our fundamental goal of debt management policy is …monthly newsletter of the ministry of finance,...

What’s New: Issuance Amount of the Inflation-Indexed Bond, etc. p. 2 The MOF decided on the “Issuance Amount of the Inflation-Indexed Bond in the

October-December quarter 2019” and “Issuance Amount for Liquidity EnhancementAuctions in the October-December quarter 2019”, following the discussions at the 82ndMeeting of JGB Market Special Participants, which was held on September 24, 2019.The latest JGB market situation and the future outlook were also discussed at themeeting.

Monthly Topics: GDP and Economic and Fiscal Projections, etc. p.3 The second preliminary GDP estimate (Apr.–Jun. 2019) was released on September 9.

Real GDP expanded by 0.3% (annual rate 1.3%) from the previous quarter which wasrevised down from the first preliminary GDP estimate, 0.4% (annual rate 1.8%).

The Bank of Japan (BOJ) released the Flow of Funds Accounts of the 2nd Quarter 2019.

English version Executive Summary of “Economic and Fiscal Projections for Mediumto Long term Analysis” published by the Cabinet Office is now available online.

IR Office: “Japan Investment Forum” in Tokyo p. 6 In mid-September, Mr. Kubota, Deputy Director-General of the Financial Bureau, made

a presentation at the “Japan Investment Forum” in Tokyo to approximately 150 foreignand domestic investors. He described Japan’s economy and public debt management.

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

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

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

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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.

October 2019

https://www.mof.go.jp/

Issuance Amount of the Inflation-Indexed Bond and for Liquidity Enhancement Auctions

（the October-December quarter 2019）

The MOF decided on the “Issuance Amount of the Inflation-Indexed Bond in the October-December quarter 2019” and “Issuance Amount for Liquidity Enhancement Auctions in the October-December quarter 2019”, following the discussions at the 82nd Meeting of JGB Market Special Participants, which was held on September 24, 2019. The latest JGB market situation and the future outlook were also discussed at the meeting.

<Issuance Amount of the Inflation-Indexed Bond in the October-December quarter 2019> Issuance amount on November 2019 will be approximately 400 billion yen. The Buy-Back of Inflation-Indexed Bonds will be conducted every month in the October-

December quarter 2019. Auction schedule of issuance and Buy-Back of Inflation-Indexed Bonds in the October-

December quarter 2019 is determined as below:

Auction Month Auction amount

October 2019 Buy-Back: Approximately 20 billion yen

November 2019 Issuance: Approximately 400 billion yen Buy-Back: Approximately 20 billion yen

December 2019 Buy-Back: Approximately 20 billion yen (Note1) The Buy-back will be conducted once a month. (Note2) Issues eligible for the Buy-Back will be those with issue number 17 to 24. (Note3) The Ministry of Finance reserves the right not to accept a part or all of bids for Buy-Back. (Note4) The plan could be changed owing to market conditions and others. (Source) MOF

<Issuance Amount for Liquidity Enhancement Auctions in the October-December quarter 2019> Issuance amount at each auction remains unchanged from the current amount. Auction schedule of Liquidity Enhancement Auction in the October-December quarter 2019 is

determined as below:

October 2019 November 2019 December 2019

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

(2) Issues with remaining maturities of 5-15.5 years Approximately 600 billion yen

Approximately 600 billion yen

Approximately 600 billion yen

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

500 billion yen (Note1) The starting date for calculation of remaining maturities is September 30, 2019. (Note2) Eligible issues for 2-year JGBs in (1) zone will be those with remaining maturities of more than one year on October 31, 2019. It also

includes those issued in the same month as the Liquidity Enhancement Auction is held (Note3) The plan could be changed owing to market conditions and others. (Source) MOF

The League Table of JGB Market Special Participants (PDs) The MOF updated the league table of the top 10 PDs for successful bids in the JGB auctions

which is updated quarterly.

Top 10 PDs for Successful Bids in Auctions (Calculated by Duration) (Apr.～Sep. 2019) Top 5 PDs for Successful Bids of Inflation-Indexed Bond (FY2018) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 SMBC Nikko Securities Inc. 1 Goldman Sachs Japan Co., Ltd. 2 Daiwa Securities Co. Ltd. 7 Merrill Lynch Japan Securities Co., Ltd. 2 Nomura Securities Co., Ltd. 3 Mizuho Securities Co., Ltd. 8 Deutsche Securities lnc. 3 JPMorgan Securities Japan Co., Ltd. 4 Nomura Securities Co., Ltd. 9 Mizuho Bank, Ltd. 4 Mizuho Securities Co., Ltd. 5 JPMorgan Securities Japan Co., Ltd. 10 Goldman Sachs Japan Co., Ltd. 5 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

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What’s New

General Government

(ex Public Pensions)

3.2

0.3%Fiscal Loan Fund

0.0

0.0%

BOJ

494.1

43.5%

Banks,etc.

173.1

15.2%

Life and Non-life

Insurance,etc.

222.9

19.6%

Public Pensions

43.1

3.8%

Pension Funds

31.9

2.8%

Foreigners

145.3

12.8%

Households

13.3

1.2%

Others

10.1

0.9%

1. Quarterly Estimates of GDP Apr.–Jun. 2019 (Second Preliminary Estimates)The second preliminary GDP estimate (Apr.–Jun. 2019) was released on September 9. Real

GDP expanded by 0.3% (annual rate 1.3%) from the previous quarter which was revised down from the first preliminary GDP estimate, 0.4% (annual rate 1.8%). By demand item, private non-residential investment rose by 0.2% from the previous quarter,

which was revised down from the first preliminary GDP estimate, 1.5%, reflecting Financial Statements Statistics of Corporations by Industry released on September 2.

For more detailed data, please refer to the following: Quarterly Estimates of GDP: https://www.esri.cao.go.jp/en/sna/data/sokuhou/files/2019/toukei_2019.html

2. Breakdown by JGBs (including T-Bills) Holders (end of Jun. 2019)On September 20, the Bank of Japan (BOJ) released the Flow of Funds Accounts of the 2nd

Quarter 2019. The shares of JGBs (including T-Bills, hereinafter referred to as “JGBs”) holders were updated as follows:

(％)2019

4～6 7～9 10～12 1～3 4～60.5 -0.5 0.4 0.5 0.3 *** 1.30.5 -0.3 0.8 0.1 0.6 *** 2.6

(0.5) (-0.3) (0.8) (0.1) *** (0.6) ***0.7 -0.4 1.0 0.1 0.4 (0.3) 1.70.3 -0.1 0.4 -0.0 0.6 (0.3) 2.50.3 -0.1 0.4 -0.0 0.6 (0.3) 2.4

Excluding Imputed Rent 0.3 -0.2 0.4 -0.1 0.7 (0.3) 2.7-1.8 0.8 1.3 0.6 0.1 (0.0) 0.33.0 -2.8 3.0 -0.2 0.2 (0.0) 0.8

(-0.1) (0.2) (0.0) (0.1) *** (-0.0) ***-0.2 -0.1 0.4 0.2 1.3 (0.3) 5.30.1 0.3 0.7 -0.1 1.2 (0.2) 4.9

-1.4 -1.8 -1.2 1.5 1.8 (0.1) 7.2(-0.0) (-0.0) (0.0) (0.0) *** (-0.0) ***(0.0) (-0.2) (-0.4) (0.4) *** (-0.3) ***

2018 20194～6

Gross Domestic Product

Domestic Demand

Private DemandPrivate Consumption

Consumption of Households

Private Residential InvestmentPrivate Non-Resi. InvestmentChange in Private Inventories

Public DemandGovernment ConsumptionPublic InvestmentChange in Public Inventories

Net Exports of Goods & Services

1.3

-0.8-0.4

0.3

1.20.8

0.8

0

0.9

-1.9

0.10.5

1.3

0.20

-0.4

0.7

00.30.2

0.80.4 0.7

0.3

-0.1

0.5

-0.5

0.40.5

0.3

-3.5

-3.0

-2.5

-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

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

2012 2013 2014 2015 2016 2017 2018 2019

(％)

Private Demand Public DemandForeign Demand Real GDP

Contributions to change from the previous quarter (Seasonally adjusted)

Development of Real GDP (Quarterly, seasonally adjusted series)

Monthly Topics

Note 1: Change from the previous quarter (seasonally adjusted) Note 2: Annualized Note 3: The Figures in () indicate contributions to changes in GDP. Source: Cabinet Office Source: Cabinet Office

Note 1 Note 2

The total amount of JGBs and T-Bills outstanding increased by 11.5 trillion yen to 1,136.9 trillion yen. BOJ increased its holdings of JGBs by 8.1 trillion yen to 494.1 trillion yen. The amount of JGBs held by domestic Banks in Q2 fell by 8.5 trillion yen to 173.1 trillion yen. The amount of JGBs held by foreign investors in Q2 increased by 2.6 trillion yen to 145.3 trillion yen.

General Government


3.3

0.3%Fiscal Loan Fund

0.0

0.0%

BOJ

486.0

43.2%

Banks,etc.

181.6

16.1%

Life and Non-life

Insurance,etc.

211.0

18.7%

Public Pensions

45.7

4.1%

Pension Funds

31.1

2.8% Foreigners

142.7

12.7%

Households

13.3

1.2%

Others

10.8

1.0%

Total ¥1,125.4 trillion

The end of Mar. 2019 The end of Jun. 2019

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

Total ¥1,136.9 trillion

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https://www.esri.cao.go.jp/en/sna/data/sokuhou/files/2019/toukei_2019.html

Although the current GDP growth rate is lower than the previous projection due to slowdown of the world economy, inthe Economic Growth Achieved Case, the growth rate is projected to achieve around 2% in real terms and overaround 3% in nominal terms in the early 2020s along with the increase in the potential growth rate, and the inflationand interest rates will increase gradually.

This projection does not reflect flexible macro-economic policies which will be implemented in the case where thedownside risks originating from the overseas economies materialize.

On July 31, 2019, the Cabinet Office submitted its “Economic and Fiscal Projections for Medium to Long term Analysis” to the Council on Economic and Fiscal Policy. Summary of the results of its analysis is as follows:

3. Summary: Economic and Fiscal Projections for Medium to Long term Analysis (July 31, 2019)

Projections of the Macro Economy

(Source) Cabinet Office

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This projection reflects the current fiscal conditions of the Central and Local Governments (the FY2018 SettlementHighlight, etc.) and the medium to long term macroeconomic conditions, while the projection does not reflect specificexpenditure reforms since FY2020. As a result, in the Economic Growth Achieved Case, the primary balance tonominal GDP is projected to improve due to increases in tax revenues, and to be mostly balanced in FY2026. Theratio of outstanding debt to GDP is projected to decline steadily in the periods of the projection.

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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 mid-September, Mr. Kubota, Deputy Director-General of the Financial Bureau, made a presentation at the “Japan Investment Forum” in Tokyo to approximately 150 foreign and domestic investors. He described Japan’s economy and public debt management.

In the presentation, he explained the current JGB market situation and the importance of market liquidity. In addition, he mentioned economic policy in Japan including several measures to stimulate Japan’s growth potential. Finally, he outlined debt management policies including the basic objectives and stressed that we intend to enhance the trust in Japan’s debt management policy through dialogue with market participants.

In the Q&A session, the audience asked some questions such as about measures for preventing a recession, the view of the inflation rate, and acceptance of foreign workers.

IR Office

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

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- competitiveAuction Ⅰ(billion yen)


Non-price- competitiveAuction Ⅱ(billion yen)

7/2/2019 10-year 355 6/20/2029 0.1% 6,798.7 1,734.5 ▲0.137% ▲0.139% 0.309 364.4 0.0 7/4/2019 30-year 63 6/20/2049 0.4% 2,304.2 574.5 0.362% 0.357% - 124.8 100.1 7/9/2019 5-year 140 6/20/2024 0.1% 7,002.9 1,613.7 ▲0.231% ▲0.233% - 285.2 50.7 7/17/2019 20-year 169 6/20/2039 0.3% 3,563.8 728.2 0.249% 0.249% - 170.8 119.1 7/23/2019 40-year 12 3/20/2059 0.5% 1,207.7 399.6 0.425% - - - 0.0 7/25/2019 2-year 403 8/1/2021 0.1% 7,708.4 1,637.8 ▲0.208% ▲0.211% - 361.4 188.2 8/1/2019 10-year 355 6/20/2029 0.1% 6,436.5 1,711.1 ▲0.150% ▲0.152% 0.266 387.7 0.0 8/6/2019 30-year 63 6/20/2049 0.4% 2,017.5 576.6 0.299% 0.292% - 122.7 0.0 8/8/2019 10-year Inflation-Indexed Bonds 24 3/10/2029 0.1% 1,534.7 399.6 ▲0.329% - - - 14.7 8/15/2019 5-year 140 6/20/2024 0.1% 7,318.9 1,564.9 ▲0.310% ▲0.314% - 333.6 283.2 8/20/2019 20-year 169 6/20/2039 0.3% 2,767.4 726.6 0.114% 0.110% - 172.4 119.7 8/29/2019 2-year 404 9/1/2021 0.1% 8,832.8 1,634.5 ▲0.309% ▲0.311% - 365.1 123.0 9/3/2019 10-year 355 6/20/2029 0.1% 6,161.1 1,713.0 ▲0.264% ▲0.265% 0.280 385.7 313.4 9/5/2019 30-year 63 6/20/2049 0.4% 1,975.9 572.8 0.144% 0.140% - 126.3 98.5 9/11/2019 5-year 140 6/20/2024 0.1% 5,629.0 1,558.8 ▲0.302% ▲0.308% - 340.7 0.0 9/18/2019 20-year 169 6/20/2039 0.3% 2,565.4 738.0 0.210% 0.205% - 161.7 49.6 9/25/2019 40-year 12 3/20/2059 0.5% 1,075.8 399.9 0.435% - - - 55.7 9/27/2019 2-year 405 10/1/2021 0.1% 6,199.5 1,654.1 ▲0.327% ▲0.333% - 345.3 0.0

Auction Results （Treasury Discount Bills）

Auction Date Type of Security Issue Number Maturity Date

Amounts of Competitive Bids

(billion yen)

Amounts of Bids Accepted

(billion yen)

Yield at the Lowest

Accepted Price

Yield at the Average

Price


Non-price- competitive Auction Ⅰ (billion yen)

7/5/2019 3-month 842 10/7/2019 11,290.25 3,573.27 ▲0.1323% ▲0.1455% 756.70 7/9/2019 6-month 843 1/10/2020 10,762.54 1,898.08 ▲0.1902% ▲0.1961% 401.90 7/12/2019 3-month 844 10/15/2019 9,197.60 3,607.54 ▲0.1363% ▲0.1463% 722.40 7/18/2019 1-year 845 7/20/2020 7,108.00 1,555.74 ▲0.1931% ▲0.1971% 344.20 7/19/2019 3-month 846 10/21/2019 10,259.20 3,501.97 ▲0.1303% ▲0.1407% 768.00 7/26/2019 3-month 847 10/28/2019 11,526.10 3,534.67 ▲0.1202% ▲0.1271% 785.30 8/2/2019 3-month 848 11/5/2019 11,631.30 3,494.85 ▲0.1070% ▲0.1154% 775.10 8/8/2019 6-month 849 2/10/2020 8,904.60 1,885.87 ▲0.1873% ▲0.1934% 414.10 8/9/2019 3-month 850 11/11/2019 12,650.22 3,514.26 ▲0.0932% ▲0.0989% 765.70 8/16/2019 3-month 851 11/18/2019 13,403.69 3,509.74 ▲0.1162% ▲0.1222% 790.20 8/19/2019 1-year 852 8/20/2020 8,229.10 1,556.19 ▲0.2228% ▲0.2367% 343.80 8/23/2019 3-month 853 11/25/2019 12,718.00 3,481.26 ▲0.1383% ▲0.1463% 778.70 8/30/2019 3-month 854 12/2/2019 11,143.30 3,504.47 ▲0.1623% ▲0.1731% 775.50 9/6/2019 3-month 855 12/9/2019 10,513.20 3,509.73 ▲0.1563% ▲0.1619% 790.20 9/9/2019 6-month 856 3/10/2020 8,143,10 1,878.59 ▲0.2643% ▲0.2883% 421.40 9/13/2019 3-month 857 12/16/2019 9,027.80 3,493.90 ▲0.1236% ▲0.1431% 786.10 9/18/2019 1-year 858 9/23/2020 7,960.40 1,578.98 ▲0.2171% ▲0.2200% 321.00 9/20/2019 3-month 859 12/23/2019 13,621.10 3,487.15 ▲0.1378% ▲0.1483% 782.80 9/27/2019 3-month 860 1/8/2020 16,487.75 3,485.47 ▲0.2553% ▲0.2709% 784.50

Auction Calendar for Oct. 2019 – Dec. 2019 Auction Date Issue Auction Date Issue Auction Date Issue Auction Date Issue 10/1(Tue) 10-year 10/29(Tue) 2-year 11/22(Fri) T-Bills (3-month) 12/13(Fri) T-Bills (3-month)

10/3(Thu) Liquidity Enhancement Auction (remaining maturities of 15.5-39 years) 11/1(Fri) T-Bills (3-month) 11/22(Fri) Liquidity Enhancement Auction

(remaining maturities of 5-15.5 years) 12/17(Tue) 20-year 10/4(Fri) T-Bills (3-month) 11/6(Wed) 10-year 11/26(Tue) 40-year 12/18(Wed) T-Bills (1-year)

10/8(Tue) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years) 11/7(Thu) T-Bills (6-month) 11/28(Thu) 2-year 12/20(Fri) T-Bills (3-month)

10/9(Wed) T-Bills (6-month) 11/8(Fri) T-Bills (3-month) 11/29(Fri) T-Bills (3-month) 12/20(Fri) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years)

10/10(Thu) 30-year 11/8(Fri) 10-year Inflation-Indexed Bonds 12/3(Tue) 10-year 12/24(Tue) 2-year

10/11(Fri) T-Bills (3-month) 11/12(Tue) 30-year 12/5(Thu) 30-year

10/17(Thu) T-Bills (1-year) 11/14(Thu) 5-year 12/6(Fri) T-Bills (3-month)

10/17(Thu) 5-year 11/15(Fri) T-Bills (3-month) 12/9(Mon) T-Bills (6-month) 10/18(Fri) T-Bills (3-month) 11/18(Mon) Liquidity Enhancement Auction

(remaining maturities of 1-5 years) 12/10(Tue) 5-year

10/24(Thu) 20-year 11/19(Tue) T-Bills (1-year) 12/12(Thu) T-Bills (approx. 2-month)

10/25(Fri) T-Bills (3-month) 11/20(Wed) 20-year 12/12(Thu) Liquidity Enhancement Auction (remaining maturities of 15.5-39 years)

Top 10 PDs for Successful Bids in Auctions (Calculated by Duration) (Apr.～Sep. 2019) Top 5 PDs for Successful Bids of Inflation-Indexed Bond (FY2018) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 SMBC Nikko Securities Inc. 1 Goldman Sachs Japan Co., Ltd. 2 Daiwa Securities Co. Ltd. 7 Merrill Lynch Japan Securities Co., Ltd. 2 Nomura Securities Co., Ltd. 3 Mizuho Securities Co., Ltd. 8 Deutsche Securities lnc. 3 JPMorgan Securities Japan Co., Ltd. 4 Nomura Securities Co., Ltd. 9 Mizuho Bank, Ltd. 4 Mizuho Securities Co., Ltd. 5 JPMorgan Securities Japan Co., Ltd. 10 Goldman Sachs Japan Co., Ltd. 5 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

JGB Primary Market

Note.1: The above calendar may be changed or added in light of changes in circumstances. In such cases, it will be announced in advance. Note.2: Each issue amount will be announced about one week prior to each auction date. Note.3: The issue date of Treasury Discount Bills auctioned on December 12, 2019 is December 16, 2019, and the maturity date is February 4, 2020.

(Until 30 September 2019)


-7-

Results of Liquidity Enhancement Auctions

Auction Date Amounts of Competitive

Bids (billion yen)

Amounts of Bids

Accepted (billion yen)

Average Accepted Spread

Highest Accepted Spread

Issues Re-opened

7/11/2019 1,652.6 596.9 ▲0.015% ▲0.013%

10-year(335, 336, 337, 348, 349, 351) 20-year(72, 86, 87, 95, 97, 102, 105, 106, 113, 114, 118, 119, 123, 124, 125, 126, 127, 128, 129, 134, 137, 138, 140, 142, 143, 144, 146, 148, 149, 151) 30-year(2, 3, 4, 5, 8, 12, 14, 15, 17)

7/19/2019 1,915.0 398.6 ▲0.009% ▲0.009%

2-year(401) 5-year(128, 130, 132, 133) 10-year(314, 317, 318, 320, 321, 322, 323, 324, 325) 20-year(53, 58, 64)

8/22/2019 1,717.3 598.5 ▲0.003% ▲0.001%

10-year(335, 336, 337, 338, 340, 341, 342, 344, 348) 20-year(72, 81, 83, 84, 85, 86, 88, 89, 90, 91, 93, 97, 98, 99, 100, 101, 102, 103, 105, 106, 108, 109, 115, 117, 119, 120, 127, 138, 145, 148) 30-year(2, 6, 9)

8/27/2019 1,321.2 498.1 0.030% 0.032% 20-year(152, 154, 155, 159, 161, 162, 164, 165, 167) 30-year(20, 21, 22, 23, 24, 27, 28, 29, 31, 35, 37, 38, 40, 41, 43, 45, 57, 59, 62) 40-year(1, 2, 3, 5, 6, 7, 9, 10, 11)

9/9/2019 1,596.4 398.6 ▲0.017% ▲0.015%

2-year(397, 398, 401, 402, 403) 5-year(131, 132, 133, 135, 136, 137) 10-year(315, 316, 322, 323, 324, 326, 329, 334) 20-year(48, 58, 70)

9/13/2019 1,670.5 599.5 0.038% 0.043%

10-year(335, 336, 337, 338, 339, 340, 341, 346, 347, 348, 349, 352) 20-year(72, 80, 81, 84, 89, 92, 94, 95, 98, 99, 102, 109, 111, 112, 113, 114, 120, 128, 130, 131, 132, 137, 138, 140, 142, 145, 146, 148, 150, 151) 30-year(1, 2, 4, 14, 17)

Target Zones of Liquidity Enhancement Auctions for the Third Quarter of FY 2019

10-year Inflation-Indexed

Auction Date Amounts of

Competitive Bids (billion yen)

Amounts of Bids Accepted

(billion yen)

Average Accepted

Spread (yen)

Highest Accepted

Spread (yen) Issue Numbers

2/20/2019 129.9 20.1 ▲0.035 ▲0.02 17, 18, 19, 22, 23 4/19/2019 76.5 20.1 ▲0.045 0.00 17, 18, 19, 22, 23 6/17/2019 112.1 20.0 ▲0.11 ▲0.11 19, 22 8/14/2019 91.3 20.1 ▲0.18 ▲0.14 20, 24

0500

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

336

337

JL73

JL74 33

8JL

75JL

76JL

77 339

JL78

JL79

JL80 34

0JL

81JL

82 341

JL83

JL84 34

2JL

85JL

86JL

87 343

JL88

JL89 34

4JL

90JL

91 345

JL92 34

6JL

93JL

94 347

JL95

JL96 34

8JL

97JL

98 349

JL99 35

0JL

100

JL10

135

1JL

102

JL10

3JL

104

352

JL10

5JL

106

353

JL10

7JL

108

354

JL10

9JL

110

355

JL11

1JL

112

JL11

3JX

1JL

114

JL11

5JX

2JL

116

JL11

7JX

3JL

118

JL11

9JL

120

JL12

1JL

122

JX4

JL12

3JL

124

JL12

5JL

126

JL12

7JX

5JL

128

JL12

9JL

130

JL13

1JX

6JL

132

JL13

3JL

134

JL13

5JL

136

JX7

JL13

7JL

138

JL13

9JL

140

JX8

JL14

1JL

142

JX9

JL14

3JL

144

JX10

JL14

5JX

11JL

146

JX12

JL14

7JX

13JL

148

JX14

JL14

9JX

15JL

150

JX16

JL15

1JX

17JL

152

JX18

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

5 10 15.5(Remaining maturities)

(billion yen)

0500

1,0001,5002,0002,5003,0003,5004,000

JL15

3

JX19

JL15

4

JX20

JL15

5

JX21

JL15

6

JX22

JL15

7

JX23

JL15

8

JX24

JL15

9

JX25

JL16

0

JX26

JL16

1

JL16

2

JX27

JL16

3

JL16

4

JX28

JL16

5

JL16

6

JX29

JL16

7

JL16

8

JX30

JL16

9

JX31

JX32

JX33

JX34

JX35

JX36

JX37

JX38

JX39

JX40

JX41

JX42

JX43

JX44

JX45

JX46

JX47

JX48

JX49

JX50

JX51

JX52

JX53

JX54

JX55

JX56

JX57

JX58

JU1

JX59

JX60

JX61

JX62

JU2

JX63

JU3

JU4

JU5

JU6

JU7

JU8

JU9

JU10

JU11


(Remaining maturities)

(billion yen)

15.5 20 39

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

Liquidity Enhancement Auctions and JGB Buy-Back

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

Note1： JN shows 2‐year JGBs. JS shows 5‐year JGBs. JL shows 20‐year JGBs. JX shows 30‐year JGBs. JU shows 40‐year JGBs. Outstanding amount is as of the end of August 2019. Note2： All issues in the graph above will be eligible afterward.

Buy-Back Results


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

-8-


0500

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

JN39

4

JN39

5

JS12

6

312

JL48

JN39

6

JN39

7

JN39

8

JS12

7

313

314

JL49

JL50

JN39

9

JN40

0

JN40

1

JS12

8

315

316

JL51

JN40

2

JN40

3

JS12

9

317

318

JL52

JS13

0

319

320

JL53

JL54

JS13

1

321

322

JL55

JS13

2

323

324

JL56

JL57

JS13

3

325

JL58

JS13

4

326

327

JL59

JL60

JS13

5

328

JL61

JS13

6

329

JL62

JL63

JS13

7

330

331

JL64

JS13

8

332

JL65

JL66

JS13

9

333

JL67

JL68

JL69

JS14

0

334

JL70

JL71 335

JL72


1 2 5

(Remaining maturities)

(billion yen)

-1%

0%

1%

2%

3%

4%

5%

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

BEI (Japan : 10 year)

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

BEI (U.K. : 10 year)

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

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

JGB Yield Curves

Source: Japan Bond Trading Co.,Ltd.

Yields of JGB

Long - Term Interest Rates （10Yr） Source: Bloomberg

Source: Bloomberg

-9-

Yield and Volatility (10Yr)

Break-Even Inflation Rates

Source: Bloomberg, Calculation by the Ministry of Finance

(Until 31 August 2019)




JGB Secondary Market

0

500

1,000

1,500

2,000

2,500


Bond-Lending

Bond-Gensaki

0100200300400500600700800900

1,0001,1001,2001,3001,4001,5001,6001,7001,800


Treasury Discount BillsMedium Term BondsLong Term Bonds

-0.1%

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

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

Call Rate (Uncollateralized Overnight)

TIBOR 3-months (Euro-Yen)

Basic Loan Rate

0

20

40

60

80

100

120

140


Short-Term Interest Rates

Source: Bank of Japan, Tanshi Association, Bloomberg

JGB Over-the-Counter Trading Volume (TOKYO)

Trading Volume of 10-Year JGB Futures

Repurchase Transactions

-10-

Source: Japan Securities Dealers Association

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

(trillion yen)

(trillion yen)

(trillion yen)



Apr 2013(Actual)

August 2019(Actual)

Monetary Base 155 516

JGBs 98 474

CP 1.4 2.2

Corporate Bonds 2.9 3.2

ETFs 1.7 27.2

J-REITs 0.13 0.53

Total Assets 175 573 0

50

100

150

200

250

300

350

400

450

500

550

600

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

Total AssetsMonetary BaseJGBs

QQE2QQE（trillion yen）

-11-

Trends in Bank Assets by Types

Trends in JGBs Transactions (by investor type)

BOJ Trends

Regional Banks City Banks

Source: Bank of Japan

(trillion yen) (trillion yen)

Loans

Cash and Deposits

Government Bonds

Municipal Bonds

Corporate Bonds

Equities

Foreign Securities



Investor Trends and JGB Outstanding

Super long-term

Long-term

Medium-term

T-bills

-9.0

-7.0

-5.0

-3.0

-1.0

1.0

3.0

5.0

7.0

Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr July

City Banks

Net Purchase

Net Sale

2015 2016 2017 2018 2019

-1.0

-0.8

-0.6

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0


Regional banks

Net Purchase

Net Sale

2015 2016 2017 20192018

-0.5

0.0

0.5

1.0


Life and non-life insurance companies

Net Purchase

Net Sale

2015 2016 2017 2018 2019

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

24.0

26.0


Foreigners

Net Purchase

Net Sale

2015 2016 2017 20192018

0

50

100

150

200

Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-190

10

20

30

40

50


200210220230240250260270

0%

5%

10%

15%

20%

25%

30%

35%

40%


City Banks Trust Banks Insurance Companies Foreigners

145.3

12.8%

40

50

60

70

80

90

100

110

120

130

140

150

160

1

2

3

4

5

6

7

8

9

10

11

12

13

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

Amount of JGB Holdings (right)

Proportion of JGB Holdings (left)

(trillion yen)(％)

12.8%

38.4%

64.2%

0%

10%

20%

30%

40%

50%

60%

70%

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

①Market Share of Foreign Investors (JGB Futures Market)

②Market Share of Foreign Investors (JGB Market)

③JGB Holdings by Foreign Investors

-8

-6

-4

-2

0

2

4

6

8

10


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

Net Purchase

Net

Sales

-1

-0.5

0

0.5

1

1.5

2

2.5

3



Net Purchase

Net

Sales

-6

-4

-2

0

2

4

6



Net Purchase

Net

Sales

-12-

JGBs Holdings by Foreign Investors

Banks(Banking Accounts) Life Insurance Companies

Transactions of Domestic Securities by Non-Residents

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

Transactions of Foreign Securities by Residents (by Investor types)

Foreign Investors Presence

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

Osaka Exchange

(trillion yen)

(trillion yen)


(trillion yen)

Outstanding of Repurchase Agreements (by Investor types)

Source: Ministry of Finance Source: Ministry of Finance

Source: Ministry of Finance

JGB and T-Bill Holders

Breakdown by JGB and T-Bill Holders (The end of Jun. 2019 QE)

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

(trillion yen)

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

T-Bill Holders

Total 95.9 trillion yen

JGB Holders

Total 1,041.0 trillion yen

Total 1,136.9 trillion yen

-13-

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

900

FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

17.8% 18.3% 18.2% 17.9% 17.3% 16.4% 15.1% 14.3% 13.4% 13.1%

13.0% 12.5% 11.9% 12.4% 12.0% 11.1% 10.6% 10.5% 10.5% 10.8%

8.5%7.9% 8.6% 8.1% 7.8% 7.8% 7.9% 7.7% 8.2% 7.0%

8.4%9.0%

8.6% 8.1% 8.1% 8.2% 7.8% 8.2% 7.1% 7.4%8.8%8.4%

7.8%7.8% 7.8% 7.4% 7.8% 6.8% 6.8% 6.7%

5.2%4.7%

4.9%4.4% 4.2% 5.0% 4.2% 4.4% 5.0% 4.7%

4.9%5.2%

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

5.5%4.8%

4.8%5.3%

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

5.2%5.1%

5.6%4.7%

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

4.7%5.2%

4.4%4.3%

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

14.4%14.4%

14.9%15.6%

16.5%17.7%

18.4% 19.2% 19.6% 20.2%

3.6%

4.6%

5.8%

6.7%

7.5%8.3%

9.4%10.1%

11.1%11.6%

20 yrs-

10-20 yrs

9-10 yrs

8-9 yrs

7-8 yrs

6-7 yrs

5-6 yrs

4-5 yrs

3-4 yrs

2-3 yrs

1-2 yrs

-1 yr

（Unit: trillion yen）

（at the end of FY）

594.0

636.3669.9

705.0

743.9774.1

805.4830.6

853.2

*years to maturity

Average

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

Average YTM*

(excluding saving

bonds)6Y6M 6Y10M 7Y1M 7Y5M 7Y8M 8Y0M 8Y5M 8Y8M 8Y11M 9Y1M

874.0

General Government


3.2

0.3%

BOJ

483.7

46.5%

Banks,etc.

158.2

15.2%

Life and Non-life

Insurance,etc.

220.9

21.2%

Public Pensions

43.1

4.1%

Pension Funds

31.9

3.1%

Foreigners

76.7

7.4%

Households

13.3

1.3%

Others

10.1

1.0%

General Government


3.2

0.3%

Fiscal Loan Fund

0.0

0.0%

BOJ

494.1

43.5%

Banks,etc.

173.1

15.2%

Life and Non-life

Insurance,etc.

222.9

19.6%

Public Pensions

43.1

3.8%

Pension Funds

31.9

2.8%

Foreigners

145.3

12.8%

Households

13.3

1.2%

Others

10.1

0.9%

BOJ

10.4

10.8%Banks,etc.

14.9

15.5%

Life and Non-life

Insurance,etc.

2.0

2.1%

Foreigners

68.7

71.6%

Fiscal Loan Fund0.00.0%

General Government(ex Public Pensions)

0.00.0%

Types The amount of redemption at maturity Scheduled redemption date

2-Year Bonds 2,199.5 October 15

Treasury Bills 1,800.0 October 21

Total 3,999.5

545.9594.0

636.3669.9

705.0743.9

774.1805.4

830.6 853.2880.2 896.7

127.1

142.4 143.1

163.1 163.3 153.6

158.0 150.5 148.3

140.0 140.2 136.7

100

200

300

400

500

600

700

800

900

0

30

60

90

120

150

180

08 09 10 11 12 13 14 15 16 17 18 19

Outstanding (right-hand scale)Issuance Amount (left-hand scale)

Source: Ministry of Finance

General Bonds Issuance Amount and Outstanding

Note 1: Issuance Amount: revenue basis, FY2008-2017: Actual, FY2018: Supplementary budget, FY2019: Initial budget Note 2: Outstanding: nominal basis, FY2008-2017: Actual, FY2018 Supplementary budget, FY2019: Initial budget Source: Ministry of Finance

Market-held Balance of the Inflation-Indexed Bonds (as of the end of August, 2019)

(trillion yen)

Scheduled redemption of JGB at maturity in October, 2019

Note.1: The figures are based on the outstanding JGBs at the end of August, 2019. Note.2: The figures are the scheduled redemption at maturity and may be different from the actual redemption due to Buy-back of JGBs. Note.3: The figures do not include "JGB for Retail Investors". Note.4: If the redemption date coincides with bank holiday, the payment of redemption is carried out on the following business day. Note.5: Figures may not sum up to total because of rounding.

(billion yen)

Source: Ministry of Finance, Bank of Japan

Time-to-Maturity Structure of Outstanding JGB（Jun. 2019）

-14-

87.62

100.13

65.35 64.7964.91

41.5143.34

40.4842.47

43.23

15.73 16.53 16.2519.32 19.00 20.74

19.5918.12 17.99 17.90

5.476.71 7.19

6.338.39 9.52 10.90 9.31 11.34 10.02

1.36 1.96 1.95 1.99 2.17 2.28 2.50 2.74 1.72 0.400

102030405060708090

100110120130

19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58

(trillion yen）

(FY)

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

Average remaining years to maturity： 9 years and 1 months

0100200300400500600700800900

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

17 18 19 20 21 22 23 24

(billion yen)

(issue number)

Outstanding amount (excl.BOJ holding)BOJ holding

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

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

（ratio）

Aug, 20191.59

Aug, 20192.2％

Job openings-to-applicants ratio(RHS)

Unemployment rate(LHS)

Aug, 20090.42

Jul, 20095.5％

-30%

-20%

-10%

0%

10%

20%

30%(Diffusion index)

Large enterprises/Manufacturing

Large enterprises/Non-Manufacturing

Small enterprises/Manufacturing

Small enterprises/Non-Manufacturing

0.4%

0.3%

-1

0

1

2

3

4(%)

CPI

CPI excluding food (excludingalcohilic beverages) and energy

Change from the previous year

Apr.4, 2013BOJ released QQE

600

650

700

750

800

850

900

950

1,000


(billion yen)

Monthly Quarter (Mean)

0

100

200

300

400

500

600


(trillion yen)

Banknotes in Circulation

Coins in Circulation

Current Account Balances

5.2

-3.2

-1.4

1.0

4.8

3.3 3.4

-0.2

3.9

-7.3

0.4

2.0

5.4

0.6

-0.2-1.6

2.8

0.1

1.10.8

3.41.8 2.9

1.3

-0.6

1.9

-1.9

1.82.2

1.3

-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

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

2012 2013 2014 2015 2016 2017 2018 2019

(％)

Private Demand Public Demand

Foreign Demand Real GDP

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

(CY)

1.6 2.1

1.7

-1.0 -0.5

0.9

2.0

1.6

4.3

3.9

5.0

3.3

6.1 4.9

6.1

4.3

6.4

4.8

7.2

4.3

5.9 5.0

5.7

2.6

6.0

4.5

-8

-6

-4

-2

0

2

4

6

8

10

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4

2016

Q1

2016

Q2

2016

Q3

2016

Q4

2017

Q1

2017

Q2

2017

Q3

2017

Q4

2018

Q1

2018

Q2

2018

Q3

2018

Q4

2019

Q1

2019

Q2

Primary Income Trade Balance

Services Secondary Income

Current Account

Real GDP Growth Rate

Employment Conditions

Prices

Changes in Current Account

Monetary Base Indices of Industrial Production

Total Value of Machinery Orders (Private Sector exc. Volatile orders) TANKAN (Business Conditions)

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

Source: Ministry of Health, Labour and Welfare Ministry of Internal Affairs and Communications Source: Ministry of Finance

Source: Ministry of Economy, Trade and Industry

Source: Cabinet Office

(trillion yen)

Economic and Financial Trends



-15-

85

90

95

100

105

110

115


(2015 average=100・Seasonally Adjusted Index)

Production Shipments

Inventory Inventory Ratio

English Publications on JGBs Frequency URL Debt Management

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

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

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

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

Auction Calendar

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

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

Topics

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

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

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

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

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

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

Data

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

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

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

Dialogue with the market

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

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

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

Publications

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

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

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

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

To subscribe to our Newsletter mailing list, please email: [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

our fundamental goal of debt management policy is …monthly newsletter of the ministry of finance,...

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