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What’s New: JGB Issuance Plan for FY2020 p. 2-3 Newly-issued bonds will decline by 0.1 trillion yen from the figure for FY2019(initial).
FILP bonds will remain at the same amount and Refunding bonds will increase by 4.8 trillion yen. The total JGB issuance amount for FY2020 will be 153.5 trillion yen, with a rise of 4.7 trillion yen compared with FY2019(initial).
Market issuance by normal auctions will decrease by 0.6 trillion yen from that of FY2019(initial) to 128.8 trillion yen. Issuance amounts by maturity type will increase in the 40-year zone, based on the current low interest rate and the market needs. On the other hand, the amount of Liquidity enhancement auctions will decline in the 5-15.5 year zone, considering the weakened demand.
What’s New: Issuance Amount of the Inflation-Indexed Bond, etc. p.4 The MOF decided on the “Issuance Amount of the Inflation-Indexed Bond in the
January-March quarter 2020” and “Issuance Amount for Liquidity Enhancement Auctions in the January-March quarter 2020”, following the discussions at the 84th Meeting of JGB Market Special Participants, which was held on December 12, 2019.
The MOF updated the league table of the top 10 PDs for successful bids in the JGB auctions which is updated quarterly.
Monthly Topic: JGB Holdings as of September 2019 p.5 On December 20, the Bank of Japan (BOJ) released the Flow of Funds Accounts of
the 3rd Quarter 2019. The shares of JGBs (including T-Bills) holders were updated.
IR Office: IR activities in November p.6 IR tour to Europe
Statistics JGB Primary Market … p. 7 Liquidity Enhancement Auctions and JGB Buy-Back … p.8
JGB Secondary Market … p. 9 Investor Trends and JGB Outstanding … p. 11
Economic and Financial Trends … p. 15 Information … p. 16
-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.
January 2020
JGB Issuance Plan for FY2020
The Ministry of Finance formulated the JGB Issuance Plan for FY2020 on December 20, 2019.
<Highlights of FY2020 JGB Issuance Plan>
Newly-issued bonds will decline by 0.1 trillion yen from the figure for FY2019(initial). FILP bonds will remain at the same amount and Refunding bonds will increase by 4.8 trillion yen. The total JGB issuance amount for FY2020 will be 153.5 trillion yen, with a rise of 4.7 trillion yen compared with FY2019(initial).
Market issuance by normal auctions will decrease by 0.6 trillion yen from that of FY2019(initial) to 128.8 trillion yen. Issuance amounts by maturity type will increase in the 40-year zone, based on the current low interest rate and the market needs. On the other hand, the amount of Liquidity enhancement auctions will decline in the 5-15.5 year zone, considering the weakened demand.
<Breakdown by Legal Grounds> (billion yen) <Breakdown by Financing Methods> (billion yen)
(a) (b) (b)-(a) (a) (b) (b)-(a)
32,660.5 32,556.2 ▲104.3 JGB Market Issuance(Calendar Base)
129,400.0 128,800.0 ▲600.0
6,952.0 7,110.0 158.0 Non-Price CompetitiveAuction II, etc.
8,564.0 7,988.4 ▲575.6
25,708.5 25,446.2 ▲262.3 Adjustment between fiscalyears
3,865.3 9,673.7 5,808.4
928.4 924.1 ▲4.3 141,829.3 146,462.1 4,632.8
12,000.0 12,000.0 ─ 4,700.0 4,800.0 100.0
103,140.4 107,981.8 4,841.4 2,200.0 2,200.0 ─
1,808.0 1,693.2 ▲114.8 148,729.3 153,462.1 4,732.8
148,729.3 153,462.1 4,732.8
(Note3) Non-price competitive auction II is an additional issuance for JGB Market Special Participants after the normal auction (the amount assignable to each Market Special Participant does not exceed10% of the amount awarded to it in the normal auction), and the price for the additional issuance is equal to the weighted average accepted price in the normal auction.The amount of the non-price competitive auction II is calculated by multiplying the amount of "JGB Market Issuance (Calendar Base)" (40-Year, 30-Year, 20-Year, 10-Year, 5-Year, 2-YearBonds and 10Year-Inflation-Indexed Bonds) by 7% (the amount reflects the impact of reduction in the maximum issuance amount).
(Note4) "Adjustment between fiscal years" refers to leveling-off of the issuance amount between fiscal years through front-loading issuance and deferred issuance in the accounting adjustment term.
・ The maximum amount of front-loading issuance of Refunding Bonds in FY2020 is 43 trillion yen.(Note1) Figures may not sum up to the total because of rounding.(Note2) "JGB Market Issuance (Calendar Base)" refers to JGBs issued at face value by scheduled auctions from April to next March (normal auctions).
Refunding Bonds BOJ Rollover
For maturedReconstruction Bonds
Total
Total
・ Buy-back program in FY2020 is planned to be implemented based on market conditions and through discussions with market participants.
Newly-issued bonds
Construction Bonds
Special Deficit-Financing Bonds
Reconstruction BondsSubtotal Financed in theMarket
FILP Bonds Sales for Households
FY2019(Initial)
FY2020(Initial)
FY2019(Initial)
FY2020(Initial)
What’s New
-2-
For more details, please refer to the following link. https://www.mof.go.jp/english/jgbs/debt_management/plan/191220.html
<Market Issuance Plan by JGB Types>
12.6 11.4
1-5 Year 2.4 2.4 -
5-15.5Year
7.2 6.0 ▲ 1.2
15.5-39Year
3.0 3.0 -
FY2019(Estimate)
FY2020(Initial)
Compared toFY2019
(Estimate)
Liquidity enhancementauction
▲1.2
Total 129.4 128.8 ▲0.6
0.4 × 4 times 1.6 ─ 10-Year
Infration-indexed0.4 × 4 times 1.6
1.8 × 12 times 21.6 ─ TBs (1-Year) 1.8 × 12 times 21.6
2.0 × 12 times 24.0 ─ 2-Year 2.0 × 12 times 24.0
1.9 × 12 times 22.8 ─ 5-Year 1.9 × 12 times 22.8
2.1 × 12 times 25.2 ─ 10-Year 2.1 × 12 times 25.2
0.9 × 12 times 10.8 ─ 20-Year 0.9 × 12 times 10.8
0.7 × 12 times 8.4 ─ 30-Year 0.7 × 12 times 8.4
0.5 × 6 times 3.0 0.6 40-Year 0.4 × 6 times 2.4
FY2019 (Initial) FY2020 (Initial)
(per time) (total ; a ) (per time) (total ; b) (b)-(a)
(Note 1) The issuance amount of the latter half of the fiscal year can be changed based on discussions with market participants in response to market circumstances and issuance conditions.
(Note 2) The total issuance amount of T-Bills, which consists of Treasury Bills and Financing Bills, is planned to be 1.9 trillion yen per auction.
(Note 3) The 40-Year bond will be issued in May, July, September, November, January and March. (Note 4) The 10-Year inflation-indexed bond is planned to be issued in May, August, November and February. The
issuance amount may be adjusted in a flexible manner in response to market circumstances and demands of investors, which will be determined based on discussions with market participants.
(Note 5) The issuance amount of liquidity enhancement auction and its allocation among each zone may be adjusted in a flexible manner in response to market circumstances and demands of investors, which will be determined based on discussions with market participants, while the issuance amount and zones on the rigth- hand table are set as a basic plan.
(Note 6) The floor of the nominal rate on coupon-bearing JGBs is planned to lower from 0.1% based on situations of market participants from October 2020.
(trillion yen)
-3-
1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd
2 Daiwa Securities Co. Ltd.
3 Mizuho Securities Co., Ltd.
4 Nomura Securities Co., Ltd. 5 JPMorgan Securities Japan Co., Ltd. 6 SMBC Nikko Securities Inc. 7 Morgan Stanley MUFG Securities Co., Ltd. 8 Merrill Lynch Japan Securities Co.,Ltd. 9 Deutsche Securities Inc. 10
Citigroup Global Markets Japan Inc.
1 Goldman Sachs Japan Co., Ltd.
2 Nomura Securities Co., Ltd.
3 JPMorgan Securities Japan Co., Ltd.
4 Mizuho Securities Co., Ltd. 5 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
Issuance Amount of the Inflation-Indexed Bond and for Liquidity Enhancement Auctions
(the January-March quarter 2020)
The MOF decided on the “Issuance Amount of the Inflation-Indexed Bond in the January-March quarter 2020” and “Issuance Amount for Liquidity Enhancement Auctions in the January-March quarter 2020”, following the discussions at the 84th Meeting of JGB Market Special Participants, which was held on December 12, 2019. JGB Issuance Plan for FY2020 and the latest JGB market situation and the future outlook were also discussed at the meeting.
<Issuance Amount of the Inflation-Indexed Bond in the January-March quarter 2020> Issuance amount on February 2020 will be approximately 400 billion yen. The Buy-Back of Inflation-Indexed Bonds will be conducted every month in the January-March
quarter 2020. Auction schedule of Buy-Back of Inflation-Indexed Bond in the January-March quarter 2020 is
determined as below:
Auction Month Auction Amount
January 2020 Buy-Back: Approximately 20 billion yen
February 2020 Issuance: Approximately 400 billion yen Buy-Back: Approximately 20 billion yen
March 2020 Buy-Back: Approximately 20 billion yen (Source) MOF https://www.mof.go.jp/english/jgbs/topics/press_release/20191220-02e.htm
<Issuance Amount for Liquidity Enhancement Auctions in the January-March quarter 2020> Issuance amount at each auction remains unchanged from the current amount. Auction schedule of Liquidity Enhancement Auction in the January-March quarter 2020 is
determined as below:
January 2020 February 2020 March 2020
(1) Issues with remaining maturities of 1-5 years Approximately 400 billion yen - Approximately
400 billion yen (2) Issues with remaining maturities of 5-15.5 years Approximately
600 billion yen Approximately 600 billion yen
Approximately 600 billion yen
(3) Issues with remaining maturities of 15.5-39 years - Approximately 500 billion yen -
(Source) MOF https://www.mof.go.jp/english/jgbs/topics/press_release/20191220-01e.htm
The League Table of JGB Market Special Participants (PDs) The MOF updated the league table of the top 10 PDs for successful bids in the JGB auctions
which is updated quarterly.
Top 10 PDs for Successful Bids in Auctions (Weighted by Duration) (Jul. - Dec. 2019) Top 5 PDs for Successful Bids of Inflation-Indexed Bond (FY2018)
-4-
Breakdown by JGBs (including T-Bills) Holders (end of Sep. 2019)
On December 20, the Bank of Japan (BOJ) released the Flow of Funds Accounts of the 3rd Quarter 2019. The shares of JGBs (including T-Bills, hereinafter referred to as “JGBs”) holders were updated as follows:
General Government(ex Public Pensions)
3.2 0.3%
Fiscal Loan Fund0.0
0.0%
BOJ494.1 43.5%
Banks,etc.173.1 15.2%
Life and Non-life Insurance,etc.
222.9 19.6%
Public Pensions43.1 3.8%
Pension Funds31.9 2.8%
Foreigners145.3 12.8%
Households13.3 1.2%
Others10.1 0.9%
General Government(ex Public Pensions)
2.9 0.3%
Fiscal Loan Fund0.0
0.0%
BOJ500.2 43.9%
Banks,etc.171.8 15.1%
Life and Non-life Insurance,etc.
223.3 19.6%
Public Pensions43.2 3.8%
Pension Funds32.1 2.8%
Foreigners144.4 12.7%
Households13.4 1.2%
Others9.4
0.8%
The total amount of JGBs and T-Bills outstanding increased by 3.8 trillion yen to 1,140.7 trillion yen. BOJ increased its holdings of JGBs by 6.1 trillion yen to 500.2 trillion yen. The amount of JGBs held by domestic Banks in Q3 fell by 1.3 trillion yen to 171.8 trillion yen. The amount of JGBs held by foreign investors in Q3 fell by 0.9 trillion yen to 144.4 trillion yen.
Total ¥1,140.7 trillion
The end of Jun. 2019 The end of Sep. 2019
(trillion yen)
(trillion yen)
Monthly Topic
-5-
For more detailed data, please refer to the following: BOJ Time Series Data Search: https://www.stat-search.boj.or.jp/index_en.html
Source: Bank of Japan “Flow of Funds Account (Preliminary Figures)”
Total ¥1,136.9 trillion
In the second week of November, Mr. Ohata, Director for Debt Management and JGB Investor Relations, and Mr. Murata, Researcher, visited Paris, and in the third week of November, Mr. Ohata and Mr. Araki, Researcher, visited Amsterdam, Frankfurt and London to have meetings with foreign investors. During the meetings, we described the recent developments in Japanese economy and our stance on the debt management policy. Then, we exchanged views on relevant Japanese policies and recent market conditions. In addition, we discussed the Japanese and European economic situations. The discussions were very fruitful and informative for us. We would like to express our appreciation for their heartwarming welcomes and we hope to meet again in the future.
IR Office
If you have any questions regarding the contents of this newsletter, please do not hesitate to contact us at: [email protected]
-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)
10/1/2019 10-year 356 9/20/2029 0.1% 5,980.8 1,746.7 ▲0.130% ▲0.158% 0.265 353.0 0.0 10/10/2019 30-year 64 9/20/2049 0.4% 2,240.3 578.6 0.385% 0.382% - 120.4 96.1 10/17/2019 5-year 141 9/20/2024 0.1% 5,836.3 1,579.6 ▲0.274% ▲0.280% - 319.6 0.0 10/24/2019 20-year 170 9/20/2039 0.3% 2,871.7 735.2 0.249% 0.245% - 164.1 0.0 10/29/2019 2-year 406 11/1/2021 0.1% 7,881.4 1,638.2 ▲0.208% ▲0.208% - 361.2 299.0 11/6/2019 10-year 356 9/20/2029 0.1% 6,175.8 1,705.5 ▲0.094% ▲0.099% 0.265 393.9 0.0 11/8/2019 10-year Inflation-Indexed Bonds 24 3/10/2029 0.1% 1,368.7 399.6 ▲0.204% - - - 10.7 11/12/2019 30-year 64 9/20/2049 0.4% 2,083.1 568.9 0.464% 0.458% - 130.6 0.0 11/14/2019 5-year 141 9/20/2024 0.1% 6,273.3 1,556.5 ▲0.188% ▲0.190% - 343.0 283.9 11/20/2019 20-year 170 9/20/2039 0.3% 3,078.2 731.6 0.268% 0.266% - 167.3 133.9 11/26/2019 40-year 12 3/20/2059 0.5% 1,399.4 399.6 0.460% - - - 55.4 11/28/2019 2-year 407 12/1/2021 0.1% 6,875.9 1,664.9 ▲0.183% ▲0.189% - 334.6 0.0 12/3/2019 10-year 356 9/20/2029 0.1% 5,679.7 1,730.1 ▲0.026% ▲0.042% 0.332 369.3 0.0 12/5/2019 30-year 64 9/20/2049 0.4% 2,108.7 571.6 0.432% 0.430% - 128.0 102.9 12/10/2019 5-year 141 9/20/2024 0.1% 6,255.8 1,555.4 ▲0.066% ▲0.083% - 344.1 283.9 12/17/2019 20-year 170 9/20/2039 0.3% 3,026.9 737.4 0.289% 0.286% - 162.0 128.1 12/24/2019 2-year 408 1/1/2022 0.1% 7,762.9 1,656.0 ▲0.095% ▲0.098% - 343.5 257.7
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)
10/4/2019 3-month 861 1/14/2020 13,024.40 3,498.18 ▲0.3333% ▲0.3657% 771.80 10/9/2019 6-month 862 4/10/2020 8,617.70 1,895.75 ▲0.2708% ▲0.2967% 404.20 10/11/2019 3-month 863 1/20/2020 11,894.30 3,563.57 ▲0.2801% ▲0.3049% 766.40 10/17/2019 1-year 864 10/20/2020 6,687.60 1,561.37 ▲0.1876% ▲0.1936% 338.60 10/18/2019 3-month 865 1/27/2020 10,176.60 3,495.88 ▲0.1991% ▲0.2385% 774.10 10/25/2019 3-month 866 2/3/2020 10,180.90 3,485.48 ▲0.1712% ▲0.1943% 784.50 11/1/2019 3-month 867 2/10/2020 12,980.10 3,510.37 ▲0.1579% ▲0.1700% 789.60 11/7/2019 6-month 868 5/11/2020 9,617.00 1,877.57 ▲0.1462% ▲0.1563% 422.40 11/8/2019 3-month 869 2/17/2020 16,544.92 3,485.58 ▲0.1451% ▲0.1492% 784.40 11/15/2019 3-month 870 2/25/2020 13,077.71 3,526.08 ▲0.1989% ▲0.2137% 793.90 11/19/2019 1-year 871 11/20/2020 5,797.20 1,551.67 ▲0.1911% ▲0.2000% 348.30 11/22/2019 3-month 872 3/2/2020 9,510.11 3,517.17 ▲0.2103% ▲0.2263% 792.80 11/29/2019 3-month 873 3/9/2020 11,653.91 3,493.26 ▲0.1507% ▲0.1783% 786.70 12/6/2019 3-month 874 3/16/2020 10,043.10 3,527.09 ▲0.0986% ▲0.1187% 792.90 12/9/2019 6-month 875 6/10/2020 8,749.80 1,983.45 ▲0.0996% ▲0.1036% 316.50 12/13/2019 3-month 876 3/23/2020 14,670.50 3,527.54 ▲0.1154% ▲0.1284% 792.40 12/18/2019 1-year 877 12/21/2020 6,578.30 1,617.88 ▲0.1053% ▲0.1172% 282.10 12/20/2019 3-month 878 3/30/2020 12,929.20 3,557.38 ▲0.0893% ▲0.1061% 782.60
Auction Calendar for Jan. 2020 – Mar. 2020 Auction Date Issue Auction Date Issue Auction Date Issue Auction Date Issue
1/7(Tue) T-Bills (3-month) 1/28(Tue) 40-year 2/20(Thu) 20-year 3/16(Mon) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years)
1/7(Tue) 10-year 1/30(Thu) 2-year 2/21(Fri) T-Bills (3-month) 3/17(Tue) T-Bills (1-year) 1/9(Thu) T-Bills (6-month) 1/31(Fri) T-Bills (3-month) 2/26(Wed) Liquidity Enhancement Auction
(remaining maturities of 15.5-39 years) 3/18(Wed) T-Bills (3-month)
1/9(Thu) 30-year 2/4(Tue) 10-year 2/28(Fri) T-Bills (3-month) 3/24(Tue) Liquidity Enhancement Auction (remaining maturities of 1-5 years)
1/10(Fri) T-Bills (3-month) 2/6(Thu) T-Bills (6-month) 2/28(Fri) 2-year 3/26(Thu) 40-year
1/15(Wed) 5-year 2/6(Thu) 30-year 3/3(Tue) 10-year 3/27(Fri) T-Bills (3-month)
1/16(Thu) T-Bills (1-year) 2/7(Fri) T-Bills (3-month) 3/5(Thu) 30-year 3/31(Tue) 2-year
1/17(Fri) T-Bills (3-month) 2/12(Wed) 10-year Inflation-Indexed Bonds 3/6(Fri) T-Bills (3-month) 1/17(Fri) 20-year 2/14(Fri) T-Bills (3-month) 3/9(Mon) T-Bills (6-month)
1/22(Wed) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years) 2/14(Fri) Liquidity Enhancement Auction
(remaining maturities of 5-15.5 years) 3/10(Tue) 5-year 1/24(Fri) T-Bills (3-month) 2/18(Tue) 5-year 3/12(Thu) 20-year 1/24(Fri) Liquidity Enhancement Auction
(remaining maturities of 1-5 years) 2/19(Wed) T-Bills (1-year) 3/13(Fri) T-Bills (3-month)
Top 10 PDs for Successful Bids in Auctions (Calculated by Duration) (Jul.~Dec. 2019) Top 5 PDs for Successful Bids of Inflation-Indexed Bond (FY2018) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 SMBC Nikko Securities Inc. 1 Goldman Sachs Japan Co., Ltd. 2 Daiwa Securities Co. Ltd. 7 Morgan Stanley MUFG Securities Co., Ltd. 2 Nomura Securities Co., Ltd. 3 Mizuho Securities Co., Ltd. 8 Merrill Lynch Japan Securities Co., Ltd. 3 JPMorgan Securities Japan Co., Ltd. 4 Nomura Securities Co., Ltd. 9 Deutsche Securities lnc. 4 Mizuho Securities Co., Ltd. 5 JPMorgan Securities Japan Co., Ltd. 10 Citigroup Global Markets Japan Inc. 5 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
JGB Primary Market
Note.1: The above calendar may be changed or added in light of changes in circumstances. In such cases, it will be announced in advance. Note.2: Each issue amount will be announced about one week prior to each auction date.
(Until 31 December 2019)
(Until 31 December 2019)
-7-
Results of Liquidity Enhancement Auctions
Auction Date Amounts of Competitive
Bids (billion yen)
Amounts of Bids
Accepted (billion yen)
Average Accepted Spread
Highest Accepted Spread
Issues Re-opened
10/3/2019 1,378.4 499.2 ▲0.002% 0.001% 20-year(159, 161, 162, 169) 30-year(22, 24, 25, 27, 30, 31, 37, 38, 39, 41, 42, 43, 44, 45, 48, 49, 55, 59, 62, 63) 40-year(2, 5, 6, 7, 9, 10, 11)
10/8/2019 1,604.1 598.5 0.012% 0.014%
10-year(336, 337, 338, 339, 340, 341, 345, 348, 349, 350, 353) 20-year(81, 88, 89, 92, 93, 103, 104, 105, 107, 108, 109, 110, 111, 112, 113, 114, 116, 117, 119, 121, 122, 152) 30-year(10, 18)
11/18/2019
1,534.4
398.0 ▲0.009% ▲0.007%
2-year(394, 398) 5-year(129, 130, 131, 132, 133, 134, 135, 136) 10-year(316, 317, 318, 321, 322, 323, 324, 325, 328, 329, 332, 333, 334, 335) 20-year(48, 50, 53, 54, 55, 56, 61, 64, 65, 70, 71, 72)
11/22/2019
1,422.0
599.7 0.030% 0.035%
10-year(336, 337, 338, 339, 340, 342, 345, 347, 349) 20-year(76, 77, 81, 82, 83, 84, 88, 93, 94, 99, 100, 106, 107, 109, 110, 111, 112, 113, 115, 116, 117, 118, 121, 122, 123, 124, 125, 126, 127, 128, 129, 132, 135, 136, 137, 140, 144, 146, 147, 148, 149, 151, 152) 30-year(2, 4, 5, 7, 8, 9, 10, 13, 17, 18)
12/12/2019
1,280.4
499.1 ▲0.005% 0.000% 20-year(154, 155, 156, 158, 160, 163, 164, 165, 167, 169) 30-year(20, 23, 25, 26, 27, 28, 29, 30, 31, 32, 38, 39, 41, 43, 46, 48, 59) 40-year(7, 9, 10, 11)
12/20/2019
1,519.7
599.0 0.013% 0.018%
10-year(336, 338, 339, 340, 341, 343, 354, 355) 20-year(88, 102, 113, 114, 115, 117, 118, 122, 124, 125, 126, 127, 128, 129, 133, 144, 146, 147, 149, 150, 151, 152) 30-year(1, 12, 13)
Target Zones of Liquidity Enhancement Auctions for the Fourth Quarter of FY 2019
10-year Inflation-Indexed
Auction Date Amounts of
Competitive Bids (billion yen)
Amounts of Bids Accepted
(billion yen)
Average Accepted
Spread (yen)
Highest Accepted
Spread (yen) Issue Numbers
8/14/2019 91.3 20.1 ▲0.18 ▲0.14 20, 24 10/16/2019 99.4 20.3 ▲0.134 ▲0.11 18, 19, 20, 21, 22, 24 11/15/2019 98.0 20.1 0.027 0.08 17, 19, 20, 21, 22, 24 12/18/2019 85.9 20.1 ▲0.083 ▲0.08 17, 22, 24
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
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
635
3JL
107
JL10
835
4JL
109
JL11
035
5JL
111
JL11
235
6JL
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
JL15
0JX
16JL
151
JX17
JL15
2JX
18JL
153
JX19
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
1,0001,5002,0002,5003,0003,5004,0004,5005,0005,5006,0006,5007,000
JN39
6
JN39
7
JN39
8
JS12
7
313
314
JL49
JL50
JN39
9
JN40
0
JN40
1
JS12
8
315
316
JL51
JN40
2
JN40
3
JN40
4
JS12
9
317
318
JL52
JN40
5
JN40
6
JS13
0
319
320
JL53
JL54
JS13
1
321
322
JL55
JS13
2
323
324
JL56
JL57
JS13
3
325
JL58
JS13
4
326
327
JL59
JL60
JS13
5
328
JL61
JS13
6
329
JL62
JL63
JS13
7
330
331
JL64
JS13
8
332
JL65
JL66
JS13
9
333
JL67
JL68
JL69
JS14
0
334
JL70
JS14
1
JL71 335
JL72 336
337
JL73
JL74
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 November 2019. Note2: All issues in the graph above will be eligible afterward.
Buy-Back Results
(Until 31 December 2019)
②Remaining maturity : approx.5‐~15.5‐year
-8-
(Until 31 December 2019)
0500
1,0001,5002,0002,5003,0003,5004,000
JL15
4
JX20
JL15
5
JX21
JL15
6
JX22
JL15
7
JX23
JL15
8
JX24
JL15
9
JX25
JL16
0
JX26
JL16
1
JL16
2
JX27
JL16
3
JL16
4
JX28
JL16
5
JL16
6
JX29
JL16
7
JL16
8
JX30
JL16
9
JL17
0
JX31
JX32
JX33
JX34
JX35
JX36
JX37
JX38
JX39
JX40
JX41
JX42
JX43
JX44
JX45
JX46
JX47
JX48
JX49
JX50
JX51
JX52
JX53
JX54
JX55
JX56
JX57
JX58
JU1
JX59
JX60
JX61
JX62
JU2
JX63
JX64
JU3
JU4
JU5
JU6
JU7
JU8
JU9
JU10
JU11
Amount issued by Liquidity Enhancement Auction Outstanding amount in the market (excluding amount issued by Liquidity Enhancement Auction)
(Remaining maturities)
(billion yen)
15.5 20 39
-1%
0%
1%
2%
3%
4%
5%
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
BEI (Japan : 10 year)
BEI (U.S.A. : 10 year)
BEI (U.K. : 10 year)
Note: BEI (Japan: 10 year) is calculated based on the compound interest rate of the new Inflation-Indexed Bonds and the 10-Year Bonds Source: Japan: Calculation by the Ministry of Finance based on the information on interest rates offered by NIKKEI QUICK.
U.S.A., U.K.: Bloomberg.
JGB Yield Curves
Source: Japan Bond Trading Co.,Ltd.
Yields of JGB
Long - Term Interest Rates (10Yr) Source: Bloomberg
Source: Bloomberg
-9-
Yield and Volatility (10Yr)
Break-Even Inflation Rates
Source: Bloomberg, Calculation by the Ministry of Finance
(Until 30 November 2019)
(Until 30 November 2019)
(Until 30 November 2019)
(Until 30 November 2019)
JGB Secondary Market
0
500
1,000
1,500
2,000
2,500
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
Bond-Lending
Bond-Gensaki
0100200300400500600700800900
1,0001,1001,2001,3001,4001,5001,6001,7001,8001,9002,000
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
Treasury Discount BillsMedium Term BondsLong Term Bonds
-0.1%
0.0%
0.1%
0.2%
0.3%
0.4%
0.5%
Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
Call Rate (Uncollateralized Overnight)
TIBOR 3-months (Euro-Yen)
Basic Loan Rate
0
20
40
60
80
100
120
140
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
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 November 2019)
Source: Japan Securities Dealers Association
0
50
100
150
200
250
300
350
400
450
500
550
600
Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19
Total Assets
Monetary Base
JGBs
QQE2QQE(trillion yen)
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
2015 2016 2017 2018 2019
-1.0
-0.8
-0.6
-0.4
-0.2
0.0
0.2
0.4
0.6
0.8
1.0
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
2015 2016 2017 20192018
-0.5
0.0
0.5
1.0
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct
Life and non-life insurance companies
Net Purchase
Net Sale
2015 2016 2017 2018 2019
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
22.0
24.0
26.0
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
2015 2016 2017 20192018
Apr 2013(Actual)
Nov 2019(Actual)
Monetary Base 155 517
JGBs 98 479
CP 1.4 2.2
Corporate Bonds 2.9 3.3
ETFs 1.7 27.9
J-REITs 0.13 0.54
Total Assets 175 579
0
10
20
30
40
50
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
200210220230240250260270
0
50
100
150
200
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
-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
City Banks Trust Banks Insurance Companies Foreigners
12.7%
37.9%
61.8%
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
40
60
80
100
120
140
160
1
2
3
4
5
6
7
8
9
10
11
12
13
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Amount of JGBHoldings (right)
Proportion of JGB Holdings (left)
(trillion yen)(%)
12.7
144.4
-10
-8
-6
-4
-2
0
2
4
6
8
10
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
Short-term debt securities Long-term debt securities Equity and investment fund shares
Net Purchase
Net
Sales
-1
-0.5
0
0.5
1
1.5
2
2.5
3
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
Short-term debt securities Long-term debt securities Equity and investment fund shares
Net Purchase
Net
Sales
-6
-4
-2
0
2
4
6
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
Short-term debt securities Long-term debt securities Equity and investment fund shares
Net Purchase
Net
Sales
-12-
JGBs Holdings by Foreign Investors
Banks(Banking Accounts) Life Insurance Companies
Transactions of Domestic Securities by Non-Residents
Note.1: Quarterly basis. Note.2: “JGB” includes T-Bills. Source: Bank of Japan
Transactions of Foreign Securities by Residents (by Investor types)
Foreign Investors Presence
Note.1: Quarterly basis. Note.2: “JGB” includes T-Bills. The figures of ②excludes dealers’ transactions. Source: Bank of Japan, Japan Securities Dealers Association, Tokyo Stock Exchange,
Osaka Exchange
(trillion yen)
(trillion yen)
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)
2.9
0.3%Fiscal Loan Fund
0.0
0.0%
BOJ
500.2
43.9%
Banks,etc.
171.8
15.1%
Life and Non-life
Insurance,etc.
223.3
19.6%
Public Pensions
43.2
3.8%
Pension Funds
32.1
2.8%
Foreigners
144.4
12.7%
Households
13.4
1.2%
Others
9.4
0.8%
BOJ
10.3
10.9%
Banks,etc.
17.4
18.4%
Life and Non-life
Insurance,etc.
2.0
2.1%
Foreigners
65.1
68.7%
Fiscal Loan Fund0.00.0%
General Government(ex Public Pensions)
0.00.0%
General Government
(ex Public Pensions)
2.9
0.3%
BOJ
490.0
46.8%
Banks,etc.
154.4
14.8%
Life and Non-life
Insurance,etc.
221.3
21.2%
Public Pensions
43.2
4.1%
Pension Funds
32.1
3.1%
Foreigners
79.4
7.6%
Households
13.4
1.3%
Others
9.4
0.9%
JGB and T-Bill Holders
Breakdown by JGB and T-Bill Holders (The end of Sep. 2019 QE)
Source: Bank of Japan “Flow of Funds Accounts (Preliminary Figures)” Note1: “JGB” includes “FILP Bonds.” Note2: “Banks, etc.” includes “Japan Post Bank”, “Securities investment trust” and “Securities companies.” Note3: “Life and Non-life insurance, etc.” includes “Japan Post Insurance.”
(trillion yen)
Breakdown of Outstanding Amount of General Bonds by Remaining Years to Maturity
T-Bill Holders
Total 94.8 trillion yen
JGB Holders
Total 1,046.0 trillion yen
Total 1,140.7 trillion yen
-13-
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
850
900
FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018
17.8% 18.3% 18.2% 17.9% 17.3% 16.4% 15.1% 14.3% 13.4% 13.1%
13.0% 12.5% 11.9% 12.4% 12.0% 11.1% 10.6% 10.5% 10.5% 10.8%
8.5%7.9% 8.6% 8.1% 7.8% 7.8% 7.9% 7.7% 8.2% 7.0%
8.4%9.0%
8.6% 8.1% 8.1% 8.2% 7.8% 8.2% 7.1% 7.4%8.8%8.4%
7.8%7.8% 7.8% 7.4% 7.8% 6.8% 6.8% 6.7%
5.2%4.7%
4.9%4.4% 4.2% 5.0% 4.2% 4.4% 5.0% 4.7%
4.9%5.2%
4.6%4.5% 5.0% 4.3% 4.4% 4.8% 4.7% 4.9%
5.5%4.8%
4.8%5.3%
4.5% 4.5% 5.0% 4.8% 5.0% 4.6%
5.2%5.1%
5.6%4.7%
4.8% 5.2% 4.9% 5.1% 4.7% 4.9%
4.7%5.2%
4.4%4.3%
4.6% 4.2% 4.5% 4.1% 4.0% 4.2%
14.4%14.4%
14.9%15.6%
16.5%17.7%
18.4% 19.2% 19.6% 20.2%
3.6%
4.6%
5.8%
6.7%
7.5%8.3%
9.4%10.1%
11.1%11.6%
20 yrs-
10-20 yrs
9-10 yrs
8-9 yrs
7-8 yrs
6-7 yrs
5-6 yrs
4-5 yrs
3-4 yrs
2-3 yrs
1-2 yrs
-1 yr
(Unit: trillion yen)
(at the end of FY)
594.0
636.3669.9
705.0
743.9774.1
805.4830.6
853.2
*years to maturity
Average
YTM* 6Y5M 6Y8M 7Y0M 7Y3M 7Y7M 8Y0M 8Y5M 8Y7M 8Y10M 9Y0M
Average YTM*
(excluding saving
bonds)6Y6M 6Y10M 7Y1M 7Y5M 7Y8M 8Y0M 8Y5M 8Y8M 8Y11M 9Y1M
874.0
Types The amount of redemption at maturity Scheduled redemption date
15-Year Floating-Rate Bonds 965.8 January 20
2-Year Bonds 2,836.4 January 15
Treasury Bills 1,800.0 January 20
Total 5,602.2
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
545.9594.0
636.3669.9
705.0743.9
774.1805.4
830.6 853.2880.2 896.7
127.1
142.4 143.1
163.1 163.3 153.6
158.0 150.5 148.3
140.0 140.2 136.7
100
200
300
400
500
600
700
800
900
0
30
60
90
120
150
180
08 09 10 11 12 13 14 15 16 17 18 19
Outstanding (right-hand scale)Issuance Amount (left-hand scale)
Source: Ministry of Finance
General Bonds Issuance Amount and Outstanding
Note 1: Issuance Amount: revenue basis, FY2008-2017: Actual, FY2018: Supplementary budget, FY2019: Initial budget Note 2: Outstanding: nominal basis, FY2008-2017: Actual, FY2018 Supplementary budget, FY2019: Initial budget Source: Ministry of Finance
Market-held Balance of the Inflation-Indexed Bonds (as of the end of November, 2019)
(trillion yen)
Scheduled redemption of JGB at maturity in January, 2020
Note.1: The figures are based on the outstanding JGBs at the end of November, 2019. Note.2: The figures are the scheduled redemption at maturity and may be different from the actual redemption due to Buy-back of JGBs. Note.3: The figures do not include "JGB for Retail Investors". Note.4: If the redemption date coincides with bank holiday, the payment of redemption is carried out on the following business day. Note.5: Figures may not sum up to total because of rounding.
(billion yen)
Source: Ministry of Finance, Bank of Japan
Time-to-Maturity Structure of Outstanding JGB(Sep. 2019)
-14-
57.58
105.59
71.9165.39
64.94
45.5843.44
40.6242.56
43.20
22.3516.63 16.37
19.46 19.02 20.8419.74
18.1318.12 17.92
8.47 6.71 7.196.34 8.43 9.54 10.90 9.31
11.3710.03
3.66 1.96 1.96 1.99 2.17 2.28 2.50 2.75 1.74 1.260
102030405060708090
100110120130
19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58
(trillion yen)
(FY)
Treasury Bills2-yr bondsJGBs for retail investors (3-yr-Fixed-rate)JGBs for retail investors (5-yr-Fixed-rate)5-yr bondsInflation-Indexed bondsJGBs for retail investors (Floating-rate)10-yr bonds15-yr-floating-rate bonds20-yr bonds30-yr bonds40-yr bonds
Average remaining years to maturity: 9 years and 1 month
1.6 2.1
1.7
-1.0 -0.5
0.9
2.0
1.6
4.3
3.9
5.0
3.3
6.1 4.9
6.1
4.3
6.4
4.8
7.2
4.3
5.9 5.0
5.7
2.6
6.0
4.6
5.8
-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
Primary Income Trade Balance
Services Secondary Income
Current Account
85
90
95
100
105
110
115
120
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
(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-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
(ratio)
Nov, 20191.57
Nov, 20192.2%
Job openings-to-applicants ratio(RHS)
Unemployment rate(LHS)
Aug, 20090.42
Jul, 20095.5%
0.5%
0.5%
-1
0
1
2
3
4(%)
CPI
CPI excluding food (excludingalcohilic beverages) and energy
Change from the previous year
Apr.4, 2013BOJ released QQE
600
650
700
750
800
850
900
950
1,000
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
(billion yen)
Monthly Quarter (Mean)
-30%
-20%
-10%
0%
10%
20%
30%(Diffusion index)
Large enterprises/Manufacturing
Large enterprises/Non-Manufacturing
Small enterprises/Manufacturing
Small enterprises/Non-Manufacturing
4.9
-2.8-1.5
1.0
5.0
3.2 3.4
-0.2
4.0
-7.4
0.4
2.0
5.5
0.5
-0.2-1.6
1.90.7
1.1 0.9
4.6
1.6 2.7
1.2
-1.9
2.1
-2.4
1.0
2.6 2.01.8
-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
2012 2013 2014 2015 2016 2017 2018 2019
(%)
Private Demand Public Demand
Foreign Demand Real GDP
Annualized rate of Change from the previous quarter (Seasonally adjusted)
(CY)
0
100
200
300
400
500
600
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
(trillion yen)
Banknotes in Circulation
Coins in Circulation
Current Account Balances
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/
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