japanese government bondsoutstanding government bonds and borrowings increased to 1,110.8 trillion...
TRANSCRIPT
What’s New: Central Government Debt (As of December 31, 2019) p.2
On February 10, the Ministry of Finance released the update on central government
debt. Outstanding government bonds and borrowings increased to 1,110.8 trillion yen
from the end of September (1,104.9 trillion yen) by 5.9 trillion yen.
Q&A: JGB Investor base p.3
Kokusai Sensei explains the investor base of JGBs.
Monthly Topics: GDP and Economic and Fiscal Projections, etc. p.4-6
The second preliminary GDP estimate (Oct.–Dec. 2019) was released on March 9. Real
GDP contracted by 1.8% (annual rate -7.1%) from the previous quarter.
English version Executive Summary of “Economic and Fiscal Projections for Medium
to Long term Analysis” published by the Cabinet Office is now available online.
IR Office: “Hina-matsuri”, a special day in Japan celebrated on March 3 p.7
A brief introduction of the Japanese event called “Hina-matsuri” to celebrate the healthy
growth of girls in hope of their happy future.
StatisticsJGB Primary Market … p. 8 Liquidity Enhancement Auctions and JGB Buy-Back … p.9
JGB Secondary Market … p. 10 Investor Trends and JGB Outstanding … p. 12
Economic and Financial Trends … p. 16 Information … p. 17
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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.
March 2020
Central Government Debt (As of December 31, 2019)
On February 10, the Ministry of Finance released the update on central government debt. Debt
outstanding and composition as of the end of December 2019 are as follows:
The end of December 2019
(Actual)
Increase or Decrease(-) from
the End of the Previous Quarter
1) Outstanding Government Bonds and Borrowings
General Bonds 887.9 7.9
Fiscal Investment and Loan Program Bonds (FILP Bonds) 89.3 -3.4
Borrowings, Subsidy Bonds, etc. 62.6 1.8
Financing Bills (FBs) 71.1 -0.5
Total 1,110.8 5.9
2) Outstanding Government-Guaranteed Debts
Government-Guaranteed Debts 36.9 -0.2
The end of Dec. 2019 (Actual)
Increase or Decrease(-) from
the End of the Previous Quarter
The end of FY2019
(Estimate)
① General Bonds 887.9 7.9 Approx. 898
② Fiscal Investment and Loan Program Bonds Not included Not included Not included
③ Borrowings, Subsidy Bonds, etc. (Note 1) 27.2 0.2 Approx. 27
④ Financing Bills Not included Not included Not included
Long-term debt outstanding of central governments 915.0 8.1 Approx. 925
⑤ Long-term debt outstanding of local governments (Note 2) Approx. 192
Long-term debt outstanding of central and local governments (Note 2) Approx. 1,117
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(trillion yen)
Notes:
1. Figures may not sum up to the total because of rounding.
2. Above "Outstanding Government Bonds and Borrowings" includes government bonds and borrowings held by government.
3. Figures are total of the general account and all special accounts, and the coverage is different from the central government defined in SNA.
4. The data as of March 31, 2020 will be released on May 8, 2020.
Details: https://www.mof.go.jp/english/jgbs/reference/gbb/e201912.html
Outstanding government bonds and borrowings increased to 1,110.8 trillion yen from the end of September (1,104.9 trillion yen) by 5.9 trillion yen. The total amount for general bonds increased by 7.9 trillion yen while FILP bonds decreased by 3.4 trillion yen, FBs decreased by 0.5 trillion yen. Besides, others including borrowings increased by 1.8 trillion yen.
Long-term outstanding central government debt, which does not include FILP bonds, FBs and some of the borrowings related to local governments, increased to 915.0 trillion yen from the end of September (906.9 trillion yen) .
<Main Points>
Note 1: The borrowings of the Special Account for Allotment of Local Allocation Tax and Local Transfer Tax (end of FY2019:approx.¥31trillion) are included in “⑤Long-term
debt outstanding of local governments” because the burden of redemption funds falls on local governments.
Note 2: The actual figure of “⑤Long-term debt outstanding of local governments” is blank, because quarterly data has not been created.
Central Government Debt
(Reference) Long-term debt outstanding of central and local governments The MOF has announced the “Long-term debt outstanding of central and local governments” whose interest payments and redemption funds are mainly
to be covered by tax revenues, from the viewpoint of transparency of fiscal management. The statistics are derived by adding the long-term debt outstanding
of local governments to the above mentioned Central Government Debt, while excluding Fiscal Investment and Loan Program Bonds and Financing Bills. (trillion yen)
What’s New
Q. How has the domestic and overseas investor base of JGBs changed in recent years?
Is there any target level for foreign investors’ holdings? A. Since the end of March 2013, possession of JGBs by the Bank of Japan and foreign investors
has been increasing, while domestic banks’ share has been decreasing. The Ministry of Finance, Japan does not set any numerical target for foreign investors’ holdings of JGBs. The important thing is to diversify the investor base, and the ministry makes efforts to enhance relations with foreign investors through IR activities.
Q&A: JGB Investor base
Today, I would like to touch on the investor base of JGBs, as we have received questions on this topic from various investors so far.
Kokusai Sensei
If you have any questions regarding the contents of this newsletter, please do not hesitate to contact us at: [email protected]
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1. Quarterly Estimates of GDP Oct.–Dec. 2019
The second preliminary GDP estimate (Oct.–Dec. 2019) was released on March 9. Real GDP contracted by 1.8% (annual rate -7.1%) from the previous quarter. This was mainly due to the decline in private demand that contributed minus 2.4% points. On the other hand, there was a support from Net exports of goods and services that contributed 0.5% points.
By demand item, private consumption declined by 2.8% and private non-residential investment declined by 4.6% from the previous quarter.
For more detailed data, please refer to the following:
Quarterly Estimates of GDP: https://www.esri.cao.go.jp/en/sna/data/sokuhou/files/2019/toukei_2019.html
1.2
-0.7-0.4
0.3
1.20.8
0.8
0
1
-1.9
0.1
0.5
1.4
0.1-0.1
-0.4
0.50.2 0.2
0.3
1.1
0.4 0.60.4
-0.5
0.5
-0.8
0.6 0.50.6
0
-1.8
-3.5
-3.0
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ
2012 2013 2014 2015 2016 2017 2018 2019
(%)
Private Demand Public Demand
Foreign Demand Real GDP
Contributions to change from the previous quarter (Seasonally adjusted)
Development of Real GDP
(Quarterly, seasonally adjusted series)
Monthly Topics
Note 1: Change from the previous quarter (seasonally adjusted) Note 2: Annualized Note 3: The Figures in () indicate contributions to changes in GDP. Source: Cabinet Office
Source: Cabinet Office
Note 1 Note 2
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(%)2018 2019
10~12 1~3 4~6 7~9 10~120.6 0.5 0.6 0.0 -1.8 *** -7.11.1 0.1 0.8 0.3 -2.3 *** -8.8
(1.0) (0.1) (0.8) (0.3) *** (-2.3) ***1.3 0.1 0.6 0.1 -3.2 (-2.4) -12.00.4 0.0 0.6 0.5 -2.8 (-1.5) -10.60.4 -0.0 0.5 0.4 -2.9 (-1.6) -11.1
Excluding Imputed Rent 0.4 -0.1 0.6 0.4 -3.5 (-1.6) -13.41.7 1.5 -0.2 1.2 -2.5 (-0.1) -9.74.4 -0.4 0.8 0.2 -4.6 (-0.7) -17.3
(0.0) (0.1) (-0.0) (-0.2) *** (0.0) ***0.3 0.1 1.7 0.8 0.3 (0.1) 1.40.7 -0.4 1.7 0.7 0.2 (0.0) 0.9
-1.1 2.1 1.7 1.1 0.7 (0.0) 2.8(-0.0) (-0.0) (0.0) (-0.0) *** (0.0) ***(-0.4) (0.5) (-0.3) (-0.3) *** (0.5) ***
Private Residential InvestmentPrivate Non-Resi. InvestmentChange in Private Inventories
Public DemandGovernment ConsumptionPublic InvestmentChange in Public Inventories
Net Exports of Goods & Services
201910~12
Gross Domestic Product
Domestic Demand
Private DemandPrivate Consumption
Consumption of Households
While downside risks originating from overseas economies are currently seen, the “Comprehensive Economic
Measures to Create a Future with Security and Growth” not only boost demand in the short term but ensure
sustainable economic growth mainly led by private demand.
As a result, the GDP growth rate is projected to achieve around 2% in real terms and over around 3% in nominal terms
in the early 2020s in the Economic Growth Achieved Case.
On January 17, 2020, the Cabinet Office submitted its “Economic and Fiscal Projections for Medium to Long term Analysis” to the Council on Economic and Fiscal Policy. Summary of the results of its analysis is as follows:
2. Economic and Fiscal Projections for Medium to Long term Analysis (Jan. 17, 2020)
Projections of the Macro Economy
(Source) Cabinet Office
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The primary deficit to nominal GDP improved to 1.9% in FY2018. In FY2019 and FY2020, the deficit makes a
downturn while the deceleration in tax revenues stemming from a slowdown of the world economy comes up. After then, it is projected to improve with the sustainable economic growth in the Economic Growth Achieved Case. Without the expenditure reforms from FY2021, the primary balance is projected to turn to surplus in FY2027. By
implementing the expenditure reforms soundly, achieving the target of the primary surplus by FY2025 will come into view. The ratio of outstanding debt to GDP is projected to decline steadily in the periods of the projection.
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For more details, see: https://www5.cao.go.jp/keizai3/projection-e.html
Projections of the Central and Local Governments’ Public Finances
(Source) Cabinet Office
(*) It should be noted that the existing bonds issued at lower interest rates will be refinanced at higher interest rates sequentially with the long term nominal interest rate rising.
In Japan, people celebrate “Hina-matsuri,” also called Girls’ Day, on March 3.
Graceful dolls dressed in ancient costumes are displayed on a doll-stand decorated with cherry blossoms, peach blossoms, small ball-shaped rice crackers called “hina-arare” and lozenge-shaped rice cakes called “hishi-mochi” to celebrate the healthy growth of girls in hope of their happy future. This event is also called “Momo-no-sekku.” The word “sekku” stands for a “turn of the season” and Japanese people held various events on each “sekku” for centuries to pray for sound health, good harvests, prosperity of their descendants and so on. There are five typical “sekku”: “Gantan” on January 1, “Joshi-no-sekku” on March 3, “Tango-no-sekku” on May 5, “Tanabata” on July 7, and “Chouyou” on September 9. It is said that people believed that peaches could protect one against evil, hence they started to call it “Momo-no-sekku,” with “Momo” meaning “peach.”
Among the financial products that the Ministry of Finance, Japan provides, there is a type of JGBs that some individuals are purchasing in order to prepare for the healthy growth of their children. This type is the JGBs for Retail Investors. They are designed not to lose principal and can be purchased in a minimum unit of 10,000 yen, making them safe and easy. The message on the advertisement below reads “There is ai (love) in kokusai (Government Bonds).” We would like to continue issuing the JGBs for Retail Investors wishing that they can be a gift for future generations.
IR Office
If you have any questions regarding the contents of this newsletter, please do not hesitate to contact us at: [email protected]
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Note: There are various theories explaining the origin of the term “Momo-no-sekku.”
Auction Results (Bonds)
Auction Date Type of Security Issue
Number Maturity Date
Nominal Coupon
Amounts of Competitive
Bids (billion yen)
Amounts of Bids
Accepted (billion yen)
Yield at the Lowest
Accepted Price
Yield at the Average
Price
Amounts of Non-Competitive Bids Tendered
/Accepted (billion yen)
Amounts of Bids Accepted at the
Non-price- competitive Auction Ⅰ (billion yen)
Amounts of Bids Accepted at the
Non-price- competitive Auction Ⅱ (billion yen)
12/3/2019 10-year 356 9/20/2029 0.1% 5,679.7 1,730.1 ▲0.026% ▲0.042% 0.332 369.3 0.0 12/5/2019 30-year 64 9/20/2049 0.4% 2,108.7 571.6 0.432% 0.430% - 128.0 102.9 12/10/2019 5-year 141 9/20/2024 0.1% 6,255.8 1,555.4 ▲0.066% ▲0.083% - 344.1 283.9 12/17/2019 20-year 170 9/20/2039 0.3% 3,026.9 737.4 0.289% 0.286% - 162.0 128.1 12/24/2019 2-year 408 1/1/2022 0.1% 7,762.9 1,656.0 ▲0.095% ▲0.098% - 343.5 257.7 1/7/2020 10-year 357 12/20/2029 0.1% 6,343.6 1,712.6 ▲0.003% ▲0.005% 0.265 386.1 72.4 1/9/2020 30-year 65 12/20/2049 0.4% 2,087.2 571.0 0.433% 0.430% - 128.0 0.0 1/15/2020 5-year 142 12/20/2024 0.1% 6,991.9 1,560.3 ▲0.087% ▲0.087% - 338.8 189.2 1/17/2020 20-year 171 12/20/2039 0.3% 2,818.5 736.3 0.305% 0.300% - 162.8 0.0 1/28/2020 40-year 12 3/20/2059 0.5% 1,143.2 399.2 0.400% - - - 5.0 1/30/2020 2-year 409 2/1/2022 0.1% 7,326.5 1,632.1 ▲0.147% ▲0.147% - 367.6 198.9 2/4/2020 10-year 357 12/20/2029 0.1% 6,158.0 1,694.3 ▲0.049% ▲0.051% 0.265 404.7 171.3 2/6/2020 30-year 65 12/20/2049 0.4% 2,107.7 565.0 0.428% 0.426% - 134.4 2.2 2/12/2020 10-year Inflation-Indexed Bonds 24 3/10/2029 0.1% 1,499.9 399.5 ▲0.150% - - - 15.8 2/18/2020 5-year 142 12/20/2024 0.1% 6,918.6 1,540.4 ▲0.142% ▲0.144% - 358.4 188.9 2/20/2020 20-year 171 12/20/2039 0.3% 2,894.6 726.3 0.234% 0.232% - 172.8 70.7 2/28/2020 2-year 410 3/1/2022 0.1% 7,450.5 1,622.8 ▲0.241% ▲0.241% - 377.1 197.3
Auction Results
(Treasury Discount Bills)
Auction Date Type of Security Issue
Number Maturity Date
Amounts of Competitive Bids
(billion yen)
Amounts of Bids Accepted
(billion yen)
Yield at the Lowest
Accepted Price
Yield at the Average
Price
Amounts of Bids Accepted at the
Non-price- competitive Auction Ⅰ (billion yen)
12/6/2019 3-month 874 3/16/2020 10,043.10 3,527.09 ▲0.0986% ▲0.1187% 792.90 12/9/2019 6-month 875 6/10/2020 8,749.80 1,983.45 ▲0.0996% ▲0.1036% 316.50 12/13/2019 3-month 876 3/23/2020 14,670.50 3,527.54 ▲0.1154% ▲0.1284% 792.40 12/18/2019 1-year 877 12/21/2020 6,578.30 1,617.88 ▲0.1053% ▲0.1172% 282.10 12/20/2019 3-month 878 3/30/2020 12,929.20 3,557.38 ▲0.0893% ▲0.1061% 782.60 1/7/2020 3-month 879 4/6/2020 12,314.30 3,552.47 ▲0.0984% ▲0.1086% 787.50 1/9/2020 6-month 880 7/10/2020 9,028.50 1,883.57 ▲0.1162% ▲0.1182% 416.40 1/10/2020 3-month 881 4/13/2020 11,710.90 3,551.40 ▲0.1074% ▲0.1175% 788.55 1/16/2020 1-year 882 1/20/2021 6,124.70 1,551.35 ▲0.1215% ▲0.1254% 348.60 1/17/2020 3-month 883 4/20/2020 12,755.50 3,552.41 ▲0.1122% ▲0.1170% 787.50 1/24/2020 3-month 884 4/27/2020 12,048.70 3,541.44 ▲0.1162% ▲0.1222% 798.50 1/31/2020 3-month 885 5/7/2020 12,352.70 3,662.84 ▲0.1203% ▲0.1257% 777.10 2/6/2020 6-month 886 8/11/2020 8,082.07 2,110.54 ▲0.1375% ▲0.1395% 489.40 2/7/2020 3-month 887 5/11/2020 12,167.84 3,619.84 ▲0.1323% ▲0.1367% 820.10 2/14/2020 3-month 888 5/18/2020 10,964.16 3,612.24 ▲0.1222% ▲0.1283% 827.70 2/19/2020 1-year 889 2/22/2021 6,543.70 1,550.88 ▲0.1436% ▲0.1465% 349.10 2/21/2020 3-month 890 5/25/2020 11,955.55 3,602.64 ▲0.1216% ▲0.1285% 837.30 2/28/2020 3-month 891 6/1/2020 13,521.96 3,865.06 ▲0.1343% ▲0.1391% 874.90
Auction Calendar for Mar. 2020 – May 2020
Auction Date Issue Auction Date Issue Auction Date Issue Auction Date Issue
3/3(Tue) 10-year 3/27(Fri) T-Bills (3-month) 4/21(Tue) 20-year 5/19(Tue) T-Bills (1-year)
3/5(Thu) 30-year 3/31(Tue) 2-year 4/23(Thu) 2-year 5/20(Wed) 20-year 3/6(Fri) T-Bills (3-month) 4/2(Thu) 10-year 4/24(Fri) T-Bills (3-month) 5/22(Fri) T-Bills (3-month)
3/9(Mon) T-Bills (6-month) 4/3(Fri) T-Bills (3-month) 5/1(Fri) T-Bills (3-month) 5/22(Fri) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years
3/10(Tue) 5-year 4/7(Tue) 30-year 5/1(Fri) Liquidity Enhancement Auction (remaining maturities of 1-5 years) 5/26(Tue) 40-year
3/12(Thu) 20-year 4/9(Thu) T-Bills (6-month) 5/7(Thu) T-Bills (6-month) 5/28(Thu) 2-year
3/13(Fri) T-Bills (3-month) 4/9(Thu) 5-year 5/8(Fri) T-Bills (3-month) 5/29(Fri) T-Bills (3-month)
3/16(Mon) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years) 4/10(Fri) T-Bills (3-month) 5/8(Fri) 10-year Inflation-Indexed Bonds
3/17(Tue) T-Bills (1-year) 4/14(Tue) Liquidity Enhancement Auction (remaining maturities of 15.5-39 years) 5/12(Tue) 10-year
3/18(Wed) T-Bills (3-month) 4/16(Thu) T-Bills (1-year) 5/14(Thu) 30-year
3/24(Tue) Liquidity Enhancement Auction (remaining maturities of 1-5 years) 4/16(Thu) Liquidity Enhancement Auction
(remaining maturities of 5-15.5 years 5/15(Fri) T-Bills (3-month)
3/26(Thu) 40-year 4/17(Fri) T-Bills (3-month) 5/18(Mon) 5-year
Top 10 PDs for Successful Bids in Auctions (Calculated by Duration) (Jul.~Dec. 2019) Top 5 PDs for Successful Bids of Inflation-Indexed Bond (FY2018) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 SMBC Nikko Securities Inc. 1 Goldman Sachs Japan Co., Ltd. 2 Daiwa Securities Co. Ltd. 7 Morgan Stanley MUFG Securities Co., Ltd. 2 Nomura Securities Co., Ltd. 3 Mizuho Securities Co., Ltd. 8 Merrill Lynch Japan Securities Co., Ltd. 3 JPMorgan Securities Japan Co., Ltd. 4 Nomura Securities Co., Ltd. 9 Deutsche Securities lnc. 4 Mizuho Securities Co., Ltd. 5 JPMorgan Securities Japan Co., Ltd. 10 Citigroup Global Markets Japan Inc. 5 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
JGB Primary Market
Note.1: The above calendar may be changed or added in light of changes in circumstances. In such cases, it will be announced in advance. Note.2: Each issue amount will be announced about one week prior to each auction date.
(Until 29 February 2020)
(Until 29 February 2020)
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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
12/12/2019
1,280.4
499.1 ▲0.005% 0.000%
20-year(154, 155, 156, 158, 160, 163, 164, 165, 167, 169) 30-year(20, 23, 25, 26, 27, 28, 29, 30, 31, 32, 38, 39, 41, 43, 46, 48, 59) 40-year(7, 9, 10, 11)
12/20/2019
1,519.7
599.0 0.013% 0.018%
10-year(336, 338, 339, 340, 341, 343, 354, 355) 20-year(88, 102, 113, 114, 115, 117, 118, 122, 124, 125, 126, 127, 128, 129, 133, 144, 146, 147, 149, 150, 151, 152) 30-year(1, 12, 13)
1/22/2020
1,774.2
597.2 0.000% 0.002%
10-year(338, 339, 343, 345, 347, 356) 20-year(80, 87, 92, 93, 94, 95, 96, 97, 98, 99, 100, 102, 103, 105, 107, 108, 112, 113, 114, 116, 118,
119, 120, 121, 122, 125, 126, 127, 131, 133, 137, 138, 139, 149, 150, 152) 30-year(13)
1/24/2020
1,621.9
398.9 ▲0.001% 0.001%
2-year(398, 405) 5-year(130, 131, 133, 134, 135, 136, 137, 138) 10-year(318, 320, 323, 324, 325, 326, 327, 328, 329, 330, 331, 332, 333) 20-year(54, 55, 56, 58, 59, 60, 61, 63, 64, 66, 70)
2/14/2020 1,593.4 597.9 0.003% 0.005%
10-year(339, 340, 341, 342, 346, 347, 351, 353, 356) 20-year(80, 82, 83, 84, 88, 95, 96, 100, 102, 105, 108, 109, 112, 113, 114, 115, 131, 132, 136,
137, 138, 139, 142, 145, 147, 149, 151, 153) 30-year(6, 7, 9, 11, 15, 16, 18, 19)
2/26/2020 1,072.4 499.2 ▲0.011% ▲0.005% 20-Year(154, 157, 166, 169) 30-Year(20, 22, 26, 28, 30, 31, 32, 34, 37, 39, 41, 43, 50, 62, 63, 64) 40-Year(2, 5, 9, 10, 11)
Target Zones of Liquidity Enhancement Auctions for the Fourth Quarter of FY 2019
10-year Inflation-Indexed
Auction Date Amounts of
Competitive Bids (billion yen)
Amounts of Bids Accepted
(billion yen)
Average Accepted
Spread (yen)
Highest Accepted
Spread (yen) Issue Numbers
11/15/2019 98.0 20.1 0.027 0.08 17, 19, 20, 21, 22, 24
12/18/2019 85.9 20.1 ▲0.083 ▲0.08 17, 22, 24
1/16/2020 132.9 20.1 ▲0.012 0.01 17, 19, 23, 24
2/17/2020 125.6 20.1 ▲0.132 ▲0.12 17, 20, 21, 24
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
338
JL75
JL76
JL77 33
9
JL78
JL79
JL80 34
0
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
JL11
4
JL11
5
JX2
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
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)
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
JL1
54
JX20
JL1
55
JX21
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
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
JU3
JU4
JU5
JU6
JU7
JU8
JU9
JU10
JU11
Amount issued by Liquidity Enhancement Auction Outstanding amount in the market (excluding amount issued by Liquidity Enhancement Auction)(billion yen)
(Remaining maturities)15.5 20 39
0500
1,0001,5002,0002,5003,0003,5004,0004,5005,0005,5006,0006,5007,000
JN39
6
JN39
7
JN39
8
JS12
7
313
314
JL4
9
JL5
0
JN39
9
JN40
0
JN40
1
JS12
8
315
316
JL5
1
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
JS13
1
321
322
JL5
5
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
336
337
JL7
3
JL7
4
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 January 2020. Note2: All issues in the graph above will be eligible afterward.
Buy-Back Results
(Until 29 February 2020)
②Remaining maturity : approx.5‐~15.5‐year
(Until 29 February 2020)
-9-
-1%
0%
1%
2%
3%
4%
5%
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
BEI (Japan : 10 year)
BEI (U.S.A. : 10 year)
BEI (U.K. : 10 year)
Note: BEI (Japan: 10 year) is calculated based on the compound interest rate of the new Inflation-Indexed Bonds and the 10-Year Bonds Source: Japan: Calculation by the Ministry of Finance based on the information on interest rates offered by NIKKEI QUICK.
U.S.A., U.K.: Bloomberg.
JGB Yield Curves
Source: Japan Bond Trading Co.,Ltd.
Yields of JGB
Long - Term Interest Rates (10Yr)
Source: Bloomberg
Source: Bloomberg
-10-
Yield and Volatility (10Yr)
Break-Even Inflation Rates
Source: Bloomberg, Calculation by the Ministry of Finance
(Until 31 January 2020)
(Until 31 January 2020)
(Until 31 January 2020)
(Until 31 January 2020)
JGB Secondary Market
0100200300400500600700800900
1,0001,1001,2001,3001,4001,5001,6001,7001,8001,9002,000
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
Treasury Discount Bills
Medium Term Bonds
Long Term Bonds
-0.1%
0.0%
0.1%
0.2%
0.3%
0.4%
0.5%
Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
Call Rate (Uncollateralized Overnight)
TIBOR 3-months (Euro-Yen)
Basic Loan Rate
0
500
1,000
1,500
2,000
2,500
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
Bond-Lending
Bond-Gensaki
0
20
40
60
80
100
120
140
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
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
-11-
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 January 2020)
Source: Japan Securities Dealers Association
0
10
20
30
40
50
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
200210220230240250260270
0
50
100
150
200
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
Super long-term
Long-term
Medium-term
T-bills
-9.0
-7.0
-5.0
-3.0
-1.0
1.0
3.0
5.0
7.0
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan
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
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan
Regional banks
Net Purchase
Net Sale
2015 2016 2017 20192018 2020
-0.5
0.0
0.5
1.0
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan
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
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan
Foreigners
Net Purchase
Net Sale
2015 2016 2017 20192018 2020
Apr 2013(Actual)
Jan 2020(Actual)
Monetary Base 155 517
JGBs 98 475
CP 1.4 2.2
Corporate Bonds 2.9 3.3
ETFs 1.7 28.5
J-REITs 0.13 0.56
Total Assets 175 5780
50
100
150
200
250
300
350
400
450
500
550
600
Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19
Total AssetsMonetary BaseJGBs
QQE2QQE(trillion yen)
-12-
Trends in Bank Assets by Types
Trends in JGBs Transactions (by investor type)
BOJ Trends
Regional Banks City Banks
Source: Bank of Japan
(trillion yen) (trillion yen)
Loans
Cash and Deposits
Government Bonds
Municipal Bonds
Corporate Bonds
Equities
Foreign Securities
Source: Bank of Japan
Source: Japan Securities Dealers Association
Investor Trends and JGB Outstanding
12.8%
38.7%
60.2%
0%
10%
20%
30%
40%
50%
60%
70%
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
①Market Share of Foreign Investors (JGB Futures Market)
②Market Share of Foreign Investors (JGB Market)
③JGB Holdings by Foreign Investors
-1
-0.5
0
0.5
1
1.5
2
2.5
3
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
Short-term debt securities Long-term debt securities Equity and investment fund shares
Net Purchase
Net
Sales
-6
-4
-2
0
2
4
6
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
Short-term debt securities Long-term debt securities Equity and investment fund shares
Net Purchase
Net
Sales
0%
5%
10%
15%
20%
25%
30%
35%
40%
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
City Banks Trust Banks Insurance Companies Foreigners
-10
-8
-6
-4
-2
0
2
4
6
8
10
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
Short-term debt securities Long-term debt securities Equity and investment fund shares
Net Purchase
Net
Sales
-13-
JGBs Holdings by Foreign Investors
Banks(Banking Accounts) Life Insurance Companies
Transactions of Domestic Securities by Non-Residents
Note.1: Quarterly basis. Note.2: “JGB” includes T-Bills. Source: Bank of Japan
Transactions of Foreign Securities by Residents (by Investor types)
Foreign Investors Presence
Note.1: Quarterly basis. Note.2: “JGB” includes T-Bills. The figures of ②excludes dealers’ transactions. Source: Bank of Japan, Japan Securities Dealers Association, Tokyo Stock Exchange,
Osaka Exchange
(trillion yen)
(trillion yen)
Source: Japan Securities Dealers Association
(trillion yen)
Outstanding of Repurchase Agreements (by Investor types)
Source: Ministry of Finance Source: Ministry of Finance
Source: Ministry of Finance
144.7
12.8
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
Amount of JGB Holdings (RHS)
Proportion of JGB Holdings (LHS)
(trillion yen)(%)
General Government(ex Public Pensions)
2.8 0.2%
Fiscal Loan Fund0.0
0.0%
BOJ494.6 43.7%
Banks,etc.171.6 15.2%
Life and Non-life
Insurance,etc.
220.9 19.5%
Public Pensions
43.0 3.8%
Pension Funds31.8 2.8%
Foreigners144.7 12.8%
Households13.5 1.2%
Others9.4
0.8%
General Government(ex Public Pensions)
0.0 0.0%
Fiscal Loan Fund0.0
0.0%
BOJ9.4
9.9%Banks,etc.
17.4 18.4%
Life and Non-life
Insurance,etc.2.0
2.1%
Foreigners66.1
69.7%
General Government
(ex Public Pensions)2.8
0.3%
BOJ485.2 46.8%
Banks,etc.154.2 14.9%
Life and Non-life
Insurance,etc.
218.9 21.1%
Public Pensions
43.0 4.1%
Pension Funds31.8 3.1%
Foreigners78.6 7.6%
Households13.5 1.3%
Others9.4
0.9%
JGB and T-Bill Holders
Breakdown by JGB and T-Bill Holders (The end of Dec. 2019 QE)
Source: Bank of Japan “Flow of Funds Accounts (Preliminary Figures)” Note1: “JGB” includes “FILP Bonds.” Note2: “Banks, etc.” includes “Japan Post Bank”, “Securities investment trust” and “Securities companies.” Note3: “Life and Non-life insurance, etc.” includes “Japan Post Insurance.”
(trillion yen)
Breakdown of Outstanding Amount of General Bonds by Remaining Years to Maturity
T-Bill Holders
Total 94.9 trillion yen
JGB Holders
Total 1,037.4 trillion yen
Total 1,132.2 trillion yen
-14-
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
850
900
FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
17.8% 18.3% 18.2% 17.9% 17.3% 16.4% 15.1% 14.3% 13.4% 13.1%
13.0% 12.5% 11.9% 12.4% 12.0% 11.1% 10.6% 10.5% 10.5% 10.8%
8.5%7.9% 8.6% 8.1% 7.8% 7.8% 7.9% 7.7% 8.2% 7.0%
8.4%9.0%
8.6% 8.1% 8.1% 8.2% 7.8% 8.2% 7.1% 7.4%8.8%8.4%
7.8%7.8% 7.8% 7.4% 7.8% 6.8% 6.8% 6.7%
5.2%4.7%
4.9%4.4% 4.2% 5.0% 4.2% 4.4% 5.0% 4.7%
4.9%5.2%
4.6%4.5% 5.0% 4.3% 4.4% 4.8% 4.7% 4.9%
5.5%4.8%
4.8%5.3%
4.5% 4.5% 5.0% 4.8% 5.0% 4.6%
5.2%5.1%
5.6%4.7%
4.8% 5.2% 4.9% 5.1% 4.7% 4.9%
4.7%5.2%
4.4%4.3%
4.6% 4.2% 4.5% 4.1% 4.0% 4.2%
14.4%14.4%
14.9%15.6%
16.5%17.7%
18.4% 19.2% 19.6% 20.2%
3.6%
4.6%
5.8%
6.7%
7.5%8.3%
9.4%10.1%
11.1%11.6%
20 yrs-
10-20 yrs
9-10 yrs
8-9 yrs
7-8 yrs
6-7 yrs
5-6 yrs
4-5 yrs
3-4 yrs
2-3 yrs
1-2 yrs
-1 yr
(Unit: trillion yen)
(at the end of FY)
594.0
636.3669.9
705.0
743.9774.1
805.4830.6
853.2
*years to maturity
Average
YTM* 6Y5M 6Y8M 7Y0M 7Y3M 7Y7M 8Y0M 8Y5M 8Y7M 8Y10M 9Y0M
Average YTM*
(excluding saving
bonds)6Y6M 6Y10M 7Y1M 7Y5M 7Y8M 8Y0M 8Y5M 8Y8M 8Y11M 9Y1M
874.0
Types The amount of redemption at maturity Scheduled redemption date
20-Year Bonds 2,423.3 March 20
15-Year Floating-Rate Bonds 1,004.2 March 20
10-Year Bonds 7,883.3 March 20
5-Year Bonds 8,600.5 March 20
2-Year Bonds 2,454.6 March 15
Treasury Bills 1,800.0 March 23
Total 24,165.9
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)
0100200300400500600700800900
1,0001,1001,2001,3001,4001,5001,6001,7001,8001,9002,0002,1002,200
17 18 19 20 21 22 23 24
(billion yen)
(issue number)
Outstanding amount (excl.BOJ holding)
BOJ holding
31.15
113.19
78.25
65.6665.04
51.1343.64
40.75
42.6243.05
29.26
16.7316.44
19.5019.15
21.1419.85
18.1718.28 18.10
11.48 6.71 7.196.37
8.509.59 10.91 9.31
11.3710.04
5.961.96 1.96 2.00 2.17 2.28
2.66 2.79 1.81 1.71
0
10
20
30
40
50
60
70
80
90
100
110
120
130
19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58
(trillion yen)
(FY)
Treasury Bills2-yr bondsJGBs for retail investors (3-yr-Fixed-rate)JGBs for retail investors (5-yr-Fixed-rate)5-yr bondsInflation-Indexed bondsJGBs for retail investors (Floating-rate)10-yr bonds15-yr-floating-rate bonds20-yr bonds30-yr bonds40-yr bonds
Average remaining years to maturity: 9 years and 1 month
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 January, 2020)
(trillion yen)
Scheduled redemption of JGB at maturity in March, 2020
Note.1: The figures are based on the outstanding JGBs at the end of January, 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(Dec. 2019)
-15-
(trillion yen)
4.9
-2.9-1.5
1.1
5.0
3.1 3.4
-0.2
4.0
-7.4
0.4
2.0
5.6
0.5
-0.2-1.5
2.0
0.60.9 1.1
4.7
1.5 2.31.8
-1.9
2.0
-3.3
2.4 2.2 2.3
0.1
-7.1
-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
2012 2013 2014 2015 2016 2017 2018 2019
(%)
Private Demand Public Demand
Foreign Demand Real GDP
Annualized rate of Change from the previous quarter (Seasonally adjusted)
(CY)
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)
Jan, 20201.49
Jan, 20202.4%
Job openings-to-applicants ratio(RHS)
Unemployment rate(LHS)
Aug, 20090.42
Jul, 20095.5%
85
90
95
100
105
110
115
120
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
(2015 average=100・Seasonally Adjusted Index)
Production Shipments
Inventory Inventory Ratio
0.7%
-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
0.4%
600
650
700
750
800
850
900
950
1,000
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
(billion yen)
Monthly Quarter (Mean)
0
100
200
300
400
500
600
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
(trillion yen)
Banknotes in Circulation
Coins in Circulation
Current Account Balances
1.6 2.1
1.7
-1.0 -0.5
0.9
2.0
1.6
4.3
3.9
5.0
3.3
6.1
4.9
6.1
4.3
6.4
4.8
7.2
4.3
5.9 5.0
5.7
2.6
6.0
4.6
5.8
3.8
-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
Primary Income Trade Balance
Services Secondary Income
Current Account
-30%
-20%
-10%
0%
10%
20%
30%(Diffusion index)
Large enterprises/Manufacturing
Large enterprises/Non-Manufacturing
Small enterprises/Manufacturing
Small enterprises/Non-Manufacturing
Real GDP Growth Rate
Employment Conditions
Prices
Changes in Current Account
Monetary Base Indices of Industrial Production
Total Value of Machinery Orders (Private Sector exc. Volatile orders)
TANKAN (Business Conditions)
Source: Cabinet Office Source: Ministry of Internal Affairs and Communications
Source: Ministry of Health, Labour and Welfare
Ministry of Internal Affairs and Communications Source: Ministry of Finance
Source: Ministry of Economy, Trade and Industry
Source: Cabinet Office
(trillion yen)
Economic and Financial Trends
Source: Bank of Japan
Source: Bank of Japan
-16-
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/
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please email: [email protected]
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