What’s New ⇒ 1 Central Government Debt(As of December 31, 2015)
2 The 40th Meeting of the Advisory Council on Government Debt Management
Monthly Topic ⇒ 1 Quarterly Estimates of Real GDP Oct.- Dec.2015 2 Operational Changes to the Securities Lending Facility
WHAT’S NEW
1. Central Government Debt (As of December 31, 2015) On February 10, the MOF released the update on central government debt. Debt
outstanding and composition as of the end of December 2015 are as follows.
The Ministry of Finance www.mof.go.jp
The end of December 2015
(Actual)
The end of March 2016 (Estimate)
1) Outstanding Government Bonds and Borrowings
① General Bonds 799.5 812.1
② Fiscal Investment and Loan Program Bonds 95.1 96.8
③ Borrowings, Subsidy Bonds, etc. 62.6 62.3
④ Financing Bills (FBs) 87.3 116.1
Total 1,044.6 1,087.3
2) Outstanding Government-Guaranteed Debts
Government-Guaranteed Debts 42.4 -
Monthly Newsletter of the Ministry of Finance, Japan JAPANESE GOVERNMENT BONDS
Mar. 2016 Contents 1. What’s New
Monthly Topic IR Special Office
…P.1 2. JGB Primary
Market …P.5
3. The Auctions for
Enhanced-Liquidity and JGB Buy-Back
…P.6 4. JGB Secondary
Market …P.7
5. Investor Trends and
JGB Outstanding …P.9
6. Economic and
Financial Trends …P.13
7. Information
…P.14
This Month’s Special!
WHAT’S NEW
(trillion yen)
Notes: 1. Figures may not sum up to the total because of rounding. 2. Above "Outstanding Government Bonds and Borrowings" includes government
bonds and borrowings held by government. 3. Figures are total of the general account and all special accounts, and the coverage is
different from the central government defined in SNA. 4. The data as of March 31, 2016 will be released on May 10, 2016. 5. Figures for "Outstanding Government-Guaranteed Debts" are blank, because these
are not estimated in formulating the budget.
Details: http://www.mof.go.jp/english/jgbs/reference/gbb/e201512.html
<Main points> The outstanding government bonds and borrowings decreased to 1,044.6 trillion yen from the end of September (1,054.4 trillion yen) by 9.8 trillion yen. This is because the total for FBs decreased by 18.7 trillion yen, even though the total for general bonds increased by 8.2 trillion yen.
2. The 40th Meeting of the Advisory Council on Government Debt Management The 40th Meeting of the Advisory Council on Government Debt Management was held on February 26, 2016.
The agenda was as follows: 1) Environmental change in domestic and overseas bonds markets and the trends of foreign investors ・ Views on the JGB market by foreign investors (presentation by Mr. Masanao of PIMCO Japan Ltd.) ・ Environmental change in the bonds market (presentation by council member Shimamoto of Societe
Generale Securities (North Pacific) Ltd.) 2) Current status of the BOJ’s monetary policy (by the Bank of Japan) 3) JGB issuance plan for FY2016 (by the MOF)
Presentation material (only in Japanese) is on the website. Please see the following link: http://www.mof.go.jp/about_mof/councils/gov_debt_management/proceedings/index.html
-2-
WHAT’S NEW
-0.5
1.71.4
-0.0
0.4
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
2011 2012 2013 2014 2015
(%) Growth of Annual Real GDP
(CY)
-2.3
0.8 0.8 1.6
2.5
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
2011 2012 2013 2014 2015
(%) Growth of Annual Nominal GDP
(CY)
0.9
-0.4-0.5
-0.1
1.00.7
0.5
-0.1
1.2
-2.0
-0.6
0.61.0
-0.3
0.3
-0.4
-3.5
-3.0
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ
2012 2013 2014 2015
(%)
Private Demand Public DemandForeign Demand Real GDP
Contributions to change from the previous quarter (Seasonally adjusted)
1. Quarterly Estimates of Real GDP Oct.-Dec.2015
The first preliminary GDP estimate (Oct.-Dec. 2015) was released on Feb. 15. The real GDP growth rate was -0.4% (annual rate -1.4%) from the previous quarter.
Domestic Demand contributed -0.5% to the GDP. Private Consumption and Private Residential Investment fell -0.8% and -1.2% respectively from the previous quarter, but Private Non-Resi. Investment rose +1.4%. Change in Private Inventory made a negative contribution of -0.1% to the GDP.
Foreign Demand contributed +0.1% to GDP and made a positive contribution for 2 consecutive quarters. However, Exports fell -0.2% and Imports rose +0.3% respectively from the previous quarter.
In CY2015, Real GDP and Nominal GDP increased by +0.4% and +2.5% respectively from the previous year.
2. Operational Changes to the Securities Lending Facility According to a press release by the BOJ on February 10, 2016, the BOJ implemented operational
changes to the Securities Lending Facility (SLF) from February 16, in order to ease stress in the Japanese government securities (JGSs) market with a view to further facilitating the BOJ's money market operations as well as contributing to smooth settlement of JGSs. These changes are ①the upper limit on the amount of sales per issue for JGBs with coupons has been raised to whichever is smaller, the amount outstanding of the BOJ's holdings or 1 trillion JPY (from whichever is smaller, the amount outstanding or 400 billion JPY,) and ②clarification of the upper limit on selling yields (the rate considered in light of the uncollateralized overnight call rate) – (0.5% (=the minimum fee rate)).
MONTHLY TOPIC
-3-
For more details, see: http://www.boj.or.jp/en/announcements/release_2016/rel160210a.pdf
Development of Real GDP (Quarterly, seasonally adjusted series)
Note1: Change from the previous quarter (seasonally adjusted) Note2: Annual rate Note3: The Figures in () indicate contributions to Changes in GDP. Source: Cabinet Office, Government of Japan
Source: Cabinet Office, Government of Japan
Note1 Note2
Source: Cabinet Office, Government of Japan
2014 201510~12 1~3 4~6 7~9 10~12
0.6 1.0 -0.3 0.3 -0.4 *** -1.40.3 1.0 -0.0 0.1 -0.5 *** -1.9
(0.3) (1.0) (-0.0) (0.1) *** (-0.5) ***0.3 1.5 -0.3 0.2 -0.6 (-0.5) -2.40.6 0.2 -0.8 0.4 -0.8 (-0.5) -3.3
0.7 0.2 -0.9 0.4 -0.9 (-0.5) -3.5
Excluding imputed Rent 0.8 0.2 -1.1 0.4 -1.1 (-0.5) -4.3-0.4 2.1 2.3 1.6 -1.2 (-0.0) -4.8-0.0 2.8 -1.2 0.7 1.4 (0.2) 5.7
(-0.2) (0.5) (0.3) (-0.2) *** (-0.1) ***0.2 -0.4 0.9 -0.2 -0.1 (-0.0) -0.30.3 0.2 0.5 0.2 0.5 (0.1) 2.10.7 -2.9 3.3 -2.0 -2.7 (-0.1) -10.3
(-0.0) (0.0) (-0.0) (0.0) *** (0.0) ***(0.3) (-0.0) (-0.3) (0.2) *** (0.1) ***
Private Non-Resi. Investment
Net Exports of Goods & Services
Change in Private InventoryPublic Demand
Government ConsumptionPublic InvestmentChange in Public Inventory
Private DemandPrivate Consumption
Consumption of Households
Private Residential Investment
201510~12
Domestic Demand
Gross Domestic Product
In the third week of February 2016, the IR Special Office members visited certain Middle Eastern countries (Doha, Kuwait, Riyadh, and Abu Dhabi) to have meetings with investors. Ms. Kimata, Director for Debt Management and JGB Investor Relations, and Mr. Sekine, Researcher, had discussions with investors, mainly about the JGB issuance plan for FY2016, Japan’s economy, and fiscal consolidation.
This IR tour had a busy schedule as usual because we met as many investors as we could in the area for a limited time. Investors warmly welcomed us with refreshments such as Arabic coffee or herbal tea which had a refreshing taste. We then could carry on with the meaningful IR tour.
During the IR tour, we could experience the Arabic world by eating delicious Middle Eastern cuisine such as lamb chops, as well as seeing modern buildings and the sacred Mosque!
IR SPECIAL OFFICE
-4-
If you have any questions regarding the contents of this newsletter, please do not hesitate to contact us at: [email protected]
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)
12/1/2015 10-year 341 12/20/2025 0.3% 7,726.2 2,172.5 0.322% 0.320% 5.629 220.8 322.8 12/8/2015 30-year 49 12/20/2045 1.4% 2,868.7 729.2 1.400% 1.397% - 70.0 67.1 12/15/2015 5-year 126 12/20/2020 0.1% 9,696.0 2,280.6 0.037% 0.035% 0.300 218.3 70.3 12/17/2015 20-year 155 12/20/2035 1.0% 3,345.1 1,088.7 1.048% 1.041% - 109.9 148.4 12/22/2015 2-year 360 1/15/2018 0.1% 10,968.2 2,325.6 ▲0.009% ▲0.013% 0.010 173.8 0.0 1/5/2016 10-year 341 12/20/2025 0.3% 7,106.9 2,186.1 0.258% 0.254% 2.113 211.0 305.1 1/7/2016 30-year 49 12/20/2045 1.4% 2,751.1 737.0 1.226% 1.224% - 62.3 104.9 1/13/2016 10-year Inflation-Indexed Bonds 20 3/10/2025 0.1% 1,232.8 499.9 ▲0.364% - - - 43.0 1/19/2016 5-year 126 12/20/2020 0.1% 9,298.3 2,269.9 0.018% 0.016% 0.000 229.5 86.1 1/21/2016 20-year 155 12/20/2035 1.0% 3,817.0 1,094.4 0.928% 0.924% - 104.5 164.7 1/28/2016 2-year 361 2/15/2018 0.1% 11,052.2 2,282.7 ▲0.014% ▲0.018% 0.110 216.2 207.2 2/2/2016 10-year 341 12/20/2025 0.3% 6,895.5 2,198.5 0.092% 0.078% 1.501 199.9 0.0 2/9/2016 30-year 49 12/20/2045 1.4% 2,211.2 726.4 1.083% 1.068% - 73.2 75.3 2/16/2016 20-year 155 12/20/2035 1.0% 3,826.7 1,092.5 0.792% 0.786% - 106.5 164.6 2/18/2016 5-year 126 12/20/2020 0.1% 8,117.3 2,276.5 ▲0.120% ▲0.138% 0.000 223.3 34.2 2/23/2016 40-year 8 3/20/2055 1.4% 1,221.2 399.7 1.130% - - - 44.9 2/25/2016 2-year 362 3/15/2018 0.1% 9,888.9 2,276.4 ▲0.176% ▲0.183% 0.010 223.3 296.4
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)
12/3/2015 3-month 574 3/14/2016 18,599.50 4,405.42 ▲0.0502% ▲0.0644% 374.50 12/8/2015 6-month 575 6/10/2016 13,789.50 3,218.88 ▲0.0378% ▲0.0458% 281.10 12/10/2015 3-month 576 3/22/2016 16,089.10 4,347.78 ▲0.0221% ▲0.0353% 402.20 12/16/2015 1-year 577 12/20/2016 10,678.70 2,328.88 ▲0.0409% ▲0.0489% 171.10 12/17/2015 3-month 578 3/28/2016 18,448.50 4,377.76 ▲0.0111% ▲0.0242% 372.20 12/24/2015 3-month 579 4/7/2016 15,471.70 4,394.35 ▲0.0144% ▲0.0209% 355.60 1/7/2016 3-month 580 4/11/2016 19,841.10 4,090.07 ▲0.0162% ▲0.0214% 379.90 1/8/2016 6-month 581 7/11/2016 14,549.60 3,219.26 ▲0.0425% ▲0.0608% 280.70 1/14/2016 3-month 582 4/18/2016 19,257.50 4,085.65 ▲0.0220% ▲0.0276% 384.30 1/18/2016 1-year 583 1/20/2017 9,930.00 2,281.38 ▲0.0667% ▲0.0727% 218.60 1/21/2016 3-month 584 4/25/2016 20,341.60 4,119.55 ▲0.0180% ▲0.0212% 390.40 1/28/2016 3-month 585 5/2/2016 17,632.50 4,162.05 ▲0.0300% ▲0.0356% 357.90 2/4/2016 3-month 586 5/12/2016 17,271.00 4,147.75 ▲0.1009% ▲0.1308% 332.20 2/8/2016 6-month 587 8/10/2016 12,601.10 3,220.66 ▲0.1603% ▲0.1743% 279.30 2/10/2016 3-month 588 5/16/2016 15,181.51 4,065.91 ▲0.1102% ▲0.1335% 384.00 2/17/2016 1-year 589 2/20/2017 10,087.50 2,325.17 ▲0.1501% ▲0.1601% 174.80 2/18/2016 3-month 590 5/23/2016 16,613.00 4,088.38 ▲0.1022% ▲0.1090% 381.60 2/25/2016 3-month 591 5/30/2016 15,066.60 4,139.24 ▲0.1002% ▲0.1066% 390.70
Auction Calendar for Feb. – Apr. 2016 Auction Date Issue Auction Date Issue Auction Date Issue Auction Date Issue
2/2(Tue) 10-year 2/25(Thu) T-Bills (3-month) 3/23(Wed) Auctions for Enhanced-liquidity 4/19(Tue) 5-year 2/4(Thu) T-Bills (3-month) 2/25(Thu) 2-year 3/24(Thu) T-Bills (3-month) 4/21(Thu) T-Bills (3-month) 2/4(Thu) Auctions for Enhanced-liquidity 3/1(Tue) 10-year 3/25(Fri) 2-year 4/21(Thu) 20-year 2/8(Mon) T-Bills (6-month) 3/3(Thu) T-Bills (3-month) 4/5(Tue) T-Bills (3-month) 4/25(Mon) Auctions for Enhanced-liquidity
2/9(Tue) 30-year 3/3(Thu) Auctions for Enhanced-liquidity 4/5(Tue) 10-year 4/27(Wed) T-Bills (3-month)
2/10(Wed) T-Bills (3-month) 3/8(Tue) T-Bills (6-month) 4/6(Wed) T-Bills (6-month) 4/27(Wed) 2-year 2/12(Fri) Auctions for Enhanced-liquidity 3/8(Tue) 30-year 4/7(Thu) T-Bills (3-month) 2/16(Tue) 20-year 3/10(Thu) T-Bills (3-month) 4/7(Thu) Auctions for Enhanced-liquidity 2/17(Wed) T-Bills (1-year) 3/10(Thu) 5-year 4/12(Tue) 10-year Inflation-Indexed Bonds 2/18(Thu) T-Bills (3-month) 3/16(Wed) T-Bills (1-year) 4/14(Thu) T-Bills (3-month) 2/18(Thu) 5-year 3/17(Thu) T-Bills (3-month) 4/14(Thu) 30-year 2/23(Tue) 40-year 3/17(Thu) 20-year 4/18(Mon) T-Bills (1-year)
Top 10 PDs by Total Purchase in Auctions (Calculated by Duration) (Jul. 2015 ~ Dec. 2015) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 SMBC Nikko Securities Inc. 2 Nomura Securities Co., Ltd. 7 Merrill Lynch Japan Securities Co., Ltd. 3 Daiwa Securities Co. Ltd. 8 BNP Paribas Securities (Japan) Limited 4 Mizuho Securities Co., Ltd. 9 The Bank of Tokyo-Mitsubishi UFJ, Ltd. 5 Goldman Sachs Japan Co., Ltd. 10 JPMorgan Securities Japan Co., Ltd.
2 JGB PRIMARY MARKET
Note.1: The above calendar may be changed or added in light of changes in circumstances. In such cases, it will be announced in advance. Note.2: Each issue amount will be announced about one week prior to each auction date.
-5-
(Until 25 February 2016)
(Until 25 February 2016)
Results of Auctions for Enhanced-Liquidity
Auction Date
Amounts of Competitive
Bids (billion yen)
Amounts of Bids
Accepted (billion yen)
Average Accepted Spread
Highest Accepted Spread
Issues Re-opened
12/3/2015 940.0 299.4 ▲0.006% ▲0.003% 20-year(130,134) 30-year(6,24,25,27,28,29,30,31,32,33,36,37,38,40) 40-year(5,6,7)
12/10/2015 1,861.4 498.0 ▲0.008% ▲0.005% 10-year(313,314,315,316,319,322,332,336) 20-year(48,49,52,55,57,58,65,66,71,72,88,89,93,94,97,99,100,102,109,110,111,117,120,122,125) 30-year(2)
1/15/2016 1,185.6 299.8 +0.015% +0.015% 20-year(132,141) 30-year(6,38,39)
1/26/2016 1,554.9 498.9 ▲0.009% ▲0.007% 10-year(313,314,315,316,317,318,319,322,323,324,325,330) 20-year(57,58,75,76,78,79,80,81,82,92,102,103,105,118,123)
2/4/2016 835.7 299.3 ▲0.007% ▲0.002% 20-year(130,131,133,134,138,140,141,147) 30-year(8,10,20,22,23,24,28,31,36,37,38,39,41,42) 40-year(5,7)
2/12/2016 1,435.1 499.6 +0.007% +0.015% 10-year(313,314,315,316,317,318,319,320,321,322,323,324,325,326,327,328,330,332,336,337) 20-year(49,55,56,58,59,60,61,65,70,78,84,86,87,88,89,91,99,128)
Target Zones of the Auction for Enhanced-Liquidity for the Fourth Quarter of FY 2015
15-Year Floating-Rate
Auction Date Amounts of
Competitive Bids (billion yen)
Amounts of Bids Accepted
(billion yen)
Average Accepted
Spread (yen)
Highest Accepted
Spread (yen) Issue Numbers
9/7/2015 373.6 60.0 ▲0.916 ▲0.81 23,25,37,38,40,42,45,46,48 11/26/2015 609.4 120.1 ▲1.112 ▲0.51 23,24,38,39,40,41,42,43,44,45,46,47,48 1/22/2016 359.1 60.1 ▲0.193 ▲0.04 11,17,18,21,22,24,34,38,39,40,41,42,43,44,46,47
3 THE AUCTIONS FOR ENHANCED-LIQUIDITY AND JGB BUY-BACK
①Remaining maturity : approx.5‐~15.5‐year
②Remaining maturity : approx.15.5‐~39‐year
Note.1: JL shows 20‐year JGBs. JX shows 30‐year JGBs. JU shows 40‐year JGBs. Outstanding amount is as of the end of December 2015. Note.2: All issues in the graph above will be eligible afterward.
Buy-back Results
(Until 25 February 2016)
(Until 31 January 2016)
-6-
0500
1,0001,5002,0002,5003,0003,5004,0004,5005,0005,5006,0006,5007,0007,500
313
314
JL49
JL50 31
531
6JL
51 317
318
JL52 31
932
0JL
53JL
54 321
322
JL55 32
332
4JL
56JL
57 325
JL58 32
632
7JL
59JL
60 328
JL61 32
9JL
62JL
63 330
331
JL64 33
2JL
65JL
66 333
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
JL83
JL84
JL85
JL86
JL87
JL88
JL89
JL90
JL91
JL92
JL93
JL94
JL95
JL96
JL97
JL98
JL99
JL10
0JL
101
JL10
2JL
103
JL10
4JL
105
JL10
6JL
107
JL10
8JL
109
JL11
0JL
111
JL11
2JL
113
JX1
JL11
4JL
115
JX2
JL11
6JL
117
JX3
JL11
8JL
119
JL12
0JL
121
JL12
2JX
4JL
123
JL12
4JL
125
JL12
6JL
127
JX5
JL12
8JL
129
Amount issued by the Auction for Enhanced-liquidity Outstanding amount in the market (excluding amount issued by the Auction for Enhanced-liquidity)
5 10 15.5
(Remaining maturities)
(billion yen)
0500
1,0001,5002,0002,5003,0003,5004,000
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
JL15
4JX
20JX
21JX
22JX
23JX
24JX
25JX
26JX
27JX
28JX
29JX
30JX
31JX
32JX
33JX
34JX
35JX
36JX
37JX
38JX
39JX
40JX
41JX
42JX
43JX
44JX
45JX
46JX
47JX
48JU
1JU
2JU
3JU
4JU
5JU
6JU
7
Amount issued by the Auction for Enhanced-liquidity Outstanding amount in the market (excluding amount issued by the Auction for Enhanced-liquidity)(billion yen)
(Remaining maturities)
15.5 20 39
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
2-year bond 5-year bond 10-year bond
20-year bond 30-year bond 40-year bond
Note: BEI (Japan : old JGBi) is calculated based on the compound interest rate of the old Inflation-Indexed Bonds (issue number 16 with current maturity of 2 years and 5 months) and the 10-Year Bonds (issue number 293 with current maturity of 2 years and 5 months). BEI (Japan : 10 year) is calculated based on the compound interest rate of the new Inflation-Indexed Bonds and the 10-Year Bonds.
Source: Japan: Calculation by the Ministry of Finance based on the information on interest rates offered by NIKKEI QUICK U.S.A., U.K. : Bloomberg
4 JGB SECONDARY MARKET JGB Yield Curves
Source: Japan Bond Trading Co.,Ltd.
Yields of JGB
Long - Term Interest Rates (10Yr) Source: Bloomberg
Source: Bloomberg
-7-
Yield and Volatility (10Yr)
Break-Even Inflation Rates
Source: Bloomberg, Calculation by the Ministry of Finance
(Until 29 January 2016)
(Until 29 January 2016)
(Until 29 January 2016)
(Until 29 January 2016)
-3%
-2%
-1%
0%
1%
2%
3%
4%
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
BEI (Japan : old JGBi) BEI (Japan : 10 year)
BEI (U.K. : 10 year) BEI (U.S.A. : 10 year)
-0.2%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
1.6%
1.8%
2015/3/312015/6/302015/9/302015/10/302015/11/302015/12/302016/1/29
40353020 25151050 0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
1.6%
0%
1%
2%
3%
4%
5%
6%
7%
8%
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
Volatility Yield (right scale)
0%
1%
2%
3%
4%
5%
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
Japan United States
United Kingdom Germany
Short-Term Interest Rates
Source: Bank of Japan ; Japanese Banker Association
JGB Over-the-Counter Trading Volume (TOKYO)
Trading Volume of 10-Year JGB Futures
Repurchase Transactions
-8-
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 29January 2016)
0.0%
0.1%
0.2%
0.3%
0.4%
0.5%
0.6%
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
Call Rate (Uncollateralized Overnight)
TIBOR 3-months (Euro-Yen)
Basic Loan Rate
0
500
1,000
1,500
2,000
2,500
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
Bond-Lending
Bond-Gensaki
0
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
Treasury Discount Bills
Medium Term Bonds
Long Term Bonds
0
20
40
60
80
100
120
140
160
180
200
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
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
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan
City Banks
Net Purchase
Net Sale
2013 2014 2015 2016
-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
Regional banks
Net Purchase
Net Sale
2013 2014 2015 2016
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan
Life and non-life insurance companies
Net Purchase
Net Sale
2013 2014 2015 2016
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
22.0
24.0
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan
Foreigners
Net Purchase
Net Sale
2013 2014 2015 2016
(unit: trillion yen)(unit: trillion yen)
(unit: trillion yen) (unit: trillion yen)
Trends in Bank Assets by Types
5 INVESTOR TRENDS AND JGB OUTSTANDING Trends in JGBs Transactions (by investor type)
BOJ Trends
-9-
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
0
50
100
150
200
250
300
350
400
450
500
Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16
Total Assets
Monetary Base
JGBs+80 tril yen
+80 tril yen
(tri l l ion yen)
Actual
QQE QQE2Apr 2013(Actual)
Jan 2016(Actual)
The pace ofannual increase
Monetary Base 155 359 About 80 trillion
JGBs 98 292 About 80 trillion
CP 1.4 2.2Maintain theoutstanding
balance
Corporate Bonds 2.9 3.2Maintain theoutstanding
balance
ETFs 1.7 7.2 About 3 trillion
J-REITs 0.13 0.28 About 90 billion
Total Assets 175 396 --
-5
-4
-3
-2
-1
0
1
2
3
4
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
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
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
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-11 Jan-12 Jan-13 Jan-14 Jan-15
Short-term debt securities Long-term debt securities Equity and investment fund shares
Net
Purchase
Net
Sales
JGBs Holding by Foreign Investors
Banks(Banking Accounts) Life Insurance Companies
Transactions of Domestic Securities by Non-Residents
Note: “JGB” includes T-Bills. Source: Bank of Japan
Source: Ministry of Finance Source: Japan Securities Dealers Association
Outstanding of Repurchase Agreements (by Investor types)
Transactions of Foreign Securities by Residents (by Investor types)
Source: Ministry of Finance
Foreign Investors Presence
Note.1: Quarterly basis. Note.2: “JGB” includes T-Bills. The figures of ②excludes dealers’ transactions. Source: Bank of Japan, Japan Securities Dealers Association, Tokyo Stock Exchange,
Osaka Exchange
(trillion yen)
(trillion yen)
(trillion yen)
Source: Ministry of Finance
9.8%
25.5%
51.1%
0%
10%
20%
30%
40%
50%
60%
Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
①Market Share of Foreign Investors (JGB Futures Market)
②Market Share of Foreign Investors (JGB Market)
③JGB Holdings by Foreign Investors
59.2
63.3 67.9
55.2 55.6
55.0 52.3 49.3 46.4
52.1
58.1 56.6
61.9 67.8
77.0 78.3 76.7 81.8
86.1
82.6 82.0
81.7 79.0
83.8 81.5
83.9 87.2
92.9 97.9
95.4
101.6 7.4
8.0
8.6
6.9
7.0 6.8 6.4
6.0 5.6
6.0
6.6 6.4
7.1 7.5
8.4 8.5 8.3 8.7 9.1
8.6 8.5 8.4 8.1
8.5 8.2 8.3
8.6 9.1
9.4 9.2
9.8
20
40
60
80
100
120
1
2
3
4
5
6
7
8
9
10
11
Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Amount of JGB Holdings (right)
Proportion of JGB Holdings (left)
(trillion yen)
%
%
%
%
%
%
%
%
%
%
%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
City Banks Trust Banks Insurance Companies Foreigners
JGB and T-Bill Holders
-10-
Breakdown by JGB and T-Bill Holders (Sep. 2015)
Source: Bank of Japan “Flow of Funds Accounts (Preliminary Figures)”
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.
(trillion yen)
Breakdown of Outstanding Amount of General Bonds by Remaining Years to Maturity
T-Bill Holders
Total 141.4 trillion yen
JGB Holders
Total 898.5 trillion yen
Total 1,039.9 trillion yen
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
21.7% 20.3% 18.6% 17.0% 17.8% 18.3% 18.2% 17.9% 17.3% 16.4%
13.2% 12.8% 11.5% 11.4%13.0% 12.5% 11.9% 12.4% 12.0% 11.1%
10.9%8.3%
8.2% 8.9%8.5%
7.9% 8.6% 8.1% 7.8% 7.8%8.4%
8.3% 9.0% 9.2%8.4%
9.0%8.6% 8.1% 8.1% 8.2%7.7%
8.5% 8.6% 8.4%
8.8%8.4%
7.8%7.8% 7.8% 7.4%
3.9%4.2% 4.6% 5.3%
5.2%4.7%
4.9%4.4% 4.2% 5.0%
4.2%4.8% 5.6% 5.6%
4.9%5.2%
4.6%4.5%
5.0% 4.3%
4.8% 5.8% 6.0% 5.5%
5.5%4.8%
4.8%5.3%
4.5% 4.5%
6.0% 6.3% 5.9% 6.2%
5.2%5.1%
5.6%4.7%
4.8% 5.2%
5.7% 5.4% 5.5% 5.0%
4.7%5.2%
4.4%4.3%
4.6% 4.2%
12.2% 13.8% 14.5% 14.8%
14.4%
14.4%14.9%
15.6%16.5%
17.7%
1.3% 1.6%2.0% 2.7%
3.6%
4.6%
5.8%6.7%
7.5%8.3% 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)
526.9 531.7 541.5 545.9
594.0
636.3
669.9
705.0
743.9
*years to maturity
774.1
Average
YTM* 5Y4M 5Y9M 6Y1M 6Y3M 6Y5M 6Y8M 7Y0M 7Y3M 7Y7M 8Y0M
Average YTM*
(excluding saving
bonds)5Y3M 5Y8M 6Y1M 6Y4M 6Y6M 6Y10M 7Y1M 7Y5M 7Y8M 8Y0M
General
Government
(ex Public Pensions)
15.0
10.6% Fiscal Loan Fund
0.0
0.0%
BOJ
46.7
33.0%
Banks,etc.
21.4
15.1%
Life and Non-life
Insurance
2.5
1.8%
Public Pensions
0.0
0.0%
Pension Funds
0.0
0.0%
Foreigners
55.8
39.5%
Households
0.0
0.0%
Others
0.0
0.0%
General
Government
(ex Public Pensions)
17.4
1.7%Fiscal Loan Fund
0.0
0.0%
BOJ
315.0
30.3%
Banks,etc.
295.7
28.4%
Life and Non-life
Insurance
199.0
19.1%
Public Pensions
52.3
5.0%
Pension Funds
34.8
3.3%
Foreigners
101.6
9.8%
Households
14.5
1.4%
Others
9.6
0.9%
General
Government(ex Public Pensions)
2.4
0.3% Fiscal Loan Fund
0.0
0.0%
BOJ
268.3
29.9%
Banks,etc.
274.3
30.5%
Life and Non-life
Insurance
196.6
21.9%
Public Pensions
52.3
5.8%
Pension Funds
34.8
3.9%
Foreigners
45.7
5.1%
Households
14.5
1.6%
Others
9.6
1.1%
Types The amount of redemption at maturity Scheduled redemption date
20-Year Bonds 935.9 March 21
15-Year Floating-Rate Bonds 465.4 March 21
10-Year Bonds 8,113.9 March 20
10-Year Inflation-Indexed Bonds 62.1 March 10
5-Year Bonds 7,270.5 March 20
2-Year Bonds 3,003.9 March 15
Treasury Bill 3,951.0 March 22
Total 23,802.9
Source: Ministry of Finance
Time-to-Maturity Structure of Outstanding JGB(Dec. 2015)
General Bonds Issuance Amount and Outstanding
Note 1: Issuance Amount: revenue basis, FY2004-2014: actual, FY2015: supplementary budget, FY2016: initial budget Note 2: Outstanding: nominal basis, FY2003-2014: actual, FY2015-2016: estimates Source: Ministry of Finance
Market-held Balance of the Inflation-Indexed Bonds (as of January 29, 2016) JGB Holding by Retail Investors
(trillion yen)
Scheduled redemption of JGB at maturity in March, 2016
Note.1: The figures are based on the outstanding JGBs at the end of January, 2016. 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: About Inflation-Indexed Bonds, the amount of redemption at maturity is adopted the inflation-adjusted principal as of January 31, 2016. Note.4: The figures do not include "JGB for Retail Investors". Note.5: If the redemption date coincides with bank holiday, the payment of redemption is carried out on the following business day. Note.6: Figures may not sum up to total because of rounding.
(billion yen)
-12-
Source: Ministry of Finance, Bank of Japan Note: Outstanding "JGBs for retail investors" at Dec-15 is calculated to 〔aggregate issues of ¥45.7trillion〕-〔redemption before maturity of ¥14.0trillion〕-〔aggregate redemption money of ¥20.5trillion〕. Other figures based on Bank of Japan “Flow of Funds” statistics. Source: Ministry of Finance, Bank of Japan “Flow of Funds”
0.4 0.7 1.0
2.0
3.3
4.8
6.5
8.4
10.1
12.4
14.0 15.3
17.1
18.7
20.7
22.0 23.2
24.1
25.8 26.5 26.7 26.8
27.4 27.5 27.6 27.5 27.7 27.7 27.2 27.3 27.4 27.2
25.8 25.2
24.1 23.4
22.9 22.3
21.0 20.3
19.7 19.2
18.2 17.8 17.4 16.8
15.9 14.9
13.8 12.6
11.9 11.2
12.3 12.5 12.4 13.4
14.6
15.9
18.0
20.1
21.8
24.5 25.7
26.9 28.0
29.1
31.4 32.3
33.4 33.6
35.4 36.0 36.3
35.3 35.8
36.7 36.0 35.6 35.5 35.0
34.4 34.4 34.1
33.0
31.1 30.4
29.5 28.5
27.7 27.0 25.5
24.5 24.2
22.9 22.0
21.4 21.0 20.4
19.3 18.4
16.9
15.4 14.5
13.8
2.1%2.0%
2.0%2.1%2.2%2.3%
2.6%2.9%
3.0%3.2%
3.4%3.5%
3.7%3.8%
4.1%4.2%
4.3%4.4%4.6%4.6%
4.5%4.5%4.5%
4.6%4.5%
4.4%4.3%4.3%4.1%
4.0%3.9%
3.8%3.6%
3.4%3.2%
3.1%3.0%2.9%
2.7%2.6%2.5%
2.4%2.2%
2.2%2.1%2.0%
1.9%1.8%
1.6%1.5%1.4%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
0
5
10
15
20
25
30
35
40
45
Mar - 03 Mar - 04 Mar - 05 Mar - 06 Mar - 07 Mar - 08 Mar - 09 Mar - 10 Mar - 11 Mar - 12 Mar - 13 Mar - 14 Mar - 15
(trillion yen)
Total JGBs held by retail investors (left)
Outstanding "JGBs for retail investors" (left)
Ratio of JGBs held by retail investors (right)
Dec - 12
0100200300400500600700800900
1,0001,1001,2001,3001,4001,5001,6001,7001,8001,9002,0002,1002,200
7 8 9 10 11 12 13 14 15 16 17 18 19 20
(billion yen)
(issue number)
Outstanding amount (excl. BOJ holding)
BOJ holding
Old type(without floor)
Market BOJ TotalOld 1,004 1,098 2,102New 4,504 195 4,700
31.07
113.09
80.39
63.6262.82
56.86
33.40 34.97
39.9939.03
27.98
9.4410.48
11.4314.02
15.70
14.88
17.7217.89
19.7912.48
4.55 3.64 4.555.20 6.21 6.47
5.887.92
9.246.22
0.78 1.28 1.30 1.85 1.82 1.85 1.94 1.740
10
20
30
40
50
60
70
80
90
100
110
120
15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 47 48 49 50 51 52 53 54
(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 3 months
499.0526.9 531.7 541.5 545.9
594.0636.3
669.9705.0
743.9 774.1 812.1837.8119.9
136.8 135.6 124.6 127.1
142.4 143.1
163.1 163.3 153.6 158.0 152.7
145.7
100
200
300
400
500
600
700
800
900
0
30
60
90
120
150
180
04 05 06 07 08 09 10 11 12 13 14 15 16
Outstanding (right-hand scale) Issuance Amount (left-hand scale)
-13-
Real GDP Growth Rate
Employment Conditions
Prices
Changes in Current Account
Monetary Base Indices of Industrial Production
Total Value of Machinery Orders (Private Sector exc. Volatile orders)
TANKAN (Business Conditions)
Source: Cabinet Office "Quarterly Estimates of GDP"
Source: Ministry of Internal Affairs and Communications “CPI”
Source: Ministry of Health, Labour and Welfare “Employment Referrals for General Workers “, Ministry of Internal Affairs and Communications “Labour Force Survey”
Source: Ministry of Finance “Balance of Payments"
Source: Ministry of Economy, Trade and Industry "Indices of Industrial Production”
Source: Cabinet Office, Government Japan "Orders Received for Machinery"
(trillion yen)
6 ECONOMIC AND FINANCIAL TRENDS
Source: Bank of Japan "Monetary Base"
Source: Bank of Japan "Tankan"
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
Jan-
08
May
-08
Sep
-08
Jan-
09
May
-09
Sep
-09
Jan-
10
May
-10
Sep
-10
Jan-
11
May
-11
Sep
-11
Jan-
12
May
-12
Sep
-12
Jan-
13
May
-13
Sep
-13
Jan-
14
May
-14
Sep
-14
Jan-
15
May
-15
Sep
-15
(Diffusion index)
Large enterprises/Manufacturing
Large enterprises/Non-Manufacturing
Small enterprises/Manufacturing
Small enterprises/Non-Manufacturing
0.7%
0.0%
-1
0
1
2
3
4
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16
(%)
CPI
CPI excluding food (excludingalcohilic beverages) and energy
Change from the previous year
Apr.4, 2013BOJ released QQE
0.4
0.5
0.6
0.7
0.8
0.9
1
1.1
1.2
1.3
1.4
1.0%
1.5%
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
(ratio)Jan, 20161.28times
Jan, 20163.2%
Aug, 20090.42times
Jul, 20095.5%
Job opening-to-application ratio(right scale)
Unemployment rate(left scale)
6.5
3.3 3.7
1.4 2.3
3.2 4.3
3.8
5.4 4.4 5.5
4.1 4.3
1.8
3.3
0.9
2.1
1.1
1.6
-0.0
1.6 2.2
1.6
-1.4 -0.9
0.4
1.6 1.5
4.4
3.8
4.9
3.6
-8
-6
-4
-2
0
2
4
6
8
10
2008
Q1
2008
Q2
2008
Q3
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
2013
Q2
2013
Q3
2013
Q4
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
Primary Income Trade BalanceServices Secondary IncomeCurrent Account
0
50
100
150
200
250
300
350
400(trillion yen)
Banknotes in Circulation
Coins in Circulation
Current Account Balances
70
80
90
100
110
120
130
140
150
160
Jan-
08Ap
r-08
Jul-0
8O
ct-0
8Ja
n-09
Apr-0
9Ju
l-09
Oct
-09
Jan-
10Ap
r-10
Jul-1
0O
ct-1
0Ja
n-11
Apr-1
1Ju
l-11
Oct
-11
Jan-
12Ap
r-12
Jul-1
2O
ct-1
2Ja
n-13
Apr-1
3Ju
l-13
Oct
-13
Jan-
14Ap
r-14
Jul-1
4O
ct-1
4Ja
n-15
Apr-1
5Ju
l-15
Oct
-15
Jan-
16
(2010 average=100・Seasonally Adjusted Index)
Production Shipments
Inventory Inventory Ratio
500
600
700
800
900
1,000
1,100
1,200
Jan-
08
Apr-
08
Jul-0
8
Oct
-08
Jan-
09
Apr-
09
Jul-0
9
Oct
-09
Jan-
10
Apr-
10
Jul-1
0
Oct
-10
Jan-
11
Apr-
11
Jul-1
1
Oct
-11
Jan-
12
Apr-
12
Jul-1
2
Oct
-12
Jan-
13
Apr-
13
Jul-1
3
Oct
-13
Jan-
14
Apr-
14
Jul-1
4
Oct
-14
Jan-
15
Apr-
15
Jul-1
5
Oct
-15
(billion yen)
Monthly Quarter (Mean)
3.7
-1.6 -1.8
-0.3
4.02.7
2.1
-0.3
5.0
-7.9
-2.6
2.5
4.2
-1.4
1.3
-1.4
-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
2012 2013 2014 2015
(%)
Private Demand Public Demand
Foreign Demand Real GDP
Annualized rate of Change from the previous quarter (Seasonally adjusted)
(CY)
English Publications on JGBs Frequency URL Debt Management
Message from the Financial Bureau As needed http://www.mof.go.jp/english/jgbs/debt_management/message.htm
About JGBs As needed http://www.mof.go.jp/english/jgbs/debt_management/guide.htm
About the Debt Management Policy As needed http://www.mof.go.jp/english/jgbs/debt_management/about.htm
JGB Issuance Plan As needed http://www.mof.go.jp/english/jgbs/debt_management/plan/index.htm
Auction Calendar
Auction Calendar Monthly http://www.mof.go.jp/english/jgbs/auction/calendar/index.htm
Historical Data of Auction Results Each Auction http://www.mof.go.jp/english/jgbs/auction/past_auction_results/index.html
Topics
Product Characteristics of the JGB As needed http://www.mof.go.jp/english/jgbs/topics/bond/index.html
Treasury Discount Bills (T-Bills) Annual http://www.mof.go.jp/english/jgbs/topics/t_bill/index.htm
Japanese Government Guaranteed Bonds Annual http://www.mof.go.jp/english/jgbs/topics/gov_guaranteed_bonds/index.htm
Interest Rate Swap Semiannual http://www.mof.go.jp/english/jgbs/topics/swap/index.htm
Taxation of Government Bonds As needed http://www.mof.go.jp/english/jgbs/topics/taxation/index.htm
For Individual Investors As needed http://www.mof.go.jp/english/jgbs/topics/individual/index.htm
Data
Central Government Debt Quarterly http://www.mof.go.jp/english/jgbs/reference/gbb/index.htm
Interest Rate Daily http://www.mof.go.jp/english/jgbs/reference/interest_rate/index.htm
STRIPS Monthly http://www.mof.go.jp/english/jgbs/reference/jgbstat/index.htm
Dialogue with the market
Advisory Councils on Government Debt Management Each Meeting http://www.mof.go.jp/english/about_mof/councils/gov_debt_management/index.html
Meeting of JGB Market Special Participants Each Meeting http://www.mof.go.jp/english/about_mof/councils/jgbsp/index.html
Meeting of JGB Investors Each Meeting http://www.mof.go.jp/english/about_mof/councils/jgb_investor/index.html
Publications
Debt Management Report Annual http://www.mof.go.jp/english/jgbs/publication/debt_management_report/index.htm
JGB Newsletter Monthly http://www.mof.go.jp/english/jgbs/publication/newsletter/index.htm
Debt Management Policy Division, Financial Bureau, Ministry of Finance 3-1-1 Kasumigaseki, Chiyoda-ku, Tokyo 100-8940 Japan
Phone: 81-3-3581-4111 Web: www.mof.go.jp
7 INFORMATION
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