.5461.0

Mar-03Apr-03Jul-03Oct-03Jan-04Apr-04Jul-04Oct-04Jan-05Apr-05Jul-05Oct-05Jan-06Apr-06Jul-06Oct-06Jan-07Apr-07Jul-07Oct-07Jan-08Apr-08Jul-08Oct-08Jan-09Apr-09Jul-09Oct-09Jan-10Apr-10Jul-10

Aug-10Sep-10Oct-10Nov-10Dec-10Jan-11Feb-11Mar-11Apr-11

May-11Jun-11Jul-11


May-12Jun-12Jul-12


May-13Jun-13Jul-13


May-14Jun-14Jul-14

Aug-14Sep-14Oct-14Nov-14Dec-14

Jan-15Feb-15Mar-15Apr-15

May-15Jun-15Jul-15


May-16Jun-16Jul-16


May-17Jun-17Jul-17


May-18Jun-18Jul-18

Aug-18Sep-18Oct-18Nov-18Dec-18Jan-19Feb-19Mar-19

FY2002FY2003FY2004FY2005FY2006FY2007FY2008FY2009FY2010FY2011

Issued in 2012FY2012

Issued in 2013FY2013FY2014FY2015FY2016FY2017FY2018

(8) Issuance by the Bank of Japan Rollover

Amount of Rollover

Maximum Amount of Issuance（Face Value）

(9) Front-Loading Issuance of Refunding Bonds

Issuance Amount（Revenue Basis）

FY10,705.9

9,299.911,799.816,699.811,699.811,099.810,399.9

7,999.93,000.02,500.02,200.0

（include re-rollover 3,000.0)FY2009FY2010FY2011FY2012FY2013FY2014FY2015FY2016FY2017FY2018FY2019

Note: Figures are calculated on a revenue basis. Up to FY2018: actual; FY2019: initial

5,276.4

8,126.4

16,919.4

9,647.3

11,360.7

23,275.8

28,834.1

42,250.9

45,104.6

49,440.7

52,463.1

－

（initial plan: 12,000.0）





20,000.0

12,000.0

20,000.0

12,000.0

12,000.0

28,000.0

29,000.0

44,000.0

56,000.0

56,000.0

55,000.0

53,000.0



FY2009

FY2010

FY2011

FY2012

FY2013

FY2014

FY2015

FY2016

FY2017

FY2018

FY2019

FY2020

（Issued in FY2008）











（Issued in FY2019）Note: Refunding Bonds issued in order to refinance JGBs that will mature in FY X are basically issued in FY X, but they can be issued in FY X-1 within an upper limit authorized

by the General Rules for the Special Account Budget of FY X-1. This kind of issuance is called Front-Loading lssuance of Refunding Bonds.

Ⅲ　AppendicesC

hapter 1 Governm

ent Bonds (JG

Bs)

1 Primary M

arket for Governm

ent Bonds

123

(7) Issuance of JGBs for Retail InvestorsTotal

10-Year Floating-Rate5-Year Fixed-Rate3-Year Fixed-RateMonth of issue

（first interest rate）（interest rate）（interest rate）

Note1: From January 2012 to June 2013, JGBs for Retail Investors have been issued as Reconstruction Bonds. Note2: JGBs for Retail Investors issued from April to June 2012 were posted under revenues in FY 2011 and issued from April to June 2013 were posted under revenues in FY2012, because Reconstruction Bonds are accepted to be issued between accounting adjustment term. Note3: Amounts of 10-year floating-rate JGBs issued for FY2011 and FY2012 include those of Reconstruction Supporters’ Bonds for Retail Investors.

〈FY Total〉




Month of issue（first interest rate）（interest rate）（interest rate）


383.5348.6280.2943.2

1,395.11,418.51,772.61,865.21,764.72,337.41,642.31,362.91,928.61,816.82,224.31,590.71,506.41,180.51,967.6

962.4551.1354.0995.2439.0504.7320.8487.3310.4241.2190.3272.1

25.829.386.531.826.7

186.5116.4

62.3239.9105.5

58.3450.8116.6

50.3391.3

82.735.1

745.4104.5

45.5384.8

84.238.6

519.554.226.9

303.443.918.0

353.932.514.9

249.726.233.3

466.891.794.3

893.0107.9

34.1770.3342.4239.5364.9318.4157.1347.0270.5179.8230.3221.5

95.7

（0.09%）（0.05%）（0.05%）（0.77%）（0.62%）（0.55%）（0.74%）（0.74%）（0.67%）（0.73%）（0.45%）（0.55%）（0.68%）（0.85%）（1.10%）（0.92%）（0.84%）（0.87%）（1.01%）（0.85%）（0.68%）（0.57%）（1.00%）（0.69%）（0.58%）（0.50%）（0.73%）（0.53%）（0.45%）（0.53%）（0.48%）

－－

（0.25%）－－

（0.39%）－－

（0.51%）－－

（0.77%）－－

（0.72%）－－

（0.72%）－－

（0.64%）－－

（0.57%）－－

（0.53%）－－

（0.48%）－－

（0.42%）－－

（0.57%）－－

（0.51%）－－

（0.43%）（0.48%）（0.40%）（0.40%）（0.42%）（0.40%）（0.40%）（0.37%）（0.34%）（0.34%）（0.34%）（0.29%）

383.5348.6280.2943.2

1,395.11,418.51,772.61,865.21,764.72,337.41,642.31,362.9

800.1828.5981.3732.3433.4347.9371.3193.2131.6

62.2101.0

46.131.726.743.241.454.647.656.6－－

15.5－－

24.1－－

12.6－－

231.9－－

227.6－－

405.1－－

240.6－－

403.3－－

222.5－－

278.3－－

207.1－－

296.6－－

666.1－－

625.3235.5166.2265.7210.0

96.3256.2169.3125.0163.3142.8

63.4

－－－－－－－－－－－－

（0.80%）（1.01%）（1.30%）（1.13%）（1.20%）（1.13%）（1.50%）（1.15%）（0.94%）（0.81%）（1.22%）（0.99%）（0.80%）（0.71%）（0.82%）（0.60%）（0.44%）（0.48%）（0.42%）

－－

（0.23%）－－

（0.37%）－－

（0.52%）－－

（0.41%）－－

（0.32%）－－

（0.33%）－－

（0.27%）－－

（0.19%）－－

（0.17%）－－

（0.13%）－－

（0.06%）－－

（0.30%）－－

（0.24%）－－

（0.15%）（0.17%）（0.15%）（0.14%）（0.15%）（0.14%）（0.14%）（0.12%）（0.10%）（0.12%）（0.11%）（0.08%）

－－－－－－－－－－－－

1,128.5988.3

1,243.0858.4

1,073.0832.6

1,596.4769.2419.6291.9894.2392.9472.9294.1444.1269.0186.6142.7156.3－－

40.3－－

82.8－－

143.4－－

168.8－－

110.0－－

236.9－－

97.3－－

82.7－－

57.6－－

49.4－－

14.5－－

128.6－－

137.9－－

77.962.136.852.364.633.153.865.429.042.053.914.8

－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－

（0.19%）（0.14%）（0.15%）（0.11%）（0.12%）（0.13%）（0.21%）（0.22%）（0.27%）（0.32%）（0.26%）（0.24%）（0.20%）（0.21%）（0.18%）（0.17%）（0.17%）（0.18%）（0.18%）（0.17%）（0.18%）（0.12%）（0.14%）（0.10%）（0.07%）（0.07%）（0.07%）（0.07%）（0.07%）（0.07%）（0.07%）（0.07%）（0.05%）（0.05%）（0.05%）（0.12%）（0.14%）（0.14%）（0.12%）（0.11%）（0.10%）（0.10%）（0.08%）（0.09%）（0.08%）（0.07%）（0.08%）（0.08%）（0.07%）（0.06%）（0.06%）（0.06%）（0.05%）（0.05%）

－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－

59.225.829.330.831.826.779.5

116.462.383.9

105.558.350.1

116.650.353.782.735.1

103.4104.5

45.546.984.238.633.554.226.923.343.918.026.232.514.928.126.233.341.591.794.389.0

107.934.167.144.836.546.943.727.737.035.825.825.024.817.4

179.0144.5124.1174.8183.7146.6196.3225.5160.1159.5182.3

72.9225.1176.5233.5400.3274.9210.4310.5320.9169.2343.4196.4191.3634.2572.7931.5203.0189.4233.4325.6351.0211.5351.6277.6268.2368.5336.0333.4416.9363.5361.3426.5393.7362.4372.8394.8291.8362.7362.2584.2

（0.31%）（0.20%）（0.20%）（0.26%）（0.24%）（0.28%）（0.30%）（0.34%）（0.26%）（0.28%）（0.22%）（0.21%）（0.21%）（0.17%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.06%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.06%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.09%）（0.07%）（0.09%）（0.09%）（0.05%）（0.05%）（0.05%）

139.192.490.8

135.5127.8114.9159.3175.3132.6131.0147.6

54.7189.0149.0165.9246.7159.6123.5165.3187.5

82.6205.8

84.3105.3382.8350.4677.2137.1124.6184.0242.8274.3159.4290.3218.7208.1281.9278.3284.5347.4312.4297.2356.3323.6313.4335.1351.7259.0310.7308.5520.5

（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.08%）（0.05%）（0.09%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）

9.610.3

4.011.815.211.1

8.231.1

7.29.2

12.93.7

14.312.331.1

111.785.155.5

100.093.943.694.968.838.4

181.6170.0207.6

19.924.011.033.432.5

9.517.517.612.920.015.812.614.315.817.623.620.311.112.015.8

8.314.315.227.7

（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）（0.05%）

30.441.829.227.540.720.528.719.220.219.321.814.521.715.336.541.830.231.445.339.643.042.843.447.669.852.346.746.040.838.449.444.342.643.841.347.266.541.936.255.135.346.646.649.837.925.627.324.537.738.536.0

383.52,967.16,821.07,271.27,138.34,661.72,292.91,359.81,027.82,933.4

507.61,676.4

309.33,039.92,632.62,136.74,555.63,449.34,692.7

383.52,967.16,821.06,142.72,975.61,044.0

241.0165.9143.7

1,117.8240.6

1,111.2207.1

1,989.71,814.41,682.82,770.72,684.04,035.7

－－－

1,128.54,162.73,617.72,051.91,193.9

422.1756.5

97.3204.2

14.5443.3432.8168.1

1,251.0226.8196.0

－－－－－－－－

462.01,059.0

169.7361.0

87.6606.9385.4285.8533.9538.5461.0

Mar-03Apr-03Jul-03Oct-03Jan-04Apr-04Jul-04Oct-04Jan-05Apr-05Jul-05Oct-05Jan-06Apr-06Jul-06Oct-06Jan-07Apr-07Jul-07Oct-07Jan-08Apr-08Jul-08Oct-08Jan-09Apr-09Jul-09Oct-09Jan-10Apr-10Jul-10


May-11Jun-11Jul-11


May-12Jun-12Jul-12


May-13Jun-13Jul-13


May-14Jun-14Jul-14

Aug-14Sep-14Oct-14Nov-14Dec-14

Jan-15Feb-15Mar-15Apr-15

May-15Jun-15Jul-15


May-16Jun-16Jul-16


May-17Jun-17Jul-17


May-18Jun-18Jul-18

Aug-18Sep-18Oct-18Nov-18Dec-18Jan-19Feb-19Mar-19

FY2002FY2003FY2004FY2005FY2006FY2007FY2008FY2009FY2010FY2011

Issued in 2012FY2012

Issued in 2013FY2013FY2014FY2015FY2016FY2017FY2018

(8) Issuance by the Bank of Japan Rollover

Amount of Rollover

Maximum Amount of Issuance（Face Value）

(9) Front-Loading Issuance of Refunding Bonds

Issuance Amount（Revenue Basis）

FY10,705.9

9,299.911,799.816,699.811,699.811,099.810,399.9

7,999.93,000.02,500.02,200.0

（include re-rollover 3,000.0)FY2009FY2010FY2011FY2012FY2013FY2014FY2015FY2016FY2017FY2018FY2019

Note: Figures are calculated on a revenue basis. Up to FY2018: actual; FY2019: initial

5,276.4

8,126.4

16,919.4

9,647.3

11,360.7

23,275.8

28,834.1

42,250.9

45,104.6

49,440.7

52,463.1

－






20,000.0

12,000.0

20,000.0

12,000.0

12,000.0

28,000.0

29,000.0

44,000.0

56,000.0

56,000.0

55,000.0

53,000.0



FY2009

FY2010

FY2011

FY2012

FY2013

FY2014

FY2015

FY2016

FY2017

FY2018

FY2019

FY2020












（Issued in FY2019）Note: Refunding Bonds issued in order to refinance JGBs that will mature in FY X are basically issued in FY X, but they can be issued in FY X-1 within an upper limit authorized

by the General Rules for the Special Account Budget of FY X-1. This kind of issuance is called Front-Loading lssuance of Refunding Bonds.

Ⅲ　Appendices

Chapter 1 G

overnment B

onds (JGB

s)1 Prim

ary Market for G

overnment B

onds

124

Secondary Market for Government Bonds2

(1) 10-Year JGB Yield

(2) 10-Year Government Bonds Yields

-5

0

5

10

15

20

25

30

35

40（％）

End of March 2019Greece 3.736%

Italy 2.488%

U.S. 2.405%

Portugal 1.251%

Spain 1.097%

U.K. 1.000%

Ireland 0.550%

France 0.318%

Germany -0.070%

Japan -0.081%

（Source）Japan Bond Trading Co.

-1

0

1

2

3

（％）

March 29,2019-0.095%

Yield of newly issued 10-year JGB

Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18

Apr-99 Apr-01 Apr-03 Apr-05 Apr-07 Apr-09 Apr-11 Apr-13 Apr-15 Apr-17

（Source）Bloomberg

(10) List of Commissions for Issuing JGBs, etc.

Categories Calculation Formula Payable to

Bond Auction Sale Fee（New OTC Sales JGBs）

10-Year 0.20 yen per 100 yen nominal parHandling Institutions5-Year 0.15 yen per 100 yen nominal par

2-Year 0.10 yen per 100 yen nominal par

Bond Auction Sale Fee（JGBs for Retail Investors）

10-Year Floating Rate 0.40 yen per 100 yen nominal parHandling Institutions5-Year Fixed Rate 0.30 yen per 100 yen nominal par

3-Year Fixed Rate 0.20 yen per 100 yen nominal par

Bond Issuance Fee Necessary fee amount designated by the Minister of Finance Bank of Japan

Interest Payment FeePrincipal receivable × 0.006/1,000Except for JGBs held at a self-account

（except for trust account）BOJ Agents, etc.

Redemption Fee

Treasury BillsFinancing Bills

Redemption proceeds receivable × 0.9/1,000,000However, the following upper limit is applicable to fees per JGB categorySelf-account: 10,000 yen; and customer account: 15,000 yen

BOJ Agents, etc.

Except for AbovePrincipal receivable × 0.006/1,000Except for JGBs held at a self-account

（except for trust account）

Premature Redemption Fee （JGBs for Retail Investors） JGB purchase amount payable × 0.9/1,000 Handling

Institutions

Subsidy JGBs Delivery Fee 357 yen per JGB certificate BOJ Agents, etc.

Subsidy JGBs Redemption Fee

　Interest Payment Fee　Principal/Interest Payment Fee　Redemption Amount Payment Fee

378 yen per interest coupon or attached coupon BOJ Agents, etc.

Subsidy JGBs Buy-Back Redemption Fee 1,282 yen per JGB certificate BOJ Agents, etc.

Note: The fees given above do not include consumption tax. Actual fees may include the tax.

chapter 1 government bonds (jgbs) · 2019-08-06 · note 1:issuance amount is calculated on a...

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