What’s New: Central Government Debt (As of December 31, 2018) p. 2 Outstanding government bonds and borrowings increased to 1,100.5 trillion yen from

the end of September (1,091.8 trillion yen) by 8.8 trillion yen. This is mainly because the total for general bonds increased by 6.2 trillion yen.

What’s New: Alteration in the JGB Issuance Plan for FY2019 p. 3 On January 18, reflecting the alteration in the budget for FY2019, the Ministry of

Finance altered the JGB Issuance Plan for FY2019.

Monthly Topics: Overseas Residents’ Visits to Japan and Labour Force Survey p. 4 According to the Japan National Tourism Organization, the number of overseas

residents visiting Japan in 2018 rose 8.7 percent from the previous year to 31.2 million.

According to the “Labour Force Survey” of December 2018, the unemployment rate (seasonally adjusted) was 2.4%, 0.1% points lower than the previous month.

IR Office: Our IR activities in January p. 5 IR tour to US

Statistics JGB Primary Market … p. 6 Liquidity Enhancement Auctions and JGB Buy-Back … p. 7

JGB Secondary Market … p. 8 Investor Trends and JGB Outstanding … p. 10

Economic and Financial Trends … p. 14 Information … p. 15

-1-

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

SUMMARY

The Ministry of Finance www.mof.go.jp

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

February 2019

Central Government Debt (As of December 31, 2018) On February 8, the Ministry of Finance released the update on central government debt. Debt

outstanding and composition as of the end of December 2018 are as follows.

The end of December 2018

(Actual)

Increase or Decrease(-) from

the End of the Previous Quarter

1) Outstanding Government Bonds and Borrowings

General Bonds 866.6 6.2

Fiscal Investment and Loan Program Bonds (FILP Bonds) 96.5 1.8

Borrowings, Subsidy Bonds, etc. 64.1 0.6

Financing Bills (FBs) 73.3 0.2

Total 1,100.5 8.8

2) Outstanding Government-Guaranteed Debts

Government-Guaranteed Debts 38.7 -0.8

The end of Dec. 2018 (Actual)

Increase or Decrease(-) from

the End of the Previous Quarter

The end of FY2018

(Estimate)

① General Bonds 866.6 6.2 Approx. 880

② Fiscal Investment and Loan Program Bonds (FILP Bonds) Not included Not included Not included

③ Borrowings, Subsidy Bonds, etc. 27.8 0.1 Approx. 28

④ Financing Bills Not included Not included Not included

Long-term debt outstanding of central governments 894.4 6.4 Approx. 909

⑤ Long-term debt outstanding of local governments - Approx. 196

Long-term debt outstanding of central and local governments - Approx. 1,105

-2-

(trillion yen)

<Main Points>

Outstanding government bonds and borrowings increased to 1,100.5 trillion yen from the end of September (1,091.8 trillion yen) by 8.8 trillion yen. This is mainly because the total for general bonds increased by 6.2 trillion yen.

Long-term outstanding central government debt, which does not include FILP bonds, FBs and some of the borrowings related to local governments, increased to 894.4 trillion yen from the end of September (888.0 trillion yen) by 6.4 trillion yen.

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)

Note 1: The borrowings of the Special Account for Allotment of Local Allocation Tax and Local Transfer Tax (end of FY2018:approx.¥32trillion) 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.

Notes:

1. Figures may not sum up to the total because of rounding.

2. Above "Outstanding Government Bonds and Borrowings" includes government bonds and borrowings held by government.

3. Figures are total of the general account and all special accounts, and the coverage is different from the central government defined in SNA.

4. The data as of March 31, 2019 will be released on May 10, 2019.

Details: https://www.mof.go.jp/english/jgbs/reference/gbb/e201812.html

What’s New

Alteration in the JGB Issuance Plan for FY2019 On January 18, reflecting the alteration in the budget for FY2019, the Ministry of Finance altered

the JGB Issuance Plan for FY2019 as follows.

-3-

URL: https://www.mof.go.jp/english/jgbs/debt_management/plan/190118.html

＜Breakdown by legal grounds＞ （billion yen） ＜Breakdown by financing methods＞ （billion yen）

(a) (b) (c) (c) - (a) (c) - (b) (a) (b) (c) (c) - (a) (c) - (b)

33,692.2 32,659.8 32,660.5 -1,031.7 0.7JGB market issuance(calendar base) 134,200.0 129,400.0 129,400.0 -4,800.0 －

6,094.0 6,952.0 6,952.0 858.0 －Non-price competitiveauction Ⅱand others 8,500.0 8,564.0 8,564.0 64.0 －

27,598.2 25,707.8 25,708.5 -1,889.7 0.7Adjustment betweenfiscal years 1,385.6 3,864.6 3,865.3 2,479.7 0.7

956.3 928.4 928.4 -27.9 － 144,085.6 141,828.6 141,829.3 -2,256.3 0.7

12,000.0 12,000.0 12,000.0 － － 3,300.0 4,700.0 4,700.0 1,400.0 －

103,237.1 103,140.4 103,140.4 -96.7 － 2,500.0 2,200.0 2,200.0 -300.0 －

1,858.7 1,808.0 1,808.0 -50.7 － 149,885.6 148,728.6 148,729.3 -1,156.3 0.7

149,885.6 148,728.6 148,729.3 -1,156.3 0.7

FY2019 JGB Issuance Plan

FY2018 (Initial) FY2019 (Revised in January) FY2018 (Initial) FY2019 (Revised in January)

Reconstruction bondsSubtotal (financed inthe market)

FILP bonds Sales for households

FY2019 (Initial) FY2019 (Initial)

Newly-issued bonds

Construction bonds

Special deficit-financing bonds

Refunding bonds BOJ rollover

Non-price competitive auction Ⅱ is an additional issuance of JGBs for JGB market special participants which is conducted after normal auctions. Each participant is allowed to bid up to 15% of one's totalsuccessful biddings in the competitive auction. The price offered is equal to the weighted average accepted price of the price competitive auction.The issuance amount of non-competitive auctionⅡ is estimated to be 7% of the JGB market issuance (40-Year, 30-Year, 20-Year, 10-Year, 5-Year, 2-Year bonds and 10-Year inflation-indexed bond).The category of the "non-price competitive auction Ⅱ and others" includes an estimated gap between the amount of market issuance (calendar base) at face value and actual revenues from auctions.

For maturedreconstruction bonds

Total

Total

(1) Buy-back operations are planned to be conducted with the maximum amount of approximately 1 trillion yen in FY2019. Detailed methods will be determined by considering market circumstances based ondiscussions with market participants.

(2) The maximum amount of front-loading issuance of refunding bonds is 53 trillion yen for FY2019.

(Note 4) "Adjustment between fiscal years" refers to the amount of issuance for leveling-off the issuance amount between fiscal years through front-loading issuance of refunding bonds and deferred issuance in theaccounting adjustment term.

（Note 1） Figures may not sum up to the total because of rounding.

(Note 2) "JGB market issuance (calendar base)" refers to the total amount of JGBs issued through normal auctions from April to March. Normal auctions are held on a regular basis with their offering amountannounced in advance. The figures are face value.

(Note 3)

Overseas Residents’ Visits to Japan in 2018

The Japanese government has taken measures to increase the number of foreign tourists to

Japan and tourism development is one of the growth strategies under the Abenomics Policy. According to the Japan National Tourism Organization, the number of overseas residents

visiting Japan in 2018 rose 8.7 percent from the previous year to 31.2 million.

Labour Force Survey -December 2018-

According to the “Labour Force Survey” of December 2018, the unemployment rate (seasonally adjusted) was 2.4%, 0.1% points lower than the previous month.

The number of employed persons in December 2018 was 66.56 million, an increase of 1.14 million or 1.7% from the previous year. The number of unemployed persons in December 2018 was 1.59 million, a decrease of 0.15 million or 8.6% from the previous year.

5.2 6.1 6.7 7.3 8.3 8.4 6.8

8.6 6.2

8.4 10.4

13.4

19.7

24.0

28.7 31.2

0

5

10

15

20

25

30

35

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

(million)

Monthly Topics

Source: Ministry of Internal Affairs and Communications “Labour Force Survey” https://www.stat.go.jp/english/data/roudou/results/month/

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

July 20095.5％

December 20182.4％

Unemployment Rate Number of employed and unemployed persons

Source: Japan National Tourism Organization (JNTO) https://www.tourism.jp/en/tourism-database/stats/inbound/

-4-

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

58.0

59.0

60.0

61.0

62.0

63.0

64.0

65.0

66.0

67.0

68.0

Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

December 201866.56 million

Employed Persons(left scale)

Unemployed persons(right scale)

December 20181.59 million

(million) (million)

Overseas Residents' Visits to Japan by year

In the fifth week of January, Mr. Minowa, Deputy Director of the Debt Management Policy Division, and Mr. Otera, Researcher, visited San Francisco and Los Angeles to have meetings with foreign investors such as asset management firms and pension funds. During the meetings, Mr. Minowa described Japan’s current economic situation, debt management policy, and also the JGB issuance plan and annual budget for FY2019. Then, we exchanged views on relevant Japanese policies and recent market conditions. Thanks to their great knowledge of the Japanese market and economy, the discussions spread out over a broad range of topics and the dialogue was very informative for the JGB-IR team. We would like to express our appreciation for their heartwarming welcome and feedback.

-5-

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

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)

11/1/2018 10-year 352 9/20/2028 0.1% 7,663.0 1,769.9 0.137% 0.135% 0.286 428.7 314.5 11/6/2018 10-year Inflation-Indexed Bonds 23 3/10/2028 0.1% 1,479.9 399.5 ▲0.305% - - - 35.9 11/13/2018 30-year 60 9/20/2048 0.9% 2,244.3 563.0 0.876% 0.874% - 136.0 59.3 11/15/2018 5-year 137 9/20/2023 0.1% 6,384.2 1,642.0 ▲0.087% ▲0.087% - 356.8 278.7 11/20/2018 20-year 166 9/20/2038 0.7% 3,149.3 806.0 0.615% 0.612% - 193.2 - 11/27/2018 40-year 11 3/20/2058 0.8% 1,538.7 399.3 0.940% - - - 49.9 11/29/2018 2-year 395 12/1/2020 0.1% 8,145.6 1,747.1 ▲0.132% ▲0.134% - 352.4 299.2 12/4/2018 10-year 352 9/20/2028 0.1% 6,849.2 1,793.2 0.077% 0.074% 0.532 405.5 326.8 12/11/2018 30-year 60 9/20/2048 0.9% 2,138.6 565.7 0.796% 0.794% - 133.5 70.0 12/13/2018 5-year 137 9/20/2023 0.1% 6,326.3 1,647.7 ▲0.108% ▲0.112% - 351.8 156.5 12/18/2018 20-year 166 9/20/2038 0.7% 2,781.3 807.8 0.545% 0.543% - 191.3 122.2 12/26/2018 2-year 396 1/1/2021 0.1% 9,287.6 1,732.8 ▲0.125% ▲0.127% - 366.5 199.7 1/8/2019 10-year 353 12/20/2028 0.1% 7,150.9 1,769.5 0.016% 0.015% 0.269 428.3 37.2 1/10/2019 30-year 61 12/20/2048 0.7% 2,269.7 563.6 0.716% 0.715% - 135.5 63.1 1/16/2019 5-year 138 12/20/2023 0.1% 8,344.3 1,621.5 ▲0.144% ▲0.144% - 377.7 299.1 1/24/2019 20-year 167 12/20/2038 0.5% 3,661.8 800.9 0.469% 0.467% - 198.2 134.2 1/29/2019 40-year 11 3/20/2058 0.8% 1,512.7 399.5 0.740% - - - - 1/31/2019 2-year 397 2/1/2021 0.1% 10,340.1 1,702.0 ▲0.166% ▲0.167% - 396.9 171.1

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)

11/2/2018 3-month 793 2/12/2019 13,329.10 3,492.26 ▲0.2836% ▲0.2980% 807.70 11/8/2018 6-month 794 5/10/2019 10,172.00 1,888.77 ▲0.1833% ▲0.1894% 411.20 11/9/2018 3-month 795 2/18/2019 11,558.80 3,491.94 ▲0.2400% ▲0.2575% 808.00 11/16/2018 3-month 796 2/25/2019 14,097.30 3,452.18 ▲0.2847% ▲0.2984% 797.80 11/19/2018 1-year 797 11/20/2019 7,054.40 1,712.97 ▲0.1647% ▲0.1687% 387.00 11/22/2018 3-month 798 3/4/2019 12,549.00 3,490.77 ▲0.2530% ▲0.2687% 789.20 11/30/2018 3-month 799 3/11/2019 12,131.10 3,441.68 ▲0.1712% ▲0.1991% 808.30 12/6/2018 6-month 800 6/10/2019 9,358.00 1,894.77 ▲0.1603% ▲0.1683% 405.20 12/7/2018 3-month 801 3/18/2019 13,050.50 3,457.86 ▲0.1675% ▲0.1753% 812.10 12/14/2018 3-month 802 3/25/2019 14,203.04 3,508.28 ▲0.2010% ▲0.2125% 811.70 12/19/2018 1-year 803 12/20/2019 7,562.90 1,723.59 ▲0.1527% ▲0.1697% 376.40 12/21/2018 3-month 804 4/4/2019 11,940.94 3,472.78 ▲0.1751% ▲0.2053% 797.20 1/8/2019 3-month 805 4/8/2019 14,088.96 3,547.26 ▲0.1455% ▲0.1529% 792.70 1/9/2019 6-month 806 7/10/2019 12,404.20 1,869.48 ▲0.1410% ▲0.1410% 430.50 1/11/2019 3-month 807 4/15/2019 15,178.20 3,514.63 ▲0.1459% ▲0.1504% 825.30 1/17/2019 1-year 808 1/20/2020 8,855.50 1,700.99 ▲0.1741% ▲0.1781% 399.00 1/18/2019 3-month 809 4/22/2019 13,403.10 3,513.75 ▲0.1804% ▲0.1880% 826.20 1/25/2019 3-month 810 5/9/2019 17,491.30 3,513.77 ▲0.1878% ▲0.1932% 826.20

Auction Calendar for Feb. 2019 – Apr. 2019

Auction Date Issue Auction Date Issue Auction Date Issue Auction Date Issue 2/1(Fri) T-Bills (3-month) 2/26(Tue) Liquidity Enhancement Auction

(remaining maturities of 15.5-39 years) 3/22(Fri) T-Bills (3-month) 4/12(Fri) T-Bills (3-month)

2/5(Tue) 10-year 2/28(Thu) 2-year 3/22(Fri) Liquidity Enhancement Auction (remaining maturities of 1-5 years) 4/16(Tue) 20-year

2/7(Thu) T-Bills (6-month) 3/1(Fri) T-Bills (3-month) 3/26(Tue) 40-year 4/18(Thu) T-Bills (1-year)

2/7(Thu) 30-year 3/5(Tue) 10-year 3/28(Thu) 2-year 4/18(Thu) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years)

2/8(Fri) T-Bills (3-month) 3/7(Thu) T-Bills (6-month) 4/2(Tue) 10-year 4/19(Fri) T-Bills (3-month)

2/13(Wed) 5-year 3/7(Thu) 30-year 4/3(Wed) T-Bills (3-month) 4/23(Tue) 2-year 2/15(Fri) T-Bills (3-month) 3/8(Fri) T-Bills (3-month) 4/4(Thu) 30-year 2/15(Fri) 10-year Inflation-Indexed Bonds 3/12(Tue) 5-year 4/5(Fri) T-Bills (3-month) 2/19(Tue) T-Bills (1-year) 3/14(Thu) T-Bills (3-month) 4/9(Tue) T-Bills (6-month) 2/19(Tue) 20-year 3/14(Thu) Liquidity Enhancement Auction

(remaining maturities of 5-15.5 years) 4/9(Tue) 5-year

2/21(Thu) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years) 3/19(Tue) T-Bills (1-year) 4/11(Thu) T-Bills (Approx.2-month)

2/22(Fri) T-Bills (3-month) 3/19(Tue) 20-year 4/11(Thu) Liquidity Enhancement Auction (remaining maturities of 15.5-39 years)

Top 10 PDs by Total Purchase in Auctions (Calculated by Duration) (Jul. 2018 ～ Dec. 2018) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 Merrill Lynch Japan Securities Co., Ltd. 2 Nomura Securities Co., Ltd. 7 SMBC Nikko Securities Inc. 3 Daiwa Securities Co. Ltd. 8 BNP Paribas Securities (Japan) Limited 4 Mizuho Securities Co., Ltd. 9 Deutsche Securities lnc. 5 JPMorgan Securities Japan Co., Ltd. 10 Goldman Sachs Japan 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 April 11, 2019 is April 15, 2019, and the maturity date is June 4, 2019.

(Until 31 January 2019)

(Until 31 January 2019)

-6-

0500

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

JN38

4

JN38

5

JN38

6

JS12

3

306

307

JL44

JL45

JN38

7

JN38

8

JN38

9

JS12

4

308

309

JL46

JN39

0

JN39

1

JN39

2

JS12

5

310

311

JL47

JN39

3

JN39

4

JN39

5

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

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 332

JL65

JL66

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)

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

333

JL67

JL68

JL69 33

4JL

70JL

71 335

JL72 33

633

7JL

73JL

74 338

JL75

JL76

JL77 33

9JL

78JL

79JL

80 340

JL81

JL82 34

1JL

83JL

84 342

JL85

JL86

JL87 34

3JL

88JL

89 344

JL90

JL91 34

5JL

92 346

JL93

JL94 34

7JL

95JL

96 348

JL97

JL98 34

9JL

99 350

JL10

0JL

101

351

JL10

2JL

103

JL10

435

2JL

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

0JX

8JL

141

JL14

2JX

9JL

143

JL14

4JX

10JL

145

JX11

JL14

6JX

12JL

147

JX13

JL14

8JX

14JL

149

JX15

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

0

JX16

JL15

1

JX17

JL15

2

JX18

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

JX30

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

JU2

JU3

JU4

JU5

JU6

JU7

JU8

JU9

JU10

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

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

11/8/2018 2,267.6 398.7 ▲0.005% ▲0.003%

2-year(382, 384, 385, 386, 389) 5-year(122, 125, 126, 131) 10-year(305, 306, 307, 308, 309, 310, 312, 313, 314) 20-year(46, 48, 50)

11/22/2018 1,547.8 597.9 0.001% 0.003%

10-year(332, 333, 336, 340, 342, 343, 346, 348, 349, 351) 20-year(65, 66, 73, 74, 76, 81, 84, 94, 102, 105, 109, 110, 111, 112, 113, 114, 115, 118, 121, 126, 127, 130, 134, 138, 139, 142, 148) 30-year(10, 13, 14)

12/6/2018 1,044.2 499.8 ▲0.005% 0.000% 20-year(150, 155, 159, 163, 164, 165) 30-year(15, 16, 20, 21, 23, 25, 27, 28, 30, 31, 32, 34, 38, 39, 40, 43, 44, 46, 59) 40-year(7, 8)

12/21/2018 1,864.9 598.1 0.015% 0.019% 10-year(332, 333, 334, 335, 336, 339, 341, 343, 345, 346, 347, 349, 350, 351) 20-year(66, 68, 90, 97, 98, 99, 103, 104, 106, 107, 108, 111, 114, 115, 121, 122, 130, 134, 142, 143,

144, 145, 147, 148)

1/18/2019 2,090.8 598.2 0.008% 0.009% 10-year(333, 334, 335, 338, 339, 346, 347) 20-year(69, 70, 72, 88, 92, 93, 94, 95, 96, 99, 100, 101, 108, 110, 115, 123, 124, 148) 30-year(5, 9)

1/22/2019 2,211.8 399.0 ▲0.006% ▲0.003%

2-year(384, 387, 391) 5-year(130, 131, 134) 10-year(312, 313, 314, 315, 316, 317, 318, 319, 320, 322, 323, 324, 330) 20-year(48, 50, 56, 58, 63)

Target Zones of Liquidity Enhancement Auctions for the Fourth Quarter of FY 2018

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

6/20/2018 164.7 20.2 ▲0.114 ▲0.08 19, 23 8/17/2018 94.8 20.0 ▲0.036 0.04 18, 19, 20, 21, 22, 23

10/12/2018 102.6 20.1 ▲0.133 ▲0.11 18, 21, 22, 23 12/17/2018 156.4 20.0 ▲0.363 ▲0.33 22, 23

Liquidity Enhancement Auctions and JGB Buy-Back

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

③Remaining maturity : approx.15.5‐～39‐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 December 2018. Note2： All issues in the graph above will be eligible afterward.

Buy-back Results

(Until 31 January 2019)

(Until 31 January 2019)

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

-7-

-1%

0%

1%

2%

3%

4%

5%

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

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 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 December 2018)

(Until 31 December 2018)

(Until 31 December 2018)

(Until 31 December 2018)

0

20

40

60

80

100

120

140

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

0100200300400500600700800900

1,0001,1001,2001,3001,4001,5001,600

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

Treasury Discount BillsMedium Term BondsLong Term Bonds

0

500

1,000

1,500

2,000

2,500

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

Bond-Lending

Bond-Gensaki

-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

Call Rate (Uncollateralized Overnight)

TIBOR 3-months (Euro-Yen)

Basic Loan Rate

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 December 2018)

0

20

40

60

80

100

120

140

160

180

200

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

0

10

20

30

40

50

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

190200210220230240250260

Apr 2013(Actual)

Dec 2018(Actual)

Monetary Base 155 504

JGBs 98 456

CP 1.4 2.0

Corporate Bonds 2.9 3.2

ETFs 1.7 23.5

J-REITs 0.13 0.50

Total Assets 175 5520

50

100

150

200

250

300

350

400

450

500

550

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

Total AssetsMonetary BaseJGBs

QQE2QQE（trillion yen）

億円

Super long-term

Long-term

Medium-term

T-bills

-9.0

-7.0

-5.0

-3.0

-1.0

1.0

3.0

5.0

7.0

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

City Banks

Net Purchase

Net Sale

2014 2015 2016 2017 2018

-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 Jul Oct

Regional banks

Net Purchase

Net Sale

2014 2015 2016 2017 2018

-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 Jul Oct

Life and non-life insurance companies

Net Purchase

Net Sale

2014 2015 2016 2017 2018

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

24.0

26.0

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

Foreigners

Net Purchase

Net Sale

2014 2015 2016 2017 2018

(trillion yen) (trillion yen)

(trillion yen) (trillion yen)

-10-

Trends in Bank Assets by Types

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

55.7 55.2 52.5

49.6 46.7 52.6

58.6 57.1

62.2

68.2

77.4 78.8

76.9 82.1

86.4 82.8

82.1 81.8 79.0

83.9 81.6

84.2 87.4

93.0 97.7

95.2

100.7

108.8 110.7

112.0 114.0 115.2

116.8 117.4

119.8 122.7

119.6

126.2 126.5

6.9 6.7 6.4

6.0 5.6

6.0

6.6 6.5

7.0 7.5

8.4 8.5 8.3 8.7

9.0 8.6

8.4 8.4

8.0 8.5

8.1 8.3 8.6

9.1 9.4 9.1

9.6

10.4 10.3 10.1 10.4

10.6 10.8 10.8 11.0

11.2 10.9 11.5 11.6

40

50

60

70

80

90

100

110

120

130

140

1

2

3

4

5

6

7

8

9

10

11

12

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

Amount of JGBHoldings (right)

Proportion of JGB Holdings (left)

(trillion yen)

%

%

%

%

%

%

%

%

%

%

%

%

11.6%

34.8%

63.2%

0%

10%

20%

30%

40%

50%

60%

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

①Market Share of Foreign Investors (JGB Futures Market)

②Market Share of Foreign Investors (JGB Market)

③JGB Holdings by Foreign Investors

-6

-4

-2

0

2

4

6

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

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 Jan-18

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 Jan-18

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

Net

Purchase

Net

Sales

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

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

City Banks Trust Banks Insurance Companies Foreigners

-11-

JGBs Holdings by Foreign Investors

Banks(Banking Accounts) Life Insurance Companies

Transactions of Domestic Securities by Non-Residents

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

Transactions of Foreign Securities by Residents (by Investor types)

Foreign Investors Presence

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

Osaka Exchange

(trillion yen)

(trillion yen)

Source: Japan Securities Dealers Association

(trillion yen)

Outstanding of Repurchase Agreements (by Investor types)

Source: Ministry of Finance Source: Ministry of Finance

Source: Ministry of Finance

General Government

(ex Public Pensions)

3.3

0.3%

Fiscal Loan Fund

0.0

0.0%

BOJ

469.4

43.0%

Banks,etc.

189.4

17.3%

Life and Non-life

Insurance,etc.

204.2

18.7%

Public Pensions

45.3

4.2%

Pension Funds

30.6

2.8%

Foreigners

126.5

11.6%

Households

12.9

1.2%Others

10.0

0.9%

General Government

(ex Public Pensions)

0.0

0.0%

Fiscal Loan Fund

0.0

0.0%BOJ

14.8

15.3%Banks,etc.

12.6

13.0%

Life and Non-life

Insurance,etc.

2.0

2.1%Public

Pensions

0.0

0.0%

Pension Funds

0.0

0.0%

Foreigners

67.4

69.6%

Households

0.0

0.0%

Others

0.0

0.0%

General Government

(ex Public Pensions)

3.3

0.3%

Fiscal Loan

Fund

0.0

0.0%

BOJ

454.6

45.7%

Banks,etc.

176.8

17.8%

Life and Non-life

Insurance,etc.

202.2

20.3%

Public

Pensions

45.3

4.6%

Pension

Funds

30.6

3.1%

Foreigners

59.1

5.9%

Households

12.9

1.3%

Others

10.0

1.0%

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

900

FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017

17.0% 17.8% 18.3% 18.2% 17.9% 17.3% 16.4% 15.1% 14.3% 13.4%

11.4%13.0% 12.5% 11.9% 12.4% 12.0% 11.1% 10.6% 10.5% 10.5%

8.9%8.5%

7.9% 8.6% 8.1% 7.8% 7.8% 7.9% 7.7% 8.2%9.2%8.4%

9.0% 8.6% 8.1% 8.1% 8.2% 7.8% 8.2% 7.1%8.4%

8.8%8.4% 7.8% 7.8% 7.8% 7.4% 7.8% 6.8% 6.8%

5.3%

5.2%4.7%

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

5.6%

4.9%5.2%

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

5.5%

5.5%4.8%

4.8%5.3%

4.5% 4.5% 5.0% 4.8% 5.0%

6.2%

5.2%5.1%

5.6%4.7%

4.8% 5.2% 4.9% 5.1% 4.7%

5.0%

4.7%5.2%

4.4%4.3%

4.6% 4.2% 4.5% 4.1% 4.0%

14.8%

14.4%

14.4%14.9%

15.6%16.5%

17.7% 18.4% 19.2% 19.6%

2.7%

3.6%

4.6%

5.8%

6.7%

7.5%8.3%

9.4%10.1%

11.1%

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）

545.9

594.0

636.3669.9

705.0

743.9

774.1

805.4830.6

*years to maturity

Average

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

Average YTM*

(excluding saving

bonds)6Y4M 6Y6M 6Y10M 7Y1M 7Y5M 7Y8M 8Y0M 8Y5M 8Y8M 8Y11M

853.2

JGB and T-Bill Holders

Breakdown by JGB and T-Bill Holders (The end of Sep. 2018 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 96.8 trillion yen

JGB Holders

Total 994.8 trillion yen

Total 1,091.6 trillion yen

-12-

53.81

101.54

82.86

60.73

64.46

48.28

40.5542.40

39.8442.31

20.7814.50

16.3916.09 18.84 18.77

20.12 19.2818.00 17.85

8.03 5.46 6.61 7.066.28 8.23

9.5010.89 9.30 11.20

3.19 1.36 1.94 1.92 1.98 2.14 2.28 2.47 2.70 0.430

102030405060708090

100110120130

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 56 57

(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 11 months

0100200300400500600700800900

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

17 18 19 20 21 22 23

(billion yen)

(issue number)

Outstanding amount (excl.BOJ holding)BOJ holding

Types The amount of redemption at maturity Scheduled redemption date

2-Year Bonds 2,644.8 February 15

Treasury Bill 1,900.0 February 20

Total 4,544.8

Source: Ministry of Finance

Time-to-Maturity Structure of Outstanding JGB（Sep. 2018）

General Bonds Issuance Amount and Outstanding

Note 1: Issuance Amount: revenue basis, FY2007-2016: Actual, FY2017: Supplementary budget, FY2018: Initial budget Note 2: Outstanding: nominal basis, FY2007-2016: Actual, FY2017 Supplementary budget, FY2018: Initial budget Source: Ministry of Finance

Market-held Balance of the Inflation-Indexed Bonds (as of the end of December, 2018)

(trillion yen)

Scheduled redemption of JGB at maturity in February, 2019

Note.1: The figures are based on the outstanding JGBs at the end of December, 2018. 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

541.5 545.9594.0

636.3669.9

705.0743.9 774.1

805.4 830.6863.9 882.8

124.6 127.1 142.4 143.1

163.1 163.3 153.6 158.0 150.5

148.3 144.1 137.9

100

200

300

400

500

600

700

800

900

0

30

60

90

120

150

180

07 08 09 10 11 12 13 14 15 16 17 18

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

-13-

5.1

-3.2-1.4

1.0

4.73.3

3.5

-0.2

3.7

-7.3

0.61.9

5.3

0.60.1

-1.8

2.8

0.1

1.30.7

3.3 2.1 2.71.5

-1.3

2.8

-2.5

-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 Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ

2012 2013 2014 2015 2016 2017 2018

(％)

Private Demand Public Demand

Foreign Demand Real GDP

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

(CY)

-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

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

Sep-

17

Jan-

18

May

-18

Sep-

18

(Diffusion index)

Large enterprises/Manufacturing

Large enterprises/Non-Manufacturing

Small enterprises/Manufacturing

Small enterprises/Non-Manufacturing

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

5.0

3.3

6.1

4.9

6.1

4.0

6.0

4.6

7.0

4.3

5.9

5.0

5.7

-8

-6

-4

-2

0

2

4

6

8

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

Q120

17Q2

2017

Q320

17Q4

2018

Q120

18Q2

2018

Q3

Primary Income Trade BalanceServices Secondary IncomeCurrent Account

0

100

200

300

400

500

600

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

(trillion yen)

Banknotes in Circulation

Coins in Circulation

Current Account Balances

0.3%

0.1%

-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 Jul-17 Jan-18 Jul-18

(%)

CPI

CPI excluding food (excludingalcohilic beverages) and energy

Change from the previous year

Apr.4, 2013BOJ released QQE

500

600

700

800

900

1,000

1,100

Jan-

10Ap

r-10

Jul-1

0Oc

t-10

Jan-

11Ap

r-11

Jul-1

1Oc

t-11

Jan-

12Ap

r-12

Jul-1

2Oc

t-12

Jan-

13Ap

r-13

Jul-1

3Oc

t-13

Jan-

14Ap

r-14

Jul-1

4Oc

t-14

Jan-

15Ap

r-15

Jul-1

5Oc

t-15

Jan-

16Ap

r-16

Jul-1

6Oc

t-16

Jan-

17Ap

r-17

Jul-1

7Oc

t-17

Jan-

18Ap

r-18

Jul-1

8Oc

t-18

(billion yen)

Monthly Quarter (Mean)

85

90

95

100

105

110

115

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

Jul-1

7

Oct

-17

Jan-

18

Apr-

18

Jul-1

8

Oct

-18

(2015 average=100・Seasonally Adjusted Index)

Production Shipments

Inventory Inventory Ratio

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

（ratio）

Dec, 20181.63 times

Dec, 20182.4％

Job opening-to-application ratio(right scale)

Unemployment rate(left scale)

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

-14-

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 Each Auction 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) Annual 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

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Information