WHAT’S NEW

The Meetings of JGB Market Special Participants and JGB Investors The 71st Meeting of JGB Market Special Participants and the 70th Meeting of JGB

Investors were held on June 28 and June 29, 2017 respectively. (Agenda)

1. Amount of issuance of Inflation-Indexed Bonds in the July-September quarter 2017

2. Auctions for Enhanced-Liquidity in the July-September quarter 2017

3. The shortening of the period for settlement of interest-bearing bonds (5- to 30-Year Bonds) in the months of massive redemption of previously issued bonds and of the 2-Year Bonds in each month

4. Latest JGB market situation and its future outlook

In agenda 1 and 2, the plans by Ministry of Finance were basically agreed on by the attendees. Therefore, the MOF published its decisions on 30 June as follows based on the discussions at the meetings: Issuance of the Inflation-Indexed Bonds on July-September 2017 - Issuance Amount on August 2017 will be about 400 billion yen. - Auction Schedule of Buy-back Program of Inflation-Indexed Bonds on July-

September 2017. Auction Month Buy-back amount

July 2017 Not be implemented

August 2017 Approximately 20 billion yen

September 2017 Not be implemented

Total Approximately 20 billion yen

(Source) MOF http://www.mof.go.jp/english/jgbs/topics/press_release/20170630-02e.htm

Issuance Amounts for Auctions for Enhanced-Liquidity on July-September 2017

July 2017 August 2017 September 2017

(1) Issues with remaining maturities of 1-5 years Approximately 300 billion yen

Not be implemented

Approximately 300 billion yen

(2) Issues with remaining maturities of 5-15.5 years Approximately 550 billion yen

Approximately 550 billion yen

Approximately 550 billion yen

(3) Issues with remaining maturities of 15.5-39 years Not be implemented

Approximately 400 billion yen

Not be implemented

(Source) MOF http://www.mof.go.jp/english/jgbs/topics/press_release/20170630-01e.htm

The Ministry of Finance www.mof.go.jp

What’s New ⇒ The Meeting of JGB Market Special Participants (71st round) and the

Meeting of JGB Investors (70th round) Monthly Topic ⇒ 1. Mid-Year Economic Projection for FY2017 2. Economic and Fiscal Projections for Medium- to Long-term Analysis

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

Apr. 2014 Contents

1. What’s New

…P.1 2. JGB Primary

Market …P.2

3. The Auctions for

Enhanced-Liquidity and JGB Buy-Back

…P.3 4. JGB Secondary

Market …P.4

5. Investor Trends

…P.6

6. JGB Outstanding …P.8

7. Economic and

Financial Trends …P.9

8. Information

…P.10

August 2017 Contents 1. What’s New

Monthly Topic IR Special Office

…P.1 2. JGB Primary

Market …P.6

3. The Auctions for

Enhanced-Liquidity and JGB Buy-Back

…P.7 4. JGB Secondary

Market …P.8

5. Investor Trends and

JGB Outstanding …P.10

6. Economic and

Financial Trends …P.14

7. Information

…P.15

This Month’s Special!

WHAT’S NEW

In agenda 3, Financial Bureau has explained as follows:

Overview of shortening of settlement cycle of JGB (Thick-bordered boxes were explained)

Settlement date

Present After May 2018 (planned)

Secondary Market T+2

(2 business days after contract) T+1

(1 business day after contract)

Primary Market

General rule T+2

(2 business days after auction) T+1

(1 business day after auction) Interest-bearing bonds

(5-30 Years) issued in March, June, September or December

20th day of auction month (following day if 20th day is

holiday)

T+1 (1 business day after auction)

2 Year bonds 15th day of next month of auction

(following day if 15th day is holiday)

1st day of next month of auction (following day if 1st day is

holiday) The T+1 JGB settlement cycle on the primary JGB market will start on May 1, 2018, when the T+1

cycle on the secondary market is to be implemented. The T+1 JGB settlement cycle will be applied to those interest-bearing bonds (5- to 30-Year Bonds)

which used to be issued on 20th day of the month in months of massive redemptions (March, June, September and December). In addition, issues on March, June, September and December should have the same maturity dates as those of the previous month and the month before that. The maturity dates for issues in April, July, October and January will be extended by 3 months, considering market participants’ opinions related to the need for large-scale system improvements in connection with initial interest payments.

2-Year Bonds will be issued on the 1st day of the next month of the auction date instead of the 15th day to keep the issuance date in the next month of the auction month. Interest payment date and the maturity date will be on the 1st day of the month accordingly.

-2-

1. Mid-Year Economic Projection for FY2017（July 14, 2017）

Mid-Year Economic Projection for FY2017 was published by the Cabinet Office on July 14, 2017. The summary is as follows:

-3-

MONTHLY TOPIC

Concerning future prospects, the Japanese economy is expected to recover supported by further extension of the positive economic cycle, while the employment and income situation is improving with efforts toward the work style reforms as well as smooth and steady implementation of the FY 2016 second supplementary budget and FY 2017 budget.

The rate of increase in consumer prices is projected to rise gradually, reflecting the expected

tightening in demand and supply conditions with the progress of the economic recovery.

For more details, see: http://www5.cao.go.jp/keizai1/mitoshi/mitoshi.html

Real GDP growth rate and contributions to the real GDP growth rate

(Source) Cabinet office

Main Economic Indicators

(Note): The figures represent the year-over-year rate of change except for the unemployment rate and the contribution of domestic and external demand to real GDP growth.

(Source) Cabinet office

In FY2018, the primary balance is projected to be −13.4 trillion yen (the GDP ratio is around −2.4%) in “Economic Revitalization Case”.

In FY2020, the primary balance is projected to be –8.2 trillion yen¹ (the GDP ratio is around −1.3%) in “Economic Revitalization Case” and –10.7 trillion yen (the GDP ratio is around −1.8%) in “Baseline Case”.

The ratio of outstanding debt of central and local governments to nominal GDP is projected to decline after 2017 to 2025² in the Economic Revitalization Case, and to increase moderately after 2021 in the Baseline Case.

Assumptions

FY2018 Expenditure reforms and current wage/price dynamics are taken into consideration: assumed to increase by half of the 2018 CPI rate

FY2019 onwardsGeneral expenditure 1/ (excluding social security): Increase by CPI rateSocial security expenditure: Increase due to estimated population aging

Expanded with the consumption tax hike (October, 2019)1/ Primary expenditure of central government, except Local Government Tax Grant.

〈Key Fiscal Assumptions〉

Scenario Assumptions Average Growth Rate (FY2019-2025)

Economic Revitalization The impact of the "Three Arrows" has fully materialized. Nominal GDP 3.8%; Real GDP 2.2%

Baseline Current trend growth continues. Nominal GDP 1.4%; Real GDP 0.7%

1. Excluding the expenditure and the fiscal resources for the recovery and reconstruction measures. 2. It should be noted that the long term interest rate is projected to be higher than the nominal GDP growth rate after FY2024, and the existing bonds issued at lower interest rates will be refinanced at higher

interest rates sequentially.

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (FY)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (FY)

(FY) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

On July 18, 2017, the Cabinet Office submitted its “Economic and Fiscal Projections for Medium to Long term

Analysis” to the Council on Economic and Fiscal Policy. The results of its analysis are as follows:

-4-

Nominal GDP Growth Rate

Outstanding Debt (Ratio to GDP)

(FY)

〈Macroeconomic Scenarios〉

2. Economic and Fiscal Projections for Medium- to Long-term Analysis (July 18, 2017)

Primary Deficit of Central and Local Governments (Ratio to GDP)

Real GDP Growth Rate

At the beginning of August, the MOF released its 2017 “Debt

Management Report” which has been published annually since 2004, on the MOF website. We have updated the previous version reflecting recent debt management policies, market trends, and regulatory changes, etc. and introduced new columns including “Quantitative and Qualitative Monetary Easing with Yield Curve Control” and “Changes to JGB Issuance Plan for FY2016 in Line with Economic Measures” to support readers’ better understanding of recent JGB market trends. Another new column, “Repo Tax System” explains a recent tax reform to give tax-exempt status for interest on Bond Gensaki Transactions by foreign corporations other than financial institutions, etc. under certain conditions. In addition, we added a brief explanation of MOF’s basic goals for JGB Management policy in the Preface in order to clarify our policy goals. The theoretical physicist Albert Einstein once said, “Perfection of means and confusion of goals seem to be our main problem.” Reflecting on the meaning of this, we will continue to work hard to achieve crystal clear goals via flexible means.

This report may provide readers across a wide spectrum spanning domestic and foreign markets, government affairs, research, etc., with an opportunity to gain a deeper understanding of Japan’s debt management policy. We hope this report contributes to your further understanding. Please access the following link and download the PDF file. Your comments would be highly appreciated for further improvements of this report. http://www.mof.go.jp/english/jgbs/publication/debt_management_report/2017/index.html

IR SPECIAL OFFICE

-5-

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

Auction Results

（Bonds）

Auction Date Type of Security Issue Number Maturity Date Nominal

Coupon

Amounts of Competitive

Bids (billion yen)

Amounts of Bids

Accepted (billion yen)

Yield at the Lowest

Accepted Price

Yield at the Average

Price

Amounts of Non-Competitive Bids Tendered

/Accepted (billion yen)

Amounts of Bids Accepted at the

Non-price- competitive Auction Ⅰ (billion yen)

Amounts of Bids Accepted at the

Non-price- competitive Auction Ⅱ (billion yen)

5/9/2017 10-year 346 3/20/2027 0.1% 7,812.4 2,077.2 0.031% 0.030% 0.386 221.5 245.7 5/11/2017 30-year 54 3/20/2047 0.8% 2,422.1 722.5 0.822% 0.819% - 76.5 - 5/16/2017 5-year 131 3/20/2022 0.1% 7,141.3 1,987.3 ▲0.113% ▲0.117% - 211.8 103.1 5/18/2017 20-year 160 3/20/2037 0.7% 3,453.7 900.0 0.565% 0.560% - 99.0 - 5/25/2017 40-year 10 3/20/2057 0.9% 1,431.7 499.7 0.965% - - - 30.5 5/30/2017 2-year 377 6/15/2019 0.1% 10,076.9 1,993.1 ▲0.159% ▲0.162% - 206.0 95.7 6/1/2017 10-year 347 6/20/2027 0.1% 7,582.8 2,080.8 0.053% 0.051% 0.924 217.0 - 6/6/2017 30-year 55 6/20/2047 0.8% 2,625.0 722.8 0.822% 0.817% - 76.5 5.4 6/8/2017 5-year 132 6/20/2022 0.1% 9,364.4 1,987.3 ▲0.063% ▲0.065% - 211.8 212.7 6/13/2017 20-year 161 6/20/2037 0.6% 3,591.8 903.0 0.586% 0.583% - 95.9 136.8 6/27/2017 2-year 378 7/15/2019 0.1% 12,044.0 1,774.9 ▲0.102% ▲0.103% - 424.3 303.9 7/4/2017 10-year 347 6/20/2027 0.1% 8,847.1 1,854.8 0.080% 0.079% 0.452 443.9 268.9 7/6/2017 30-year 55 6/20/2047 0.8% 2,352.6 650.0 0.882% 0.878% - 149.1 32.3 7/11/2017 5-year 132 6/20/2022 0.1% 8,740.6 1,802.5 ▲0.033% ▲0.035% - 396.7 299.1 7/13/2017 20-year 161 6/20/2037 0.6% 3,404.2 812.6 0.611% 0.606% - 186.3 129.2 7/25/2017 40-year 10 3/20/2057 0.9% 1,597.1 499.3 1.045% - - - 64.5 7/27/2017 2-year 379 8/15/2019 0.1% 9,619.7 1,799.3 ▲0.114% ▲0.115% - 400.1 10.0

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)

5/1/2017 3-month 680 8/7/2017 14,202.60 4,008.25 ▲0.1303% ▲0.1395% 421.70 5/10/2017 6-month 681 11/10/2017 10,958.05 2,631.07 ▲0.1302% ▲0.1382% 268.90 5/11/2017 3-month 682 8/14/2017 15,242.50 3,977.77 ▲0.1243% ▲0.1327% 412.20 5/17/2017 1-year 683 5/21/2018 9,701.45 2,094.18 ▲0.1461% ▲0.1561% 205.80 5/18/2017 3-month 684 8/21/2017 17,561.40 3,962.30 ▲0.1243% ▲0.1287% 417.60 5/25/2017 3-month 685 8/28/2017 18,000.40 3,990.45 ▲0.1182% ▲0.1206% 409.50 6/1/2017 3-month 686 9/4/2017 19,693.70 3,951.47 ▲0.1162% ▲0.1218% 408.50 6/7/2017 6-month 687 12/11/2017 11,165.10 2,631.36 ▲0.0982% ▲0.1042% 268.60 6/8/2017 3-month 688 9/11/2017 21,130.90 3,958.86 ▲0.0922% ▲0.0970% 411.10 6/14/2017 3-month 689 9/19/2017 17,350.70 3,958.24 ▲0.0991% ▲0.1035% 421.70 6/15/2017 1-year 690 6/20/2018 9,061.40 2,079.15 ▲0.1128% ▲0.1158% 220.80 6/22/2017 3-month 691 9/25/2017 16,423.20 3,987.73 ▲0.0962% ▲0.1002% 422.20 6/29/2017 3-month 692 10/2/2017 14,697.90 3,568.55 ▲0.0942% ▲0.0982% 791.40 7/5/2017 6-month 693 1/12/2018 10,334.00 2,127.94 ▲0.1000% ▲0.1019% 472.00 7/6/2017 3-month 694 10/10/2017 17,150.70 3,564.82 ▲0.0912% ▲0.0955% 835.10 7/13/2017 3-month 695 10/16/2017 16,108.70 3,559.44 ▲0.1033% ▲0.1082% 820.50 7/18/2017 1-year 696 7/20/2018 8,206.20 1,883.24 ▲0.1138% ▲0.1158% 416.70 7/19/2017 3-month 697 10/23/2017 15,273.80 3,564.55 ▲0.1082% ▲0.1106% 815.40 7/27/2017 3-month 698 10/30/2017 15,509.00 3,511.02 ▲0.1202% ▲0.1230% 838.90

Auction Calendar for Aug. – Oct. 2017 Auction Date Issue Auction Date Issue Auction Date Issue Auction Date Issue

8/1(Tue) 10-year 8/29(Tue) Auctions for Enhanced-liquidity (remaining maturities of 15.5-39 years) 9/20(Wed) Auctions for Enhanced-liquidity

(remaining maturities of 1-5 years) 10/13(Fri) Auctions for Enhanced-liquidity (remaining maturities of 5-15.5 years)

8/3(Thu) T-Bills (3-month) 8/31(Thu) T-Bills (3-month) 9/22(Fri) Auctions for Enhanced-liquidity (remaining maturities of 5-15.5 years) 10/17(Tue) 20-year

8/3(Thu) 10-year Inflation-Indexed Bonds 8/31(Thu) 2-year 9/26(Tue) 40-year 10/18(Wed) T-Bills (1-year)

8/8(Tue) T-Bills (6-month) 9/5(Tue) 10-year 9/28(Thu) T-Bills (3-month) 10/19(Thu) T-Bills (3-month) 8/8(Tue) 30-year 9/6(Wed) T-Bills (6-month) 9/28(Thu) 2-year 10/19(Thu) 5-year

8/9(Wed) T-Bills (3-month) 9/7(Thu) T-Bills (3-month) 10/3(Tue) 10-year 10/24(Tue) Auctions for Enhanced-liquidity (remaining maturities of 15.5-39 years)

8/16(Wed) T-Bills (1-year) 9/7(Thu) 30-year 10/4(Wed) T-Bills (6-month) 10/26(Thu) T-Bills (3-month) 8/17(Thu) T-Bills (3-month) 9/12(Tue) 5-year 10/5(Thu) T-Bills (3-month) 10/26(Thu) 2-year 8/17(Thu) 5-year 9/14(Thu) T-Bills (3-month) 10/5(Thu) 10-year Inflation-Indexed Bonds 8/22(Tue) 20-year 9/14(Thu) 20-year 10/11(Wed) T-Bills (Approx.2-month) 8/24(Thu) T-Bills (3-month) 9/15(Fri) T-Bills (1-year) 10/11(Wed) 30-year 8/24(Thu) Auctions for Enhanced-liquidity

(remaining maturities of 5-15.5 years) 9/20(Wed) T-Bills (3-month) 10/12(Thu) T-Bills (3-month)

Top 10 PDs by Total Purchase in Auctions (Calculated by Duration) (Jan. 2017 ～ Jun. 2017) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 Merrill Lynch Japan Securities Co., Ltd. 2 Daiwa Securities Co. Ltd. 7 SMBC Nikko Securities Inc. 3 Nomura Securities Co., Ltd. 8 Deutsche Securities lnc. 4 Mizuho Securities Co., Ltd. 9 Goldman Sachs Japan Co., Ltd. 5 BNP Paribas Securities (Japan) Limited 10 Citigroup Global Markets Japan Inc.

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. Note.3: The issue date of Treasury Discount Bills auctioned on October 11, 2017 is October 13, 2017, and the maturity date is December 4, 2017.

(Until 27 July 2017)

(Until 27 July 2017)

-6-

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

5/2/2017 907.6 199.5 ▲0.017% ▲0.015% 5-year(121,122,123,126,130) 10-year(296, 302)

5/23/2017 1,942.9 546.8 ▲0.004% ▲0.003% 10-year(323,324,325,326,327,328,329,330,332,336) 20-year(56,59,62,63,65,66,67,73,78,81,83,84,85,86,87,91,92,93,94,97,98,102,103,113,114,115,118,120)

30-year(4)

6/20/2017 1,395.7 498.9 ▲0.001% +0.001% 20-year(142, 146, 147, 151) 30-year(26, 27, 28, 30, 31, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 50, 52) 40-year(8)

6/22/2017 1,575.5 547.9 ▲0.004% ▲0.003% 10-year(325, 326, 328, 330, 343) 20-year(58, 59, 60, 61, 85, 87, 91, 97, 99, 100, 103, 104, 105, 106, 108, 133, 136, 137)

30-year(7)

7/19/2017 1,384.4 298.9 ▲0.016% ▲0.013% 5-year(120, 121,122,123, 124, 125, 126, 127) 10-year(298, 306, 307) 20-year(43, 46, 47, 48)

7/21/2017 2,032.3 546.7 ▲0.008% ▲0.007% 10-year(326, 329, 332, 333, 334, 338, 343) 20-year(58, 59, 64, 65, 82, 90, 94, 95, 96, 99, 100, 101, 102, 104, 105, 117, 125, 128, 130, 131)

30-year(5, 6, 8)

Target Zones of the Auction for Enhanced-Liquidity for the Second Quarter of FY 2017

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

12/14/2016 86.1 20.1 ▲0.023 0.08 19,20,21 2/13/2017 81.4 20.0 ▲0.017 0.00 18,20,21 4/17/2017 132.1 20.3 ▲0.149 ▲0.11 19,20,21,22 6/15/2017 121.0 20.1 ▲0.284 ▲0.27 20, 22

-7-

3 THE AUCTIONS FOR ENHANCED-LIQUIDITY AND JGB BUY-BACK

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

③Remaining maturity : approx.15.5‐～39‐year

Note1： JN shows 2‐year JGBs. JS shows 5‐year JGBs. JL shows 20‐year JGBs. JX shows 30‐year JGBs. JU shows 40‐year JGBs.Outstanding amount is as of the end of June 2017. Note2： All issues in the graph above will be eligible afterward.

Buy-back Results

(Until 27 July 2017)

(Until 4 July 2017)

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

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,0005,5006,0006,5007,0007,500

JN36

6

JN36

7

JN36

8

JS11

4

JS11

5

296

JL40

JN36

9

JN37

0

JN37

1

JS11

6

297

298

JN37

2

JN37

3

JN37

4

JS11

7

299

300

JL41

JL42

JN37

5

JN37

6

JN37

7

JS11

8

JS11

9

301

302

JS12

0

JS12

1

303

304

JL43

JS12

2

305

JS12

3

306

307

JL44

JL45

JS12

4

308

309

JL46

JS12

5

310

311

JL47

JS12

6

312

JL48

JS12

7

313

314

JL49

JL50

JS12

8

315

316

JL51

JS12

9

317

318

JL52

JS13

0

319

320

JL53

JL54

JS13

1

321

322

JL55 32

3

324

JL56

JL57

Amount issued by the Auction for Enhanced-liquidity Outstanding amount in the market (excluding amount issued by the Auction for Enhanced-liquidity)

1 2 5

(Remaining maturities)

（billion yen)

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,0005,5006,0006,5007,0007,500

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 34

1JL

83JL

84 342

JL85

JL86

JL87 34

3JL

88JL

89 344

JL90

JL91 34

5JL

92 346

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

JL13

0JL

131

JX6

JL13

2JL

133

JL13

4JL

135

JL13

6JX

7JL

137

JL13

8JL

139

JL14

0JX

8JL

141

JL14

2JX

9

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

JL14

3JL

144

JX10

JL14

5JX

11JL

146

JX12

JL14

7JX

13JL

148

JX14

JL14

9JX

15JL

150

JX16

JL15

1JX

17JL

152

JX18

JL15

3JX

19JL

154

JX20

JL15

5JX

21JL

156

JX22

JL15

7JX

23JL

158

JX24

JL15

9JX

25JL

160

JX26

JX27

JX28

JX29

JX30

JX31

JX32

JX33

JX34

JX35

JX36

JX37

JX38

JX39

JX40

JX41

JX42

JX43

JX44

JX45

JX46

JX47

JX48

JX49

JX50

JX51

JX52

JX53

JX54 JU1

JU2

JU3

JU4

JU5

JU6

JU7

JU8

JU9

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

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

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

BEI (Japan : old JGBi) BEI (Japan : 10 year)

BEI (U.K. : 10 year) BEI (U.S.A. : 10 year)

-1%

0%

1%

2%

3%

4%

5%

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

Japan United States

United Kingdom Germany

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

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

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

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

-0.4%

-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

0%

1%

2%

3%

4%

5%

6%

7%

8%

Jan-13May-13Sep-13 Jan-14May-14Sep-14 Jan-15May-15Sep-15 Jan-16May-16Sep-16 Jan-17May-17

Volatility Yield (right scale)

-0.4%

-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

2016/9/302016/12/302017/3/312017/4/282017/5/312017/6/30

40353020 25151050

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 1 years and 1month) and the 10-Year Bonds (issue number 293 with current maturity of 1 years and 1month). 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

-8-

Yield and Volatility (10Yr)

Break-Even Inflation Rates

Source: Bloomberg, Calculation by the Ministry of Finance

(Until 30 June 2017)

(Until 30 June 2017)

(Until 30 June 2017)

(Until 30 June 2017)

0

500

1,000

1,500

2,000

2,500

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

Bond-Lending

Bond-Gensaki

0

20

40

60

80

100

120

140

160

180

200

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

0

100

200

300

400

500

600

700

800

900

1,000

1,100

1,200

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

Treasury Discount BillsMedium Term BondsLong Term Bonds

-0.1%

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

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

Call Rate (Uncollateralized Overnight)

TIBOR 3-months (Euro-Yen)

Basic Loan Rate

Short-Term Interest Rates

Source: Bank of Japan, Japanese Bankers Association

JGB Over-the-Counter Trading Volume (TOKYO)

Trading Volume of 10-Year JGB Futures

Repurchase Transactions

-9-

Source: Japan Securities Dealers Association

Source: Tokyo Stock Exchange (until Mar.2014), Osaka Exchange (from Apr. 2014)

Source: Japan Securities Dealers Association

(trillion yen)

(trillion yen)

(trillion yen)

(Until 30 June 2017)

0

50

100

150

200

250

300

350

400

450

500

550

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

Total AssetsMonetary BaseJGBs

QQE2QQE（trillion yen）Apr 2013(Actual)

Jun 2017(Actual)

Monetary Base 155 468

JGBs 98 392

CP 1.4 2.0

Corporate Bonds 2.9 3.2

ETFs 1.7 14.4

J-REITs 0.13 0.40

Total Assets 175 502

0

10

20

30

40

50

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

190200210220230240250

0

20

40

60

80

100

120

140

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

160

180

200

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

City Banks

Net Purchase

Net Sale

2013 2014 2015 2016 2017

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

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

Regional banks

Net Purchase

Net Sale

2013 2014 2015 2016 2017

-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 Apr Jul Oct Jan Apr

Life and non-life insurance companies

Net Purchase

Net Sale

2013 2014 2015 2016 2017

-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 Apr Jul Oct Jan Apr

Foreigners

Net Purchase

Net Sale

2013 2014 2015 2016 2017

(unit: trillion yen)(unit: trillion yen)

(unit: trillion yen) (unit: trillion yen)

-10-

Trends in Bank Assets by Types

5 INVESTOR TRENDS AND JGB OUTSTANDING Trends in JGBs Transactions (by investor type)

BOJ Trends

Regional Banks City Banks

Source: Bank of Japan

(trillion yen) (trillion yen)

Loans

Cash and Deposits

Government Bonds

Municipal Bonds

Corporate Bonds

Equities

Foreign Securities

Source: Bank of Japan

Source: Japan Securities Dealers Association

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

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

City Banks Trust Banks Insurance Companies Foreigners

-6

-5

-4

-3

-2

-1

0

1

2

3

4

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

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

Net

Purchase

Net

Sales

-1

-0.5

0

0.5

1

1.5

2

2.5

3

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

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

Net

Purchase

Net

Sales

-8

-6

-4

-2

0

2

4

6

8

10

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

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

Net

Purchase

Net

Sales

59.1 63.3

67.9

55.2 55.6

55.0 52.2 49.3

46.4

52.1

58.1 56.6

61.8 67.8

77.0 78.3

76.7 81.8

86.1

82.6 81.9

81.7 79.0

83.8 81.5

83.9 87.2

93.0

97.7

94.9 100.5

108.5 110.3

111.6 113.6

114.9

116.4

7.3

7.9

8.5

6.8

6.9 6.7 6.3

5.9 5.5

6.0

6.6 6.4

7.0 7.5

8.3 8.5 8.3 8.6

9.0 8.5 8.4 8.4

8.0 8.4

8.1 8.2 8.6

9.1 9.4

9.1 9.6

10.4 10.2 10.1 10.4

10.6 10.8

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 Mar-16 Mar-17

Amount of JGB Holdings (right)

Proportion of JGB Holdings (left)

(trillion yen)

%

%

%

%

%

%

%

%

%

%

%

10.8%

31.6%

53.8%

0%

10%

20%

30%

40%

50%

60%

Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

①Market Share of Foreign Investors (JGB Futures Market)

②Market Share of Foreign Investors (JGB Market)

③JGB Holdings by Foreign Investors

-11-

JGBs Holdings 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

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016

18.6% 17.0% 17.8% 18.3% 18.2% 17.9% 17.3% 16.4% 15.1% 14.3%

11.5% 11.4%13.0% 12.5% 11.9% 12.4% 12.0% 11.1% 10.6% 10.5%

8.2% 8.9%8.5%

7.9% 8.6% 8.1% 7.8% 7.8% 7.9% 7.7%9.0% 9.2%

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

8.6% 8.4%

8.8%8.4% 7.8%

7.8% 7.8% 7.4% 7.8% 6.8%

4.6% 5.3%

5.2%4.7%

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

5.6% 5.6%

4.9%5.2% 4.6%

4.5%5.0% 4.3% 4.4% 4.8%

6.0% 5.5%

5.5%4.8%

4.8%5.3%

4.5% 4.5% 5.0% 4.8%

5.9% 6.2%

5.2%5.1%

5.6%4.7%

4.8% 5.2% 4.9% 5.1%

5.5% 5.0%

4.7%5.2%

4.4%4.3%

4.6% 4.2% 4.5% 4.1%

14.5% 14.8%

14.4%

14.4%14.9%

15.6%16.5%

17.7%18.4% 19.2%

2.0% 2.7%

3.6%

4.6%

5.8%

6.7%

7.5%8.3%

9.4%10.1% 20 yrs-

10-20 yrs

9-10 yrs

8-9 yrs

7-8 yrs

6-7 yrs

5-6 yrs

4-5 yrs

3-4 yrs

2-3 yrs

1-2 yrs

-1 yr

（trillion yen）

（at the end of FY）

541.5 545.9

594.0

636.3669.9

705.0

743.9

774.1805.4

*years to maturity

Average

YTM* 6Y1M 6Y3M 6Y5M 6Y8M 7Y0M 7Y3M 7Y7M 8Y0M 8Y5M 8Y7M

Average YTM*

(excluding saving

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

830.6

General Government(ex Public Pensions)

0.0 0.0%

Fiscal Loan Fund0.0

0.0%

BOJ40.6

35.2%

Banks,etc.12.5

10.9%

Life and Non-life Insurance,etc.

2.3 2.0%

Public Pensions0.0

0.0%

Pension Funds0.0

0.0%

Foreigners59.8

51.9%

Households0.0

0.0%

Others0.0

0.0%

General Government(ex Public Pensions)

3.8 0.4%

Fiscal Loan Fund0.0

0.0%

BOJ386.8 40.0%

Banks,etc.213.3 22.0%

Life and Non-life Insurance,etc.

203.2 21.0%

Public Pensions

49.0 5.1%

Pension Funds30.8 3.2%

Foreigners56.6 5.8%

Households12.5 1.3% Others

11.7 1.2%

General Government(ex Public Pensions)

3.8 0.4% Fiscal Loan

Fund0.0

0.0%

BOJ427.3 39.5%

Banks,etc.225.8 20.9%

Life and Non-life Insurance,etc.

205.5 19.0%

Public Pensions

49.0 4.5%

Pension Funds30.8 2.8%

Foreigners116.4 10.8%

Households12.5 1.2%

Others11.7 1.1%

JGB and T-Bill Holders

Breakdown by JGB and T-Bill Holders (The end of Mar. 2017 QE)

Source: Bank of Japan “Flow of Funds Accounts (Preliminary Figures)”

Note1: “JGB” includes FILP Bonds. “T-Bills” 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.

Note2: “Banks, etc.” includes Japan Post Bank, “Securities investment trust” and “Securities companies”. Note3: “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 115.2 trillion yen

JGB Holders

Total 967.6 trillion yen

Total 1,082.9 trillion yen

-12-

Types The amount of redemption at maturity Scheduled redemption date

2-Year Bonds 2,499.2 August 15

Treasury Bill 3,130.5 August 21

Total 5,629.7

0100200300400500600700800900

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

13 14 15 16 17 18 19 20 21 22

(billion yen)

(issue number)

Outstanding amount(excl. BOJ holding)BOJ holding

Old type(without floor)

Source: Ministry of Finance

Time-to-Maturity Structure of Outstanding JGB（Mar. 2017）

General Bonds Issuance Amount and Outstanding

Note 1: Issuance Amount: revenue basis, FY2005-2015: actual, FY2016: estimates, FY2017: initial budget Note 2: Outstanding: nominal basis, FY2005-2015: actual, FY2016: estimates, FY2017: initial budget Source: Ministry of Finance

Market-held Balance of the Inflation-Indexed Bonds (as of June 30, 2017)

(trillion yen)

Scheduled redemption of JGB at maturity in August, 2017

Note.1: The figures are based on the outstanding JGBs at the end of June, 2017. 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)

-13-

Source: Ministry of Finance, Bank of Japan

526.9 531.7 541.5 545.9 594.0 636.3 669.9 705.0 743.9 774.1 805.4 845.3 865.2

136.8 135.6 124.6 127.1

142.4 143.1 163.1 163.3

153.6 158.0 150.5 150.2 142.0

100

200

300

400

500

600

700

800

900

0

30

60

90

120

150

180

05 06 07 08 09 10 11 12 13 14 15 16 17

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

118.81

87.27

63.6968.46

56.09

36.4540.06

39.4542.60

34.08

10.73 12.0914.25 15.97

15.6218.0418.01

19.8419.06

15.76

3.76 4.69 5.28 6.35 6.69 6.06 8.12 9.42 10.687.53

0.83 1.30 1.31 1.93 1.87 1.95 2.06 2.22 2.21

0102030405060708090

100110120130

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 46 47 48 49 50 51 52 53 54 55

(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 7 months

0.4%

-0.2%-1

0

1

2

3

4

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

(%)

CPI

CPI excluding food (excludingalcohilic beverages) and energy

Change from the previous year

Apr.4, 2013BOJ released QQE

0.4

0.6

0.8

1

1.2

1.4

1.6

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

（ratio）Jun, 20171.51times

Jun, 20172.8％

Aug, 20090.42times

Jul, 20095.5％

Job opening-to-application ratio(right scale)

Unemployment rate(left scale)

70

80

90

100

110

120

130

140

150

160

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

Jan-

16

May

-16

Sep-

16

Jan-

17

May

-17

(2010 average=100・Seasonally Adjusted Index)

Production Shipments

Inventory Inventory Ratio

500

600

700

800

900

1,000

1,100

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

Jan-

16

Apr-

16

Jul-1

6

Oct

-16

Jan-

17

Apr-

17

(billion yen)

Monthly Quarter (Mean)

-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

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

Jan-

16

May

-16

Sep-

16

Jan-

17

May

-17

(Diffusion index)

Large enterprises/Manufacturing

Large enterprises/Non-Manufacturing

Small enterprises/Manufacturing

Small enterprises/Non-Manufacturing

0

50

100

150

200

250

300

350

400

450

500(trillion yen)

Banknotes in Circulation

Coins in Circulation

Current Account Balances

4.4

-1.7 -1.7

0.5

4.94.1

2.5

-0.4

4.4

-7.4

-0.6

3.0

4.7

-0.3

0.7

-1.0

2.5 1.61.0

1.41.0

-14.0

-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

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

2012 2013 2014 2015 2016 2017

(％)

Private Demand Public Demand

Foreign Demand Real GDP

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

(CY)

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 2.1

1.7

-1.0 -0.5

0.9

2.0 1.6

4.3

3.9

4.9

3.1

5.9

4.6

5.8

4.1

5.8

-8

-6

-4

-2

0

2

4

6

8

2009

Q120

09Q2

2009

Q320

09Q4

2010

Q120

10Q2

2010

Q320

10Q4

2011

Q120

11Q2

2011

Q320

11Q4

2012

Q120

12Q2

2012

Q320

12Q4

2013

Q120

13Q2

2013

Q320

13Q4

2014

Q120

14Q2

2014

Q320

14Q4

2015

Q120

15Q2

2015

Q320

15Q4

2016

Q120

16Q2

2016

Q320

16Q4

2017

Q1

Primary Income Trade BalanceServices Secondary IncomeCurrent Account

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 of Japan "Orders Received for Machinery"

(trillion yen)

6 ECONOMIC AND FINANCIAL TRENDS

Source: Bank of Japan "Monetary Base"

Source: Bank of Japan "Tankan"

-14-

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/taxation2016/index.html

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

To subscribe to our Newsletter mailing list, please email: JGB-IR@mof.go.jp

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7 INFORMATION