What’s New: Central Government Debt (As of March 31, 2020) p.2 On May 8, the Ministry of Finance released the update on central government debt.

Outstanding government bonds and borrowings increased to 1,114.5 trillion yen fromthe end of December (1,110.8 trillion yen) by 3.8 trillion yen.

Q&A: Average Maturity of JGBs p.3 Kokusai Sensei explains the average maturity of JGBs.

Monthly Topics: GDP and Foreign Investors’ Bond Holdings by Region p.4-5 The second preliminary GDP estimate (Jan.-Mar. 2020) was released on June 8. Real

GDP contracted by 0.6% (annual rate -2.2%) from the previous quarter. The Ministry of Finance and the Bank of Japan released a region-by-region breakdown

of JGBs and other Japanese bonds held overseas in the international balance ofpayments statistics. According to the statistics, JGB and other Japanese bond holdingsby foreign investors at the end of 2019 totaled (1) 90.1 trillion yen in Europe, (2) 34.9trillion yen in Asia, (3) 32.4 trillion yen in North America, (4) 12.1 trillion yen in Centraland South America, (5) 3.2 trillion yen in the Middle East.

IR Office: Summary of our IR activity in FY2019 p.6 Meetings with overseas investors

- 4 overseas Investor Relations missions covering 11 cities over 8 countries in NorthAmerica, Europe and Asia.

Meetings with foreign investors visiting Japan- 60 meetings with foreign investors visiting Japan.

Presentation in seminars for foreign investorsStatistics

JGB Primary Market … p. 7 Liquidity Enhancement Auctions and JGB Buy-Back … p. 8JGB Secondary Market … p. 9 Investor Trends and JGB Outstanding … p. 11

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

-1-

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

SUMMARY

The Ministry of Financewww.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. June 2020

Central Government Debt (As of March 31, 2020)

On May 8, the Ministry of Finance released the update on central government debt. Debt outstanding and composition as of the end of March 2020 are as follows:

The end of March 2020

(Actual)

Increase or Decrease(-) from

the End of the Previous Quarter

1) Outstanding Government Bonds and Borrowings General Bonds 886.7 -1.2 Fiscal Investment and Loan Program Bonds (FILP Bonds) 91.1 1.8 Borrowings, Subsidy Bonds, etc. 62.3 -0.2 Financing Bills (FBs) 74.4 3.3

Total 1,114.5 3.8 2) Outstanding Government-Guaranteed Debts Government-Guaranteed Debts 36.2 -0.7

The end of Mar. 2020 (Actual)

Increase or Decrease(-) from the End of the Previous Quarter

The end of FY2019

(Estimate)

① General Bonds 886.7 -1.2 Approx. 898 ② Fiscal Investment and Loan Program Bonds Not included Not included Not included ③ Borrowings, Subsidy Bonds, etc. (Note 1) 26.8 -0.4 Approx. 27 ④ Financing Bills Not included Not included Not included Long-term debt outstanding of central governments 913.5 -1.5 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

-2-

(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 June 30, 2020 will be released on August 7, 2020. Details: https://www.mof.go.jp/english/jgbs/reference/gbb/e202003.html

Outstanding government bonds and borrowings increased to 1,114.5 trillion yen from the end of December (1,110.8 trillion yen) by 3.8 trillion yen. The total amount for FBs increased by 3.3 trillion yen and FILP bonds increased by 1.8 trillion yen, while general bonds decreased by 1.2 trillion yen.

Long-term outstanding central government debt, which does not include FILP bonds, FBs and some of the borrowings related to local governments, decreased to 913.5 trillion yen from the end of December (915.0 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. Is there any intention to extend the average maturity of JGBs by making use of the

current low interest rate environment? A. In formulating the annual JGB Issuance Plan, the Ministry of Finance (MOF) had tried to

lengthen the average maturity of JGBs in view of low interest rates. What should be given priority from the viewpoint of the Debt Management Policy to address

interest rate hike risks is the average maturity of the outstanding balance of JGBs (stock-basis). In the past, however, the MOF paid attention to the average maturity of the calendar-based JGB issuance (flow-basis). One of the reasons was that the flow-basis average maturity was easy to be grasped as statistics. If the MOF continues to draft the annual JGB Issuance Plan for the purpose of lengthening the

flow-basis average maturity, however, they may not be able to make flexible responses to temporary demand trends, leading fundraising costs to increase. If market environment changes force the average maturity to be shortened rapidly, market participants may lose confidence in the Debt Management Policy. As the outstanding balance of JGBs had increased, the influence that a change in the annual

flow-basis maturity distribution exerts on the stock-basis average maturity had declined. Therefore, the MOF currently formulates the JGB Issuance Plan while paying attention to the market needs that it has been made aware of through various meetings, the structure of the JGB investor base and major investors’ debt mix, assessing a proper level for the stock-basis average maturity without necessarily sticking to lengthening the flow-basis average maturity.

Q&A: Average maturity of JGBs Today, I would like to touch on the average maturity 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: JGB-IR@mof.go.jp

[Average maturity of JGBs]

-3-

Market issuance (flow-basis)Outstanding amount (stock-basis)

Note 1: Outstanding amount of general bonds

Note 2: Up to FY2019: Actual figures

FY2020: Estimate by adding calendar base issuance amount of the JGB Issuance

Plan for FY2020 (Initial), including 43 trillion yen of front-loading refunding bonds

Note: Up to FY2019: Actual figures

FY2020: Estimate by adding calendar base issuance amount of the JGB Issuance

Plan for FY2020 (Initial)

9 years and 0 months

8 years and 10 months

8 years and 7 month

8 years and 5 months

8 years and 0 months

7 years and 7 months

7 years and 3 months

2020

2019

2018

2017

2016

2015

2014

2013

2012

9 years and 2 months

9 years and 4 months (estimate)

（at the end of FY）

9 years and 3 months (estimate)

9 years and 0 months

8 years and 11 months

9 years and 0 months

8 years and 10 months

8 years and 9 months

8 years and 2 months

7 years and 9 months

7 years and 9 months

2020

2019

2018

2017

2016

2015

2014

2013

2012（FY）

11.920.2

28.1 30.5 25.7 20.8 22.730.0 31.1 32.6 34.98.7

9.2

11.6 9.711.9 17.6

22.5

27.034.2 35.7 32.4

30.827.0

36.0 36.8 40.550.2

59.6

60.2

69.9

83.0 90.1

3.66.1

5.1 6.1 7.4

8.3

9.1

8.7

4.7

3.53.2

10.69.4

10.913.9 15.4

19.0

19.7

17.9

17.0

20.1

25.7

65.571.9

91.696.9

100.9

115.9

133.6

143.7

156.9

174.9

186.4

-8

-7

-6

-5

-4

-3

-2

-1

0

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

160

170

180

190

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(trillion yen)

Others

Middle East

Europe

North America

Asia

(CY)

1. Quarterly Estimates of GDP Jan.–Mar. 2020

The second preliminary GDP estimate (Jan.-Mar. 2020) was released on June 8. Real GDP contracted by 0.6% (annual rate -2.2%) from the previous quarter. This was mainly due to the decline in Private Consumption that contributed minus 0.4% points. On the other hand, there was a support from private non-residential investment that contributed 0.3% points.

By demand item, Private Residential Investment declined by 4.2% and private demand overall declined by 0.5% from the previous quarter.

2. Foreign Investors’ Bond Holdings by Region

The Ministry of Finance and the Bank of Japan released a region-by-region breakdown of JGBs and other Japanese bonds held overseas in the international balance of payments statistics.

According to the statistics, JGB and other Japanese bond holdings by foreign investors at the end of 2019 totaled (1) 90.1 trillion yen in Europe, (2) 34.9 trillion yen in Asia, (3) 32.4 trillion yen in North America, (4) 12.1 trillion yen in Central and South America, (5) 3.2 trillion yen in the Middle East.

A country-by-country breakdown of Japanese bonds held overseas indicates that the five largest holders of these bonds were (1) the U.S with 31.3 trillion yen, (2) Belgium with 28.5 trillion yen, (3) Luxembourg with 26.0 trillion yen, (4) China with 16.1 trillion yen, and (5) the U.K. with 12.2 trillion yen.

(％)2020

1～3 4～6 7～9 10～12 1～30.6 0.5 0.0 -1.9 -0.6 *** -2.20.1 0.8 0.2 -2.4 -0.4 *** -1.4

(0.1) (0.8) (0.2) (-2.4) *** (-0.4) ***0.1 0.6 0.1 -3.3 -0.5 (-0.3) -1.90.1 0.5 0.4 -2.9 -0.8 (-0.4) -3.0

-0.0 0.5 0.4 -3.0 -0.8 (-0.4) -3.3Excluding Imputed Rent -0.1 0.5 0.4 -3.7 -1.1 (-0.5) -4.2

1.4 -0.2 1.2 -2.3 -4.2 (-0.1) -15.7-0.5 0.9 0.2 -4.8 1.9 (0.3) 8.0(0.1) (0.0) (-0.3) (0.0) *** (-0.1) ***

0.3 1.6 0.8 0.3 -0.0 (-0.0) -0.2-0.2 1.5 0.7 0.2 0.0 (0.0) 0.22.4 1.7 1.0 0.5 -0.6 (-0.0) -2.2

(-0.0) (0.0) (-0.0) (0.0) *** (0.0) ***(0.5) (-0.3) (-0.2) (0.5) *** (-0.2) ***

Private ConsumptionPrivate Demand

Domestic Demand

Gross Domestic Product

1～32019 2020

Net Exports of Goods & ServicesChange in Public Inventories Public InvestmentGovernment Consumption

Public DemandChange in Private InventoriesPrivate Non-Resi. InvestmentPrivate Residential Investment

Consumption of Households

Development of Real GDP (Quarterly, seasonally adjusted series)

Monthly Topics

Note1: Change from the previous quarter (seasonally adjusted) Note2: Annual rate Note3: The Figures in () indicate contributions to Changes in GDP. (Source) Cabinet Office

(Source) Cabinet Office

Note1 Note2

Note1: Figures include JGB, other bonds and bills.

Note2: The breakdown does not necessarily give a region-by-region breakdown of final investors.

(Sources) Ministry of Finance, Bank of Japan

-4-

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

0.5

0.10.2

0.3

1.2

0.4 0.60.5

-0.5

0.4

-0.8

0.6 0.6 0.5

0

-1.9

-0.6

-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 Ⅰ

2012 2013 2014 2015 2016 2017 2018 2019 2020

(％)

Private Demand Public Demand

Foreign Demand Real GDP

Contributions to change from the previous quarter (Seasonally adjusted)

The two charts below indicate the breakdown of the statistics by bond maturity. According to

the statistics, long-term bond (more than one year) holdings by foreign investors at the end of 2019 totaled (1) 59.4 trillion yen in Europe, (2) 26.0 trillion yen in North America, (3) 20.0 trillion yen in Asia, (4) 6.6 trillion yen in Central and South America, and (5) 2.6 trillion yen in the Middle East. Short-term (one year or less) bond holdings by foreign investors at the end of 2019 totaled (1) 30.7 trillion yen in Europe, (2) 15.0 trillion yen in Asia, (3) 6.5 trillion yen in North America, (4) 5.5 trillion yen in Central and South America, and (5) 2.3 trillion yen in Oceania.

<Short-term bonds (one year or less)>

<Long-term bonds (more than one year)>

-5-

MOF International Investment Position (Regional Portfolio Investment and Financial Derivatives Position (Liabilities))

URL: https://www.mof.go.jp/international_policy/reference/iip/rdip2019.xls

BOJ Time-Series Data Search (historical data, etc.)

URL: http://www.stat-search.boj.or.jp/index_en.html

3.7 

10.8 17.1  18.1 

15.1 

6.8  8.7 11.5  10.1 

14.4  15.0 1.6 

2.0 

4.0  1.5 1.8 

1.5 

5.2 

9.1  12.0 

11.4 6.5 

11.0 

8.5 

16.8  17.1  19.9 

28.5 

30.5 

26.0 29.5 

33.9 

30.7 

0.1 

1.9 

1.2 2.4 

3.6  4.1 

5.0 4.2 

2.0 

1.1 

0.6 

7.0 

5.8 

6.8  8.3 8.9  10.6 

11.5  8.7 9.2 

11.6 

15.3 

23.3 

29.0 

45.9 47.4 

49.4 51.5 

61.0 59.6 

62.7 

72.3 

68.0 

0

10

20

30

40

50

60

70

80

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Others Middle East Europe North America Asia

(trillion yen)

(CY)

8.2  9.4  11.0  12.4  10.5  13.9  14.0 18.5  21.0  18.2  20.0 7.1  7.2  7.5  8.1  10.1 

16.1  17.4 17.8 

22.2  24.3 26.0 

19.8  18.5 19.2 

19.7  20.6 

21.7 29.0 

34.2 

40.4 49.1 

59.4 

3.5  4.2 3.9 

3.7  3.8 

4.2 

4.1 

4.4 

2.7 

2.4 

2.6 

3.6  3.6 4.1 

5.6  6.5 

8.5 

8.1 

9.2 

7.9 

8.5 

10.4 

42.2  42.9 45.7 

49.5  51.5 

64.4 

72.6 

84.1 

94.2 

102.5 

118.3 

0

20

40

60

80

100

120

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Others Middle East Europe North America Asia

(trillion yen)

(CY)Note1: Figures include JGB, other bonds and bills.

Note2: The breakdown does not necessarily give a region-by-region breakdown of final investors.

(Sources) Ministry of Finance, Bank of Japan

Note1: Figures include T-Bill, other bonds and bills.

Note2: The breakdown does not necessarily give a region-by-region breakdown of final investors

(Sources) Ministry of Finance, Bank of Japan

1.

Summary of our IR activity in FY2019

The Ministry of Finance (MOF) has made efforts to enhance relations with foreign investors in JGBs since 2005. Our main activities in FY2019 are as follows: ① Meetings with overseas investors

We sent a total of 4 overseas Investor Relations missions covering 11 cities over 8 countries in North America, Europe and Asia.

② Meetings with foreign investors visiting Japan We had 60 meetings with foreign investors visiting Japan.

③ Presentation in seminars for foreign investors Furthermore, we have engaged in cooperation with foreign debt management authorities and international organizations. In June 2019, the MOF and the International Monetary Fund (IMF) co-hosted an IMF Public Debt Management Forum in Tokyo.

We will continue to build close relations with foreign investors through gathering and providing information meeting their needs in a fine-tuned manner.

IR Office

If you have any questions regarding the contents of this newsletter, please do not hesitate to contact us at: JGB-IR@mof.go.jp

-6-

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)

3/3/2020 10-year 357 12/20/2029 0.1% 5,471.8 1,709.7 ▲0.086% ▲0.100% 0.280 389.7 209.0 3/5/2020 30-year 65 12/20/2049 0.4% 2,070.9 567.4 0.339% 0.335% - 131.5 21.6 3/10/2020 5-year 142 12/20/2024 0.1% 4,308.9 1,575.9 ▲0.184% ▲0.220% - 324.0 0.0 3/12/2020 20-year 171 12/20/2039 0.3% 2,718.2 736.2 0.252% 0.248% - 163.3 64.0 3/26/2020 40-year 12 3/20/2059 0.5% 1,062.1 399.6 0.450% - - - 15.5 3/31/2020 2-year 411 4/1/2022 0.1% 6,949.8 1,622.4 ▲0.112% ▲0.125% - 377.1 117.1 4/2/2020 10-year 358 3/20/2030 0.1% 7,101.0 1,693.7 0.024% 0.023% 1.005 404.7 206.4 4/7/2020 30-year 66 3/20/2050 0.4% 2,018.0 572.2 0.441% 0.426% - 127.5 0.0 4/9/2020 5-year 143 3/20/2025 0.1% 7,669.8 1,541.1 ▲0.093% ▲0.095% - 358.4 189.1 4/21/2020 20-year 172 3/20/2040 0.4% 2,615.0 730.1 0.340% 0.335% - 169.3 0.0 4/23/2020 2-year 412 5/1/2022 0.1% 8,808.9 1,622.5 ▲0.136% ▲0.140% - 377.1 163.2 5/8/2020 10-year Inflation-Indexed Bonds 25 3/10/2030 0.2% 768.6 200.0 0.117% - - - - 5/12/2020 10-year 358 3/20/2030 0.1% 6,936.0 1,696.1 0.000% ▲0.001% 0.265 403.1 208.9 5/14/2020 30-year 66 3/20/2050 0.4% 2,085.7 565.5 0.453% 0.449% - 133.5 20.4 5/18/2020 5-year 143 3/20/2025 0.1% 6,919.0 1,540.3 ▲0.119% ▲0.122% - 358.9 87.1 5/20/2020 20-year 172 3/20/2040 0.4% 3,108.9 732.1 0.335% 0.332% - 167.0 58.2 5/26/2020 40-year 13 3/20/2060 0.5% 1,527.3 499.5 0.505% - - - 10.4 5/28/2020 2-year 413 6/1/2022 0.1% 8,550.6 1,620.5 ▲0.169% ▲0.172% 1.000 378.0 29.2

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)

3/6/2020 3-month 892 6/8/2020 11,932.70 3,845.77 ▲0.2505% ▲0.2697% 894.20 3/9/2020 6-month 893 9/10/2020 6,108.10 2,115.56 ▲0.2516% ▲0.2872% 484.40 3/13/2020 3-month 894 6/15/2020 11,346.00 3,856.29 ▲0.1824% ▲0.2385% 883.70 3/17/2020 1-year 895 3/22/2021 7,093.70 1,541.99 ▲0.1981% ▲0.2021% 358.00 3/18/2020 3-month 896 6/22/2020 9,400.80 3,846.28 ▲0.2024% ▲0.2897% 893.70 3/27/2020 3-month 897 6/29/2020 8,159.65 3,855.89 ▲0.1022% ▲0.1884% 884.10 4/3/2020 3-month 898 7/6/2020 15,686.60 4,089.56 ▲0.1022% ▲0.1218% 950.40 4/9/2020 6-month 899 10/12/2020 11,537.80 2,354.98 ▲0.1419% ▲0.1458% 545.00 4/10/2020 3-month 900 7/13/2020 15,499.80 4,090.55 ▲0.1202% ▲0.1431% 949.40 4/16/2020 1-year 901 4/20/2021 7,054.50 1,545.99 ▲0.1477% ▲0.1547% 354.00 4/17/2020 3-month 902 7/20/2020 13,446.00 4,089.55 ▲0.1263% ▲0.1367% 950.40 4/24/2020 3-month 903 7/27/2020 16,322.50 4,657.78 ▲0.1142% ▲0.1283% 1,082.20 5/1/2020 3-month 904 8/3/2020 22,746.85 5,896.47 ▲0.0995% ▲0.1061% 1,343.50 5/7/2020 6-month 905 11/10/2020 12,344.50 2,032.69 ▲0.1435% ▲0.1474% 467.30 5/8/2020 3-month 906 8/11/2020 22,461.77 5,933.43 ▲0.1110% ▲0.1229% 1,306.50 5/15/2020 3-month 907 8/17/2020 21,298.40 5,873.63 ▲0.1102% ▲0.1154% 1,366.30 5/19/2020 1-year 908 5/20/2021 9,297.30 2,029.07 ▲0.1607% ▲0.1657% 470.90 5/22/2020 3-month 909 8/24/2020 21,321.49 6,600.26 ▲0.1102% ▲0.1166% 1,539.70 5/27/2020 6-month 910 11/25/2020 11,486.60 2,027.37 ▲0.1607% ▲0.1627% 472.60 5/29/2020 3-month 911 8/31/2020 18,154.30 6,618.26 ▲0.1002% ▲0.1078% 1,521.70

Auction Calendar for Jun. 2020 – Aug. 2020

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

6/2(Tue) 10-year 6/26(Fri) T-Bills (3-month) 7/21(Tue) T-Bills (6-month) 8/14(Fri) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years)

6/4(Thu) 30-year 6/30(Tue) 2-year 7/21(Tue) 20-year 8/18(Tue) 30-year 6/5(Fri) T-Bills (3-month) 7/2(Thu) 10-year 7/22(Wed) T-Bills (3-month) 8/19(Wed) T-Bills (1-year)

6/9(Tue) T-Bills (6-month) 7/3(Fri) T-Bills (3-month) 7/28(Tue) 40-year 8/20(Thu) 5-year

6/11(Thu) Liquidity Enhancement Auction (remaining maturities of 15.5-39 years) 7/7(Tue) 30-year 7/30(Thu) 2-year 8/21(Fri) T-Bills (3-month)

6/12(Fri) T-Bills (3-month) 7/9(Thu) T-Bills (6-month) 7/31(Fri) T-Bills (3-month) 8/24(Mon) T-Bills (6-month)

6/15(Mon) T-Bills (6-month) 7/9(Thu) 5-year 8/4(Tue) 10-year 8/25(Tue) 20-year

6/15(Mon) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years) 7/10(Fri) T-Bills (3-month) 8/6(Thu) T-Bills (6-month) 8/27(Thu) 2-year

6/18(Thu) T-Bills (1-year) 7/14(Tue) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years) 8/6(Thu) 10-year Inflation-Indexed Bonds 8/28(Fri) T-Bills (3-month)

6/18(Thu) 5-year 7/16(Thu) T-Bills (1-year) 8/7(Fri) T-Bills (3-month)

6/19(Fri) T-Bills (3-month) 7/16(Thu) Liquidity Enhancement Auction (remaining maturities of 1-5 years) 8/12(Wed) Liquidity Enhancement Auction

(remaining maturities of 15.5-39 years)

6/25(Thu) 20-year 7/17(Fri) T-Bills (3-month) 8/14(Fri) T-Bills (3-month)

Top 10 PDs for Successful Bids in Auctions (Calculated by Duration) (Oct. 2019～Mar. 2020) Top 5 PDs for Successful Bids of Inflation-Indexed Bond (FY2019) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 Morgan Stanley MUFG Securities Co., Ltd. 1 JPMorgan Securities Japan Co., Ltd. 2 Daiwa Securities Co. Ltd. 7 Deutsche Securities Inc. 2 Mizuho Securities Co., Ltd. 3 Nomura Securities Co., Ltd. 8 SMBC Nikko Securities Inc. 3 Goldman Sachs Japan Co., Ltd. 4 Mizuho Securities Co., Ltd. 9 Goldman Sachs Japan Co., Ltd. 4 Merrill Lynch Japan Securities Co., Ltd. 5 JPMorgan Securities Japan Co., Ltd. 10 Merrill Lynch Japan Securities Co., Ltd. 5 Nomura Securities Co., Ltd.

JGB Primary Market

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

(Until 31 May 2020)

(Until 31 May 2020)

-7-

Results of Liquidity Enhancement Auctions

Auction Date

Amounts of Competitive

Bids (billion yen)

Amounts of Bids

Accepted (billion yen)

Average Accepted Spread

Highest Accepted Spread

Issues Re-opened

3/16/2020 1,785.5 599.5 0.017% 0.030% 10-year(339, 340, 345, 356) 20-year(75, 82, 83, 84, 86, 87, 88, 102, 114, 116, 117, 118, 119, 138, 139, 148, 151, 153) 30-year(2)

3/24/2020 1,728.6 399.3 ▲0.029% ▲0.021%

2-year(410) 5-year(132, 133, 134, 135, 136) 10-year(320, 323, 325, 327, 328, 329, 331, 332, 333, 335, 336, 337) 20-year(56, 57, 58, 64, 65, 69, 70, 73)

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

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

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

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

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

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

10-year Inflation-Indexed

Auction Date Amounts of

Competitive Bids (billion yen)

Amounts of Bids Accepted

(billion yen)

Average Accepted

Spread (yen)

Highest Accepted

Spread (yen) Issue Numbers

2/17/2020 125.6 20.1 ▲0.132 ▲0.12 17, 20, 21, 24

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

3/25/2020 373.7 300.0 0.279 0.55

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

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

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

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

JL1

71

JX32

JX33

JX34

JX35

JX36

JX37

JX38

JX39

JX40

JX41

JX42

JX43

JX44

JX45

JX46

JX47

JX48

JX49

JX50

JX51

JX52

JX53

JX54

JX55

JX56

JX57

JX58

JU1

JX59

JX60

JX61

JX62

JU2

JX63

JX64

JX65

JU3

JU4

JU5

JU6

JU7

JU8

JU9

JU10

JU11

JU12

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

(Remaining maturities)15.5 20 39

0500

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

339

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

357

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

JL15

4

JX20

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

5 10 15.5

(billion yen)

(Remaining maturities)

0500

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

JN40

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

JN40

9

JN41

0

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

JS14

2

336

337

JL7

3

JL7

4

338

JL7

5

JL7

6

JL7

7

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 April 2020. Note2： All issues in the graph above will be eligible afterward.

Buy-Back Results

(Until 31 May 2020)

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

(Until 31 May 2020)

-8-

-0.6%

-0.4%

-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

2019/6/28

2019/9/30

2019/12/30

2020/2/28

2020/3/31

2020/4/30

40353020 25151050 -0.4%

-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

0%

1%

2%

3%

4%

5%

6%

7%

8%

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

Volatility Yield (right scale)

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

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

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

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

-1%

0%

1%

2%

3%

4%

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

Japan United StatesUnited Kingdom Germany

-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

-9-

Yield and Volatility (10Yr)

Break-Even Inflation Rates

Source: Bloomberg, Calculation by the Ministry of Finance

(Until 30 April 2020)

(Until 30 April 2020)

(Until 30 April 2020)

(Until 30 April 2020)

JGB Secondary Market

-0.1%

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

Jan-13 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

0100200300400500600700800900

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

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

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)

(Until 30 April 2020)

Source: Japan Securities Dealers Association

Super long-term

Long-term

Medium-term

T-bills

-9.0

-7.0

-5.0

-3.0

-1.0

1.0

3.0

5.0

7.0

JanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr

City Banks

Net Purchase

Net Sale

2015 2016 2017 2018 2019 2020

-1.0

-0.8

-0.6

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

JanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr

Regional banks

Net Purchase

Net Sale

2015 2016 2017 20192018 2020

-0.5

0.0

0.5

1.0

JanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr

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

JanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr

Foreigners

Net Purchase

Net Sale

2015 2016 2017 20192018 2020

(trillion yen) (trillion yen)

(trillion yen) (trillion yen)

0

50

100

150

200

250

300

350

400

450

500

550

600

650

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

Total Assets

Monetary Base

JGBs

QQE2QQE（trillion yen）Apr 2013

(Actual)Apr 2020(Actual)

Monetary Base 155 529

JGBs 98 479

CP 1.4 3.3

Corporate Bonds 2.9 3.4

ETFs 1.7 31.2

J-REITs 0.13 0.59

Total Assets 175 619

0

10

20

30

40

50

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

200210220230240250260270280

0

50

100

150

200

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

-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

Source: Bank of Japan

Source: Japan Securities Dealers Association

Investor Trends and JGB Outstanding

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

-15

-10

-5

0

5

10

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

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

Net Purchase

Net

Sales

-1.5

-1

-0.5

0

0.5

1

1.5

2

2.5

3

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

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

Net Purchase

Net

Sales

-6

-4

-2

0

2

4

6

8

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

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

Net Purchase

Net

Sales

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

-12-

JGBs Holdings by Foreign Investors

Banks(Banking Accounts) Life Insurance Companies

Transactions of Domestic Securities by Non-Residents

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

Transactions of Foreign Securities by Residents (by Investor types)

Foreign Investors Presence

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

Osaka Exchange

(trillion yen)

(trillion yen)

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)(％)

Total 94.9 trillion yen

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 0.2%

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)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 JGB Holders

-13-

Total 1,037.4 trillion yen

Total 1,132.2 trillion yen

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

900

FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019

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

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

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

9.0%8.6%

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

8.4%7.8%

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

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

5.2%4.6%

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

4.8%4.8%

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

5.1%5.6%

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

5.2%4.4%

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

14.4%14.9%

15.6%16.5%

17.7%18.4%

19.2% 19.6% 20.2% 20.5%

4.6%

5.8%

6.7%

7.5%

8.3%

9.4%10.1%

11.1%11.6% 12.1%

20 yrs-

10-20 yrs

9-10 yrs

8-9 yrs

7-8 yrs

6-7 yrs

5-6 yrs

4-5 yrs

3-4 yrs

2-3 yrs

1-2 yrs

-1 yr

（Unit: trillion yen）

（at the end of FY）

636.3669.9

705.0

743.9774.1

805.4830.6

853.2874.0

*years to maturity

Average

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

Average YTM*

(excluding savingbonds)

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

886.7

Types The amount of redemption at maturity Scheduled redemption date

20-Year Bonds 1,094.5 June 22

10-Year Bonds 8,081.1 June 20

5-Year Bonds 8,322.7 June 20

2-Year Bonds 2,114.6 June 1

Treasury Bills 1,800.0 June 22

Total 21,412.9

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

594.0636.3

669.9705.0

743.9774.1 805.4 830.6

853.2 874.0 897.8 906.0

142.4 143.1

163.1 163.3 153.6

158.0 150.5 148.3

140.0 137.7 142.3 141.5

100

200

300

400

500

600

700

800

900

0

30

60

90

120

150

180

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

Outstanding (RHS)Issuance Amount (LHS)

Source: Ministry of Finance

General Bonds Issuance Amount and Outstanding

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

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

(trillion yen)

Scheduled redemption of JGB at maturity in June, 2020

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

(billion yen)

Source: Ministry of Finance, Bank of Japan

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

-14-

(trillion yen)

118.59

84.94

66.2765.08

56.02

44.0240.89

42.7242.92

36.22

16.8516.46

19.5519.18

21.4519.97

18.1918.30

18.12

13.766.71

7.196.37

8.509.60

10.919.31

11.3710.04 7.36

1.96 1.96 2.00 2.17 2.28 2.80 2.801.87 1.99

0

10

20

30

40

50

60

70

80

90

100

110

120

130

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

(trillion yen）

(FY)

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

Average remaining years to maturity： 9 years and 2 months

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）

Apr, 20201.32

Apr, 20202.6％

Job openings-to-applicants ratio(RHS)

Unemployment rate(LHS)

Aug, 20090.42

Jul, 20095.5％

600

650

700

750

800

850

900

950

1,000

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

(billion yen)

Monthly Quarter (Mean)

85

95

105

115

125

135

145

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

1.6 2.1

1.7

-1.0 -0.5

0.9

2.0

1.6

4.3

3.9

5.0

3.3

6.1

4.9

6.1

4.3

6.4

4.8

7.3

4.3

6.0

5.0 5.8

2.6

6.1

4.5

5.7

3.7

5.8

-8

-6

-4

-2

0

2

4

6

8

10

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4

2016

Q1

2016

Q2

2016

Q3

2016

Q4

2017

Q1

2017

Q2

2017

Q3

2017

Q4

2018

Q1

2018

Q2

2018

Q3

2018

Q4

2019

Q1

2019

Q2

2019

Q3

2019

Q4

2020

Q1

Primary Income Trade Balance

Services Secondary Income

Current Account

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

0.1%

-1

0

1

2

3

4(%)

CPI

CPI excluding food (excluding alcohilicbeverages) and energy

Change from the previous year

Apr.4, 2013

BOJ released QQE

-0.1%

4.9

-2.9-1.5

1.1

5.0

3.1 3.4

-0.2

4.0

-7.5

0.4

2.0

5.6

0.4

-0.2-1.5

2.0

0.60.91.2

4.7

1.4 2.31.9

-1.9

1.8

-3.3

2.3 2.6 2.1

0.0

-7.3

-3.4

-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

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

2012 2013 2014 2015 2016 2017 2018 2019 2020

(％)

Private Demand Public Demand

Foreign Demand Real GDP

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

(CY)

-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

-15-

English Publications on JGBs Frequency URL

Debt Management

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

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

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

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

Auction Calendar

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

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

Topics

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

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

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

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

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

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

Data

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

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

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

Dialogue with the market

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

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

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

Publications

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

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

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

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

To subscribe to our Newsletter mailing list,

please email: JGB-IR@mof.go.jp

-16-

Information