1. No category

JAPANESE GOVERNMENT BONDS
Monthly Newsletter of the Ministry of Finance, Japan
This Month’s Special!
What’s New ⇒ 1 Holding of the 33rd Advisory Council on Government Debt
Management
2 Recent Developments in 10-year Inflation-indexed JGBs (JGBi)
Monthly Topic ⇒ Foreign investor net buying in Sep. was highest since Aug. 2007
Nov. 2014
Contents NEW
WHAT’S
T
h1. What’s New
Monthly Topic
WHAT’S NEW
rd
1. Holding of the 33 Advisory Council on Government Debt Management
…P.1
2. JGB Primary
Market
On October 15 2014, the MOF held the 33rd Advisory Council on Government Debt
Management. The content of the proceedings was as follows.
…P.7
(1)The MOF and the Financial Service Agency briefly reported on fiscal conditions and
global financial regulations (Basel Ⅲ). Discussion followed this.
3. The Auctions for
Enhanced-Liquidity
and JGB Buy-Back
…P.8
(2)The MOF explained recent challenges to Debt Management Policy based on the
following topic list and Fig.1-3, etc. Discussion followed this.
Topic list
1. Issuance Plan for FY2015
(1) Extending of Average maturity
・Increasing super long-term bonds and decreasing short-, medium-term bonds, etc.
(2) Enhancing market liquidity
・Increasing Auctions for Enhanced-Liquidity
・Expansion of the reopening range of 10-Year Bonds
・Setting a bidding limitation per company and raising the bidding responsibility
amount
(3) Encouraging the Inflation-Indexed Bonds (JGBi) market
・Increasing the issuance amount of JGBi
・Promoting sales of JGBi to retail investors (new Over-The-Counter sales system)
2. Measures to diversify JGB Holders
(1) Promotion of holdings by retail investor
・Improving the product-design for retail investors
・Promoting sales of JGBi to retail investors (new Over-The-Counter sales system)
(2) Ideal state of foreign investor holdings
3. Monitoring of external circumstances
(1) Market circumstances over the JGB supply-demand balance（Japan, Europe and
the United States）
(2) History of Debt Management Policy
(3) Movement in global financial regulations (Basel Ⅲ)
(4) Revision to the portfolio of GPIF
4. Revision to relevant systems
(1) Revision to the JGB Market Special Participants Scheme
・Setting a bidding limitation per company and raising the bidding responsibility
amount
(2) Developing the infrastructure of the JGB market
The Ministry of Finance
www.mof.go.jp
4. JGB Secondary
Market
…P.9
5. Investor Trends and
JGB Outstanding
…P.11
6. Economic and
Financial Trends
…P.14
7. Information
…P.15
WHAT’S NEW
Effects of Average Maturity Extensions on
Refunding Bond Issuance Amount
(Fig.1)
（Unit: trillion yen）
140
120
120.9
120.6
118.8 117.5
131.8
128.1
127.8
126.0
124.8
124.5
123.4
122.2
121.4
121.0
120.6
120.1
120.0
119.7
118.1
118.4
117.3
117.3
115.2
117.1
116.0
115.5
116.0
115.7
112.9
111.9
114.4
100
80
60
40
FY2014 JGB Issuance Plan
6M Average Maturity Extension until FY2015
20
6M Average Maturity Extension until FY2016
6M Average Maturity Extension until FY2017
0
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
（FY）
Note.1: Assumptions are based on "Budget Projection in FY2014 Budget Policy [Case A-1]," "Cash Flow Projections of the GDCF," and others.
Figure shows changes in refunding bond issuance amount as average maturity of new issuance is lengthened.
Note.2:"FY2014 JGB Issuance Plan" is assumed as maintaining current maturity structure from FY2015 onward. "6M Average Maturity Entensions until fiscal year X" is
assumed as extending average maturity by half a year annually until fiscal year X and maintaining the fiscal year X JGB issuance plan's maturity structure from
fiscal year X+1 onward.
(Fig.2)
Effects of Average Maturity Extensions on
Average Remaining Years to Maturity
（Unit: trillion yen）
10.5
10.0
9.79
9.58
9.37
9.5
9.38
9.10
9.0
8.75
8.66
8.39
8.5
8.49
9.22
9.01
8.85
8.63
8.74
FY2014 JGB Issuance Plan
8.29
8.0
9.04
9.01
8.99
8.94
8.83
9.40
9.37
9.33
9.27
9.13
9.01
9.73
9.69
9.64
9.55
10.02
9.97
9.90
6M Average Maturity Extensions until FY2015
8.00
6M Average Maturity Extensions until FY2016
7.5
7.61
6M Average Maturity Extensions until FY2017
7.0
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
（End of FY）
Note.1: Assumptions are based on "Budget Projection in FY2014 Budget Policy [Case A-1]," "Cash Flow Projections of the GDCF," and others.
Figure shows changes in average remaining years to maturity as average maturity of new issuance is lengthened.
Note.2:"FY2014 JGB Issuance Plan" is assumed as maintaining current maturity structure from FY2015 onward. "6M Average Maturity Entensions until fiscal year X" is
assumed as extending average maturity by half a year annually until fiscal year X and maintaining the fiscal year X JGB issuance plan's maturity structure from
fiscal year X+1 onward.
(Fig.3)
Primary Dealer System (Bidding Limitation etc.)
Japan
Number of
members
Bidding(or
purchasing)
limitation
Bidding
obligation
Purchasing
obligation
Measures for
unprocurement
※1
23 companies
planned issuance amount
(total amount of PD and
customer bidding)
U.S.
U.K.
Provisional
Germany※2
France
22 companies
21 companies
19 companies
37 companies
35% of planned
issuance amount
(bidding or
purchasing amount
by each bidder)
Fix-rate gilts: 25% of planned
issuance amount
Inflation-linked gilts: 40% of
planned issuance amount
(purchasing amount by each
bidder)
The maximum amount
proposed for each price (or
rate) of the bidding scale for
each participant in BTF
auctions and in the first two
issues of a new OAT or BTAN
security is set as below※1
―
3% of planned issuance
amount each auction
Planned issuance
amount／the
number of PD,
each auction
Participation in all auctions
Participation in all auctions
―
Short-term: 0.5% or more
of total planned issuance
amount on a two-quarters
Mid-to-long term: 1% or
more of the said amount
―
2% or more of total issuance
amount on a 6-months
2% or more of total issuance
amount on a year
0.05% or more of total
issuance amount on a year
―
When an auction is
uncovered, the DMO holds
the unsold balance, then the
DMO offers the re-sale of the
unsold balance to PDs.※3
If bidding limitation amount
is deducted, to raise the
bidding obligation amount
(3%⇒4%) can be indicated.
・BTAN and Fixed-rate OAT: 600mil€
・Floating-rate OAT: 300mil€
―
※3
When an auction is
uncovered, Deutsche
Bundesbank holds the unsold
balance, then Deutsche
Bundesbank offers the re-sale
of the unsold balance in the
secondary market.※3
・BTF: 1bil€
※2
Germany’s “Bund Issuance Auction Group” is similar to UK’s and French primary dealer group in that only group members are allowed to participate in
government debt auctions. But the only required qualification for a Bund Issuance Auction Group member is a financial institution based in the European Union and
group members have no obligation to participate in government debt auctions and no opportunity for exchanging views with debt issuance authorities. Therefore,
the German group is viewed as different from the PD group in other countries.
※3
For stable issuance, in UK, France and Germany, a part of super long-term bond and inflation-indexed bond etc. is issued by underwriting syndicate.
－2－
WHAT’S NEW
2. Recent Developments in 10-year Inflation-indexed JGBs (JGBi)
(1) Auction Result of 10-year Inflation-Indexed JGBs
On October 8, the MOF auctioned Inflation-Indexed Bonds, the issuance amount of which had been gradually
increased after resuming issuance last October, from 300 billion yen to 500 billion yen.
The market evaluation of the auction result seemed not to be bad in spite of the lowest bid-to-cover ratio
because the auction price was almost around the market price at the time of auction.
Details of Auction Results of 10-year Inflation-Indexed JGBs
Issue Number
19
Auction Date
10/8/2014
Issue Date
10/10/2014
Maturity Date
9/10/2024
Nominal Coupon
0.1%
Offering Amount
About 500 billion yen
Amounts of Competitive Bids
1,056.2 billion yen
Amounts of Bids Accepted
499.9 billion yen
Bid-to-cover ratio
2.11
Yield at the Lowest Accepted Price
▲0.658%
Lowest Accepted Price (per 100 yen)
108.05 yen
BEI (at the time of auction)
Amounts of Bids Accepted at the Non-price
-competitive Auction Ⅱ
About 117bp
32.8 billion yen
To meet with the demand for switch from existing bonds (issue number 3-16) to new bonds, buy-back
including additional buy-back was executed on the day of the new Inflation-Indexed Bonds auction, totaling
55.9 billion yen of buy-back.
The next auction is planned for January 2015 and the issuance is planned to be the reopening issue of the
October issue and an additional issuance amount will be made flexibly, based on quarterly discussion with
market participants.
(2) BOJ’s review on Collateral Prices of JGBi
On October 7, the BOJ announced its amendment to the “Guidelines on Eligible Collateral”. In this
amendment, collateral prices of JGBi were revised upward.
The new collateral prices of JGBi are as follows.
A residual maturity of:
(1) up to 1 year
91% of market price
(2) more than 1 year and up to 5 years
91% of market price
(3) more than 5 years and up to 10 years
93% of market price
(4) more than 10 years and up to 20 years
91% of market price
(5) more than 20 years and up to 30 years
90% of market price
(6) more than 30 years
88% of market price
－3－
WHAT’S NEW
(3) Recent figures
Fig.1 Past Auction Results since Oct.2013
Issue
Number
Auction
Date
Issue Date
Maturity
Date
Amounts of Bids
Amounts of Amounts of
Yield at the
Lowest
Accepted at the
Nominal Competitive
Bids
Bid-to-cover
Lowest
Accepted Price
Non-price
Coupon
Bids
Accepted
ratio
Accepted
(per 100 yen) -competitive Auction
(billion yen) (billion yen)
Price
Ⅱ(billion yen)
17
10/8/2013 10/10/2013 9/10/2023
0.1%
1,123.1
299.9
3.74
▲0.352%
104.65
43.8
17
1/9/2014
1/14/2014 9/10/2023
0.1%
860.4
299.5
2.87
▲0.482%
105.90
3.5
18
4/3/2014
4/10/2014 3/10/2024
0.1%
1,157.3
399.8
2.89
▲0.671%
108.20
21.9
18
7/8/2014
7/10/2014 3/10/2024
0.1%
1,017.9
400.0
2.54
▲0.952%
111.20
-
Fig.2 Market-held Balance of the Inflation-Indexed Bonds (as of October 8, 2014)
(4) Q&A about JGBi
 Why did the MOF resume their issuance of JGBi?
- In October 2008, we suspended issuance of JGBi due to a sharp decline in demand after the collapse
of Lehman Brothers and other changes. However, as the Japanese economy began recovering from
deflation, demand grew again in the market. In October 2013, the government resumed JGBi issuance
with principal guarantee upon maturity, in consideration of investors’ requests.
 Does the MOF plan to diversify the maturity of JGBi?
- The MOF resumed JGBi issuance in 2013 as mentioned above. However, liquidity of JGBi market is
still less than that of other JGBs at this time. Therefore, we give priority to providing liquidity of 10-year
JGBi by increasing the issuance amount.
－4－
MONTHLY TOPIC
Foreign investor net buying in Sep. was highest since Aug. 2007
Japan Securities Dealers Association announced recent data in Government Bond Trading
Volume by Category of Investors. In this data, the content about foreign investors was as
follows.
• Foreign investors were net buyers and the amount increased for three months in a row.
• Total net buying of Medium-, Long- and Super-long-term JGBs was highest since August 2007
and net buying of Medium-term JGBs in particular was highest since April 2004, when data began
to be released.
• In September, net buying of Super long-term JGBs was about 387 billion yen, Long-term JGBs
about 145 billion yen, and Medium-term JGBs about 2.9 trillion yen.
Net Purchases of medium-/long-/super-long-term JGBs by Foreign Investors
(trillion yen)
4
3
2
1
0
-1
-2
Medium-term bonds
Long-term bonds
Super long-term bonds
Total
-3
Jan
2012
Apr
Jul
Oct
Jan
2013
Apr
Source: Japan Securities Dealers Association
－5－
Jul
Oct
Jan
Apr
2014
Jul
IR SPECIAL OFFICE
In September 2014, the IR Special
Office implemented an overseas IR
tour in Asia to interview local investors.
We held active discussions about debt
management
and
Japanese
economy.
Foreign investors’ main interests are as
follows.
Japanese economy:
- Trends in Japanese economic indicators (ex. FX, CPI, wages, exports)
- Consumption tax rate hike
- Government policy on fiscal consolidation
- Outlook for the Bank of Japan’s Quantitative and Qualitative Easing
- Japan’s growth strategy (Third Arrow of Abenomics)
JGB (JGBis):
- JGB issuance plan, especially for Inflation-Indexed Bonds (JGBi)
- Market situation and trends in JGB Transactions
- Proportion of JGB foreign investors
- Main holder of JGBis
- Likely impact of the allocation change of GPIF (Government Pension
Investment Fund) on the JGB market
If you have any questions regarding the contents of this newsletter, please
do not hesitate to contact us at: [email protected]
－6－
2 JGB PRIMARY MARKET
Auction Results
（Bonds）
Auction Date
7/3/2014
7/8/2014
7/10/2014
7/18/2014
7/23/2014
7/29/2014
8/5/2014
8/12/2014
8/14/2014
8/19/2014
8/26/2014
8/28/2014
9/2/2014
9/9/2014
9/11/2014
9/17/2014
9/30/2014
Type of Security
10-year
10-year Inflation-Indexed Bonds
30-year
5-year
20-year
2-year
10-year
30-year
5-year
20-year
40-year
2-year
10-year
30-year
5-year
20-year
2-year
Issue
Number
Maturity Date
Nominal
Coupon
334
18
43
119
149
343
334
43
118
149
7
344
335
44
120
150
345
6/20/2024
3/10/2024
6/20/2044
6/20/2019
6/20/2034
8/15/2016
6/20/2024
6/20/2044
6/20/2019
6/20/2034
3/20/2054
9/15/2016
9/20/2024
9/20/2044
9/20/2019
9/20/2034
10/15/2016
0.6%
0.1%
1.7%
0.1%
1.5%
0.1%
0.6%
1.7%
0.2%
1.5%
1.7%
0.1%
0.5%
1.7%
0.2%
1.4%
0.1%
Amounts of
Competitive
Bids
(billion yen)
7,558.4
1,017.9
2,013.9
10,172.4
4,111.6
14,654.2
9,337.4
2,221.1
11,961.7
3,953.9
1,014.5
14,514.0
7,882.4
2,291.2
9,066.7
4,250.6
16,074.7
Amounts of
Bids
Accepted
(billion yen)
2,202.9
400.0
645.9
2,458.9
1,090.7
2,467.9
2,178.1
546.7
2,454.0
1,091.3
399.4
2,469.5
2,199.9
642.3
2,455.1
1,092.2
2,496.5
Yield at the
Lowest
Accepted
Price
Yield at the
Average
Price
0.563%
▲0.952%
1.710%
0.147%
1.413%
0.067%
0.523%
1.679%
0.147%
1.343%
1.760%
0.069%
0.521%
1.687%
0.179%
1.438%
0.077%
0.562%
1.703%
0.147%
1.409%
0.066%
0.522%
1.676%
0.147%
1.342%
0.067%
0.517%
1.679%
0.179%
1.435%
0.074%
Amounts of
Non-Competitive
Bids Tendered
/Accepted
(billion yen)
-
-
-
4.057
Amounts of Bids
Accepted at the
Non-pricecompetitive
Auction Ⅰ
(billion yen)
Amounts of Bids
Accepted at the
Non-pricecompetitive
Auction Ⅱ
(billion yen)
-
-
0.268
2.652
3.488
1.110
3.195
7.584
2.375
2.467
-
191.9
53.2
239.5
108.5
228.8
217.5
52.5
243.5
107.5
226.8
191.7
57.1
241.7
106.6
200.7
-
49.0
151.8
86.4
281.3
87.9
59.9
125.9
58.9
176.8
Auction Results
（Treasury Discount Bills）
Auction Date
Type of Security
Issue
Number
Maturity Date
7/3/2014
7/8/2014
7/10/2014
7/16/2014
7/17/2014
7/24/2014
7/31/2014
8/6/2014
8/7/2014
8/13/2014
8/14/2014
8/18/2014
8/21/2014
8/28/2014
9/3/2014
9/8/2014
9/11/2014
9/17/2014
9/18/2014
9/25/2014
3-month
6-month
3-month
1-year
3-month
3-month
3-month
6-month
3-month
2-month
3-month
1-year
3-month
3-month
3-month
6-month
3-month
1-year
3-month
3-month
463
464
465
466
467
468
469
470
471
472
473
474
475
476
477
478
479
480
481
482
10/6/2014
1/14/2015
10/14/2014
7/21/2015
10/20/2014
10/27/2014
11/4/2014
2/10/2015
11/10/2014
10/2/2014
11/17/2014
8/20/2015
11/25/2014
12/1/2014
12/8/2014
3/10/2015
12/15/2014
9/24/2015
12/22/2014
1/8/2015
Amounts of
Competitive Bids
(billion yen)
Amounts of
Bids Accepted
(billion yen)
28,831.40
20,232.60
25,447.50
16,261.00
21,687.00
32,099.90
28,580.40
21,202.40
29,035.20
14,319.00
28,606.30
12,858.50
27,661.70
27,746.30
30,557.70
16,453.60
28,028.45
12,271.80
28,472.20
26,047.79
5,232.03
3,225.74
5,204.67
2,301.89
5,213.75
5,230.89
5,186.05
3,217.88
5,239.00
2,314.15
5,172.03
2,319.55
5,262.90
5,221.74
5,254.50
3,242.92
5,185.24
2,318.88
5,229.04
5,312.93
Yield at the
Lowest
Accepted
Price
Yield at the
Average
Price
0.0461%
0.0213%
0.0317%
0.0150%
0.0263%
0.0300%
0.0337%
0.0199%
0.0280%
0.0266%
0.0260%
0.0200%
0.0317%
0.0381%
0.0220%
0.0201%
0.0060%
0.0059%
0.0040%
0.0090%
0.0457%
0.0213%
0.0182%
0.0150%
0.0206%
0.0264%
0.0289%
0.0159%
0.0236%
0.0250%
0.0228%
0.0180%
0.0289%
0.0344%
0.0204%
0.0121%
0.0028%
0.0019%
0.0016%
0.0025%
Amounts of Bids
Accepted at the
Non-pricecompetitive
Auction Ⅰ
(billion yen)
467.90
274.24
475.30
198.10
476.20
479.04
463.90
282.10
480.95
185.80
477.90
180.40
477.03
478.20
485.45
257.00
474.70
181.10
470.90
417.00
Auction Calendar for Oct. – Dec. 2014
Auction Date
10/2 (Thu)
10/2 (Thu)
10/8 (Wed)
10/8 (Wed)
10/9 (Thu)
10/10 (Fri)
10/10 (Fri)
10/15 (Wed)
10/15 (Wed)
10/16 (Thu)
10/17 (Fri)
10/21 (Tue)
Issue
T-Bills (3-month)
10-year
T-Bills (6-month)
10-year Inflation-Indexed Bonds
T-Bills (3-month)
T-Bills (Approx.2-month)
Auctions for Enhanced-liquidity
T-Bills (1-year)
30-year
T-Bills (3-month)
5-year
20-year
Auction Date
10/23 (Thu)
10/23 (Thu)
10/28 (Tue)
10/30 (Thu)
11/5 (Wed)
11/5 (Wed)
11/6 (Thu)
11/7 (Fri)
11/11 (Tue)
11/13 (Thu)
11/13 (Thu)
11/18 (Tue)
Issue
T-Bills (3-month)
Auction Date
11/18 (Tue)
11/20 (Thu)
11/20 (Thu)
11/26 (Wed)
11/27 (Thu)
11/28 (Fri)
12/2 (Tue)
12/4 (Thu)
12/4 (Thu)
12/8 (Mon)
12/9 (Tue)
12/10 (Wed)
Auctions for Enhanced-liquidity
2-year
T-Bills (3-month)
T-Bills (6-month)
10-year
T-Bills (3-month)
Auctions for Enhanced-liquidity
30-year
T-Bills (3-month)
5-year
T-Bills (1-year)
Issue
20-year
T-Bills (3-month)
Auctions for Enhanced-liquidity
40-year
T-Bills (3-month)
2-year
10-year
T-Bills (3-month)
Auction Date
12/11 (Thu)
12/11 (Thu)
12/16 (Tue)
12/17 (Wed)
12/18 (Thu)
12/18 (Thu)
12/25 (Thu)
Issue
T-Bills (3-month)
Auctions for Enhanced-liquidity
5-year
T-Bills (1-year)
T-Bills (3-month)
20-year
2-year
Auctions for Enhanced-liquidity
T-Bills (6-month)
30-year
T-Bills (Approx.2-month)
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 October 10, 2014 is October 15, 2014 and, the maturity date is December 3, 2014.
Note.4: The issue date of Treasury Discount Bills auctioned on December 10, 2014 is December 15, 2014 and, the maturity date is February 4, 2015.
1
2
3
4
5
Top 10 PDs by Total Purchase in Auctions (Calculated by Duration) (Apr.2014 ～ Sep. 2014)
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
Daiwa Securities Co. Ltd.
Nomura Securities Co., Ltd.
Mizuho Securities Co., Ltd.
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
6
7
8
9
10
－7－
BNP Paribas Securities (Japan) Limited
Merrill Lynch Japan Securities Co., Ltd.
SMBC Nikko Securities Inc.
Mizuho Bank, Ltd.
Goldman Sachs Japan Co., Ltd.
3 THE AUCTIONS FOR ENHANCED-LIQUIDITY AND JGB BUY-BACK
Results of Auctions for Enhanced-Liquidity
Auction Date
Amounts of
Amounts of Bids
Competitive Bids
Accepted
(billion yen)
(billion yen)
Average
Accepted
Spread
Highest
Accepted
Spread
7/16/2014
937.3
299.7
+0.001%
+0.006%
7/25/2014
1,517.4
399.9
▲0.008%
▲0.008%
8/7/2014
927.5
298.2
▲0.006%
▲0.003%
8/21/2014
1,617.4
399.6
+0.013%
+0.015%
9/5/2014
1,170.8
299.6
+0.003%
+0.004%
9/25/2014
1,232.0
399.3
▲0.007%
▲0.003%
Issues Re-opened
30-year(8,12,14,19,20,21,24,28,29,32,33,35,37,38,39,41,42)
40-year(1,2,3,4,5)
10-year(304,305) 20-year(62)
20-year(119,126,135,138,143,144)
30-year(10,12,14,17,20,21,27,31,32,33,37,38,40)
10-year(303,304,305,312,332) 20-year(43,46,62,74,76)
20-year(125,126,132,141)
30-year(16,17,32,33,35,37,41)
10-year(303,304,305,310,317)
20-year(43,58,68,69,72,74,76,78,81,84,85,86,88,91,111)
Target Zones of the Auction for Enhanced-Liquidity for the Third Quarter of FY 2014
①Remaining maturity : approx.5‐～15.5‐year
(billion yen)
Outstanding amount in the market (excluding amount issued by the Auction for Enhanced-liquidity)
Amount issued by the Auction for Enhanced-liquidity
305
306
307
JL44
JL45
308
309
JL46
310
311
JL47
312
JL48
313
314
JL49
JL50
315
316
JL51
317
318
JL52
319
320
JL53
JL54
321
322
JL55
323
324
JL56
JL57
325
JL58
326
327
JL59
JL60
328
JL61
329
JL62
JL63
330
331
JL64
332
JL65
JL66
333
JL67
JL68
JL69
334
JL70
JL71
JL72
JL73
JL74
JL75
JL76
JL77
JL78
JL79
JL80
JL81
JL82
JL83
JL84
JL85
JL86
JL87
JL88
JL89
JL90
JL91
JL92
JL93
JL94
JL95
JL96
JL97
JL98
JL99
JL100
JL101
JL102
JL103
JL104
JL105
JL106
JL107
JL108
JL109
JL110
JL111
JL112
JL113
JX1
JL114
JL115
JX2
JL116
JL117
7,500
7,000
6,500
6,000
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
15.5
10
5
(Remaining maturities)
②Remaining maturity : approx.15.5‐～39‐year
(billion yen)
Outstanding amount in the market (excluding amount issued by the Auction for Enhanced-liquidity)
4,000
Amount issued by the Auction for Enhanced-liquidity
3,500
3,000
2,500
2,000
1,500
1,000
0
JX3
JL118
JL119
JL120
JL121
JL122
JX4
JL123
JL124
JL125
JL126
JL127
JX5
JL128
JL129
JL130
JL131
JX6
JL132
JL133
JL134
JL135
JL136
JX7
JL137
JL138
JL139
JL140
JX8
JL141
JL142
JX9
JL143
JL144
JX10
JL145
JX11
JL146
JX12
JL147
JX13
JL148
JX14
JL149
JX15
JX16
JX17
JX18
JX19
JX20
JX21
JX22
JX23
JX24
JX25
JX26
JX27
JX28
JX29
JX30
JX31
JX32
JX33
JX34
JX35
JX36
JX37
JX38
JX39
JX40
JX41
JX42
JX43
JU1
JU2
JU3
JU4
JU5
JU6
500
15.5
39
20
(Remaining maturities)
Note1： JL shows 20‐year JGBs. JX shows 30‐year JGBs. JU shows 40‐year JGBs. Outstanding amount is as of the end of September 2014.
Note2： Based on the results of the consultations to the JGB Market Special Participants which takes place at the time of each auction,60 issues from each of the above 2 groups are selected as targeted issues.
Buy –back Results
10-Year Inflation-Indexed
Amounts of Bids
Accepted
(billion yen)
30.1
86.3
10.1
10.1
Average
Accepted
Spread (yen)
▲0.832
▲0.832
▲0.413
▲0.374
Highest
Accepted
Spread (yen)
▲0.55
▲0.35
▲0.29
7/2/2014
7/17/2014
Amounts of
Competitive Bids
(billion yen)
530.8
464.2
Amounts of Bids
Accepted
(billion yen)
120.6
120.2
Average
Accepted
Spread (yen)
▲0.353
▲0.279
Highest
Accepted
Spread (yen)
▲0.20
▲0.10
8/6/2014
520.9
120.1
▲0.185
▲0.13
9/2/2014
9/26/2014
503.3
421.2
120.0
120.1
▲0.120
▲0.358
▲0.04
▲0.01
Auction Date
7/8/2014
7/8/2014
8/20/2014
9/10/2014
Amounts of
Competitive Bids
(billion yen)
130.2
86.3
24.5
32.5
Issue Numbers
3,4,5,6,7,8,9,10,11,12,13,14,15,16
7,8,11,14
4,5,7,8,10,11,13,14
15-Year Floating-Rate
Auction Date
－8－
Issue Numbers
8,9,10,11,12,13,14,15,16,17,18,19,20,22,23,24,25,26,27,28,
29,36,37,38,39,40,41,42,43,44,45,47,48
8,9,13,14,16,17,18,22,23,24,25,26,27,28,29,30,31,32,33,34,
36,37,38,39,41,44,45,46
8,9,11,12,13,14,16,17,18,19,20,22,23,24,25,26,27,28,29,30,
31,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48
4 JGB SECONDARY MARKET
JGB Yield Curves
2.0%
8%
1.8%
7%
1.6%
1.6%
1.4%
Volatility
1.4%
1.2%
1.0%
2013/12/30
0.8%
2014/3/31
0.6%
2014/6/30
2014/5/30
0.4%
2014/7/31
0.2%
2014/9/30
0.0%
Yield and Volatility (10Yr) (Until 30 September 2014)
2014/8/29
0
5
10
15
Source: Japan Bond Trading Co.,Ltd.
3.0%
20
25
30
35
40
(years to maturity)
Yield (right scale)
6%
1.2%
5%
1.0%
4%
0.8%
3%
0.6%
2%
0.4%
1%
0.2%
0%
Jan-12
0.0%
May-12
Sep-12
Jan-13
May-13
Jan-14
Sep-13
Source: Bloomberg, Calculation by the Ministry of Finance
Yields of JGB
2.5%
May-14
Sep-14
(Until 30 September 2014)
2-year bond
5-year bond
10-year bond
20-year bond
30-year bond
40-year bond
2.0%
1.5%
1.0%
0.5%
0.0%
Jan-10
Source: Bloomberg
Jan-11
Jan-13
Jan-12
Jan-14
Long - Term Interest Rates （10Yr）
5%
4%
Japan
United States
United Kingdom
Germany
(Until 30 September 2014)
3%
2%
1%
0%
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Source: Bloomberg
Break-Even Inflation Rates
4%
(Until 30 September 2014)
3%
2%
1%
0%
-1%
BEI (Japan : old JGBi)
BEI (Japan : 10 year)
-2%
BEI (U.K. : 10 year)
BEI (U.S.A. : 10 year)
-3%
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Note: BEI (Japan : old JGBi) is calculated based on the compound interest rate of the old Inflation-Indexed Bond (issue number 16 with current maturity 3 years and 9 months)
and the 10-year Bond (issue number 293 with current maturity of 3 years and 9 months). BEI (Japan: 10 year) is calculated based on the compound interest rate of new
Inflation-Indexed Bond and the 10-year Bond.
Source: Japan: MOF calculation based on the information on interest rates offered by NIKKEI QUICK.
U.S.A., U.K. : Bloomberg
－9－
Short-Term Interest Rates
0.6%
(Until 30 September 2014)
Call Rate (Uncollateralized Overnight)
0.5%
TIBOR 3-months (Euro-Yen)
Basic Loan Rate
0.4%
0.3%
0.2%
0.1%
0.0%
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Source: Bank of Japan, Japan Bankers Association
(trillion yen)
1,200
JGB Over-the-Counter Trading Volume (TOKYO)
Treasury Discount Bills
1,100
Medium Term Bonds
1,000
Long Term Bonds
900
800
700
600
500
400
300
200
100
0
200
Jan-10
Jan-11
Source: Japan Securities Dealers Association
(trillion yen)
Jan-12
Jan-13
Jan-14
Trading Volume of 10-Year JGB Futures
180
160
140
120
100
80
60
40
20
0
Jan-10
Jan-11
Jan-12
Note: The figures for Mar. 2014 show the data until Mar. 20.
Source: Tokyo Stock Exchange (until Mar.2014), Osaka Exchange (from Apr. 2014)
(trillion yen)
Jan-13
Jan-14
Repurchase Transactions
2,500
Bond-Lending
2,000
Bond-Gensaki
1,500
1,000
500
0
Jan-10
Jan-11
Source: Japan Securities Dealers Association
Jan-12
Jan-13
－10－
Jan-14
5 INVESTOR TRENDS AND JGB OUTSTANDING
Trends in JGBs Transactions (by investor type)
City Banks
(trillion yen)
Regional banks
(trillion yen)
2.0
5.0
Net
Purchase
3.0
Net
Purchase
1.5
1.0
1.0
-1.0
0.5
-3.0
0.0
-5.0
-0.5
-7.0
Super long-term
-9.0
Long-term
Net Sale
Apr.
Net Sale
Jul.
Oct.
Jan.
Apr.
Medium-term
(trillion yen)
3.5
T-bills
3.0
Jul.
Oct.
Jan.
Apr.
2013
2012
-1.0
Jul.
2014
Oct.
Jan.
Apr.
Life and non-life insurance companies
18.0
16.0
Jul.
Oct.
Jan.
Apr.
Jul.
2013
2014
Foreigners
(trillion yen)
20.0
Net
Purchase
14.0
2.0
12.0
1.5
10.0
1.0
8.0
6.0
0.5
4.0
0.0
2.0
-0.5
-1.0
Jul.
2012
Net
Purchase
2.5
Apr.
0.0
Net Sale
Apr.
Jul.
Oct.
2012
Jan.
Apr.
Jul.
2013
Source: Japan Securities Dealers Association
City Banks
(trillion yen)
Oct.
Jan.
Apr.
-2.0
Jul.
Net Sale
Apr.
Jul.
Oct.
Jan.
Apr.
Trends in Bank Assets by Types
220
200
Jul.
Jan.
Oct.
Apr.
Jul.
2013
2012
2014
2014
Regional Banks
(trillion yen)
210
200
180
190
Loans
160
180
120
50
Municipal Bonds
100
40
Corporate Bonds
80
Equities
60
Cash and Deposits
Government Bonds
Foreign Securities
30
20
40
10
20
0
Jan-08
Source: Bank of Japan
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
0
Jan-08
Jan-14
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
BOJ Trends
300
Apr 2013
Sep 2014
Dec 2014
(projected)
155
252.6
275
250
JGBs
98
179.8
200
200
CP
1.4
2.2
2.2
Corporate Bonds
2.9
3.2
3.2
ETFs
1.7
3.2
3.8
J-REITs
0.13
0.16
0.18
Loan Support
Program
3.4
21
18
Total Assets
175
276
297
297 tril yen
275 tril yen
200 tril yen
150
100
Projection
50
Monetary Base
JGBs
Balance Sheet
Nov-14
Jul-14
Sep-14
May-14
Jan-14
Mar-14
Nov-13
Jul-13
Sep-13
May-13
Jan-13
Mar-13
Nov-12
Jul-12
Sep-12
May-12
Jan-12
Mar-12
Nov-11
Jul-11
－11－
Sep-11
0
May-11
Source: Bank of Japan
Dec 2014
Apr 4,2013 BOJ
the Introduction of the "Quantitative
and Qualitative Monetary Easing"
Jan-11
Monetary Base
(trillion yen)
Mar-11
(trillion yen)
Transactions of Foreign Securities by Residents (by Investor types)
Banks(Banking Accounts)
4
Life Insurance Companies
(trillion yen)
Short-term debt securities
Long-term debt securities
3
1.2
Equity and investment fund shares
Short-term debt securities
1
Net
Purchase
2
(trillion yen)
Equity and investment fund shares
Net
Purchase
0.8
0.6
1
Long-term debt securities
0.4
0
0.2
-1
0
-0.2
-2
Net
Sales
-3
-4
Jan-10
Jan-11
Jan-12
-0.4
Net
Sales
-0.6
Jan-13
-0.8
Jan-10
Jan-14
Jan-12
Jan-11
Jan-13
Jan-14
Source: Ministry of Finance
Transactions of Domestic Securities by
Non-Residents
Outstanding of Repurchase Agreements
(by Investor types)
(trillion yen)
6
City Banks
40%
8
Net
Purchase
Trust Banks
Insurance Companies
Jan-13
Jan-14
Foreigners
35%
30%
4
25%
2
20%
0
15%
-2
Net
Sales
-4
-6
Jan-10
10%
5%
Short-term debt securities Long-term debt securities Equity and investment fund shares
Jan-11
Source: Ministry of Finance
Jan-12
Jan-13
0%
Jan-12
Jan-14
Source: Japan Securities Dealers Association
Foreign Investors Presence
JGBs Holding by Foreign Investors
60%
(trillilon yen)
10 %
53.4%
50%
9%
8%
①Market Share of Foreign Investors (JGB Futures Market)
Amount of JGB Holdings (right)
8.6
6%
30%
22.6%
20%
8.5%
③JGB Holdings by Foreign Investors
0%
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
63.3
59.2
7.0
67.9
6.8
6.9
55.2
55.6
Mar-13
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
81.8
76.7
6.4
6.6
6.0
49.3
6.0
5.6
58.1
6.4
67.8
86.1
8.6
82.6
8.5 8.4
8.1
8.5 8.4 8.5
84.1
82.0
81.7
61.9
86.5
83.7
79.0
100
90
80
70
60
56.6
52.1
50
46.4
4%
40
3%
30
2%
20
1%
10
0%
Mar-08
Mar-14
78.3
8.3 8.7
7.1
55.0 52.3
5%
②Market Share of Foreign Investors (JGB Market)
10%
7.5 77.0
7.4
7%
40%
8.4 8.5
Proportion of JGB Holdings (left)
8.0
9.1
Mar-09
Mar-10
Note: “JGB” includes T-Bills.
Source: Bank of Japan
－12－
Mar-11
Mar-12
Mar-13
Mar-14
0
Breakdown by JGB and T-Bill Holders (Jun. 2014, QE)
JGB Holders
Pension Funds
34.5
4.1%
Public Pensions
65.2
7.6%
T-Bill Holders
JGB and T-Bill Holders
Others
0.0
Households
0.0%
0.0
0.0%
General Government
Households
20.4 Others (ex Public Pensions)
2.4
2.4% 12.1
Fiscal Loan Fund
Foreigners
0.3%
1.4%
0.4
35.2
0.0%
4.1%
Pension Funds
34.5
3.4%
Fiscal Loan Fund
Public Pensions
0.7
65.2
0.4%
6.4%
Foreigners
51.3
31.9%
BOJ
169.8
19.9%
BOJ
45.3
28.2%
Life and Non-life
Insurance
192.3
22.6%
Banks,etc.
320.1
37.6%
General Government
(ex Public Pensions)
23.6
Fiscal Loan Fund
2.3%
1.1
0.1%
BOJ
215.1
21.2%
Life and Non-life
Insurance
195.0
19.3%
Banks,etc.
359.5
35.5%
Banks,etc.
39.4
24.5%
Pension Funds
0.0
0.0%
Public Pensions
0.0
0.0%
Total 852.4 trillion yen
Households
Others
20.4
12.1
2.0%
1.2%
Foreigners
86.5
8.5%
General Government
(ex Public Pensions)
21.2
13.2%
Life and Non-life
Insurance
2.8
1.7%
(trillion yen)
Total 160.7 trillion yen
Total 1013.1 trillion yen
Note.1: "JGB" includes FILP Bonds. "T-Bill" is the sum of "Treasury Bills (TBs)" and "Financial Bills (FBs)" with a maturity of 1 year or less
and TBs and FBs have been jointly issued since February 2009.
Note.2: "Banks, etc." includes Japan Post Bank, "Securities investment trust " and "Securities Companies".
Note.3: "Life and Nonlife insurance" includes Japan Post Insurance.
Source: Bank of Japan
Breakdown of Outstanding Amount of General Bonds by Remaining Years to Maturity
(trillion yen)
750
705.0
700
669.9
636.3
650
600
550
499.0
500
1.0%
10.8%
450
5.6%
5.2%
4.5%
400
2.0%
2.7%
1.3%
1.6%
13.8%
14.5%
14.8%
5.7%
5.4%
5.5%
5.0%
6.3%
5.9%
6.2%
5.8%
6.0%
5.5%
4.8%
4.2%
5.6%
4.6%
5.6%
5.3%
8.6%
8.4%
6.0%
4.8%
4.2%
3.9%
7.7%
250
11.9%
8.4%
200
10.3%
150
12.8%
13.2%
21.8%
21.7%
FY2004
FY2005
Average
YTM*
5Y1M
Average YTM *
(excluding
saving bonds)
5Y0M
300
545.9
12.2%
4.1%
4.2%
8.0%
350
531.7
526.9
541.5
8.5%
8.3%
10.9%
8.3%
12.8%
9.0%
9.2%
8.2%
8.9%
11.5%
0
20.3%
4.7%
5.5%
4.9%
7.8%
8.4%
8.8%
8.6%
9.0%
8.4%
8.5%
13.0%
7-8 yrs
5.0%
4.5%
4.4%
4.6%
5.2%
4.7%
4.9%
5.2%
4.5%
5.3%
4.8%
4.8%
8-9 yrs
4.8%
4.7%
5.6%
5.1%
5.2%
9-10 yrs
4.6%
4.3%
4.4%
5.2%
10-20 yrs
16.5%
15.6%
14.9%
14.4%
14.4%
11.4%
100
50
3.6%
20 yrs-
7.5%
6.7%
5.8%
4.6%
594.0
743.9
4.2%
6-7 yrs
7.8%
7.8%
5-6 yrs
8.1%
8.1%
8.1%
7.8%
4-5 yrs
3-4 yrs
7.9%
8.6%
12.5%
11.9%
12.4%
12.0%
18.3%
18.2%
17.9%
17.3%
2-3 yrs
1-2 yrs
18.6%
17.0%
17.8%
FY2006
FY2007
FY2008
FY2009
FY2010
FY2011
FY2012
FY2013
5Y4M
5Y9M
6Y1M
6Y3M
6Y5M
6Y8M
7Y0M
7Y3M
7Y7M
5Y3M
5Y8M
6Y1M
6Y4M
6Y6M
6Y10M
7Y1M
7Y5M
7Y8M
-1 yr
（at the end of FY）
*years to maturity
Source: Ministry of Finance
Time-to-Maturity Structure of Outstanding JGB（Jun. 2014）
(trillion yen)
130
Average remaining years to maturity： 7 years and 8 months
120
110
100
96.74
Treasury Bills
2-yr bonds
JGBs for retail investors (3-yr-Fixed-rate)
JGBs for retail investors (5-yr-Fixed-rate)
5-yr bonds
Inflation-Indexed bonds
JGBs for retail investors (Floating-rate)
10-yr bonds
15-yr-floating-rate bonds
20-yr bonds
30-yr bonds
40-yr bonds
98.66
90
80
65.22
70
60.46
60
63.70
50
37.59
40
34.43
33.09
30
35.35
39.58
20
10.24
10
0
14
15
16
17
18
19
20
21
22
23
24
9.32
25
14.96
14.42
11.34 13.89
9.31 10.33
26
27
28
29
30
31
17.35
17.66
4.84
32
33
Source: Ministry of Finance
－13－
34
3.31
35
4.40
3.48 4.41 4.93
5.96
36
37
40
38
39
6.15
41
5.22
42
7.42
43
0.67 0.73 1.25
1.25 1.77 1.75 1.77 0.45
44
49
47
48
50
51
52
53 (FY)
6 ECONOMIC AND FINANCIAL TRENDS
Real GDP Growth Rate
(％)
Annualized contributions to changes in real GDP from the previous quarter (seasonally adjusted)
10
5
Private Demand
Public Demand
Foreign Demand
Real GDP
4.1
CPI
6.0
Apr.4, 2013
BOJ released QQE
CPI excluding food (excluding
alcohilic beverages) and energy
3
3.4
5.1
Prices
(%) Change from the previous year
4
3.3%
1.8
0
-2.2
-2.7
-5
2.3%
2
-0.5
-0.5
1
-7.1
-10
0
-15
Ⅳ
Ⅰ
Source: Cabinet Office "Quarterly Estimates of GDP"
Employment Conditions
6.0%
Jul, 2009
5.5％
5.5%
Ⅱ
-1
2014
Jan-12
（ratio）
Jul-13
Jan-13
Jan-14
35
Trade Balance
Services
Secondary Income
Current Account
30
1.1
24.9
25
1
19.7
0.9
15
14.2
0.8
12.2
14.214.7
10.1
5
0.6
Monetary Base
200
10.1
3.2
2006
2005
2004
2003
2002
2001
Source: Ministry of Finance “Balance of Payments"
Source: Ministry of Health, Labour and Welfare “Employment Referrals for General Workers “,
Ministry of Internal Affairs and Communications “Labour Force Survey”
(trillion yen)
2000
Jan-14
1999
Jan-13
1998
Jan-12
1997
Jan-11
-15
0.4
1996
Jan-10
13.6
10.5
-10
0.5
1995
Jan-09
14.9
13.7
-5
1994
1.0%
Jan-08
16.1
14.1
4.7
1993
Job opening-to-application ratio
(right scale)
1.5%
20.3
7.5
1992
2.0%
13.0
18.7
0
1988
Aug, 2009
0.42times
0.7
1987
Aug, 2014
3.5％
1986
2.5%
11.6
10.4
6.5
1985
3.0%
15.0
13.3
9.2
8.7
1991
3.5%
10 12.0
1990
Umemployment rate
(left scale)
19.1
20
1989
4.5%
4.0%
Jul-14
Changes in Current Account
(trillion yen)
1.2
Primary Income
Aug, 2014
1.1times
5.0%
250
Jul-12
Source: Ministry of Internal Affairs and Communications “CPI”
2013
Ⅲ
2013
2012
Ⅱ
2011
Ⅰ
2010
Ⅳ
2009
Ⅲ
2012
2008
Ⅱ
2007
Ⅰ
Indices of Industrial Production
(2010 average=100・
Seasonally Adjusted Index)
160
Banknotes in Circulation
150
Coins in Circulation
140
Current Account Balances
130
150
Production
Shipments
Inventory
Inventory Ratio
120
110
100
100
90
50
80
Jul-14
Jan-14
Oct-13
Jul-13
Apr-13
Jan-13
Oct-12
Jul-12
Apr-12
Jan-12
Oct-11
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-14
20%
Apr-14
30%
Apr-14
(Diffusion index)
Jul-08
Jan-08
Source: Bank of Japan "Monetary Base"
Apr-08
70
0
Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Source: Ministry of Economy, Trade and Industry "Indices of Industrial Production”
Total Value of Machinery Orders
TANKAN (Business Conditions)
Large enterprises/Manufacturing
Large enterprises/Non-Manufacturing
Small enterprises/Manufacturing
Small enterprises/Non-Manufacturing
(Private Sector exc. Volatile orders)
(billion yen)
1,100
Monthly
Quarter (Mean)
1,000
10%
0%
900
-10%
800
-20%
-30%
700
-40%
-50%
600
Source: Bank of Japan “Tankan”
Jan-14
Oct-13
Jul-13
Apr-13
Jan-13
Oct-12
Jul-12
Apr-12
Jan-12
Oct-11
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Jan-08
Sep-14
Jan-14
May-14
Sep-13
Jan-13
May-13
Sep-12
May-12
Jan-12
Sep-11
Jan-11
May-11
Sep-10
Jan-10
May-10
Sep-09
Jan-09
May-09
Sep-08
Jan-08
500
May-08
-70%
Apr-08
-60%
Source: Cabinet Office, Government Japan "Orders Received for Machinery"
－14－
7 INFORMATION
English Publications on JGBs
Frequency
URL
Debt Management
Message from the Financial Bureau
As needed
http://www.mof.go.jp/english/jgbs/debt_management/message.htm
About JGBs
As needed
http://www.mof.go.jp/english/jgbs/debt_management/guide.htm
About the Debt Management Policy
As needed
http://www.mof.go.jp/english/jgbs/debt_management/about.htm
JGB Issuance Plan
As needed
http://www.mof.go.jp/english/jgbs/debt_management/plan/index.htm
Auction Calendar
Auction Calendar
Monthly
Historical Data of Auction Results
Each Auction
http://www.mof.go.jp/english/jgbs/auction/calendar/index.htm
http://www.mof.go.jp/english/jgbs/auction/past_auction_results/index.html
Topics
Product Characteristics of the JGB
As needed
http://www.mof.go.jp/english/jgbs/topics/bond/index.html
Treasury Discount Bills (T-Bills)
Annual
http://www.mof.go.jp/english/jgbs/topics/t_bill/index.htm
Japanese Government Guaranteed Bonds
Annual
http://www.mof.go.jp/english/jgbs/topics/gov_guaranteed_bonds/index.htm
Interest Rate Swap
Semiannual
http://www.mof.go.jp/english/jgbs/topics/swap/index.htm
Taxation of Government Bonds
As needed
http://www.mof.go.jp/english/jgbs/topics/taxation/index.htm
For Individual Investors
As needed
http://www.mof.go.jp/english/jgbs/topics/individual/index.htm
Data
Central Government Debt
Quarterly
Interest Rate
Daily
STRIPS
Monthly
http://www.mof.go.jp/english/jgbs/reference/gbb/index.htm
http://www.mof.go.jp/english/jgbs/reference/interest_rate/index.htm
http://www.mof.go.jp/english/jgbs/reference/jgbstat/index.htm
Dialogue with the market
Advisory Councils on Government Debt Management
Each Meeting
http://www.mof.go.jp/english/about_mof/councils/gov_debt_management/index.html
Meeting of JGB Market Special Participants
Each Meeting
http://www.mof.go.jp/english/about_mof/councils/jgbsp/index.html
Meeting of JGB Investors
Each Meeting
http://www.mof.go.jp/english/about_mof/councils/jgb_investor/index.html
Publications
Debt Management Report
Annual
http://www.mof.go.jp/english/jgbs/publication/debt_management_report/index.htm
JGB Newsletter
Monthly
http://www.mof.go.jp/english/jgbs/publication/newsletter/index.htm
To subscribe to our Newsletter mailing list,
please email: [email protected]
Debt Management Policy Division, Financial Bureau, Ministry of Finance
3-1-1 Kasumigaseki, Chiyoda-ku, Tokyo 100-8940 Japan
Phone: 81-3-3581-4111
Web: www.mof.go.jp
－15－