japanese government bonds · the balance of jgbs held by domestic banks in q1 fell by 6.8 trillion...
TRANSCRIPT
WHAT’S NEW
The 44th meeting of the Advisory Council on Government Debt Management The 44th meeting of the Advisory Council on Government Debt Management was
held on May 31, 2017. (Agenda)
1. JGB Issuance Plan for FY2017 (report) (note1)
2. Overseas IR activities (report)
3. Revision of JGB Market Special Participants Scheme (report) (note 2)
4. Future trends in JGB markets and debt management policy
Financial Bureau explained agenda 1, 2 and 3. In agenda 2, overseas IR activities
in FY2016 were explained as follows: (i) 10 overseas IR tours covering 14 countries and 20 cities (98 meetings with
central banks, pension funds, insurance companies, asset management companies, etc.)
[North America] U.S. [Latin America] Mexico [Europe] U.K., France, Germany, Denmark, Sweden, Switzerland, Belgium [Asia and Pacific] Singapore, Hong Kong, New Zealand, Australia, Philippines
(ii) 141 meetings in Japan, including regular visits (twice a year) to Tokyo offices of foreign central banks
(iii) 6 presentations at seminars (3 in Japan, 3 overseas)
(iv) Continuation of monthly issuance of English newsletters that contain a wealth of information about JGBs, etc.
After the explanation from the Financial Bureau, council members Ms. Nishioka of Sumitomo Mitsui Banking Corporation and Mr. Inaida of Nomura Securities Co., Ltd. explained Japanese and world economy and financial markets. This was followed by a free exchange of opinions among the attendees on several points such as perspectives on demand for JGBs and trends in some economic indicators.
Note1) JGB Issuance Plan for FY2017: http://www.mof.go.jp/english/jgbs/debt_management/plan/ Note2) Revision of JGB Market Special Participants Scheme: http://www.mof.go.jp/english/jgbs/topics/press_release/20170327-04e.htm
The Ministry of Finance www.mof.go.jp
What’s New ⇒ The 44th meeting of the Advisory Council on Government Debt Management Monthly Topic ⇒ 1. Breakdown by JGB Holders (end of Mar.2017)
2. Basic Policies for Economic and Fiscal Management and Reform
Monthly Newsletter of the Ministry of Finance, Japan JAPANESE GOVERNMENT BONDS
Apr. 2014 Contents
1. What’s New
…P.1 2. JGB Primary
Market …P.2
3. The Auctions for
Enhanced-Liquidity and JGB Buy-Back
…P.3 4. JGB Secondary
Market …P.4
5. Investor Trends
…P.6
6. JGB Outstanding …P.8
7. Economic and
Financial Trends …P.9
8. Information
…P.10
July 2017 Contents 1. What’s New
Monthly Topic IR Special Office
…P.1 2. JGB Primary
Market …P.6
3. The Auctions for
Enhanced-Liquidity and JGB Buy-Back
…P.7 4. JGB Secondary
Market …P.8
5. Investor Trends and
JGB Outstanding …P.10
6. Economic and
Financial Trends …P.14
7. Information
…P.15
This Month’s Special!
WHAT’S NEW
1. Breakdown by JGB (including T-Bills) Holders (end of Mar.2017) On June 27, the Bank of Japan (BOJ) released the Flow of Funds Accounts for the 1st Quarter 2017.
The shares of JGB (including T-Bills, hereinafter referred to as “JGBs”) holders were updated as follows:
<JGB Holdings by Foreign Investors> Foreign investors’ JGB investment has featured a focus on shorter-term issues. At the end of March
2017, they held 5.8% of JGBs (excluding T-Bills) and 51.9% of T-Bills.
4.45.25.15.45.95.56.57.67.37.98.5
6.86.96.76.35.95.56.06.66.47.07.58.38.58.38.69.08.58.48.48.08.48.18.28.69.19.49.19.610.410.210.110.4
10.610.8
3.94.24.24.65.35.15.66.05.85.56.24.94.94.54.23.93.73.73.93.84.04.44.54.24.04.34.54.54.44.24.14.13.73.74.44.74.94.65.05.25.4 5.75.95.85.8
7.8 11.5 11.3
11.2 9.7
7.6
12.3
18.7
17.5
23.8 23.4
18.9
19.0
17.8
17.0
15.8 14.0
16.1
19.5
19.1
21.4
21.4
25.4 28.0 28.9 28.8
30.2
26.8 28.6 28.3
28.1
31.1
32.0
32.4
32.1
36.9
35.2 35.3
39.3
48.7 48.8
47.0 46.9
50.2 51.9
0
5
10
15
20
25
30
35
40
45
50
55
Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Total
JGBs (excluding T-Bills)
T-Bills
(%)(%)(%)(%)(%)
Source: Bank of Japan “Flow of Funds Accounts (Preliminary Figures)”
MONTHLY TOPIC
The total amount of JGBs and T-Bills outstanding decreased by 0.4 trillion yen to 1,082.9 trillion yen.
BOJ increased its holdings of JGBs by 6.7 trillion yen to 427.3 trillion yen. BOJ is now holding around 40 percent
of outstanding JGBs. The balance of JGBs held by domestic Banks in Q1 fell by 6.8 trillion yen to 225.8 trillion yen.
General Government
(ex Public Pensions)
3.8
0.3%Fiscal Loan Fund
0.0
0.0%
BOJ
420.7
38.8%
Banks,etc.
232.6
21.5%
Life and Non-life
Insurance
207.5
19.2%
Public Pensions
49.0
4.5%
Pension Funds
31.3
2.9%
Foreigners
114.9
10.6%
Households
11.6
1.1%
Others
12.0
1.1%
General Government
(ex Public Pensions)
3.8
0.4% Fiscal Loan Fund
0.0
0.0%
BOJ
427.3
39.5%
Banks,etc.
225.8
20.9%
Life and Non-life
Insurance
205.5
19.0%
Public Pensions
49.0
4.5%
Pension Funds
30.8
2.8%
Foreigners
116.4
10.8%
Households
12.5
1.2%
Others
11.7
1.1%
Total ¥1,083.2 trillion
(Unit: trillion yen) (Unit: trillion yen)
(The end of Dec. 2016) (The end of Mar. 2017)
Total ¥1,082.9 trillion
Source: Bank of Japan
-2-
2. Basic Policies for Economic and Fiscal Management and Reform 2017 “Basic Policies for Economic and Fiscal Management and Reform 2017” was decided by the Cabinet on June 9, 2017. Its major aim is to improve productivity through investment in human resources.
■ Expansion of a “Virtuous Cycle of Growth and Distribution” 1. Work style reform and investment in human resources
・Implement “the Action Plan for the Realization of Work Style Reform” ・Invest more in human resources, improve the quality of university education, enrich recurrent education
2. Acceleration of growth strategies and other measures ・Promote “Investments for the Future Strategy 2017”
3. Stimulating personal consumption 4. Regional reinvigoration and support for SMEs and microenterprises 5. Securing the foundations for a safe and secure life and a sustainable economic society ■ Steady implementation of Integrated Economic and Fiscal Reform
・Aim at achieving both the 600 trillion yen GDP target and the fiscal consolidation target for FY2020 ・Improve productivity through strengthening investments into human resources and R&D
■ Short-term principles in economic and fiscal management and guiding principles in budget formulation for FY2018 ・The importance of achieving the fiscal consolidation target has not changed. Aiming at achieving a primary
surplus by FY2020 and steady reduction in the public debt to GDP ratio ・Steadily advance the three reforms of exiting deflation and achieving economic revitalization, expenditure
reform, and revenue reform, under the basic policy that there can be no fiscal soundness without economic revitalization
Key Elements of the Basic Policies
-3-
For more information, see: http://www5.cao.go.jp/keizai-shimon/kaigi/cabinet/2017/decision0609.html (Japanese) http://japan.kantei.go.jp/97_abe/actions/201706/2article3.html http://japan.kantei.go.jp/97_abe/actions/201706/9article3.html
On June 21 Mr. Taku Otsuka, State Minister of
Finance, made a speech at the investor conference in Paris. He delivered the presentation “Japan’s Economy and Policy Development” to around 100 participants from global official institutions such as central banks and debt management authorities. In the presentation, he talked about the
Japanese economy and public finance, as well as Japan’s role in the global economy. He explained there are three challenges confronting Japan, each starting with the letter “D,” and presented solutions for each issue. The three “D”s are Deflation, Demographic change and Debt. To overcome deflation, Mr. Otsuka emphasized that household and corporate
savings must be utilized to enhance consumption and investment. Among the structural policy efforts to this end, he introduced the Japanese government’s recent decision on “Investments for the Future Strategy 2017”.
On Japan’s demographic change, he referred to work-style reform and new technologies as solutions, along with Prime Minister Abe’s encouraging remarks: “Japan’s demography is not an onus, but a bonus.” Regarding debt, he pointed out it is
imperative to advance fiscal consolidation toward primary surplus, while maintaining economic growth to GDP 600 trillion yen, both of which have deadlines set in FY2020. Mr. Otsuka also mentioned Japan’s important
contribution to the worldwide expansion of trade and investment, which is necessary for containing the threat of de-globalization. Finally, Mr. Otsuka referred to another important event in 2020, the Tokyo Olympic and
Paralympic Games. He conveyed to the audience his wife’s warm welcome to the event, as she is endeavoring for the success of the games as incumbent Minister in charge. Mr. Otsuka is grateful for the participants’ attention and the positive responses to his
and his wife’s invitation to Tokyo 2020.
IR SPECIAL OFFICE
-4-
In the same week, the JGB IR team led by Mr. Ichikawa, Deputy Director-General of the Financial Bureau, visited Switzerland, Austria, France and Italy to have meetings with investors and the authorities. The team gave an update on the Japanese economic situation for investors, and
elaborated on the growth strategy. The BOJ’s monetary policy continues to provide a highly accommodative environment for the business sector, and fiscal policy aims at achieving both consolidation and economic growth through rationalizing the budget and improving the quality of public spending. The team also pledged that the Japanese debt management office will keep good communication with the market in formulating and managing its debt management plan. The team also visited debt management authorities in some countries and had useful exchanges of views on debt management practices and market environments.
From May 29 to May 31, Ms. Kimata, Director for debt management and JGB investor relations, and Mr. Ikeda, Section Chief, visited Toronto and Chicago to have meetings with investors. In the meetings, they were pleased to have fruitful discussions and learned a lot about recent trends in JGB investment.
After staying for 3 days in the two cities, the IR team
headed to Mexico City and then joined the 16th International Monetary Fund Public Debt Management Forum. In this forum, Ms. Kimata made a presentation to report on medium-term structural trends in Japan to the attendees. Presentations and discussions in the forum were very instructive and we hope our presentation also helps other country’s debt management policy.
If you have any questions regarding the contents of this newsletter, please do not hesitate to contact us at: [email protected]
-5-
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)
4/4/2017 10-year 346 3/20/2027 0.1% 8,230.2 2,077.5 0.067% 0.064% 0.696 221.0 333.1 4/11/2017 10-year Inflation-Indexed Bonds 22 3/10/2027 0.1% 1,452.3 399.5 ▲0.385% - - - 54.4 4/13/2017 30-year 54 3/20/2047 0.8% 2,230.7 723.4 0.797% 0.795% - 75.4 116.1 4/18/2017 5-year 131 3/20/2022 0.1% 6,558.7 1,996.7 ▲0.152% ▲0.160% 0.500 202.3 68.1 4/20/2017 20-year 160 3/20/2037 0.7% 3,665.8 903.6 0.565% 0.562% - 95.6 98.7 4/28/2017 2-year 376 5/15/2019 0.1% 10,964.7 1,988.3 ▲0.191% ▲0.193% - 211.1 328.8 5/9/2017 10-year 346 3/20/2027 0.1% 7,812.4 2,077.2 0.031% 0.030% 0.386 221.5 245.7 5/11/2017 30-year 54 3/20/2047 0.8% 2,422.1 722.5 0.822% 0.819% - 76.5 - 5/16/2017 5-year 131 3/20/2022 0.1% 7,141.3 1,987.3 ▲0.113% ▲0.117% - 211.8 103.1 5/18/2017 20-year 160 3/20/2037 0.7% 3,453.7 900.0 0.565% 0.560% - 99.0 - 5/25/2017 40-year 10 3/20/2057 0.9% 1,431.7 499.7 0.965% - - - 30.5 5/30/2017 2-year 377 6/15/2019 0.1% 10,076.9 1,993.1 ▲0.159% ▲0.162% - 206.0 95.7 6/1/2017 10-year 347 6/20/2027 0.1% 7,582.8 2,080.8 0.053% 0.051% 0.924 217.0 - 6/6/2017 30-year 55 6/20/2047 0.8% 2,625.0 722.8 0.822% 0.817% - 76.5 5.4 6/8/2017 5-year 132 6/20/2022 0.1% 9,364.4 1,987.3 ▲0.063% ▲0.065% - 211.8 212.7 6/13/2017 20-year 161 6/20/2037 0.6% 3,591.8 903.0 0.586% 0.583% - 95.9 136.8 6/27/2017 2-year 378 7/15/2019 0.1% 12,044.0 1,774.9 ▲0.102% ▲0.103% - 424.3 303.9
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)
4/4/2017 3-month 673 7/3/2017 21,424.00 4,040.87 ▲0.1389% ▲0.1612% 389.10 4/5/2017 6-month 674 10/10/2017 11,926.00 2,655.38 ▲0.1435% ▲0.1494% 244.60 4/6/2017 3-month 675 7/10/2017 17,666.10 3,979.04 ▲0.1303% ▲0.1431% 400.90 4/13/2017 3-month 676 7/18/2017 17,412.00 4,026.66 ▲0.1070% ▲0.1213% 383.30 4/18/2017 1-year 677 4/20/2018 12,131.80 2,095.78 ▲0.1537% ▲0.1677% 204.20 4/20/2017 3-month 678 7/24/2017 15,605.30 3,975.65 ▲0.1343% ▲0.1427% 414.30 4/26/2017 3-month 679 7/31/2017 13,107.30 3,980.56 ▲0.1383% ▲0.1475% 409.40 5/1/2017 3-month 680 8/7/2017 14,202.60 4,008.25 ▲0.1303% ▲0.1395% 421.70 5/10/2017 6-month 681 11/10/2017 10,958.05 2,631.07 ▲0.1302% ▲0.1382% 268.90 5/11/2017 3-month 682 8/14/2017 15,242.50 3,977.77 ▲0.1243% ▲0.1327% 412.20 5/17/2017 1-year 683 5/21/2018 9,701.45 2,094.18 ▲0.1461% ▲0.1561% 205.80 5/18/2017 3-month 684 8/21/2017 17,561.40 3,962.30 ▲0.1243% ▲0.1287% 417.60 5/25/2017 3-month 685 8/28/2017 18,000.40 3,990.45 ▲0.1182% ▲0.1206% 409.50 6/1/2017 3-month 686 9/4/2017 19,693.70 3,951.47 ▲0.1162% ▲0.1218% 408.50 6/7/2017 6-month 687 12/11/2017 11,165.10 2,631.36 ▲0.0982% ▲0.1042% 268.60 6/8/2017 3-month 688 9/11/2017 21,130.90 3,958.86 ▲0.0922% ▲0.0970% 411.10 6/14/2017 3-month 689 9/19/2017 17,350.70 3,958.24 ▲0.0991% ▲0.1035% 421.70 6/15/2017 1-year 690 6/20/2018 9,061.40 2,079.15 ▲0.1128% ▲0.1158% 220.80 6/22/2017 3-month 691 9/25/2017 16,423.20 3,987.73 ▲0.0962% ▲0.1002% 422.20 6/29/2017 3-month 692 10/2/2017 14,697.90 3,568.55 ▲0.0942% ▲0.0982% 791.40
Auction Calendar for Jul. – Sep. 2017 Auction Date Issue Auction Date Issue Auction Date Issue Auction Date Issue
7/4(Tue) 10-year 7/27(Thu) T-Bills (3-month) 8/24(Thu) T-Bills (3-month) 9/15(Fri) T-Bills (1-year)
7/5(Wed) T-Bills (6-month) 7/27(Thu) 2-year 8/24(Thu) Auctions for Enhanced-liquidity (remaining maturities of 5-15.5 years) 9/20(Wed) T-Bills (3-month)
7/6(Thu) T-Bills (3-month) 8/1(Tue) 10-year 8/29(Tue) Auctions for Enhanced-liquidity (remaining maturities of 15.5-39 years) 9/20(Wed) Auctions for Enhanced-liquidity
(remaining maturities of 1-5 years)
7/6(Thu) 30-year 8/3(Thu) T-Bills (3-month) 8/31(Thu) T-Bills (3-month) 9/22(Fri) Auctions for Enhanced-liquidity (remaining maturities of 5-15.5 years)
7/11(Tue) 5-year 8/3(Thu) 10-year Inflation-Indexed Bonds 8/31(Thu) 2-year 9/26(Tue) 40-year
7/13(Thu) T-Bills (3-month) 8/8(Tue) T-Bills (6-month) 9/5(Tue) 10-year 9/28(Thu) T-Bills (3-month) 7/13(Thu) 20-year 8/8(Tue) 30-year 9/6(Wed) T-Bills (6-month) 9/28(Thu) 2-year 7/18(Tue) T-Bills (1-year) 8/9(Wed) T-Bills (3-month) 9/7(Thu) T-Bills (3-month) 7/19(Wed) T-Bills (3-month) 8/16(Wed) T-Bills (1-year) 9/7(Thu) 30-year 7/19(Wed) Auctions for Enhanced-liquidity
(remaining maturities of 1-5 years) 8/17(Thu) T-Bills (3-month) 9/12(Tue) 5-year 7/21(Fri) Auctions for Enhanced-liquidity
(remaining maturities of 5-15.5 years) 8/17(Thu) 5-year 9/14(Thu) T-Bills (3-month) 7/25(Tue) 40-year 8/22(Tue) 20-year 9/14(Thu) 20-year
Top 10 PDs by Total Purchase in Auctions (Calculated by Duration) (Oct. 2016 ~ Mar. 2017) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 Merrill Lynch Japan Securities Co., Ltd. 2 Daiwa Securities Co. Ltd. 7 Deutsche Securities lnc. 3 Nomura Securities Co., Ltd. 8 SMBC Nikko Securities Inc. 4 BNP Paribas Securities (Japan) Limited 9 Goldman Sachs Japan Co., Ltd. 5 Mizuho Securities Co., Ltd. 10 Citigroup Global Markets Japan Inc.
2 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 2017)
(Until 30 June 2017)
-6-
Results of Auctions for Enhanced-Liquidity
Auction Date Amounts of Competitive
Bids (billion yen)
Amounts of Bids
Accepted (billion yen)
Average Accepted Spread
Highest Accepted Spread
Issues Re-opened
4/6/2017 1,400.8 499.1 +0.002% +0.006% 20-year(141,143,147,153,154,157,158,159) 30-year(11,12,15,19,20,21,23,24,27,30,32,34,38,46,48,49,51,52,53) 40-year(6)
4/25/2017 1,874.6 548.3 ▲0.013% ▲0.012% 10-year(326,327,328,329,330,332,333) 20-year(61,65,70,71,83,86,87,93,94,95,102,109,114,116,117,120)
5/2/2017 907.6 199.5 ▲0.017% ▲0.015% 5-year(121,122,123,126,130) 10-year(296,302)
5/23/2017 1,942.9 546.8 ▲0.004% ▲0.003% 10-year(323,324,325,326,327,328,329,330,332,336) 20-year(56,59,62,63,65,66,67,73,78,81,83,84,85,86,87,91,92,93,94,97,98,102,103,113,114,115,118,120)
30-year(4)
6/20/2017 1,395.7 498.9 ▲0.001% +0.001% 20-year(142, 146, 147, 151) 30-year(26, 27, 28, 30, 31, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 50, 52) 40-year(8)
6/22/2017 1,575.5 547.9 ▲0.004% ▲0.003% 10-year(325, 326, 328, 330, 343) 20-year(58, 59, 60, 61, 85, 87, 91, 97, 99, 100, 103, 104, 105, 106, 108, 133, 136, 137)
30-year(7)
Target Zones of the Auction for Enhanced-Liquidity for the First Quarter of FY 2017
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
12/14/2016 86.1 20.1 ▲0.023 0.08 19,20,21 2/13/2017 81.4 20.0 ▲0.017 0.00 18,20,21 4/17/2017 132.1 20.3 ▲0.149 ▲0.11 19,20,21,22
-7-
3 THE AUCTIONS FOR ENHANCED-LIQUIDITY AND JGB BUY-BACK
①Remaining maturity : approx.1‐~5‐year
③Remaining maturity : approx.15.5‐~39‐year
Note.1: 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 March 2017. Note.2: All issues in the graph above will be eligible afterward.
Buy-back Results
(Until 30 June 2017)
(Until 31 May 2017)
②Remaining maturity : approx.5‐~15.5‐year
0500
1,0001,5002,0002,5003,0003,5004,0004,5005,0005,5006,0006,5007,0007,500
JN36
4
JN36
5
JS11
2
JS11
3
293
294
295
JN36
6
JN36
7
JN36
8
JS11
4
JS11
5
296
JL40
JN36
9
JN37
0
JN37
1
JS11
6
297
298
JN37
2
JN37
3
JN37
4
JS11
7
299
300
JL41
JL42
JS11
8
JS11
9
301
302
JS12
0
JS12
1
303
304
JL43
JS12
2
305
JS12
3
306
307
JL44
JL45
JS12
4
308
309
JL46
JS12
5
310
311
JL47
JS12
6
312
JL48
JS12
7
313
314
JL49
JL50
JS12
8
315
316
JL51
JS12
9
317
318
JL52
JS13
0
319
320
JL53
JL54 32
1
322
JL55
Amount issued by the Auction for Enhanced-liquidity Outstanding amount in the market (excluding amount issued by the Auction for Enhanced-liquidity)
1 2 5
(Remaining maturities)
(billion yen)
0500
1,0001,5002,0002,5003,0003,5004,0004,5005,0005,5006,0006,5007,0007,500
323
324
JL56
JL57 32
5JL
58 326
327
JL59
JL60 32
8JL
61 329
JL62
JL63 33
033
1JL
64 332
JL65
JL66 33
3JL
67JL
68JL
69 334
JL70
JL71 33
5JL
72 336
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
JL93
JL94
JL95
JL96
JL97
JL98
JL99
JL10
0JL
101
JL10
2JL
103
JL10
4JL
105
JL10
6JL
107
JL10
8JL
109
JL11
0JL
111
JL11
2JL
113
JX1
JL11
4JL
115
JX2
JL11
6JL
117
JX3
JL11
8JL
119
JL12
0JL
121
JL12
2JX
4JL
123
JL12
4JL
125
JL12
6JL
127
JX5
JL12
8JL
129
JL13
0JL
131
JX6
JL13
2JL
133
JL13
4JL
135
JL13
6JX
7JL
137
JL13
8JL
139
JL14
0
Amount issued by the Auction for Enhanced-liquidity Outstanding amount in the market (excluding amount issued by the Auction for Enhanced-liquidity)
5 10 15.5
(Remaining maturities)
(billion yen)
0500
1,0001,5002,0002,5003,0003,5004,000
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
JL15
3JX
19JL
154
JX20
JL15
5JX
21JL
156
JX22
JL15
7JX
23JL
158
JX24
JL15
9JX
25JX
26JX
27JX
28JX
29JX
30JX
31JX
32JX
33JX
34JX
35JX
36JX
37JX
38JX
39JX
40JX
41JX
42JX
43JX
44JX
45JX
46JX
47JX
48JX
49JX
50JX
51JX
52JX
53 JU1
JU2
JU3
JU4
JU5
JU6
JU7
JU8
JU9
Amount issued by the Auction for Enhanced-liquidity Outstanding amount in the market (excluding amount issued by the Auction for Enhanced-liquidity)(billion yen)
(Remaining maturities)
-1%
0%
1%
2%
3%
4%
5%
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
Japan United States
United Kingdom Germany
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
2-year bond 5-year bond 10-year bond
20-year bond 30-year bond 40-year bond
-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 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17
Volatility Yield (right scale)
-0.4%
-0.2%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
2016/6/302016/9/302016/12/302017/3/312017/4/282017/5/31
40353020 25151050
Note: BEI (Japan : old JGBi) is calculated based on the compound interest rate of the old Inflation-Indexed Bonds (issue number 16 with current maturity of 1 years and 1month) and the 10-Year Bonds (issue number 293 with current maturity of 1 years and 1month). 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.
4 JGB SECONDARY MARKET JGB Yield Curves
Source: Japan Bond Trading Co.,Ltd.
Yields of JGB
Long - Term Interest Rates (10Yr) Source: Bloomberg
Source: Bloomberg
-8-
Yield and Volatility (10Yr)
Break-Even Inflation Rates
Source: Bloomberg, Calculation by the Ministry of Finance
(Until 31 May 2017)
(Until 31 May 2017)
(Until 31 May 2017)
(Until 31 May 2017)
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
BEI (Japan : old JGBi) BEI (Japan : 10 year)
BEI (U.K. : 10 year) BEI (U.S.A. : 10 year)
0
500
1,000
1,500
2,000
2,500
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
Bond-Lending
Bond-Gensaki
0
20
40
60
80
100
120
140
160
180
200
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
0
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
Treasury Discount BillsMedium Term BondsLong Term Bonds
Short-Term Interest Rates
Source: Bank of Japan, Japanese Bankers Association
JGB Over-the-Counter Trading Volume (TOKYO)
Trading Volume of 10-Year JGB Futures
Repurchase Transactions
-9-
Source: Japan Securities Dealers Association
Source: Tokyo Stock Exchange (until Mar.2014), Osaka Exchange (from Apr. 2014)
Source: Japan Securities Dealers Association
(trillion yen)
(trillion yen)
(trillion yen)
(Until 31 May 2017)
-0.1%
0.0%
0.1%
0.2%
0.3%
0.4%
0.5%
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
Call Rate (Uncollateralized Overnight)
TIBOR 3-months (Euro-Yen)
Basic Loan Rate
Apr 2013(Actual)
May 2017(Actual)
Monetary Base 155 456
JGBs 98 390
CP 1.4 2.4
Corporate Bonds 2.9 3.2
ETFs 1.7 14.0
J-REITs 0.13 0.39
Total Assets 175 501 0
50
100
150
200
250
300
350
400
450
500
550
Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17
Total AssetsMonetary BaseJGBs
QQE2QQE(trillion yen)
0
10
20
30
40
50
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
190200210220230240250
0
20
40
60
80
100
120
140
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
160
180
200
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
City Banks
Net Purchase
Net Sale
2013 2014 2015 2016 2017
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr
Regional banks
Net Purchase
Net Sale
2013 2014 2015 2016 2017
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr
Life and non-life insurance companies
Net Purchase
Net Sale
2013 2014 2015 2016 2017
-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
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr
Foreigners
Net Purchase
Net Sale
2013 2014 2015 2016 2017
(unit: trillion yen)(unit: trillion yen)
(unit: trillion yen) (unit: trillion yen)
-10-
Trends in Bank Assets by Types
5 INVESTOR TRENDS AND JGB OUTSTANDING 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
59.1 63.3
67.9
55.2 55.6
55.0 52.2 49.3
46.4
52.1
58.1 56.6
61.8 67.8
77.0 78.3
76.7 81.8
86.1
82.6 81.9
81.7 79.0
83.8 81.5
83.9 87.2
93.0
97.7
94.9 100.5
108.5 110.3
111.6 113.6
114.9
116.4
7.3
7.9
8.5
6.8
6.9 6.7 6.3
5.9 5.5
6.0
6.6 6.4
7.0 7.5
8.3 8.5 8.3 8.6
9.0 8.5 8.4 8.4
8.0 8.4
8.1 8.2 8.6
9.1 9.4
9.1 9.6
10.4 10.2 10.1 10.4
10.6 10.8
20
40
60
80
100
120
1
2
3
4
5
6
7
8
9
10
11
Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Amount of JGB Holdings (right)
Proportion of JGB Holdings (left)
(trillion yen)
%
%
%
%
%
%
%
%
%
%
%
10.8%
31.6%
53.8%
0%
10%
20%
30%
40%
50%
60%
Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
①Market Share of Foreign Investors (JGB Futures Market)
②Market Share of Foreign Investors (JGB Market)
③JGB Holdings by Foreign Investors
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
City Banks Trust Banks Insurance Companies Foreigners
-6
-5
-4
-3
-2
-1
0
1
2
3
4
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
Short-term debt securities Long-term debt securities Equity and investment fund shares
Net
Purchase
Net
Sales
-1
-0.5
0
0.5
1
1.5
2
2.5
3
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
Short-term debt securities Long-term debt securities Equity and investment fund shares
Net
Purchase
Net
Sales
-8
-6
-4
-2
0
2
4
6
8
10
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
Short-term debt securities Long-term debt securities Equity and investment fund shares
Net
Purchase
Net
Sales
-11-
JGBs Holdings by Foreign Investors
Banks(Banking Accounts) Life Insurance Companies
Transactions of Domestic Securities by Non-Residents
Note: “JGB” includes T-Bills. Source: Bank of Japan
Source: Ministry of Finance Source: Japan Securities Dealers Association
Outstanding of Repurchase Agreements (by Investor types)
Transactions of Foreign Securities by Residents (by Investor types)
Source: Ministry of Finance
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)
Source: Ministry of Finance
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
850
FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016
18.6% 17.0% 17.8% 18.3% 18.2% 17.9% 17.3% 16.4% 15.1% 14.3%
11.5% 11.4%13.0% 12.5% 11.9% 12.4% 12.0% 11.1% 10.6% 10.5%
8.2% 8.9%8.5%
7.9% 8.6% 8.1% 7.8% 7.8% 7.9% 7.7%9.0% 9.2%
8.4%9.0% 8.6% 8.1% 8.1% 8.2% 7.8% 8.2%
8.6% 8.4%
8.8%8.4% 7.8%
7.8% 7.8% 7.4% 7.8% 6.8%
4.6% 5.3%
5.2%4.7%
4.9%4.4% 4.2% 5.0% 4.2% 4.4%
5.6% 5.6%
4.9%5.2% 4.6%
4.5%5.0% 4.3% 4.4% 4.8%
6.0% 5.5%
5.5%4.8%
4.8%5.3%
4.5% 4.5% 5.0% 4.8%
5.9% 6.2%
5.2%5.1%
5.6%4.7%
4.8% 5.2% 4.9% 5.1%
5.5% 5.0%
4.7%5.2%
4.4%4.3%
4.6% 4.2% 4.5% 4.1%
14.5% 14.8%
14.4%
14.4%14.9%
15.6%16.5%
17.7%18.4% 19.2%
2.0% 2.7%
3.6%
4.6%
5.8%
6.7%
7.5%8.3%
9.4%10.1% 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
(trillion yen)
(at the end of FY)
541.5 545.9
594.0
636.3669.9
705.0
743.9
774.1805.4
*years to maturity
Average
YTM* 6Y1M 6Y3M 6Y5M 6Y8M 7Y0M 7Y3M 7Y7M 8Y0M 8Y5M 8Y7M
Average YTM*
(excluding saving
bonds)6Y1M 6Y4M 6Y6M 6Y10M 7Y1M 7Y5M 7Y8M 8Y0M 8Y5M 8Y8M
830.6
General Government(ex Public Pensions)
0.0 0.0%
Fiscal Loan Fund0.0
0.0%
BOJ40.6
35.2%
Banks,etc.12.5
10.9%
Life and Non-life Insurance,etc.
2.3 2.0%
Public Pensions0.0
0.0%
Pension Funds0.0
0.0%
Foreigners59.8
51.9%
Households0.0
0.0%
Others0.0
0.0%
General Government(ex Public Pensions)
3.8 0.4%
Fiscal Loan Fund0.0
0.0%
BOJ386.8 40.0%
Banks,etc.213.3 22.0%
Life and Non-life Insurance,etc.
203.2 21.0%
Public Pensions
49.0 5.1%
Pension Funds30.8 3.2%
Foreigners56.6 5.8%
Households12.5 1.3% Others
11.7 1.2%
General Government(ex Public Pensions)
3.8 0.4% Fiscal Loan
Fund0.0
0.0%
BOJ427.3 39.5%
Banks,etc.225.8 20.9%
Life and Non-life Insurance,etc.
205.5 19.0%
Public Pensions
49.0 4.5%
Pension Funds30.8 2.8%
Foreigners116.4 10.8%
Households12.5 1.2%
Others11.7 1.1%
JGB and T-Bill Holders
Breakdown by JGB and T-Bill Holders (The end of Mar. 2017 QE)
Source: Bank of Japan “Flow of Funds Accounts (Preliminary Figures)”
Note1: “JGB” includes FILP Bonds. “T-Bills” is the sum of “Treasury Bills (TBs) ” and “Financial Bills (FBs) ”with a maturity of 1 year or less and TBs and FBs have been jointly issued since February 2009.
Note2: “Banks, etc.” includes Japan Post Bank, “Securities investment trust” and “Securities companies”. Note3: “Life and Nonlife insurance” includes Japan Post Insurance.
(trillion yen)
Breakdown of Outstanding Amount of General Bonds by Remaining Years to Maturity
T-Bill Holders
Total 115.2 trillion yen
JGB Holders
Total 967.6 trillion yen
Total 1,082.9 trillion yen
-12-
Types The amount of redemption at maturity Scheduled redemption date
15-Year Floating-Rate Bonds 676.6 July 20
2-Year Bonds 2,499.2 July 15
Treasury Bill 3,371.4 July 20
Total 6,547.3
0100200300400500600700800900
1,0001,1001,2001,3001,4001,5001,6001,7001,8001,9002,0002,1002,200
12 13 14 15 16 17 18 19 20 21 22
(billion yen)
(issue number)
Outstanding amount (excl. BOJ holding)
BOJ holding Old type(without floor)
Source: Ministry of Finance
Time-to-Maturity Structure of Outstanding JGB(Mar. 2017)
General Bonds Issuance Amount and Outstanding
Note 1: Issuance Amount: revenue basis, FY2005-2015: actual, FY2016: estimates, FY2017: initial budget Note 2: Outstanding: nominal basis, FY2005-2015: actual, FY2016: estimates, FY2017: initial budget Source: Ministry of Finance
Market-held Balance of the Inflation-Indexed Bonds (as of May 31, 2017)
(trillion yen)
Scheduled redemption of JGB at maturity in July, 2017
Note.1: The figures are based on the outstanding JGBs at the end of May, 2017. 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)
-13-
Source: Ministry of Finance, Bank of Japan
526.9 531.7 541.5 545.9 594.0 636.3 669.9 705.0 743.9 774.1 805.4 845.3 865.2
136.8 135.6 124.6 127.1
142.4 143.1 163.1 163.3
153.6 158.0 150.5 150.2 142.0
100
200
300
400
500
600
700
800
900
0
30
60
90
120
150
180
05 06 07 08 09 10 11 12 13 14 15 16 17
Outstanding (right-hand scale) Issuance Amount (left-hand scale)
118.81
87.27
63.6968.46
56.09
36.4540.06
39.4542.60
34.08
10.73 12.0914.25 15.97
15.6218.0418.01
19.8419.06
15.76
3.76 4.69 5.28 6.35 6.69 6.06 8.12 9.42 10.687.53
0.83 1.30 1.31 1.93 1.87 1.95 2.06 2.22 2.21
0102030405060708090
100110120130
17 18 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
(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: 8 years and 7 months
70
80
90
100
110
120
130
140
150
160
Jan-
09
May
-09
Sep-
09
Jan-
10
May
-10
Sep-
10
Jan-
11
May
-11
Sep-
11
Jan-
12
May
-12
Sep-
12
Jan-
13
May
-13
Sep-
13
Jan-
14
May
-14
Sep-
14
Jan-
15
May
-15
Sep-
15
Jan-
16
May
-16
Sep-
16
Jan-
17
May
-17
(2010 average=100・Seasonally Adjusted Index)
Production Shipments
Inventory Inventory Ratio
0.4
0.6
0.8
1
1.2
1.4
1.6
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
(ratio)
May, 20171.49times
May, 20173.1%
Aug, 20090.42times
Jul, 20095.5%
Job opening-to-application ratio(right scale)
Unemployment rate(left scale)
0.4%
-0.2%-1
0
1
2
3
4
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
(%)
CPI
CPI excluding food (excludingalcohilic beverages) and energy
Change from the previous year
Apr.4, 2013BOJ released QQE
4.4
-1.7 -1.7
0.5
4.94.1
2.5
-0.4
4.4
-7.4
-0.6
3.0
4.7
-0.3
0.7
-1.0
2.5 1.61.0
1.41.0
-14.0
-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
2012 2013 2014 2015 2016 2017
(%)
Private Demand Public Demand
Foreign Demand Real GDP
Annualized rate of Change from the previous quarter (Seasonally adjusted)
(CY)
500
600
700
800
900
1,000
1,100
Jan-
09
Apr-
09
Jul-0
9
Oct
-09
Jan-
10
Apr-
10
Jul-1
0
Oct
-10
Jan-
11
Apr-
11
Jul-1
1
Oct
-11
Jan-
12
Apr-
12
Jul-1
2
Oct
-12
Jan-
13
Apr-
13
Jul-1
3
Oct
-13
Jan-
14
Apr-
14
Jul-1
4
Oct
-14
Jan-
15
Apr-
15
Jul-1
5
Oct
-15
Jan-
16
Apr-
16
Jul-1
6
Oct
-16
Jan-
17
Apr-
17
(billion yen)
Monthly Quarter (Mean)
0
50
100
150
200
250
300
350
400
450
500(trillion yen)
Banknotes in Circulation
Coins in Circulation
Current Account Balances
2.3
3.2
4.3 3.8
5.4
4.4
5.5
4.1
4.3
1.8
3.3
0.9
2.1
1.1 1.6
-0.0
1.6 2.1
1.7
-1.0 -0.5
0.9
2.0 1.6
4.3
3.9
4.9
3.1
5.9
4.6
5.8
4.1
5.8
-8
-6
-4
-2
0
2
4
6
8
2009
Q120
09Q2
2009
Q320
09Q4
2010
Q120
10Q2
2010
Q320
10Q4
2011
Q120
11Q2
2011
Q320
11Q4
2012
Q120
12Q2
2012
Q320
12Q4
2013
Q120
13Q2
2013
Q320
13Q4
2014
Q120
14Q2
2014
Q320
14Q4
2015
Q120
15Q2
2015
Q320
15Q4
2016
Q120
16Q2
2016
Q320
16Q4
2017
Q1
Primary Income Trade BalanceServices Secondary IncomeCurrent Account
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
Jan-
09
May
-09
Sep-
09
Jan-
10
May
-10
Sep-
10
Jan-
11
May
-11
Sep-
11
Jan-
12
May
-12
Sep-
12
Jan-
13
May
-13
Sep-
13
Jan-
14
May
-14
Sep-
14
Jan-
15
May
-15
Sep-
15
Jan-
16
May
-16
Sep-
16
Jan-
17
(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 "Quarterly Estimates of GDP"
Source: Ministry of Internal Affairs and Communications “CPI”
Source: Ministry of Health, Labour and Welfare “Employment Referrals for General Workers “, Ministry of Internal Affairs and Communications “Labour Force Survey”
Source: Ministry of Finance “Balance of Payments"
Source: Ministry of Economy, Trade and Industry "Indices of Industrial Production”
Source: Cabinet Office, Government of Japan "Orders Received for Machinery"
(trillion yen)
6 ECONOMIC AND FINANCIAL TRENDS
Source: Bank of Japan "Monetary Base"
Source: Bank of Japan "Tankan"
-14-
English Publications on JGBs Frequency URL Debt Management
Message from the Financial Bureau As needed http://www.mof.go.jp/english/jgbs/debt_management/message.htm
About JGBs As needed http://www.mof.go.jp/english/jgbs/debt_management/guide.htm
About the Debt Management Policy As needed http://www.mof.go.jp/english/jgbs/debt_management/about.htm
JGB Issuance Plan As needed http://www.mof.go.jp/english/jgbs/debt_management/plan/index.htm
Auction Calendar
Auction Calendar Monthly http://www.mof.go.jp/english/jgbs/auction/calendar/index.htm
Historical Data of Auction Results Each Auction http://www.mof.go.jp/english/jgbs/auction/past_auction_results/index.html
Topics
Product Characteristics of the JGB As needed http://www.mof.go.jp/english/jgbs/topics/bond/index.html
Treasury Discount Bills (T-Bills) Annual http://www.mof.go.jp/english/jgbs/topics/t_bill/index.htm
Japanese Government Guaranteed Bonds Annual http://www.mof.go.jp/english/jgbs/topics/gov_guaranteed_bonds/index.htm
Interest Rate Swap Semiannual http://www.mof.go.jp/english/jgbs/topics/swap/index.htm
Taxation of Government Bonds As needed http://www.mof.go.jp/english/jgbs/topics/taxation2016/index.html
For Individual Investors As needed http://www.mof.go.jp/english/jgbs/topics/individual/index.htm
Data
Central Government Debt Quarterly http://www.mof.go.jp/english/jgbs/reference/gbb/index.htm
Interest Rate Daily http://www.mof.go.jp/english/jgbs/reference/interest_rate/index.htm
STRIPS Monthly http://www.mof.go.jp/english/jgbs/reference/jgbstat/index.htm
Dialogue with the market
Advisory Councils on Government Debt Management Each Meeting http://www.mof.go.jp/english/about_mof/councils/gov_debt_management/index.html
Meeting of JGB Market Special Participants Each Meeting http://www.mof.go.jp/english/about_mof/councils/jgbsp/index.html
Meeting of JGB Investors Each Meeting http://www.mof.go.jp/english/about_mof/councils/jgb_investor/index.html
Publications
Debt Management Report Annual http://www.mof.go.jp/english/jgbs/publication/debt_management_report/index.htm
JGB Newsletter Monthly http://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: www.mof.go.jp
7 INFORMATION
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