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What’s New: The 52nd meeting of the Advisory Council, etc. p.2-4

The 52nd meeting of the Advisory Council on Government Debt Management was held

on June 22, 2020. The agenda was as follows:

1. Current and future JGB issuance

2. COVID-19 and medium- to long-term challenges in Japan

3. Current status of and future efforts in the JGB futures market

The MOF has decided on the “Issuance of the Inflation-Indexed Bonds in July-

September 2020” and “Issuance Amounts for Liquidity Enhancement Auctions in July-

September 2020” following the discussions at the 89th Meeting of JGB Market Special

Participants which was held on June 24 2020.

Monthly Topic: JGB Holdings as of March 2020 p.5

On June 25, the Bank of Japan (BOJ) released the Flow of Funds Accounts of the 1st

Quarter 2020.

IR Office: Dialogue with the market amid expansion of the COVID-19 outbreak p.6

The MOF has been holding forums aimed at promoting dialogue with the market, with

non-face-to-face methods in 2020.

Statistics JGB Primary Market … p. 7 Liquidity Enhancement Auctions and JGB Buy-Back … p. 8

JGB Secondary Market … p. 9 Investor Trends and JGB Outstanding … p. 11

Economic and Financial Trends … p. 15 Information … p. 16

-1-

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

SUMMARY

The Ministry of Finance www.mof.go.jp

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

July 2020

1. The 52nd meeting of the Advisory Council on Government Debt Management

The 52nd meeting of the Advisory Council on Government Debt Management was held on June 22, 2020. The agenda was as follows: (Agenda)

1. Current and future JGB issuance 2. COVID-19 and medium- to long-term challenges in Japan 3. Current status of and future efforts in the JGB futures market

The MOF explained 1, Mr. Suezawa, SMBC Nikko Securities, explained 2, and Mr. Ichimoto,

Osaka Exchange, explained 3. Here, we highlight the key discussions regarding the first topic in the meeting. For the other parts, please refer to the links below.

Current state and future considerations on Government Bond issuance

Summary of the Financial Bureau’s presentation

(Current state of the Government Bond issuance in Japan)

- Under the supplementary budgets formulated in April and May, the total amount of

JGBs to be issued in FY2020 was increased by approx. 100 trillion yen from the initial

FY2020 plan to about 253 trillion yen, the largest amount ever recorded. The

calendar-based JGB Market Issuance amount was increased to over 200 trillion yen,

also marking a historical high.

- One feature of the revisions on the issuance plan was that, as for the maturity

composition of the amount, the MOF set relatively large increases in the short-term

zones by checking the room for additional amounts in each zone after careful

dialogue with the market.

(Current state of the Government Bond issuance in foreign countries)

- Foreign countries have come up with economic assistance packages due to the

spread of COVID-19. Subsequently, they have been forced to raise more funds by

changing government bond issuance plans and increasing government bond

issuances. The U.S., Germany and France are issuing relatively large amounts of

discount bonds. With regard to coupon-bearing bonds, each country sets relatively

large increases in the 1- to 7-year short-term zone in general.

(Future considerations on JGB issuance)

- The MOF sets three future considerations:

to correspond flexibly depending on the actual situation in order to ensure necessary

fundraising;

to continue stable and transparent government bond issuance from the viewpoint of

minimizing medium- to long-term fundraising costs, figuring out medium- to long-term

demands of investors, along with considerations on the future government bond

issuance outlook, appropriate debt management such as Cost-at-Risk analysis and

so on; and

to consider change in the structure of operations, bearing in mind the probability that

split operations and working remotely, which have been widely conducted since the

Japanese government declared the state of emergency amid expansion of the

COVID-19 outbreak, will continue.

What’s New

-2-

- In terms of recent efforts for the JGB issuance plan, the MOF decided on flexible

issuance of Treasury Discount Bills. It is mentioned in the plan that the maturity of

them, their issuance amount and the number of auctions may be adjusted in a flexible

manner. The MOF also decided on changing the plan in the middle of the fiscal year.

Last year in the 51st round, when discussing the initial JGB issuance plan, the MOF

touched on the possibility of changing the plan for the latter half of the fiscal year in

response to market circumstances and issuance conditions.

- Understanding the behavior changes of investors is another challenge regarding the

drastic change in the market environment. Especially, overseas IR activities remain

a key tool to grasp foreign investors’ activities. However, the MOF was not able to

conduct them from February in view of the expanding COVID-19 pandemic. Since it

seems the inability to go on overseas business trips will continue, conducting IR

activity via web conference and so on is worth considering.

Views expressed by the members (summarized by Financial Bureau)

- While the increased issuance amount by the first and second supplementary budgets

is extremely large, it was a favorable decision to set relatively large increases in the

short-term zones from the perspective of secure issuance.

- Most recently, due to difficulty in investments and the deflationary impact of the

COVID-19 pandemic, market participants are forced to buy government bonds

following the risk-off trend. In fact, since short-term bonds are considered preferable,

the U.S. has been rapidly issuing government bonds at the level around 2 trillion US

dollars. Most of them are issued as short-term bonds, preventing the long-term

interest rate to rise. Although buying short-term bonds is currently preferred as a flight

to quality response, it is unclear whether this trend will continue from the medium- to

long-term perspective.

- Amid this kind of crisis, considering flexible government bond issuance is important.

In Japan, however, the bond issuance plan is announced in detail with a specific

figure for each tenor in December of the previous year when the budget is formulated.

It is likely worth considering focusing more on flexibility, by deciding rough amounts

for the maturity zones and adjusting the details later on, for instance.

- While COVID-19 spreads around the world, the amount of government bonds issued

in Japan has reached double compared to those in other countries, and the

outstanding amount of the government debt is by far the highest. Facing this crisis

under such situation, it is important to maintain the market’s confidence in the Debt

Management Policy. Moreover, how steadily we can promote fiscal consolidation

when the economy returns to normal is becoming more important.

- With regard to overseas IR activity, it is true that visiting investors’ offices has become

difficult. On the other hand, meeting them online can save time and costs, whereby

we can arrange more meetings. Opportunity lies in the middle of difficulty, thus

contacting new investors under the current situation should be a worthy thing to

attempt.

Advisory Councils on Government Debt Management (in Japanese): https://www.mof.go.jp/about_mof/councils/gov_debt_management/proceedings/index.html English minutes (it will be published later.): https://www.mof.go.jp/english/about_mof/councils/gov_debt_management/index.html

－3－

1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

2 Daiwa Securities Co. Ltd.

3 Nomura Securities Co., Ltd.

4 Mizuho Securities Co., Ltd. 5 JPMorgan Securities Japan Co., Ltd.

6 Goldman Sachs Japan Co., Ltd.

7 Mizuho Bank, Ltd.

8 SMBC Nikko Securities Inc.

9 Deutsche Securities Inc.

10 Morgan Stanley MUFG Securities Co., Ltd.

1 JPMorgan Securities Japan Co., Ltd.

2 Mizuho Securities Co., Ltd.

3 Goldman Sachs Japan Co., Ltd.

4 Merrill Lynch Japan Securities Co., Ltd. 5 Nomura Securities Co., Ltd.

2. Inflation-indexed Bonds and Liquidity Enhancement Auction (July-September quarter 2020)

The MOF has decided on the “Issuance of the Inflation-Indexed Bonds in July-September

2020” and “Issuance Amounts for Liquidity Enhancement Auctions in July-September 2020”

following the discussions at the 89th Meeting of JGB Market Special Participants which was held

on June 24, 2020.

<Issuance of the Inflation-Indexed Bonds in July-September 2020>

Issuance amount in August 2020: Approximately 200 billion yen.

The auction schedule for the Buy-Back Program of Inflation-Indexed Bonds in the July-September quarter 2020 was determined as below:

Auction Month Auction Amount

July 2020 Buy-Back: Approximately 50 billion yen

August 2020 Issuance: Approximately 200 billion yen Buy-Back: Approximately 50 billion yen

September 2020 Buy-Back: Approximately 50 billion yen

(Source) MOF https://www.mof.go.jp/english/jgbs/topics/press_release/20200626-02e.htm

<Issuance Amounts for Liquidity Enhancement Auctions in July-September 2020>

The auction schedule for Liquidity Enhancement Auctions in the July-September quarter 2020 was determined as below:

July 2020 August 2020 September 2020

(1) Issues with remaining maturities of 1-5 years Approximately 400 billion yen

- Approximately 400 billion yen

(2) Issues with remaining maturities of 5-15.5 years Approximately 500 billion yen

Approximately 500 billion yen

Approximately 500 billion yen

(3) Issues with remaining maturities of 15.5-39 years - Approximately 500 billion yen

-

(Source) MOF https://www.mof.go.jp/english/jgbs/topics/press_release/20200626-01e.htm

The League Table of JGB Market Special Participants (PDs)

The MOF updated the league table of the top 10 PDs for successful bids in JGB auctions, which is updated quarterly.

Top 10 PDs for Successful Bids in Auctions (Weighted by Duration) (Jan. 2020 - June 2020) Top 5 PDs for Successful Bids of Inflation-Indexed Bond (FY2019)

－4－

Breakdown by JGBs (including T-Bills) Holders (end of Mar. 2020)

On June 25, the Bank of Japan (BOJ) released the Flow of Funds Accounts of the 1st Quarter

2020. The shares of JGBs (including T-Bills, hereinafter referred to as “JGBs”) holders were

updated as follows:

The end of Dec. 2019 The end of Mar. 2020

(Preliminary Figures)

The total amount of JGBs and T-Bills outstanding decreased by 1.4 trillion yen to 1,130.8 trillion yen.

BOJ increased its holdings of JGBs by 4.8 trillion yen to 499.4 trillion yen.

The amount of JGBs held by domestic Banks in Q1 fell by 4.2 trillion yen to 165.7 trillion yen.

The amount of JGBs held by foreign investors in Q4 decreased by 0.6 trillion yen to 145.8 trillion

Total ¥1,132.2 trillion

(trillion yen) (trillion yen)

Monthly Topic

-5-

For more detailed data, please refer to the following link: BOJ Time Series Data Search: https://www.stat-search.boj.or.jp/index_en.html

Source: Bank of Japan “Flow of Funds Accounts (Preliminary Figures)”

Total ¥1,130.8 trillion

In Japan, “Basic Policies for Novel Coronavirus Disease Control” was decided by the Headquarters for Novel Coronavirus Disease Control on February 25, 2020. In the policy, it is stated “communities and companies to re-examine the necessity of hosting public events from the viewpoint of infection control.” Amid expansion of the Novel Coronavirus (COVID-19) outbreak, the Japanese Government declared a state of emergency for seven prefectures on April 7 and for the whole of Japan on April 16, which led split operations and working remotely to spread in Japan.

Under such circumstances, the Ministry of Finance (MOF) has been holding forums aimed at promoting dialogue with the market, with non-face-to-face methods in 2020 as below:

March 23: The Meeting of JGB Market Special Participants (held on paper) March 24: The Meeting of JGB Investors (held on paper) April 2: The Meeting of JGB Market Special Participants (held on paper) April 2: The Meeting of JGB Investors (held on paper) April 30: The Meeting of JGB Market Special Participants (held on paper) May 22: The Meeting of JGB Market Special Participants (held on paper) May 22: The Meeting of JGB Investors (held on paper) June 10: The Meeting of JGB Top Retailers (teleconference) June 22: The Advisory Council on Government Debt Management (online conference) June 24: The Meeting of JGB Market Special Participants (held on paper)

With regard to our overseas IR activities, we have been unable to conduct them from February in view of the COVID-19 pandemic. In the Advisory Council on Government Debt Management held on June 22, further approaches to JGB investors, including the idea of holding web conferences, were discussed.

We will continue making efforts to enhance relations with foreign investors in JGBs while monitoring the pandemic conditions.

IR Office

If you have any questions regarding the contents of this newsletter, please do not hesitate to contact us at: [email protected]

-6-

mailto:[email protected]

Auction Results （Bonds）

Auction Date Type of Security Issue

Number Maturity Date

Nominal Coupon

Amounts of Competitive

Bids (billion yen)

Amounts of Bids

Accepted (billion yen)

Yield at the Lowest

Accepted Price

Yield at the Average

Price

Amounts of Non-Competitive Bids Tendered

/Accepted (billion yen)

Amounts of Bids Accepted at the

Non-price- competitive Auction Ⅰ (billion yen)


Non-price- competitive Auction Ⅱ (billion yen)

4/2/2020 10-year 358 3/20/2030 0.1% 7,101.0 1,693.7 0.024% 0.023% 1.005 404.7 206.4 4/7/2020 30-year 66 3/20/2050 0.4% 2,018.0 572.2 0.441% 0.426% - 127.5 0.0 4/9/2020 5-year 143 3/20/2025 0.1% 7,669.8 1,541.1 ▲0.093% ▲0.095% - 358.4 189.1 4/21/2020 20-year 172 3/20/2040 0.4% 2,615.0 730.1 0.340% 0.335% - 169.3 0.0 4/23/2020 2-year 412 5/1/2022 0.1% 8,808.9 1,622.5 ▲0.136% ▲0.140% - 377.1 163.2 5/8/2020 10-year Inflation-Indexed Bonds 25 3/10/2030 0.2% 768.6 200.0 0.117% - - - - 5/12/2020 10-year 358 3/20/2030 0.1% 6,936.0 1,696.1 0.000% ▲0.001% 0.265 403.1 208.9 5/14/2020 30-year 66 3/20/2050 0.4% 2,085.7 565.5 0.453% 0.449% - 133.5 20.4 5/18/2020 5-year 143 3/20/2025 0.1% 6,919.0 1,540.3 ▲0.119% ▲0.122% - 358.9 87.1 5/20/2020 20-year 172 3/20/2040 0.4% 3,108.9 732.1 0.335% 0.332% - 167.0 58.2 5/26/2020 40-year 13 3/20/2060 0.5% 1,527.3 499.5 0.505% - - - 10.4 5/28/2020 2-year 413 6/1/2022 0.1% 8,550.6 1,620.5 ▲0.169% ▲0.172% 1.000 378.0 29.2 6/2/2020 10-year 358 3/20/2030 0.1% 5,727.0 1,702.0 0.001% 0.000% 0.284 396.9 0.0 6/4/2020 30-year 66 3/20/2050 0.4% 1,609.7 565.8 0.534% 0.529% - 133.5 0.0 6/18/2020 5-year 143 3/20/2025 0.1% 5,837.5 1,544.1 ▲0.117% ▲0.119% - 355.2 0.0 6/25/2020 20-year 172 3/20/2040 0.4% 2,833.3 732.2 0.389% 0.386% - 166.5 79.0 6/30/2020 2-year 414 7/1/2022 0.1% 11,390.0 2,432.2 ▲0.131% ▲0.136% - 567.3 250.6

Auction Results

（Treasury Discount Bills）

Auction Date Type of Security Issue

Number Maturity Date

Amounts of Competitive Bids

(billion yen)

Amounts of Bids Accepted

(billion yen)

Yield at the Lowest

Accepted Price

Yield at the Average

Price


Non-price- competitive Auction Ⅰ (billion yen)

4/3/2020 3-month 898 7/6/2020 15,686.60 4,089.56 ▲0.1022% ▲0.1218% 950.40 4/9/2020 6-month 899 10/12/2020 11,537.80 2,354.98 ▲0.1419% ▲0.1458% 545.00 4/10/2020 3-month 900 7/13/2020 15,499.80 4,090.55 ▲0.1202% ▲0.1431% 949.40 4/16/2020 1-year 901 4/20/2021 7,054.50 1,545.99 ▲0.1477% ▲0.1547% 354.00 4/17/2020 3-month 902 7/20/2020 13,446.00 4,089.55 ▲0.1263% ▲0.1367% 950.40 4/24/2020 3-month 903 7/27/2020 16,322.50 4,657.78 ▲0.1142% ▲0.1283% 1,082.20 5/1/2020 3-month 904 8/3/2020 22,746.85 5,896.47 ▲0.0995% ▲0.1061% 1,343.50 5/7/2020 6-month 905 11/10/2020 12,344.50 2,032.69 ▲0.1435% ▲0.1474% 467.30 5/8/2020 3-month 906 8/11/2020 22,461.77 5,933.43 ▲0.1110% ▲0.1229% 1,306.50 5/15/2020 3-month 907 8/17/2020 21,298.40 5,873.63 ▲0.1102% ▲0.1154% 1,366.30 5/19/2020 1-year 908 5/20/2021 9,297.30 2,029.07 ▲0.1607% ▲0.1657% 470.90 5/22/2020 3-month 909 8/24/2020 21,321.49 6,600.26 ▲0.1102% ▲0.1166% 1,539.70 5/27/2020 6-month 910 11/25/2020 11,486.60 2,027.37 ▲0.1607% ▲0.1627% 472.60 5/29/2020 3-month 911 8/31/2020 18,154.30 6,618.26 ▲0.1002% ▲0.1078% 1,521.70 6/5/2020 3-month 912 9/7/2020 22,086.80 7,428.32 ▲0.0922% ▲0.0986% 1,711.60 6/9/2020 6-month 913 12/10/2020 11,294.70 2,271.67 ▲0.1733% ▲0.1753% 528.30 6/12/2020 3-month 914 9/14/2020 23,044.30 7,436.83 ▲0.0982% ▲0.1018% 1,703.10 6/15/2020 6-month 915 12/16/2020 10,365.70 2,300.19 ▲0.1733% ▲0.1753% 499.80 6/18/2020 1-year 916 6/21/2021 10,780.90 2,434.28 ▲0.1931% ▲0.1961% 565.70 6/19/2020 3-month 917 9/23/2020 19,957.60 6,609.35 ▲0.1020% ▲0.1071% 1,530.60 6/26/2020 3-month 918 9/28/2020 22,452.90 6,613.26 ▲0.0902% ▲0.0946% 1,526.70

Auction Calendar for Jul. 2020 – Sep. 2020

Auction Date Issue Auction Date Issue Auction Date Issue Auction Date Issue

7/2(Thu) 10-year 7/22(Wed) T-Bills (3-month) 8/19(Wed) T-Bills (1-year) 9/10(Thu) 20-year

7/3(Fri) T-Bills (3-month) 7/28(Tue) 40-year 8/20(Thu) 5-year 9/11(Fri) T-Bills (3-month)

7/7(Tue) 30-year 7/30(Thu) 2-year 8/21(Fri) T-Bills (3-month) 9/15(Tue) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years)

7/9(Thu) T-Bills (6-month) 7/31(Fri) T-Bills (3-month) 8/24(Mon) T-Bills (6-month) 9/16(Wed) T-Bills (1-year)

7/9(Thu) 5-year 8/4(Tue) 10-year 8/25(Tue) 20-year 9/18(Fri) T-Bills (3-month)

7/10(Fri) T-Bills (3-month) 8/6(Thu) T-Bills (6-month) 8/27(Thu) 2-year 9/18(Fri) Liquidity Enhancement Auction (remaining maturities of 1-5 years)

7/14(Tue) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years) 8/6(Thu) 10-year Inflation-Indexed Bonds 8/28(Fri) T-Bills (3-month) 9/24(Thu) T-Bills (6-month)

7/16(Thu) T-Bills (1-year) 8/7(Fri) T-Bills (3-month) 9/1(Tue) 10-year 9/24(Thu) 40-year

7/16(Thu) Liquidity Enhancement Auction (remaining maturities of 1-5 years) 8/12(Wed) Liquidity Enhancement Auction

(remaining maturities of 15.5-39 years) 9/3(Thu) 30-year 9/25(Fri) T-Bills (3-month)

7/17(Fri) T-Bills (3-month) 8/14(Fri) T-Bills (3-month) 9/4(Fri) T-Bills (3-month) 9/29(Tue) 2-year

7/21(Tue) T-Bills (6-month) 8/14(Fri) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years) 9/8(Tue) 5-year

7/21(Tue) 20-year 8/18(Tue) 30-year 9/9(Wed) T-Bills (6-month)

Top 10 PDs for Successful Bids in Auctions (Calculated by Duration) (Jan. 2020～June 2020) Top 5 PDs for Successful Bids of Inflation-Indexed Bond (FY2019) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 Goldman Sachs Japan Co., Ltd. 1 JPMorgan Securities Japan Co., Ltd. 2 Daiwa Securities Co. Ltd. 7 Mizuho Bank, Ltd. 2 Mizuho Securities Co., Ltd. 3 Nomura Securities Co., Ltd. 8 SMBC Nikko Securities Inc. 3 Goldman Sachs Japan Co., Ltd. 4 Mizuho Securities Co., Ltd. 9 Deutsche Securities Inc. 4 Merrill Lynch Japan Securities Co., Ltd. 5 JPMorgan Securities Japan Co., Ltd. 10 Morgan Stanley MUFG Securities Co., Ltd. 5 Nomura Securities Co., Ltd.

JGB Primary Market

Note.1: The above calendar may be changed or added in light of changes in circumstances. In such cases, it will be announced in advance. Note.2: Each issue amount will be announced about one week prior to each auction date.

(Until 30 June 2020)


-7-

Results of Liquidity Enhancement Auctions

Auction Date

Amounts of Competitive

Bids (billion yen)

Amounts of Bids

Accepted (billion yen)

Average Accepted Spread

Highest Accepted Spread

Issues Re-opened

4/14/2020 1,194.8 499.1 0.016% 0.022% 20-year(155, 156, 157, 159, 160, 166, 167, 168, 169, 170) 30-year(23, 27, 28, 30, 32, 33, 34, 36, 38, 41, 42, 44, 45, 46, 48, 49, 54, 57, 58, 59, 60, 62, 64, 65) 40-year(1, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)

4/16/2020 1,870.1 499.2 ▲0.011% ▲0.009% 10-year(339, 344, 345, 346, 347, 348, 349, 350, 354, 355) 20-year(84, 87, 88, 89, 90, 91, 92, 95, 96, 97, 98, 132, 134, 135, 136, 141, 142, 145, 151)

5/1/2020 1,315.3 399.4 0.014% 0.018%

2-year(404, 405, 407, 410) 5-year(133, 134, 135, 136, 137, 139, 142) 10-year(325, 327, 328, 329, 330, 332, 334, 335, 336, 337, 338) 20-year(54, 55, 56, 61, 62, 63, 64, 65, 69, 70, 71)

5/22/2020 1,726.8 498.4 ▲0.007% ▲0.005% 10-year(339, 341, 345, 346, 348) 20-year(93, 97, 98, 99, 100, 112, 117, 118, 124, 135, 136, 149, 150, 151, 152, 153, 154) 30-year(15, 16, 17, 18)

6/11/2020 1,200.7 499.2 ▲0.011% ▲0.007% 20-year(156, 162, 164, 169, 170, 171) 30-year(22, 33, 34, 36, 37, 38, 40, 43, 45, 46, 50, 53, 55, 63, 64) 40-year(9, 12)

6/15/2020 1,636.7 498.7 ▲0.007% ▲0.005% 10-year(339, 340, 345, 346, 347, 351, 353) 20-year(87, 88, 89, 92, 94, 95, 96, 99, 100, 107, 113, 150, 152) 30-year(17, 18)

Target Zones of Liquidity Enhancement Auctions for the Second Quarter of FY 2020

10-year Inflation-Indexed

Auction Date Amounts of

Competitive Bids (billion yen)

Amounts of Bids Accepted

(billion yen)

Average Accepted

Spread (yen)

Highest Accepted

Spread (yen) Issue Numbers

3/4/2020 88.1 20.1 0.089 0.19 17, 18, 19, 20, 21, 22, 23, 24

3/25/2020 373.7 300.0 0.279 0.55

4/17/2020 176.2 50.2 ▲0.298 ▲0.20 18, 20, 21, 22, 23, 24

5/13/2020 181.7 50.1 ▲0.218 ▲0.15 17, 18, 20, 21, 22, 23, 24, 25

6/26/2020 172.8 50.1 ▲0.368 ▲0.23 17, 18, 20, 21, 22, 23, 24, 25

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

JL1

56

JX22

JL1

57

JX23

JL1

58

JX24

JL1

59

JX25

JL1

60

JX26

JL1

61

JL1

62

JX27

JL1

63

JL1

64

JX28

JL1

65

JL1

66

JX29

JL1

67

JL1

68

JX30

JL1

69

JL1

70

JX31

JL1

71

JL1

72

JX32

JX33

JX34

JX35

JX36

JX37

JX38

JX39

JX40

JX41

JX42

JX43

JX44

JX45

JX46

JX47

JX48

JX49

JX50

JX51

JX52

JX53

JX54

JX55

JX56

JX57

JX58

JU1

JX59

JX60

JX61

JX62

JU2

JX63

JX64

JX65

JX66

JU3

JU4

JU5

JU6

JU7

JU8

JU9

JU10

JU11

JU12

Amount issued by Liquidity Enhancement Auction Outstanding amount in the market (excluding amount issued by Liquidity Enhancement Auction)(billion yen)

(Remaining maturities)15.5 20 39

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,0005,500

340

JL81

JL82 34

1

JL83

JL84 34

2

JL85

JL86

JL87 34

3

JL88

JL89 34

4

JL90

JL91 34

5

JL92 34

6

JL93

JL94 34

7

JL95

JL96 34

8

JL97

JL98 34

9

JL99 35

0

JL10

0

JL10

1

351

JL10

2

JL10

3

JL10

4

352

JL10

5

JL10

6

353

JL10

7

JL10

8

354

JL10

9

JL11

0

355

JL11

1

JL11

2

356

JL11

3

JX1

357

JL11

4

JL11

5

JX2

358

JL11

6

JL11

7

JX3

JL11

8

JL11

9

JL12

0

JL12

1

JL12

2

JX4

JL12

3

JL12

4

JL12

5

JL12

6

JL12

7

JX5

JL12

8

JL12

9

JL13

0

JL13

1

JX6

JL13

2

JL13

3

JL13

4

JL13

5

JL13

6

JX7

JL13

7

JL13

8

JL13

9

JL14

0

JX8

JL14

1

JL14

2

JX9

JL14

3

JL14

4

JX10

JL14

5

JX11

JL14

6

JX12

JL14

7

JX13

JL14

8

JX14

JL14

9

JX15

JL15

0

JX16

JL15

1

JX17

JL15

2

JX18

JL15

3

JX19

JL15

4

JX20

JL15

5

JX21

Amount issued by Liquidity Enhancement Auction Outstanding amount in the market (excluding amount issued by Liquidity Enhancement Auction)

5 10 15.5

(billion yen)

(Remaining maturities)

0500

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

JN40

2

JN40

3

JN40

4

JS12

9

317

318

JL5

2

JN40

5

JN40

6

JN40

7

JS13

0

319

320

JL5

3

JL5

4

JN40

8

JN40

9

JN41

0

JS13

1

321

322

JL5

5

JN41

1

JN41

2

JS13

2

323

324

JL5

6

JL5

7

JS13

3

325

JL5

8

JS13

4

326

327

JL5

9

JL6

0

JS13

5

328

JL6

1

JS13

6

329

JL6

2

JL6

3

JS13

7

330

331

JL6

4

JS13

8

332

JL6

5

JL6

6

JS13

9

333

JL6

7

JL6

8

JL6

9

JS14

0

334

JL7

0

JL7

1

JS14

1

335

JL7

2

JS14

2

336

337

JL7

3

JL7

4

JS14

3

338

JL7

5

JL7

6

JL7

7

339

JL7

8

JL7

9

JL8

0

Amount issued by Liquidity Enhancement Auction Outstanding amount in the market (excluding amount issued by Liquidity Enhancement Auction)

1 2 5(Remaining maturities)

(billion yen)

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

Liquidity Enhancement Auctions and JGB Buy-Back

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

Note1： JN shows 2‐year JGBs. JS shows 5‐year JGBs. JL shows 20‐year JGBs. JX shows 30‐year JGBs. JU shows 40‐year JGBs. Outstanding amount is as of the end of May 2020. Note2： All issues in the graph above will be eligible afterward.

Buy-Back Results


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


-8-

-0.6%

-0.4%

-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

2019/6/28

2019/9/30

2019/12/30

2020/3/31

2020/4/30

2020/5/29

40353020 25151050-0.4%

-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

0%

1%

2%

3%

4%

5%

6%

7%

8%

Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20

Volatility Yield (right scale)

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

2-year bond 5-year bond 10-year bond

20-year bond 30-year bond 40-year bond

-1%

0%

1%

2%

3%

4%


Japan United States

United Kingdom Germany

-1%

0%

1%

2%

3%

4%

5%


BEI (Japan : 10 year)

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

BEI (U.K. : 10 year)

Note: BEI (Japan: 10 year) is calculated based on the compound interest rate of the new Inflation-Indexed Bonds and the 10-Year Bonds Source: Japan: Calculation by the Ministry of Finance based on the information on interest rates offered by NIKKEI QUICK.

U.S.A., U.K.: Bloomberg.

JGB Yield Curves

Source: Japan Bond Trading Co.,Ltd.

Yields of JGB

Long - Term Interest Rates （10Yr）

Source: Bloomberg

Source: Bloomberg

-9-

Yield and Volatility (10Yr)

Break-Even Inflation Rates

Source: Bloomberg, Calculation by the Ministry of Finance

(Until 31 May 2020)

(Until 31 May 2020)

(Until 31 May 2020)

(Until 31 May 2020)

JGB Secondary Market

0

20

40

60

80

100

120

140


0

500

1,000

1,500

2,000

2,500


Bond-Lending

Bond-Gensaki

0100200300400500600700800900

1,0001,1001,2001,3001,4001,5001,6001,7001,8001,9002,0002,100


Treasury Discount Bills

Medium Term Bonds

Long Term Bonds

-0.1%

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%


Call Rate (Uncollateralized Overnight)

TIBOR 3-months (Euro-Yen)

Basic Loan Rate

Short-Term Interest Rates

Source: Bank of Japan, Tanshi Association, Bloomberg

JGB Over-the-Counter Trading Volume (TOKYO)

Trading Volume of 10-Year JGB Futures

Repurchase Transactions

-10-

Note: Trading volume is the sum of sales and purchases including the trading volume of bonds with repurchase agreements. Source: Japan Securities Dealers Association

Source: Tokyo Stock Exchange (until Mar.2014), Osaka Exchange (from Apr. 2014)

(trillion yen)

(trillion yen)

(trillion yen)

(Until 31 May 2020)

Source: Japan Securities Dealers Association

Apr 2013(Actual)

May 2020(Actual)

Monetary Base 155 543

JGBs 98 483

CP 1.4 4.1

Corporate Bonds 2.9 3.8

ETFs 1.7 32.3

J-REITs 0.13 0.60

Total Assets 175 639 0

50

100

150

200

250

300

350

400

450

500

550

600

650

Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20

Total Assets

Monetary Base

JGBs

QQE2QQE（trillion yen）

0

50

100

150

200

Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-200

10

20

30

40

50


200210220230240250260270280

Super long-term

Long-term

Medium-term

T-bills

-9.0

-7.0

-5.0

-3.0

-1.0

1.0

3.0

5.0

7.0

JanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr

City Banks

Net Purchase

Net Sale

2015 2016 2017 2018 2019 2020

-1.0

-0.8

-0.6

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0


Regional banks

Net Purchase

Net Sale

2015 2016 2017 20192018 2020

-0.5

0.0

0.5

1.0


Life and non-life insurance companies

Net Purchase

Net Sale

2015 2016 2017 2018 2019 2020

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

24.0

26.0


Foreigners

Net Purchase

Net Sale

2015 2016 2017 20192018 2020



-11-

Trends in Bank Assets by Types

Trends in JGBs Transactions (by investor type)

BOJ Trends

Regional Banks City Banks

Source: Bank of Japan


Loans

Cash and Deposits

Government Bonds

Municipal Bonds

Corporate Bonds

Equities

Foreign Securities



Investor Trends and JGB Outstanding

145.8

12.9

30

40

50

60

70

80

90

100

110

120

130

140

150

160

170

1

2

3

4

5

6

7

8

9

10

11

12

13

14

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

Amount of JGB Holdings (RHS)

Proportion of JGB Holdings (LHS)

(trillion yen)(％)

12.9%

38.7%

63.2%

0%

10%

20%

30%

40%

50%

60%

70%

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

①Market Share of Foreign Investors (JGB Futures Market)

②Market Share of Foreign Investors (JGB Market)

③JGB Holdings by Foreign Investors

-15

-10

-5

0

5

10


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

Net Purchase

Net

Sales

-1.5

-1

-0.5

0

0.5

1

1.5

2

2.5

3



Net Purchase

Net

Sales

-6

-4

-2

0

2

4

6

8



Net Purchase

Net

Sales

0%

5%

10%

15%

20%

25%

30%

35%

40%


City Banks Trust Banks Insurance Companies Foreigners

-12-

JGBs Holdings by Foreign Investors

Banks(Banking Accounts) Life Insurance Companies

Transactions of Domestic Securities by Non-Residents

Note.1: Quarterly basis. Note.2: “JGB” includes “FILP Bonds” and “T-Bills”. Source: Bank of Japan

Transactions of Foreign Securities by Residents (by Investor types)

Foreign Investors Presence

Note.1: Quarterly basis. Note.2: “JGB” includes T-Bills. The figures of ②excludes dealers’ transactions. Source: Bank of Japan, Japan Securities Dealers Association, Tokyo Stock Exchange,

Osaka Exchange

(trillion yen)

(trillion yen)


(trillion yen)

Outstanding of Repurchase Agreements (by Investor types)

Source: Ministry of Finance Source: Ministry of Finance

Source: Ministry of Finance

General Government

(ex Public Pensions)

3.2 0.3%

BOJ487.0 47.2%

Banks,etc.148.4 14.4%

Life and Non-life

Insurance,etc.218.1 21.1%

Public Pensions

40.7 3.9%

Pension Funds32.2 3.1%

Foreigners79.2 7.7%

Households13.9 1.3%

Others9.9

1.0%

BOJ12.4

12.6%

Banks,etc.17.2

17.5%

Life and Non-life

Insurance,etc.1.9

2.0%Pension Funds

0.0 0.0%

Foreigners66.7

67.9%

Fiscal Loan Fund0.0

0.0%

General Government(ex Public Pensions)

3.2 0.3% Fiscal Loan

Fund0.0

0.0%

BOJ499.4 44.2%

Banks,etc.165.7 14.6%

Life and Non-life

Insurance,etc.220.1 19.5%

Public Pensions

40.7 3.6%

Pension Funds32.2 2.9%

Foreigners145.8 12.9%

Households13.9 1.2%

Others9.9

0.9%

Total 98.2 trillion yen

JGB and T-Bill Holders

Breakdown by JGB and T-Bill Holders (The end of Mar. 2020 QE)

Source: Bank of Japan “Flow of Funds Accounts (Preliminary Figures)” Note1: “JGB” includes “FILP Bonds.” Note2: “Banks, etc.” includes “Japan Post Bank”, “Securities investment trust” and “Securities companies.” Note3: “Life and Non-life insurance, etc.” includes “Japan Post Insurance.”

(trillion yen)

Breakdown of Outstanding Amount of General Bonds by Remaining Years to Maturity

T-Bill Holders JGB Holders

-13-

Total 1,032.6 trillion yen

Total 1,130.8 trillion yen

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

900

FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019

18.3% 18.2% 17.9% 17.3% 16.4% 15.1% 14.3% 13.4% 13.1% 13.4%

12.5% 11.9% 12.4% 12.0% 11.1% 10.6% 10.5% 10.5% 10.8% 9.6%

7.9% 8.6%8.1% 7.8% 7.8% 7.9% 7.7% 8.2% 7.0% 7.5%

9.0%8.6%

8.1% 8.1% 8.2% 7.8% 8.2% 7.1% 7.4% 7.3%

8.4%7.8%

7.8% 7.8% 7.4% 7.8% 6.8% 6.8% 6.7% 6.3%4.7%4.9%

4.4%4.2% 5.0% 4.2% 4.4% 5.0% 4.7% 5.0%

5.2%4.6%

4.5%5.0% 4.3% 4.4% 4.8% 4.7% 4.9% 4.6%

4.8%4.8%

5.3%4.5% 4.5% 5.0% 4.8% 5.0% 4.6% 4.8%

5.1%5.6%

4.7%4.8% 5.2% 4.9% 5.1% 4.7% 4.9% 4.8%

5.2%4.4%

4.3%4.6% 4.2% 4.5% 4.1% 4.0% 4.2% 4.1%

14.4%14.9%

15.6%16.5%

17.7%18.4%

19.2% 19.6% 20.2% 20.5%

4.6%

5.8%

6.7%

7.5%

8.3%

9.4%10.1%

11.1%11.6% 12.1%

20 yrs-

10-20 yrs

9-10 yrs

8-9 yrs

7-8 yrs

6-7 yrs

5-6 yrs

4-5 yrs

3-4 yrs

2-3 yrs

1-2 yrs

-1 yr

（Unit: trillion yen）

（at the end of FY）

636.3669.9

705.0

743.9774.1

805.4830.6

853.2874.0

*years to maturity

Average

YTM* 6Y8M 7Y0M 7Y3M 7Y7M 8Y0M 8Y5M 8Y7M 8Y10M 9Y0M 9Y2M

Average YTM*

(excluding savingbonds)

6Y10M 7Y1M 7Y5M 7Y8M 8Y0M 8Y5M 8Y8M 8Y11M 9Y1M 9Y2M

886.7

Types The amount of redemption at maturity Scheduled redemption date

15-Year Floating-Rate Bonds 1,323.5 July 20

2-Year Bonds 2,142.8 July 1

Treasury Bills 1,800.0 July 20

Total 5,266.3

0100200300400500600700800900

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

17 18 19 20 21 22 23 24 25

(billion yen)

(issue number)

Outstanding amount (excl.BOJ holding)

BOJ holding

594.0636.3

669.9705.0

743.9774.1 805.4 830.6

853.2 874.0 897.8 906.0

142.4 143.1

163.1 163.3 153.6

158.0 150.5 148.3

140.0 137.7 142.3 141.5

100

200

300

400

500

600

700

800

900

0

30

60

90

120

150

180

09 10 11 12 13 14 15 16 17 18 19 20

Outstanding (RHS)Issuance Amount (LHS)

Source: Ministry of Finance

General Bonds Issuance Amount and Outstanding

Note 1: Issuance Amount: revenue basis, FY2009-2018: Actual, FY2019: Supplementary budget, FY2020: Initial budget Note 2: Outstanding: nominal basis, FY2009-2018: Actual, FY2019: Supplementary budget, FY2020: Initial budget Source: Ministry of Finance

Market-held Balance of the Inflation-Indexed Bonds (as of the end of May, 2020)

(trillion yen)

Scheduled redemption of JGB at maturity in July, 2020

Note.1: The figures are based on the outstanding JGBs at the end of May, 2020 Note.2: The figures are the scheduled redemption at maturity and may be different from the actual redemption due to Buy-back of JGBs. Note.3: The figures do not include "JGB for Retail Investors". Note.4: If the redemption date coincides with bank holiday, the payment of redemption is carried out on the following business day. Note.5: Figures may not sum up to total because of rounding.

(billion yen)

Source: Ministry of Finance, Bank of Japan

Time-to-Maturity Structure of Outstanding JGB（Mar. 2020）

-14-

(trillion yen)

118.59

84.94

66.2765.08

56.02

44.0240.89

42.7242.92

36.22

16.8516.46

19.5519.18

21.4519.97

18.1918.30

18.12

13.766.71

7.196.37

8.509.60

10.919.31

11.3710.04 7.36

1.96 1.96 2.00 2.17 2.28 2.80 2.801.87 1.99

0

10

20

30

40

50

60

70

80

90

100

110

120

130

20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58

(trillion yen）

(FY)

Treasury Bills2-yr bondsJGBs for retail investors (3-yr-Fixed-rate)JGBs for retail investors (5-yr-Fixed-rate)5-yr bondsInflation-Indexed bondsJGBs for retail investors (Floating-rate)10-yr bonds15-yr-floating-rate bonds20-yr bonds30-yr bonds40-yr bonds

Average remaining years to maturity： 9 years and 2 months

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%(Diffusion index)

Large enterprises/Manufacturing

Large enterprises/Non-Manufacturing

Small enterprises/Manufacturing

Small enterprises/Non-Manufacturing

600

650

700

750

800

850

900

950

1,000


(billion yen)

Monthly Quarter (Mean)

75

85

95

105

115

125

135

145

155


(2015 average=100・Seasonally Adjusted Index)

Production Shipments

Inventory Inventory Ratio

0

100

200

300

400

500

600


(trillion yen)

Banknotes in Circulation

Coins in Circulation

Current Account Balances

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

（ratio）

May, 20201.20

May, 20202.9％

Job openings-to-applicants ratio(RHS)

Unemployment rate(LHS)

Aug, 20090.42

Jul, 20095.5％

0.1%

-1

0

1

2

3

4(%)

CPI

CPI excluding food (excluding alcohilicbeverages) and energy

Change from the previous year

Apr.4, 2013

BOJ released QQE

0.1%

4.9

-2.9-1.5

1.1

5.0

3.1 3.4

-0.2

4.0

-7.5

0.4

2.0

5.6

0.4

-0.2-1.5

2.0

0.60.91.2

4.7

1.4 2.21.9

-1.9

1.8

-3.3

2.3 2.6 2.1

0.0

-7.2

-2.2

-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ

2012 2013 2014 2015 2016 2017 2018 2019 2020

(％)

Private Demand Public Demand

Foreign Demand Real GDP

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

(CY)

1.6 2.1

1.7

-1.0 -0.5

0.9

2.0

1.6

4.3

3.9

5.0

3.3

6.1

4.9

6.1

4.3

6.4

4.8

7.3

4.3

6.0

5.0 5.8

2.6

6.1

4.5

5.7

3.7

5.8

-8

-6

-4

-2

0

2

4

6

8

10

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4

2016

Q1

2016

Q2

2016

Q3

2016

Q4

2017

Q1

2017

Q2

2017

Q3

2017

Q4

2018

Q1

2018

Q2

2018

Q3

2018

Q4

2019

Q1

2019

Q2

2019

Q3

2019

Q4

2020

Q1

Primary Income Trade Balance

Services Secondary Income

Current Account

Real GDP Growth Rate

Employment Conditions

Prices

Changes in Current Account

Monetary Base Indices of Industrial Production

Total Value of Machinery Orders (Private Sector excl. Volatile orders)

TANKAN (Business Conditions)

Source: Cabinet Office Source: Ministry of Internal Affairs and Communications

Source: Ministry of Health, Labour and Welfare

Ministry of Internal Affairs and Communications Source: Ministry of Finance

Source: Ministry of Economy, Trade and Industry

Source: Cabinet Office

(trillion yen)

Economic and Financial Trends



-15-

English Publications on JGBs Frequency URL

Debt Management

Message from the Financial Bureau As needed https://www.mof.go.jp/english/jgbs/debt_management/message.htm

About JGBs As needed https://www.mof.go.jp/english/jgbs/debt_management/guide.htm

About the Debt Management Policy As needed https://www.mof.go.jp/english/jgbs/debt_management/about.htm

JGB Issuance Plan As needed https://www.mof.go.jp/english/jgbs/debt_management/plan/index.htm

Auction Calendar

Auction Calendar Monthly https://www.mof.go.jp/english/jgbs/auction/calendar/index.htm

Historical Data of Auction Results Monthly https://www.mof.go.jp/english/jgbs/auction/past_auction_results/index.html

Topics

Product Characteristics of the JGB As needed https://www.mof.go.jp/english/jgbs/topics/bond/index.html

Treasury Discount Bills (T-Bills) As needed https://www.mof.go.jp/english/jgbs/topics/t_bill/index.htm

Japanese Government Guaranteed Bonds Annual https://www.mof.go.jp/english/jgbs/topics/gov_guaranteed_bonds/index.htm

Interest Rate Swap Semiannual https://www.mof.go.jp/english/jgbs/topics/swap/index.htm

Taxation of Government Bonds As needed https://www.mof.go.jp/english/jgbs/topics/taxation2016/index.html

For Individual Investors As needed https://www.mof.go.jp/english/jgbs/topics/individual/index.htm

Data

Central Government Debt Quarterly https://www.mof.go.jp/english/jgbs/reference/gbb/index.htm

Interest Rate Daily https://www.mof.go.jp/english/jgbs/reference/interest_rate/index.htm

STRIPS Monthly https://www.mof.go.jp/english/jgbs/reference/jgbstat/index.htm

Dialogue with the market

Advisory Councils on Government Debt Management Each Meeting https://www.mof.go.jp/english/about_mof/councils/gov_debt_management/index.html

Meeting of JGB Market Special Participants Each Meeting https://www.mof.go.jp/english/about_mof/councils/jgbsp/index.html

Meeting of JGB Investors Each Meeting https://www.mof.go.jp/english/about_mof/councils/jgb_investor/index.html

Publications

Debt Management Report Annual https://www.mof.go.jp/english/jgbs/publication/debt_management_report/index.htm

JGB Newsletter Monthly https://www.mof.go.jp/english/jgbs/publication/newsletter/index.htm

Debt Management Policy Division, Financial Bureau, Ministry of Finance 3-1-1 Kasumigaseki, Chiyoda-ku, Tokyo 100-8940 Japan

Phone: 81-3-3581-4111 Web: https://www.mof.go.jp/

To subscribe to our Newsletter mailing list,

please email: [email protected]

-16-

Information

https://www.mof.go.jp/english/jgbs/debt_management/message.htm

https://www.mof.go.jp/english/jgbs/debt_management/guide.htm

https://www.mof.go.jp/english/jgbs/debt_management/about.htm

https://www.mof.go.jp/english/jgbs/debt_management/plan/index.htm

https://www.mof.go.jp/english/jgbs/auction/calendar/index.htm

https://www.mof.go.jp/english/jgbs/auction/past_auction_results/index.html

https://www.mof.go.jp/english/jgbs/topics/bond/index.html

https://www.mof.go.jp/english/jgbs/topics/t_bill/index.htm

https://www.mof.go.jp/english/jgbs/topics/gov_guaranteed_bonds/index.htm

https://www.mof.go.jp/english/jgbs/topics/swap/index.htm

https://www.mof.go.jp/english/jgbs/topics/taxation2016/index.html

https://www.mof.go.jp/english/jgbs/topics/individual/index.htm

https://www.mof.go.jp/english/jgbs/reference/gbb/index.htm

https://www.mof.go.jp/english/jgbs/reference/interest_rate/index.htm

https://www.mof.go.jp/english/jgbs/reference/jgbstat/index.htm

https://www.mof.go.jp/english/about_mof/councils/gov_debt_management/index.html

https://www.mof.go.jp/english/about_mof/councils/jgbsp/index.html

https://www.mof.go.jp/english/about_mof/councils/jgb_investor/index.html

https://www.mof.go.jp/english/jgbs/publication/debt_management_report/index.htm

https://www.mof.go.jp/english/jgbs/publication/newsletter/index.htm

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