What’s New: Central Government Debt (As of June 30, 2018) p. 2 On August 10, the Ministry of Finance released the update on central government debt.

Outstanding government bonds and borrowings increased to 1,089.0 trillion yen from the end of March (1,087.8 trillion yen) by 1.2 trillion yen.

Monthly Topics: GDP and Monthly Labour Survey p. 3 The first preliminary GDP estimate (Apr.–Jun. 2018) was released on August 10. Real

GDP expanded by 0.5% (annual rate 1.9%) from the previous quarter.

According to the “Monthly Labour Survey” of June 2018, the total cash earnings in June 2018 were 447,206 yen, an increase of 3.3% from the previous year. The scheduled cash earnings were 245,397 yen (+1.1%) and the special cash earnings were 182,119 yen (+6.3%). This increase (3.3%) is a record high since January 1997.

IR Office: Office of Debt Management and JGB Investor Relations p. 4 After annual reshuffling in the Ministry of Finance, the new team of Office of Debt

Management and JGB Investor Relations has started working from July 2018.

Statistics JGB Primary Market … p. 5 Liquidity Enhancement Auctions and JGB Buy-Back … p. 6

JGB Secondary Market … p. 7 Investor Trends and JGB Outstanding … p. 9

Economic and Financial Trends … p. 13 Information … p. 14

-1-

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

SUMMARY

The Ministry of Finance www.mof.go.jp

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

September 2018

Central Government Debt (As of June 30, 2018) On August 10, the Ministry of Finance released the update on central government debt. Debt

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

The end of June 2018

(Actual)

Increase or Decrease(-) from

the End of the Previous Quarter

1) Outstanding Government Bonds and Borrowings

General Bonds 857.2 4.1

Fiscal Investment and Loan Program Bonds (FILP Bonds) 93.7 -0.8

Borrowings, Subsidy Bonds, etc. 63.5 -1.9

Financing Bills (FBs) 74.5 -0.2

Total 1,089.0 1.2

2) Outstanding Government-Guaranteed Debts

Government-Guaranteed Debts 39.5 -0.2

The end of Jun. 2018 (Actual)

Increase or Decrease(-) from

the End of the Previous Quarter

The end of FY2018

(Estimate)

① General Bonds 857.2 4.1 Approx. 883

② Fiscal Investment and Loan Program Bonds Not included Not included Not included

③ Borrowings, Subsidy Bonds, etc. (Note 1) 28.1 0.3 Approx. 33

④ Financing Bills Not included Not included Not included

Long-term debt outstanding of central governments 885.3 4.3 Approx. 915

⑤ Long-term debt outstanding of local governments (Note 2) Approx. 192

Long-term debt outstanding of central and local governments (Note 2) Approx. 1,107

-2-

(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 September 30, 2018 will be released on November 9, 2018.

Details: https://www.mof.go.jp/english/jgbs/reference/gbb/e201806.html

Outstanding government bonds and borrowings increased to 1,089.0 trillion yen from the end of March (1,087.8 trillion yen) by 1.2 trillion yen. This is mainly because the total for general bonds increased by 4.1 trillion yen while that for FILP bonds decreased by 0.8 trillion yen and that for borrowings decreased by 1.8 trillion yen.

Long-term outstanding central government debt, which does not include FILP bonds, FBs and some of the borrowings related to local governments, increased to 885.3 trillion yen from the end of March (881.0 trillion yen) .

<Main Points>

Note 1: The borrowings of the Special Account for Allotment of Local Allocation Tax and Local Transfer Tax (end of FY2018:approx.¥32trillion) are included in [⑤Long-term

debt outstanding of local governments] because the burden of redemption funds falls on local governments.

Note 2: The actual figure of [⑤Long-term debt outstanding of local governments] is blank, because quarterly data has not been created.

Central Government Debt

(Reference) Long-term debt outstanding of central and local governments The MOF has announced the “Long-term debt outstanding of central and local governments” whose interest payments and redemption funds are mainly

to be covered by tax revenues, from the viewpoint of transparency of fiscal management. The statistics are derived by adding the long-term debt outstanding of local governments to the above mentioned Central Government Debt, while excluding Fiscal Investment and Loan Program Bonds and Financing Bills.

(trillion yen)

What’s New

(％)2018

4～6 7～9 10～12 1～3 4～60.5 0.6 0.2 -0.2 0.5 *** 1.90.8 0.0 0.3 -0.3 0.6 *** 2.4

(0.8) (0.0) (0.3) (-0.3) *** (0.6) ***0.6 0.2 0.5 -0.4 0.7 (0.5) 3.00.8 -0.7 0.3 -0.2 0.7 (0.4) 2.80.8 -0.7 0.3 -0.2 0.7 (0.4) 2.8

Excluding imputed Rent 0.9 -0.9 0.3 -0.3 0.8 (0.4) 3.21.3 -1.3 -3.0 -2.3 -2.7 (-0.1) -10.30.5 1.2 0.8 0.5 1.3 (0.2) 5.2

(-0.1) (0.4) (0.1) (-0.2) *** (0.0) ***1.4 -0.5 -0.1 -0.1 0.2 (0.0) 0.70.4 0.1 0.1 0.0 0.2 (0.0) 0.95.4 -2.9 -0.6 -0.4 -0.1 (-0.0) -0.5

(0.0) (0.0) (-0.0) (-0.0) *** (0.0) ***(-0.3) (0.6) (-0.1) (0.1) *** (-0.1) ***

Public DemandGovernment ConsumptionPublic InvestmentChange in Public Inventories

Net Exports of Goods & Services

2017 20184～6

Gross Domestic Product

Domestic Demand

Private DemandPrivate Consumption

Consumption of Households

Private Residential InvestmentPrivate Non-Resi. InvestmentChange in Private Inventories

1. Quarterly Estimates of GDP Apr.–Jun. 2018 The first preliminary GDP estimate (Apr.–Jun. 2018) was released on August 10. Real GDP

expanded by 0.5% (annual rate 1.9%) from the previous quarter. Private demand contributed 0.5% points, on the back of stronger private consumption and investment.

By demand item, private consumption rose by 0.7%, and private non-residential investment rose by 1.3% from the previous quarter.

For more detailed data, please refer to the following: Quarterly Estimates of GDP: http://www.esri.cao.go.jp/en/sna/data/sokuhou/files/2018/toukei_2018.html

2. Monthly Labour Survey (August 22, 2018)

According to the “Monthly Labour Survey” of June 2018, the total cash earnings in June 2018 were 447,206 yen, an increase of 3.3% from the previous year. The scheduled cash earnings were 245,397 yen (+1.1%) and the special cash earnings were 182,119 yen (+6.3%).

The scheduled cash earnings of full-time workers increased by 1.0% from the previous year. The scheduled cash earnings per hour of part-time workers increased by 1.7% from the previous year.

For more detailed data, please refer to the following: Monthly Labour Survey: https://www.mhlw.go.jp/english/database/db-l/monthly-labour.html

Development of Real GDP (Quarterly, seasonally adjusted series)

Monthly Topics

Note1: Change from the previous quarter (seasonally adjusted) Note2: Annualized Note3: The Figures in () indicate contributions to Changes in GDP. Source: Cabinet Office, Government of Japan

Source: Cabinet Office, Government of Japan

Note1

Note2

Wage Trends (Whole worker)

Wage Trends (Full-time worker and part-time worker)

Source: Ministry of Health, Labour and Welfare

Source: Ministry of Health, Labour and Welfare

-3-

1.2

-0.7-0.4

0.1

1.20.9

0.8

-0.1

1.0

-1.8

0.0

0.6

1.5

-0.1

0.1

-0.4

0.8

0.2 0.3 0.20.7

0.5 0.6

0.2

-0.2

0.5

-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 Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ

2012 2013 2014 2015 2016 2017 2018

(％)

Private Demand Public DemandForeign Demand Real GDP

Contributions to change from the previous quarter (Seasonally adjusted)

One of the greatest masters of haiku (Japanese poem), Matsuo Basho, wrote “The months and days are the travellers of eternity. The years that come and go are also voyagers” (this beautiful English translation is by Donald Keene). After the annual reshuffling in the Ministry of Finance, the new team of the Office of Debt Management and JGB Investor Relations has started working from July 2018. Writing the introduction of the team in 2017, last year, seems like yesterday.

Over the last year, although the JGB yield fluctuated in a very small range, e.g., the 10-

year yield between 0% and 0.1%, the perspective from foreign investors seemed different. For example, due to the rise in the USD money market rate, etc., the Japanese T-Bill seemed attractive to foreign investors and their share of T-Bill holdings increased to around 60% for the first time. Considering the growing presence of foreign investors, etc., we improved our IR activities over the last year: New look for the JGB Monthly Newsletter since November 2017 Fully updated Debt Management Report 2018 Visits to Tokyo branches of foreing investors to understand their investment

arrangements and policies IR activities based on the PDCA (Plan-Do-Check-Act) cycle, etc. This year, the new team is continuing to improve our IR activities and make them more

investor-friendly. We hope to meet many and diverse investors around the world, exchange various opinions, and reflect the investors’ opinions on our debt management policy. We are looking forward to meeting you.

-4-

IR Office

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

Auction Results （Bonds）

Auction Date Type of Security Issue Number Maturity Date Nominal

Coupon

Amounts of Competitive

Bids (billion yen)

Amounts of Bids

Accepted (billion yen)

Yield at the Lowest

Accepted Price

Yield at the Average

Price

Amounts of Non-Competitive Bids Tendered

/Accepted (billion yen)

Amounts of Bids Accepted at the

Non-price- competitive Auction Ⅰ (billion yen)

Amounts of Bids Accepted at the

Non-price- competitive Auction Ⅱ (billion yen)

6/5/2018 10-year 350 3/20/2028 0.1% 7,881.9 1,801.4 0.049% 0.048% 0.511 397.2 55.9 6/19/2018 30-year 58 3/20/2048 0.8% 2,398.9 568.5 0.710% 0.707% - 130.4 86.2 6/21/2018 5-year 135 3/20/2023 0.1% 6,431.5 1,658.7 ▲0.109% ▲0.113% - 340.4 - 6/26/2018 20-year 164 3/20/2038 0.5% 3,506.9 828.6 0.508% 0.503% - 170.7 - 6/28/2018 2-year 390 7/1/2020 0.1% 8,582.4 1,757.4 ▲0.127% ▲0.128% - 341.8 43.6 7/3/2018 10-year 351 6/20/2028 0.1% 7,782.3 1,782.5 0.039% 0.037% 1.313 415.4 279.1 7/5/2018 30-year 59 6/20/2048 0.7% 2,821.0 563.3 0.706% 0.704% - 136.0 81.3 7/10/2018 5-year 136 6/20/2023 0.1% 8,038.4 1,650.8 ▲0.105% ▲0.107% - 348.1 33.0 7/12/2018 20-year 165 6/20/2038 0.5% 3,656.3 805.9 0.494% 0.492% - 193.2 119.0 7/24/2018 40-year 11 3/20/2058 0.8% 1,319.3 399.5 0.880% - - - - 7/26/2018 2-year 391 8/1/2020 0.1% 7,916.6 1,809.4 ▲0.112% ▲0.117% - 289.6 9.5 8/2/2018 10-year 351 6/20/2028 0.1% 7,769.8 1,861.3 0.138% 0.126% 0.386 337.8 285.5 8/7/2018 10-year Inflation-Indexed Bonds 23 3/10/2028 0.1% 1,247.5 399.6 ▲0.309% - - - 18.8 8/9/2018 30-year 59 6/20/2048 0.7% 2,743.7 586.4 0.853% 0.850% - 112.8 44.9 8/16/2018 5-year 136 6/20/2023 0.1% 6,756.1 1,711.0 ▲0.074% ▲0.076% - 288.4 92.5 8/21/2018 20-year 165 6/20/2038 0.5% 3,755.1 805.8 0.610% 0.607% - 193.5 121.4 8/30/2018 2-year 392 9/1/2020 0.1% 9,200.2 1,748.5 ▲0.112% ▲0.112% - 351.1 207.9

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)

6/1/2018 3-month 761 9/3/2018 15,753.90 3,534.56 ▲0.1443% ▲0.1479% 815.40 6/7/2018 6-month 762 12/10/2018 9,667.00 1,889.73 ▲0.1262% ▲0.1282% 410.20 6/8/2018 3-month 763 9/10/2018 17,079.30 3,533.63 ▲0.1243% ▲0.1295% 816.30 6/14/2018 3-month 764 9/18/2018 14,534.00 3,552.91 ▲0.1209% ▲0.1257% 807.00 6/19/2018 1-year 765 6/20/2019 8,467.70 1,706.69 ▲0.1268% ▲0.1298% 393.30 6/22/2018 3-month 766 9/25/2018 14,647.70 3,539.25 ▲0.1288% ▲0.1324% 830.70 6/29/2018 3-month 767 10/1/2018 13,547.20 3,507.95 ▲0.1263% ▲0.1319% 792.00 7/6/2018 3-month 768 10/9/2018 17,955.70 3,477.13 ▲0.1328% ▲0.1380% 802.80 7/9/2018 6-month 769 1/10/2019 11,414.80 1,881.85 ▲0.1367% ▲0.1407% 418.10 7/13/2018 3-month 770 10/15/2018 15,417.20 3,451.35 ▲0.1398% ▲0.1455% 798.60 7/19/2018 1-year 771 7/20/2019 10,176.30 1,768.46 ▲0.1420% ▲0.1440% 331.50 7/20/2018 3-month 772 10/22/2018 14,128.50 3,645.52 ▲0.1523% ▲0.1579% 674.40 7/27/2018 3-month 773 10/29/2018 15,712.00 3,587.26 ▲0.1443% ▲0.1531% 662.70 8/3/2018 3-month 774 11/5/2018 16,280.10 3,615.19 ▲0.1423% ▲0.1587% 664.80 8/9/2018 6-month 775 2/12/2019 9,956.20 1,943.46 ▲0.1451% ▲0.1549% 356.50 8/10/2018 3-month 776 11/12/2018 12,844.20 3,632.44 ▲0.1543% ▲0.1635% 667.50 8/16/2018 1-year 777 8/20/2019 9,117.50 1,775.27 ▲0.1537% ▲0.1557% 324.70 8/17/2018 3-month 778 11/19/2018 16,056.34 3,591.94 ▲0.1563% ▲0.1643% 658.00 8/24/2018 3-month 779 11/26/2018 14,385.60 3,477.66 ▲0.1463% ▲0.1551% 772.30 8/31/2018 3-month 780 12/3/2018 12,989.00 3,477.62 ▲0.1463% ▲0.1531% 772.30

Auction Calendar for Sep. 2018 – Nov. 2018

Auction Date Issue Auction Date Issue Auction Date Issue Auction Date Issue 9/3(Mon) Liquidity Enhancement Auction

(remaining maturities of 5-15.5 years) 9/28(Fri) T-Bills (3-month) 10/23(Tue) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years) 11/19(Mon) T-Bills (1-year)

9/5(Wed) 10-year 9/28(Fri) 2-year 10/25(Thu) 2-year 11/20(Tue) 20-year

9/6(Thu) T-Bills (6-month) 10/2(Tue) 10-year 10/26(Fri) T-Bills (3-month) 11/22(Thu) T-Bills (3-month)

9/7(Fri) T-Bills (3-month) 10/4(Thu) Liquidity Enhancement Auction (remaining maturities of 15.5-39 years) 11/1(Thu) 10-year 11/22(Thu) Liquidity Enhancement Auction

(remaining maturities of 5-15.5 years)

9/7(Fri) Liquidity Enhancement Auction (remaining maturities of 1-5 years) 10/5(Fri) T-Bills (3-month) 11/2(Fri) T-Bills (3-month) 11/27(Tue) 40-year

9/11(Tue) 30-year 10/9(Tue) T-Bills (6-month) 11/6(Tue) 10-year Inflation-Indexed Bonds 11/29(Thu) 2-year 9/13(Thu) 5-year 10/11(Thu) 30-year 11/8(Thu) T-Bills (6-month) 11/30(Fri) T-Bills (3-month)

9/14(Fri) T-Bills (3-month) 10/12(Fri) T-Bills (3-month) 11/8(Thu) Liquidity Enhancement Auction (remaining maturities of 1-5 years)

9/18(Tue) T-Bills (1-year) 10/16(Tue) 5-year 11/9(Fri) T-Bills (3-month) 9/20(Thu) 20-year 10/18(Thu) T-Bills (1-year) 11/13(Tue) 30-year 9/21(Fri) T-Bills (3-month) 10/18(Thu) 20-year 11/15(Thu) 5-year

9/26(Wed) 40-year 10/19(Fri) T-Bills (3-month) 11/16(Fri) T-Bills (3-month)

Top 10 PDs by Total Purchase in Auctions (Calculated by Duration) (Jan. 2018 ～ Jun. 2018) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 Merrill Lynch Japan Securities Co., Ltd. 2 Nomura Securities Co., Ltd. 7 Deutsche Securities Inc. 3 Mizuho Securities Co., Ltd. 8 SMBC Nikko Securities Inc. 4 Daiwa Securities Co. Ltd. 9 Goldman Sachs Japan Co., Ltd. 5 BNP Paribas Securities (Japan) Limited 10 JPMorgan Securities Japan Co., Ltd.

JGB Primary Market

Note.1: The above calendar may be changed or added in light of changes in circumstances. In such cases, it will be announced in advance. Note.2: Each issue amount will be announced about one week prior to each auction date.

(Until 31 August 2018)

(Until 31 August 2018)

-5-

Results of Liquidity Enhancement Auctions

Auction Date Amounts of Competitive

Bids (billion yen)

Amounts of Bids

Accepted (billion yen)

Average Accepted Spread

Highest Accepted Spread

Issues Re-opened

6/7/2018 1,560.3 499.0 0.001% 0.003% 20-year(147) 30-year(28, 34, 36, 40) 40-year(1, 2, 3, 4, 5)

6/12/2018 1,812.4 597.8 ▲0.003% ▲0.002% 10-year(329, 330, 331, 332, 333, 334, 336, 337, 338, 346) 20-year(63, 65, 66, 82, 84, 93, 105, 106, 110, 111, 112, 141, 143, 144, 146) 30-year(4, 5)

7/18/2018 2,359.9 597.7 ▲0.003% ▲0.001% 10-year(330, 331, 332, 333, 335, 338, 340) 20-year(95, 96, 113, 114, 115, 116, 117, 128, 132, 145) 30-year(7, 13)

7/20/2018 1,558.6 398.9 ▲0.003% ▲0.001%

2-year(378) 5-year(120, 122, 123, 124, 125, 126, 127, 128, 129, 131) 10-year(307, 308, 309, 310, 314, 315, 316, 318, 320, 323, 325, 327, 328, 329) 20-year(45, 49, 50, 51, 54, 55, 61, 63)

8/23/2018 1,858.5 598.4 ▲0.003% ▲0.002% 10-year(330, 331, 332, 333, 334, 339, 340, 343, 349) 20-year(64, 65, 67, 69, 70, 71, 81, 82, 94, 95, 96, 112) 30-year(13)

8/28/2018 1,129.8 499.7 ▲0.001% 0.005% 20-year(149, 150, 152, 153, 154, 164) 30-year(14, 15, 18, 21, 22, 28, 29, 33, 34, 35, 36, 37, 38, 39, 40, 42, 44, 45, 46, 51, 57) 40-year(3, 4, 5, 7, 9)

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

10-year Inflation-Indexed

Auction Date Amounts of

Competitive Bids (billion yen)

Amounts of Bids Accepted

(billion yen)

Average Accepted

Spread (yen)

Highest Accepted

Spread (yen) Issue Numbers

2/13/2018 115.4 20.0 ▲0.211 ▲0.17 17, 20, 21, 22 4/11/2018 111.6 20.1 ▲0.082 ▲0.06 20, 21, 22 6/20/2018 164.7 20.2 ▲0.114 ▲0.08 19, 23 8/17/2018 94.8 20.0 ▲0.036 0.04 18, 19, 20, 21, 22, 23

Liquidity Enhancement Auctions and JGB Buy-Back

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

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

Note1： JN shows 2‐year JGBs. JS shows 5‐year JGBs. JL shows 20‐year JGBs. JX shows 30‐year JGBs. JU shows 40‐year JGBs. Outstanding amount is as of the end of July 2018. Note2： All issues in the graph above will be eligible afterward.

Buy-back Results

(Until 31 August 2018)

(Until 31 August 2018)

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

-6-

0500

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

JN37

8

JN37

9

JN38

0

JS12

0

JS12

1

303

304

JL43

JN38

1

JN38

2

JN38

3

JS12

2

305

JN38

4

JN38

5

JN38

6

JS12

3

306

307

JL44

JL45

JN38

7

JN38

8

JN38

9

JS12

4

308

309

JL46

JN39

0

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

JS13

2

323

324

JL56

JL57

JS13

3

325

JL58

JS13

4

326

327

JL59

JL60

JS13

5

328

JL61 329

JL62

JL63

Amount issued by Liquidity Enhancement Auction Outstanding amount in the market (excluding amount issued by Liquidity Enhancement Auction)

1 2 5

(Remaining maturities)

（billion yen)

0500

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

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 34

7JL

95JL

96 348

JL97

JL98 34

9JL

99 350

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

9JL

143

JL14

4JX

10JL

145

JX11

JL14

6JX

12JL

147

JX13

Amount issued by Liquidity Enhancement Auction Outstanding amount in the market (excluding amount issued by Liquidity Enhancement Auction)

5 10 15.5

(Remaining maturities)

（billion yen)

0500

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

JL14

8

JX14

JL14

9

JX15

JL15

0

JX16

JL15

1

JX17

JL15

2

JX18

JL15

3

JX19

JL15

4

JX20

JL15

5

JX21

JL15

6

JX22

JL15

7

JX23

JL15

8

JX24

JL15

9

JX25

JL16

0

JX26

JL16

1

JL16

2

JX27

JL16

3

JL16

4

JX28

JX29

JX30

JX31

JX32

JX33

JX34

JX35

JX36

JX37

JX38

JX39

JX40

JX41

JX42

JX43

JX44

JX45

JX46

JX47

JX48

JX49

JX50

JX51

JX52

JX53

JX54

JX55

JX56

JX57

JX58 JU1

JU2

JU3

JU4

JU5

JU6

JU7

JU8

JU9

JU10

Amount issued by Liquidity Enhancement Auction Outstanding amount in the market (excluding amount issued by Liquidity Enhancement Auction)（billion yen)

(Remaining maturities)15.5 20 39

Note: BEI (Japan: 10 year) is calculated based on the compound interest rate of the new Inflation-Indexed Bonds and the 10-Year Bonds Source: Japan: Calculation by the Ministry of Finance based on the information on interest rates offered by NIKKEI QUICK.

U.S.A., U.K.: Bloomberg.

JGB Secondary Market

JGB Yield Curves

Source: Japan Bond Trading Co.,Ltd.

Yields of JGB

Long - Term Interest Rates （10Yr） Source: Bloomberg

Source: Bloomberg

-7-

Yield and Volatility (10Yr)

Break-Even Inflation Rates

Source: Bloomberg, Calculation by the Ministry of Finance

(Until 31 July 2018)

(Until 31 July 2018)

(Until 31 July 2018)

(Until 31 July 2018)

-1%

0%

1%

2%

3%

4%

5%

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

BEI (Japan : 10 year)

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

BEI (U.K. : 10 year)

0

20

40

60

80

100

120

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

0

100

200

300

400

500

600

700

800

900

1,000

1,100

1,200

1,300

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

Treasury Discount BillsMedium Term BondsLong Term Bonds

0

500

1,000

1,500

2,000

2,500

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

Bond-Lending

Bond-Gensaki

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

-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 31 July 2018)

-0.1%

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

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

Call Rate (Uncollateralized Overnight)

TIBOR 3-months (Euro-Yen)

Basic Loan Rate

Apr 2013(Actual)

Jul 2018(Actual)

Monetary Base 155 503

JGBs 98 444

CP 1.4 2.2

Corporate Bonds 2.9 3.2

ETFs 1.7 21.1

J-REITs 0.13 0.49

Total Assets 175 546

0

10

20

30

40

50

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

190200210220230240250260

0

20

40

60

80

100

120

140

160

180

200

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

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

JanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul

City Banks

Net Purchase

Net Sale

2013 2014 2015 2016 2017 2018

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

JanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul

Regional banks

Net Purchase

Net Sale

2013 2014 2015 2016 2017 2018

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

JanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul

Life and non-life insurance companies

Net Purchase

Net Sale

2013 2014 2015 2016 2017 2018

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

24.0

JanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul OctJanApr Jul

Foreigners

Net Purchase

Net Sale

2013 2014 2015 2016 2017 2018

(trillion yen) (trillion yen)

(trillion yen) (trillion yen)

-9-

Trends in Bank Assets by Types

Investor Trends and JGB Outstanding Trends in JGBs Transactions (by investor type)

BOJ Trends

Regional Banks City Banks

Source: Bank of Japan

(trillion yen) (trillion yen)

Loans

Cash and Deposits

Government Bonds

Municipal Bonds

Corporate Bonds

Equities

Foreign Securities

Source: Bank of Japan

Source: Japan Securities Dealers Association

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 Oct-17 Apr-18

Total Assets

Monetary Base

JGBs

QQE2QQE（trillion yen）

10.9%

32.5%

60.5%

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 Mar-18

①Market Share of Foreign Investors (JGB Futures Market)

②Market Share of Foreign Investors (JGB Market)

③JGB Holdings by Foreign Investors

-6

-5

-4

-3

-2

-1

0

1

2

3

4

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

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

Net

Purchase

Net

Sales-1

-0.5

0

0.5

1

1.5

2

2.5

3

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

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

Net

Purchase

Net

Sales

-8

-6

-4

-2

0

2

4

6

8

10

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

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

Net

Purchase

Net

Sales

-10-

JGBs Holdings by Foreign Investors

Banks(Banking Accounts) Life Insurance Companies

Transactions of Domestic Securities by Non-Residents

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

Transactions of Foreign Securities by Residents (by Investor types)

Foreign Investors Presence

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

Osaka Exchange

(trillion yen)

(trillion yen)

Source: Japan Securities Dealers Association

(trillion yen)

Outstanding of Repurchase Agreements (by Investor types)

Source: Ministry of Finance Source: Ministry of Finance

Source: Ministry of Finance

59.2

63.3 67.9

55.4 55.7

55.2 52.5

49.6 46.7

52.6

58.6 57.1

62.2 68.2

77.4 78.8

76.9 82.1

86.4

82.8 82.1

81.8 79.0

83.9 81.6

84.2 87.4

93.0

97.7

95.2 100.7

108.8 110.7

112.0 114.0

115.2

116.8 117.4 119.8

122.7 119.7

7.3

8.0

8.5

6.8

6.9 6.7 6.4

6.0 5.6

6.0

6.6 6.5

7.0 7.5

8.4 8.5 8.3 8.7 9.0

8.6 8.4 8.4 8.0

8.5 8.1 8.3

8.6 9.1

9.4 9.1

9.6

10.4 10.3 10.1 10.4

10.6 10.8 10.8 11.0 11.2 10.9

40

50

60

70

80

90

100

110

120

130

140

1

2

3

4

5

6

7

8

9

10

11

12

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

Amount of JGBHoldings (right)

Proportion of JGB Holdings (left)

(trillion yen)

%

%

%

%

%

%

%

%

%

%

%

%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

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

City Banks Trust Banks Insurance Companies Foreigners

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

900

FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017

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

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

8.9%8.5%

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

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

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

5.3%

5.2%4.7%

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

5.6%

4.9%5.2%

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

5.5%

5.5%4.8%

4.8%5.3%

4.5% 4.5% 5.0% 4.8% 5.0%

6.2%

5.2%5.1%

5.6%4.7%

4.8% 5.2% 4.9% 5.1% 4.7%

5.0%

4.7%5.2%

4.4%4.3%

4.6% 4.2% 4.5% 4.1% 4.0%

14.8%

14.4%

14.4%14.9%

15.6%16.5%

17.7% 18.4% 19.2% 19.6%

2.7%

3.6%

4.6%

5.8%

6.7%

7.5%8.3%

9.4%10.1%

11.1%

20 yrs-

10-20 yrs

9-10 yrs

8-9 yrs

7-8 yrs

6-7 yrs

5-6 yrs

4-5 yrs

3-4 yrs

2-3 yrs

1-2 yrs

-1 yr

（trillion yen）

（at the end of FY）

545.9

594.0

636.3669.9

705.0

743.9

774.1

805.4830.6

*years to maturity

Average

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

Average YTM*

(excluding saving

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

853.2

JGB and T-Bill Holders

Breakdown by JGB and T-Bill Holders (The end of Mar. 2018 QE)

Source: Bank of Japan “Flow of Funds Accounts (Preliminary Figures)” Note1: “JGB” includes “FILP Bonds.” Note2: “Banks, etc.” includes “Japan Post Bank”, “Securities investment trust” and “Securities companies.” Note3: “Life and Non-life insurance, etc.” includes “Japan Post Insurance.”

(trillion yen)

Breakdown of Outstanding Amount of General Bonds by Remaining Years to Maturity

T-Bill Holders

Total 101.4 trillion yen

JGB Holders

Total 995.7 trillion yen

Total 1,097.1 trillion yen

-11-

General Government

(ex Public Pensions)

3.6

0.3%

Fiscal Loan Fund

0.0

0.0%

BOJ

459.0

41.8%

Banks,etc.

206.1

18.8%

Life and Non-life

Insurance,etc.

207.3

18.9%

Public Pensions

46.9

4.3%

Pension Funds

31.2

2.8%

Foreigners

119.7

10.9%

Households

12.4

1.1%

Others

10.9

1.0%

General Government

(ex Public Pensions)

3.6

0.4%

Fiscal Loan Fund

0.0

0.0%

BOJ

437.3

43.9%

Banks,etc.

188.7

19.0%

Life and Non-life

Insurance,etc.

205.3

20.6%

Public Pensions

46.9

4.7%

Pension Funds

31.2

3.1%Foreigners

59.5

6.0%

Households

12.4

1.2%

Others

10.9

1.1%

General Government

(ex Public Pensions)

0.0

0.0%Fiscal Loan Fund

0.0

0.0%

BOJ

21.7

21.4%

Banks,etc.

17.4

17.2%

Life and Non-life

Insurance,etc.

2.1

2.1%Public Pensions

0.0

0.0%

Pension Funds

0.0

0.0%

Foreigners

60.2

59.3%

Households

0.0

0.0%

Others

0.0

0.0%

Types The amount of redemption at maturity Scheduled redemption date

20-Year Bonds 733.7 September 20

15-Year Floating-Rate Bonds 751.2 September 20

10-Year Bonds 6,151.8 September 20

5-Year Bonds 8,541.0 September 20

2-Year Bonds 2,456.7 September 15

Treasury Bill 3,928.8 September 20

Total 22,563.2

Source: Ministry of Finance

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

General Bonds Issuance Amount and Outstanding

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

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

(trillion yen)

Scheduled redemption of JGB at maturity in September, 2018

Note.1: The figures are based on the outstanding JGBs at the end of July, 2018. Note.2: The figures are the scheduled redemption at maturity and may be different from the actual redemption due to Buy-back of JGBs. Note.3: The figures do not include "JGB for Retail Investors". Note.4: If the redemption date coincides with bank holiday, the payment of redemption is carried out on the following business day. Note.5: Figures may not sum up to total because of rounding.

(billion yen)

Source: Ministry of Finance, Bank of Japan

541.5 545.9594.0

636.3669.9

705.0743.9 774.1

805.4 830.6863.9 882.8

124.6 127.1 142.4 143.1

163.1 163.3 153.6 158.0 150.5

148.3 144.1 137.9

100

200

300

400

500

600

700

800

900

0

30

60

90

120

150

180

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

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

-12-

0100200300400500600700800900

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

17 18 19 20 21 22 23

(billion yen)

(issue number)

Outstanding amount (excl.BOJ holding)BOJ holding

83.27

95.62

76.40

60.48

64.29

42.83 40.24

42.39

39.9142.08

13.1814.38

16.3916.06 18.77

18.5519.97 19.27

18.00 17.83

4.775.46

6.597.03

6.24 8.209.48

10.89 9.30 11.20

1.33 1.33 1.93 1.90 1.98 2.09 2.28 2.42 2.70 0.200

102030405060708090

100110120130

18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57

(trillion yen）

(FY)

Treasury Bills2-yr bondsJGBs for retail investors (3-yr-Fixed-rate)JGBs for retail investors (5-yr-Fixed-rate)5-yr bondsInflation-Indexed bondsJGBs for retail investors (Floating-rate)10-yr bonds15-yr-floating-rate bonds20-yr bonds30-yr bonds40-yr bonds

Average remaining years to maturity： 8 years and 11 months

0.9%

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 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18

(%)

CPI

CPI excluding food (excludingalcohilic beverages) and energy

Change from the previous year

Apr.4, 2013BOJ released QQE

4.9

-2.6-1.5

0.8

4.9

3.5

3.2

-0.2

3.9

-7.1

0.0

2.4

6.0

-0.3

0.6

-1.4

3.3

0.9 1.10.8

2.7 2.1 2.3

0.8

-0.9

1.9

-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

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

2012 2013 2014 2015 2016 2017 2018

(％)

Private Demand Public Demand

Foreign Demand Real GDP

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

(CY)

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

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

（ratio）Jul, 2018

1.63 times

Jul, 20182.5％

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

Sep-

17

Jan-

18

May

-18

(2010 average=100・Seasonally Adjusted Index)

Production Shipments

Inventory Inventory Ratio

Real GDP Growth Rate

Employment Conditions

Prices

Changes in Current Account

Monetary Base Indices of Industrial Production

Total Value of Machinery Orders (Private Sector exc. Volatile orders)

TANKAN (Business Conditions)

Source: Cabinet Office

Source: Ministry of Internal Affairs and Communications

Source: Ministry of Health, Labor and Welfare Ministry of Internal Affairs and Communications Source: Ministry of Finance

Source: Ministry of Economy, Trade and Industry

Source: Cabinet Office

(trillion yen)

Economic and Financial Trends

Source: Bank of Japan

Source: Bank of Japan

-13-

-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

Sep-

17

Jan-

18

May

-18

(Diffusion index)

Large enterprises/Manufacturing

Large enterprises/Non-Manufacturing

Small enterprises/Manufacturing

Small enterprises/Non-Manufacturing

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

5.0

3.3

6.1

4.9

6.1

4.0

6.0

4.6

7.0

4.3

5.9

5.0

-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

Q120

17Q2

2017

Q320

17Q4

2018

Q120

18Q2

Primary Income Trade BalanceServices Secondary IncomeCurrent Account

0

100

200

300

400

500

600(trillion yen)

Banknotes in Circulation

Coins in Circulation

Current Account Balances

500

600

700

800

900

1,000

1,100

Jan-

09Ap

r-09

Jul-0

9Oc

t-09

Jan-

10Ap

r-10

Jul-1

0Oc

t-10

Jan-

11Ap

r-11

Jul-1

1Oc

t-11

Jan-

12Ap

r-12

Jul-1

2Oc

t-12

Jan-

13Ap

r-13

Jul-1

3Oc

t-13

Jan-

14Ap

r-14

Jul-1

4Oc

t-14

Jan-

15Ap

r-15

Jul-1

5Oc

t-15

Jan-

16Ap

r-16

Jul-1

6Oc

t-16

Jan-

17Ap

r-17

Jul-1

7Oc

t-17

Jan-

18Ap

r-18

(billion yen)

Monthly Quarter (Mean)

English Publications on JGBs Frequency URL Debt Management

Message from the Financial Bureau As needed https://www.mof.go.jp/english/jgbs/debt_management/message.htm

About JGBs As needed https://www.mof.go.jp/english/jgbs/debt_management/guide.htm

About the Debt Management Policy As needed https://www.mof.go.jp/english/jgbs/debt_management/about.htm

JGB Issuance Plan As needed https://www.mof.go.jp/english/jgbs/debt_management/plan/index.htm

Auction Calendar

Auction Calendar Monthly https://www.mof.go.jp/english/jgbs/auction/calendar/index.htm

Historical Data of Auction Results Each Auction https://www.mof.go.jp/english/jgbs/auction/past_auction_results/index.html

Topics

Product Characteristics of the JGB As needed https://www.mof.go.jp/english/jgbs/topics/bond/index.html

Treasury Discount Bills (T-Bills) Annual https://www.mof.go.jp/english/jgbs/topics/t_bill/index.htm

Japanese Government Guaranteed Bonds Annual https://www.mof.go.jp/english/jgbs/topics/gov_guaranteed_bonds/index.htm

Interest Rate Swap Semiannual https://www.mof.go.jp/english/jgbs/topics/swap/index.htm

Taxation of Government Bonds As needed https://www.mof.go.jp/english/jgbs/topics/taxation2016/index.html

For Individual Investors As needed https://www.mof.go.jp/english/jgbs/topics/individual/index.htm

Data

Central Government Debt Quarterly https://www.mof.go.jp/english/jgbs/reference/gbb/index.htm

Interest Rate Daily https://www.mof.go.jp/english/jgbs/reference/interest_rate/index.htm

STRIPS Monthly https://www.mof.go.jp/english/jgbs/reference/jgbstat/index.htm

Dialogue with the market

Advisory Councils on Government Debt Management Each Meeting https://www.mof.go.jp/english/about_mof/councils/gov_debt_management/index.html

Meeting of JGB Market Special Participants Each Meeting https://www.mof.go.jp/english/about_mof/councils/jgbsp/index.html

Meeting of JGB Investors Each Meeting https://www.mof.go.jp/english/about_mof/councils/jgb_investor/index.html

Publications

Debt Management Report Annual https://www.mof.go.jp/english/jgbs/publication/debt_management_report/index.htm

JGB Newsletter Monthly https://www.mof.go.jp/english/jgbs/publication/newsletter/index.htm

Debt Management Policy Division, Financial Bureau, Ministry of Finance 3-1-1 Kasumigaseki, Chiyoda-ku, Tokyo 100-8940 Japan

Phone: 81-3-3581-4111 Web: www.mof.go.jp

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

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Information