2 Secondary Market for Government Bonds · 2 Secondary Market fo r Government Bonds 128 (7) Market...

Ⅲ　AppendicesC

hapter 1 Governm

ent Bonds (JG

Bs)

2 Secondary Market for G

overnment B

onds

125

Secondary Market for Government Bonds2

(1) 10-Year JGB Yield

(2) 10-Year Government Bonds Yields

-5

0

5

10

15

20

25

30

35

40（％）

End of March 2019Greece 3.736%

Italy 2.488%

U.S. 2.405%

Portugal 1.251%

Spain 1.097%

U.K. 1.000%

Ireland 0.550%

France 0.318%

Germany -0.070%

Japan -0.081%

（Source）Japan Bond Trading Co.

-1

0

1

2

3

（％）

March 29,2019-0.095%

Yield of newly issued 10-year JGB

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

Apr-99 Apr-01 Apr-03 Apr-05 Apr-07 Apr-09 Apr-11 Apr-13 Apr-15 Apr-17

（Source）Bloomberg

Ⅲ　Appendices

Chapter 1 G

overnment B

onds (JGB

s)2 Secondary M

arket for Governm

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126

(3) Yields of JGBs in FY2018

(4) JGB Yield Curves

-0.4

0.0

-0.2

0.2

0.6

0.4

0.8

1.0

1.2

（％）

End of FY2018End of FY2017（reference）End of FY2016（reference）

0 5 10 15 20 25 30 35 40

Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19


（Years to maturity）（Source）Japan Bond Trading Co.

40-yearbonds30-yearbonds

20-yearbonds

10-yearbonds2-yearbonds5-yearbonds

-0.4

-0.2

0.2

0.6

0.8

0.4

0.0

1.2

1.0

（％）

40-year bonds30-year bonds20-year bonds10-year bonds5-year bonds2-year bonds

(5) Various Rates in the Short-term Financial Market in FY2018

(6) Break-Even-Inflation (BEI) Rate

（Sources）Bank of Japan, Japanese Bankers Association, Japan Bond Trading Co.

（Source）Calculated by Ministry of Finance based on Nikkei QUICK

-2.0

-1.0

0.0

1.0

2.0（％）

March 29,2019Break-Even-

Inflation Rate 0.231%

March 29,201910-year JGB ▲0.146%

March 29,201910-year

Inflation-IndexedBonds ▲0.377%


Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18

-0.40

-0.20

-0.30

-0.10

0.00

0.10

0.20

0.30

0.40

（％）BOJ basic loan rate Overnight call rateEuro-yen TIBOR 3-month rate T-Bills (3-month) interest rate

Ⅲ　AppendicesC

hapter 1 Governm

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Bs)


overnment B

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127

(3) Yields of JGBs in FY2018

(4) JGB Yield Curves

-0.4

0.0

-0.2

0.2

0.6

0.4

0.8

1.0

1.2

（％）

End of FY2018End of FY2017（reference）End of FY2016（reference）

0 5 10 15 20 25 30 35 40



（Years to maturity）（Source）Japan Bond Trading Co.

40-yearbonds30-yearbonds

20-yearbonds

10-yearbonds2-yearbonds5-yearbonds

-0.4

-0.2

0.2

0.6

0.8

0.4

0.0

1.2

1.0

（％）

40-year bonds30-year bonds20-year bonds10-year bonds5-year bonds2-year bonds

(5) Various Rates in the Short-term Financial Market in FY2018

(6) Break-Even-Inflation (BEI) Rate

（Sources）Bank of Japan, Japanese Bankers Association, Japan Bond Trading Co.

（Source）Calculated by Ministry of Finance based on Nikkei QUICK

-2.0

-1.0

0.0

1.0

2.0（％）

March 29,2019Break-Even-

Inflation Rate 0.231%

March 29,201910-year JGB ▲0.146%

March 29,201910-year

Inflation-IndexedBonds ▲0.377%



-0.40

-0.20

-0.30

-0.10

0.00

0.10

0.20

0.30

0.40

（％）BOJ basic loan rate Overnight call rateEuro-yen TIBOR 3-month rate T-Bills (3-month) interest rate

Ⅲ　Appendices

Chapter 1 G

overnment B

onds (JGB

s)2 Secondary M

arket for Governm

ent Bonds

128

(7) Market Price of 15-year Floating-rate Bonds

(8) JGB Share in Total Trading Volume of Yen Bonds

98.0

102.0

100.0

104.0

106.0

108.0(yen)

15Y48thMarch 29,2019

103.10 yen

15Y44th（α▲45bp）15Y45th（α▲45bp）15Y46th（α▲40bp）15Y47th（α▲45bp）15Y48th（α▲20bp）

100%


（Source）Nikkei QUICK

09 10 11 12 13 14 15 16 17 18(FY)

Trading volume of yen bonds（LHS）Trading volume of JGB（LHS）%（RHS）17,000

16,000

15,000

14,000

13,000

12,000

11,000

10,000

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

100%

99%

98%

97%

96%

95%

94%

93%

92%

91%

90%

89%

88%

87%

86%

85%

（Unit: trillion yen）

Note 1: Yen Bonds indicate all yen denominated bonds issued in Japan.Note 2: JGBs include Discount Bonds and T-Bills.（Source）Japan Securities Dealers Association

Ⅲ　AppendicesC

hapter 1 Governm

ent Bonds (JG

Bs)


overnment B

onds

129

(9) JGB Share in Total Issuance Amount of Yen Bonds

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

20

40

60

80

100

120

140

160

180

200

220

240


09 10 11 12 13 14 15 16 17 18(FY)

Note 1: Yen Bonds indicate the total of publicly offered public bonds, publicly offered private bonds, bank debentures, non-resident bonds, government affiliated organization privately placed special bonds, and privately placed corporate bonds.Note 2: JGBs include TBs. FBs, converted debt bonds, compensation bonds, and subscription bonds are excluded.（Source）Japan Securities Dealers Association

Yen bonds issuance amount（LHS）JGB issue amount（LHS）％（RHS）

Ⅲ　Appendices

Chapter 1 G

overnment B

onds (JGB

s)2 Secondary M

arket for Governm

ent Bonds

130

(10) Portfolio Investment Assets in FY2018

(11) Portfolio Investment Liabilities in FY2018

-0.15

-0.10

-0.05

0.00

0.05

0.10

0.15

-0.8

-0.6

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

-8

-6

-4

-2

0

2

4

6

8

-1.0

-0.5

0.0

0.5

1.0

1.5

-5-4-3-2-1012345

-1.5

-6

-8

-4

-2

0

2

4

6

8

-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

-6

-4

-2

0

2

4

6

-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

Note 1: Figures indicate the situation of investment by residents in securities issued by non-residents.Note 2: “Long-term debt securities” and “Short-term debt securities” include central government bonds, government agency securities, supranational bonds, local government bonds, bank bonds, corporate bonds, and Samurai bonds.（Source）Ministry of Finance

2018 2019 2018 2019

2018 2019 2018

2018 2019





2018 2018

2018 2018

2019 2019

2019 2019





（Unit: trillion yen） Life insurance companies

Non-life insurance companies

Banks（banking accounts）

Trust banks（banking accounts）

Total

Note 1: Figures indicate the situation of investment by non-residents in securities issued by residents.Note 2: “Long-term debt securities” and “Short-term debt securities” include JGBs, government agency securities, supranational bonds, local

government bonds, bank bonds, and corporate bonds.（Sources）Ministry of Finance, Bank of Japan

（Unit: trillion yen）（Unit: trillion yen）

（Unit: trillion yen）（Unit: trillion yen）Asia U.S.

TotalEurope



2019

Short-term debt securitiesLong-term debt securitiesEquity

Buying on balance

Selling on balance

Buying on balance

Selling on balance

Short-term debt securitiesLong-term debt securitiesEquity

Ⅲ　AppendicesC

hapter 1 Governm

ent Bonds (JG

Bs)


overnment B

onds

131

(12) Trends in JGB Transactions (by investor type) in FY2018

-4

-2

0

2

4（Unit: trillion yen） City Banks & Long-term Credit Banks

-1.0

-0.5

0.0

0.5

1.0

（Unit: trillion yen） Regional Banks

-2

-1

0

1

2

（Unit: trillion yen） Trust Banks

-0.2

-0.1

0.0

0.1

0.2

（Unit: trillion yen） Second-tier Regional Banks

-0.8

-0.6

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

（Unit: trillion yen） Financial Institutions for Agriculture & Forestry

-0.4

-0.2

0.0

0.2

0.4

（Unit: trillion yen） Shinkin Banks

-0.3

-0.2

0.0

-0.1

0.1

0.2

0.3（Unit: trillion yen） Other Financial Institutions

-1.0

-0.5

0.0

0.5

1.0

（Unit: trillion yen） Life & Non-Life Insurance Companies

-5

0

5

10

15

20

25

（Unit: trillion yen） Foreigners









2018 2019 2018

2018

2018

2018

2018

2019

2019

2019

2019

2019

2018 2019

2018 2019

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar2018 2019

Super-long-term bondsLong-term bondsMedium-term bonds T-BillTotal

Note 1: Turnover figures represent transaction totals（excluding Gensaki transactions）by members （securities companies）and special members（registered financial institutions conducting dealing duties, etc.）of Japan Securities Dealers Association. Figures are calculated on a nominal basis.

Note 2: In addition to the data shown here, Japan Securities Dealers Association also publishes turnover charts for “Investment Trusts”, “Mutual Aid Association of Govt. Offices”, “Business Corporations”, “Other Corporations”, “Individuals”, “Others” and “Bond Dealers”

（Source）Japan Securities Dealers Association

Ⅲ　Appendices

Chapter 1 G

overnment B

onds (JGB

s)2 Secondary M

arket for Governm

ent Bonds

132

(Unit: trillion yen)

Yen BondsJGBs

Super-Long-Term Bonds Long-Term Bonds Medium-Term Bonds Short-Term Bonds

FY2009 3,312.7 3,241.9 212.4 781.5 935.0 1,313.0FY2010 3,475.3 3,404.2 289.1 970.6 1,008.2 1,136.4FY2011 3,690.5 3,617.0 308.5 867.4 1,279.8 1,161.2FY2012 3,485.5 3,420.4 383.1 846.7 986.2 1,204.4FY2013 3,184.7 3,129.5 342.0 690.9 767.9 1,328.6FY2014 3,440.1 3,386.7 413.5 698.4 999.9 1,274.9FY2015 2,812.6 2,764.0 372.9 641.5 723.9 1,025.7FY2016 2,365.5 2,322.8 389.1 471.5 696.2 766.0FY2017 2,301.2 2,257.1 435.3 498.1 567.1 756.6FY2018 2,285.4 2,242.0 459.3 525.1 495.9 761.7

Note: Bond Gensaki transactions are excluded.(Source) Japan Securities Dealers Association


Trading Volume Open Interest (End of FY)10-Year JGB Futures 20-Year JGB Futures 10-Year JGB Futures 20-Year JGB Futures

FY2009 707.6 707.6 − 5.9 5.9 −FY2010 800.2 800.2 − 5.1 5.1 −FY2011 721.2 721.0 − 7.7 7.7 −FY2012 948.3 948.1 − 10.1 10.1 −FY2013 857.0 856.9 − 10.3 10.3 −FY2014 904.9 903.9 0.6 8.7 8.7 0.0 FY2015 849.7 849.1 0.3 7.2 7.2 0.0 FY2016 700.0 699.9 0.0 8.0 8.0 0.0 FY2017 880.7 880.7 0.0 11.7 11.7 0.0 FY2018 1,023.5 1,023.4 0.0 11.1 11.1 0.0

Note: Trading in 20-Year JGB Futures had been suspended due to little demand but was re-launched based on JGB market conditions and discussions with investors in April 2014.(Source) Japan Securities Clearing Corporation


Trading Volume Outstanding (End of FY)

Yen Bonds(excluding JGB baskets) JGB baskets

Transactions other than Subsequent Collateral

Allocation Repos(Standard Repos,etc.)

Subsequent Collateral Allocation ReposJGBs

FY2009 4,592.4 4,571.0 − 15.9 −FY2010 4,246.6 4,215.3 − 15.2 −FY2011 4,717.6 4,682.9 − 25.4 −FY2012 5,035.6 5,002.7 − 23.5 −FY2013 6,275.4 6,238.0 − 26.4 −FY2014 7,064.3 7,004.9 − 30.8 −FY2015 7,582.8 7,486.9 − 30.5 −FY2016 6,918.4 6,887.5 − 33.4 −FY2017 7,622.2 7,579.0 − 40.2 −FY2018 13,577.4 13,539.4 3,112.7 101.6 14.8

Note 1:Trading Volume is the total amount of buying and selling.Note 2:The Outstanding at the end of fiscal year is the total outstanding of securities companies and financial institutions for dealing.Note 3:JGB baskets and Subsequent Collateral Allocation Repos are traded price base(otherwise nominal).Note 4:Yen bonds are all bonds except JGBs for retail investors, corporate bonds with equity-purchase warrants and foreign currency bonds.(Source) Japan Securities Dealers Association

(13) Trading Volume of Yen Bonds

(14) Trading Volume of JGB Futures

(15) Trading Volume of Bond Gensaki

Ⅲ　AppendicesC

hapter 1 Governm

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Bs)


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133


Lending BorrowingsWith Collateral Without Collateral With Collateral Without Collateral

FY2009 5,626.5 5,580.2 46.3 3,591.3 3,500.1 91.2 FY2010 5,239.7 5,196.0 43.7 3,960.8 3,858.6 102.2 FY2011 5,232.1 5,212.6 19.5 4,132.0 4,052.3 79.7 FY2012 6,397.5 6,379.0 18.6 4,550.3 4,472.1 78.2 FY2013 6,965.7 6,946.1 19.5 5,271.8 5,186.7 85.1 FY2014 8,347.4 8,328.5 18.8 6,616.5 6,547.9 68.5 FY2015 8,228.7 8,213.1 15.6 5,809.2 5,736.5 72.7 FY2016 8,547.9 8,535.8 12.1 5,966.5 5,893.2 73.3 FY2017 8,548.4 8,442.5 105.9 5,627.7 5,557.3 70.5 FY2018 5,622.5 5,291.4 331.1 3,602.8 3,519.9 83.0

Note: Trading volume is the total of contracts by both members of Japan Securities Dealers Association (Securities Companies) and special members (registered financial institutions for dealing).

(Source) Japan Securities Dealers Association


Total Call Options Put Options

Bid Offer Bid OfferFY2009 132.5 41.8 29.5 28.8 32.3 FY2010 164.6 53.5 36.1 36.0 38.9 FY2011 171.8 76.9 30.8 26.6 37.4 FY2012 100.6 46.0 18.3 15.8 20.5 FY2013 114.3 39.9 22.3 24.6 27.5 FY2014 102.3 41.5 18.2 19.9 22.6 FY2015 65.8 32.8 9.1 11.3 12.6 FY2016 68.9 26.8 11.8 15.0 15.3 FY2017 97.9 31.2 20.6 22.6 23.6 FY2018 119.6 35.3 28.9 29.9 25.5

Note 1: Trading volume is the total transaction of securities companies and financial institutions for dealing.Note 2: Trading volume is on nominal basis.(Source) Japan Securities Dealers Association


Open Interest Amounts(End of FY) With Collateral Without Collateral

FY2009 85.0 82.3 2.8FY2010 76.2 73.3 2.8FY2011 85.0 83.0 2.1FY2012 84.7 82.4 2.3FY2013 103.5 100.8 2.7FY2014 108.1 104.8 3.2FY2015 101.3 96.8 4.5FY2016 127.4 123.2 4.3FY2017 139.0 130.9 8.1FY2018 64.0 55.6 8.5

Note: Trading balances data of lent or borrowed public and corporate bonds are aggregated based on the delivery dates specified in the original contracts.

(Source) Japan Securities Dealers Association

(16) Trading Volume of Bond-Lending

(17) Open Interest Amounts of Bond-Lending

(18) Trading Volume of JGB Option by OTC

Ⅲ　Appendices

Chapter 1 G

overnment B

onds (JGB

s)2 Secondary M

arket for Governm

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134

(19) Trading Volume of JGB Futures Options (Unit: trillion yen)

Trading Value Open Interest(End of FY)Call Put Call Put

FY2009 248.7 121.2 127.5 0.8 0.2 0.6FY2010 198.9 89.9 109.0 0.7 0.2 0.5FY2011 202.7 80.2 122.5 2.0 0.6 1.5FY2012 220.4 76.0 144.4 2.0 0.4 1.7FY2013 145.0 49.7 95.3 2.2 0.4 1.8FY2014 118.7 33.1 85.5 1.4 0.2 1.2FY2015 102.5 31.3 71.2 0.9 0.2 0.7FY2016 92.5 28.0 64.5 1.4 0.2 1.2FY2017 86.2 30.2 56.1 1.6 0.5 1.1FY2018 70.9 25.7 45.2 0.9 0.3 0.6

(Source) Japan Exchange Group, Inc.

(20) Outstanding Amount of STRIPS-Principal-Only Book-entry Transfer JGBs (Unit: billion yen)

40-Year Bonds 30-Year Bonds 20-Year Bonds 10-Year Bonds 5-Year Bonds 2-Year Bonds Total

FY2009 20.3 (1,954.3) 120.8 (20,168.1) 10.4 (71,413.1) 148.1 (214,396.7) 34.7 (134,899.2) 6.2 (52,455.4) 340.4 (495,286.8) FY2010 20.3 (3,199.8) 119.8 (26,986.0) 14.4 (88,757.8) 156.5 (245,252.4) 33.1 (136,255.2) 3.6 (62,349.0) 347.6 (562,800.2) FY2011 32.4 (4,924.1) 123.8 (35,249.3) 16.2 (104,282.0) 166.0 (276,612.3) 30.7 (137,679.1) 1.2 (67,493.1) 370.3 (626,239.9) FY2012 35.8 (6,636.1) 136.7 (43,847.1) 21.2 (121,769.9) 158.9 (295,827.6) 25.3 (143,536.1) 0.6 (68,497.0) 378.6 (680,113.8) FY2013 39.3 (8,493.4) 143.1 (53,274.0) 23.8 (139,142.0) 152.5 (299,174.5) 24.6 (153,383.2) − (70,172.0) 383.3 (723,639.1) FY2014 39.6 (10,445.5) 143.3 (64,211.4) 24.5 (157,000.2) 138.5 (298,055.7) 16.6 (158,260.0) − (69,152.9) 362.6 (757,125.7) FY2015 49.6 (13,133.4) 146.4 (76,987.9) 23.9 (174,841.3) 119.3 (301,008.5) 12.1 (160,806.5) − (63,932.8) 351.3 (790,710.4) FY2016 49.6 (16,597.6) 146.4 (88,628.2) 20.7 (192,056.6) 94.4 (302,813.6) 6.5 (160,409.4) − (60,419.9) 317.5 (820,925.1) FY2017 49.6 (20,283.7) 146.4 (100,696.1) 20.6 (208,335.0) 66.4 (308,203.8) 3.6 (156,681.3) − (57,975.4) 286.7 (852,175.2) FY2018 49.6 (23,191.4) 146.4 (111,350.1) 20.6 (226,008.7) 46.1 (314,323.3) 1.2 (147,403.4) − (55,436.4) 263.9 (877,713.3)

<Key> Outstanding Amount of Principal-Only Book-entry Transfer JGBs at the end of each period (Outstanding amount of JGBs qualified for STRIPS)Note: Figures may not sum up to the total because of rounding.

Ⅲ　AppendicesC

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135

(21) Results of Outright Purchases of JGBs by the Bank of Japan in FY2018 （Unit: billion yen, %）

Date of Offer Date of Exercise Amounts Offered

Amounts ofCompetitive Bid

Amounts of Successful Bid

Average Successful YieldSpread (Price Spread)

Pro-rata or Non-pro-rata Yield Spread (Price Spread) Remarks

4/2/18 4/4/18190.0 619.0 191.0 0.012 0.011 (10-25)

70.0 237.4 70.4 0.012 0.012 (25-)25.0 147.6 25.1 ▲ 0.115 ▲ 0.060 (Inflation-Indexed Bonds)

4/4/18 4/6/18250.0 1,067.3 250.2 0.005 0.004 (1-3)330.0 1,016.2 330.2 0.007 0.006 (3-5)450.0 1,852.0 450.3 0.008 0.007 (5-10)

4/6/18 4/10/1850.0 436.3 50.3 0.006 0.005 (0-1)

250.0 979.9 250.5 ▲ 0.002 ▲ 0.003 (1-3)330.0 1,039.5 330.4 0.004 0.003 (3-5)

4/9/18 4/11/18450.0 1,283.2 450.7 ▲ 0.003 ▲ 0.004 (5-10)190.0 458.0 191.0 ▲ 0.007 ▲ 0.008 (10-25)

70.0 246.0 70.8 ▲ 0.006 ▲ 0.007 (25-)

4/11/18 4/13/18250.0 1,141.2 250.5 0.004 0.003 (1-3)330.0 1,412.4 330.4 0.003 0.002 (3-5)450.0 1,247.9 450.6 0.001 0.000 (5-10)

4/13/18 4/17/18

250.0 1,308.7 250.8 0.003 0.003 (1-3)330.0 1,373.5 330.4 0.003 0.003 (3-5)190.0 542.7 190.8 0.004 0.003 (10-25)

70.0 219.2 70.4 0.003 0.002 (25-)

4/18/18 4/20/18

250.0 1,043.7 250.7 0.003 0.002 (1-3)330.0 1,102.7 330.6 ▲ 0.001 ▲ 0.002 (3-5)450.0 1,765.9 450.7 ▲ 0.002 ▲ 0.002 (5-10)100.0 322.6 100.4 ▲ 0.214 ▲ 0.100 (Floating-Rate Bonds)

4/20/18 4/24/18450.0 1,141.0 451.2 0.009 0.008 (5-10)190.0 440.1 190.2 0.012 0.011 (10-25)

70.0 192.0 70.6 0.011 0.010 (25-)

4/23/18 4/25/18

50.0 272.8 50.4 0.003 0.002 (0-1)250.0 1,040.9 250.5 0.008 0.008 (1-3)330.0 1,054.9 330.5 0.008 0.008 (3-5)

25.0 146.1 25.1 ▲ 0.166 ▲ 0.160 (Inflation-Indexed Bonds)

4/25/18 4/27/18450.0 1,199.2 451.3 0.002 0.001 (5-10)190.0 391.0 190.8 0.003 0.001 (10-25)70.0 209.3 70.8 ▲ 0.002 ▲ 0.003 (25-)

5/1/18 5/2/1850.0 358.5 50.6 0.006 0.001 (0-1)

450.0 1,471.0 450.6 ▲ 0.013 ▲ 0.014 (5-10)

5/7/18 5/8/18

250.0 865.8 250.6 0.001 0.000 (1-3)330.0 1,219.5 330.6 ▲ 0.002 ▲ 0.003 (3-5)190.0 531.6 191.2 0.001 0.000 (10-25)

70.0 292.4 70.6 0.002 0.001 (25-)

5/9/18 5/10/18250.0 814.7 251.2 0.004 0.002 (1-3)330.0 1,062.2 330.4 0.006 0.006 (3-5)450.0 1,510.8 451.1 0.003 0.002 (5-10)

5/11/18 5/14/18190.0 619.6 191.6 0.003 0.002 (10-25)


5/14/18 5/15/18250.0 1,140.8 250.0 0.005 0.004 (1-3)330.0 1,243.0 330.6 0.003 0.002 (3-5)450.0 1,802.8 450.7 0.002 0.002 (5-10)

5/16/18 5/17/1850.0 457.2 50.1 0.009 0.008 (0-1)

190.0 525.6 191.3 0.008 0.007 (10-25)70.0 286.9 71.2 0.008 0.007 (25-)

5/18/18 5/21/18250.0 943.1 250.8 0.007 0.006 (1-3)330.0 974.5 330.7 0.007 0.006 (3-5)450.0 1,367.4 450.7 0.006 0.005 (5-10)

5/23/18 5/24/18

250.0 1,031.1 250.2 0.004 0.003 (1-3)330.0 1,034.0 330.5 0.001 0.000 (3-5)190.0 381.8 191.1 0.001 0.000 (10-25)

70.0 217.9 70.9 0.003 0.002 (25-)

5/25/18 5/28/18

250.0 1,120.6 250.5 0.005 0.005 (1-3)330.0 1,116.2 330.2 0.002 0.002 (3-5)450.0 1,504.5 450.6 0.003 0.002 (5-10)


5/30/18 5/31/18450.0 1,518.3 450.8 ▲ 0.007 ▲ 0.008 (5-10)190.0 354.8 190.6 ▲ 0.008 ▲ 0.009 (10-25)

70.0 261.8 71.3 ▲ 0.018 ▲ 0.018 (25-)

6/1/18 6/4/1850.0 342.6 50.1 0.013 0.011 (0-1)

430.0 1,614.3 430.3 0.012 0.011 (5-10)25.0 123.4 25.0 ▲ 0.195 ▲ 0.180 (Inflation-Indexed Bonds)

6/4/18 6/5/18

250.0 1,273.3 250.2 0.007 0.006 (1-3)330.0 1,174.9 330.4 0.006 0.006 (3-5)190.0 653.3 191.3 0.008 0.007 (10-25)

70.0 224.0 70.6 0.009 0.008 (25-)

6/6/18 6/7/18250.0 909.3 250.5 0.002 0.001 (1-3)330.0 961.8 330.5 ▲ 0.004 ▲ 0.005 (3-5)430.0 1,830.1 431.2 ▲ 0.002 ▲ 0.003 (5-10)

6/8/18 6/11/18190.0 572.0 190.4 0.001 ▲ 0.002 (10-25)

70.0 299.0 70.4 0.003 0.002 (25-)100.0 222.1 100.4 ▲ 0.141 ▲ 0.110 (Floating-Rate Bonds)

Ⅲ　Appendices

Chapter 1 G

overnment B

onds (JGB

s)2 Secondary M

arket for Governm

ent Bonds

136






6/13/18 6/14/1850.0 417.2 50.0 0.016 0.014 (0-1)

430.0 1,365.3 430.9 0.002 0.001 (5-10)25.0 120.2 25.1 ▲ 0.006 0.010 (Inflation-Indexed Bonds)

6/14/18 6/15/18

250.0 934.2 250.8 0.003 0.002 (1-3)300.0 1,037.5 300.5 ▲ 0.003 ▲ 0.004 (3-5)190.0 598.3 191.0 ▲ 0.003 ▲ 0.004 (10-25)

70.0 232.8 70.4 0.003 0.002 (25-)

6/20/18 6/21/18430.0 1,405.7 430.7 0.007 0.007 (5-10)190.0 593.7 191.6 0.007 0.006 (10-25)

70.0 245.2 70.5 0.004 0.003 (25-)

6/22/18 6/25/18250.0 1,296.8 250.5 0.005 0.005 (1-3)300.0 1,024.8 300.9 0.001 0.001 (3-5)430.0 1,413.5 431.1 0.000 ▲ 0.001 (5-10)

6/27/18 6/28/18

250.0 1,374.2 251.3 0.005 0.005 (1-3)300.0 1,171.7 301.1 ▲ 0.001 ▲ 0.002 (3-5)190.0 600.6 192.2 ▲ 0.002 ▲ 0.003 (10-25)

70.0 248.3 70.7 ▲ 0.002 ▲ 0.002 (25-)

6/29/18 7/2/18250.0 1,156.1 250.6 0.003 0.002 (1-3)300.0 892.6 300.4 0.003 0.003 (3-5)410.0 1,482.7 410.6 0.007 0.006 (5-10)

7/2/18 7/3/18

50.0 400.2 50.0 0.018 0.018 (0-1)190.0 593.9 190.7 0.002 0.002 (10-25)70.0 244.1 70.7 0.002 0.002 (25-)25.0 195.8 25.2 ▲ 0.069 ▲ 0.060 (Inflation-Indexed Bonds)

7/4/18 7/5/18250.0 1,321.5 250.5 0.004 0.004 (1-3)300.0 956.4 300.5 0.001 0.001 (3-5)410.0 1,459.9 411.5 ▲ 0.002 ▲ 0.003 (5-10)

7/6/18 7/9/18

250.0 1,096.9 250.5 0.005 0.004 (1-3)300.0 1,439.7 300.4 0.003 0.003 (3-5)190.0 636.0 191.0 ▲ 0.003 ▲ 0.003 (10-25)

70.0 244.7 70.2 ▲ 0.008 ▲ 0.009 (25-)

7/11/18 7/12/18250.0 920.2 250.8 0.002 0.001 (1-3)300.0 1,141.9 300.5 0.003 0.002 (3-5)410.0 1,867.5 410.8 0.003 0.003 (5-10)

7/13/18 7/17/18410.0 1,508.7 410.6 0.003 0.002 (5-10)190.0 635.5 190.6 0.002 0.002 (10-25)

70.0 296.6 70.2 0.001 ▲ 0.001 (25-)

7/17/18 7/18/18250.0 1,339.1 250.0 0.004 0.004 (1-3)300.0 1,085.0 300.8 0.003 0.002 (3-5)


7/19/18 7/20/18410.0 980.5 410.9 ▲ 0.002 ▲ 0.003 (5-10)180.0 530.9 180.4 0.000 ▲ 0.002 (10-25)

60.0 252.6 60.3 0.001 0.001 (25-)

7/23/18 7/24/18

50.0 271.6 50.1 0.025 0.025 (0-1)250.0 1,104.1 250.1 0.015 0.015 (1-3)300.0 1,034.4 300.3 0.023 0.021 (3-5)

- 0.0 0.0 - - (Fixed)(5-10)(*1)

7/25/18 7/26/18410.0 1,209.5 410.4 ▲ 0.007 ▲ 0.009 (5-10)180.0 402.1 180.3 ▲ 0.014 ▲ 0.019 (10-25)

60.0 110.3 60.1 ▲ 0.011 ▲ 0.024 (25-)

7/27/18 7/30/18

250.0 839.9 250.4 0.009 0.008 (1-3)300.0 578.6 300.2 0.007 0.005 (3-5)410.0 1,331.6 410.3 0.016 0.013 (5-10)

- 94.0 94.0 0.015 0.015 (Fixed)(5-10)(*2)7/30/18 7/31/18 - 1,640.3 1,640.3 0.005 0.005 (Fixed)(5-10)(*3)

8/1/18 8/2/1850.0 315.4 50.2 0.032 0.026 (0-1)

250.0 945.0 250.8 0.023 0.022 (1-3)300.0 904.6 300.3 0.031 0.028 (3-5)

8/2/18 8/3/18 400.0 1,271.0 400.3 ▲ 0.019 ▲ 0.024 (5-10)

8/3/18 8/6/18400.0 1,088.3 400.4 ▲ 0.005 ▲ 0.008 (5-10)180.0 370.8 180.1 0.014 0.009 (10-25)

60.0 185.6 60.4 0.021 0.020 (25-)

8/8/18 8/9/18

250.0 939.8 250.6 0.003 0.003 (1-3)300.0 823.3 300.6 0.003 0.002 (3-5)400.0 1,281.5 400.3 0.000 ▲ 0.003 (5-10)


8/10/18 8/13/18

250.0 821.1 250.3 0.001 0.000 (1-3)300.0 969.9 300.9 ▲ 0.004 ▲ 0.004 (3-5)180.0 698.3 181.5 ▲ 0.011 ▲ 0.012 (10-25)60.0 193.7 60.6 ▲ 0.018 ▲ 0.019 (25-)

8/15/18 8/16/18400.0 1,117.5 401.7 ▲ 0.003 ▲ 0.004 (5-10)180.0 604.3 180.9 0.005 0.003 (10-25)

60.0 229.9 60.5 0.004 0.003 (25-)

8/17/18 8/20/18250.0 973.4 250.7 ▲ 0.006 ▲ 0.008 (1-3)300.0 1,111.6 300.5 ▲ 0.003 ▲ 0.004 (3-5)100.0 273.8 100.2 ▲ 0.208 ▲ 0.140 (Floating-Rate Bonds)

8/22/18 8/23/18

400.0 1,343.6 401.3 0.001 0.001 (5-10)180.0 676.0 181.9 ▲ 0.002 ▲ 0.002 (10-25)


（Unit: billion yen, %）

Ⅲ　AppendicesC

hapter 1 Governm

ent Bonds (JG

Bs)


overnment B

onds

137






8/24/18 8/27/18250.0 928.4 250.3 0.006 0.005 (1-3)300.0 854.9 300.6 0.006 0.006 (3-5)400.0 1,168.2 400.8 0.007 0.006 (5-10)

8/29/18 8/30/1850.0 152.8 50.0 0.040 0.038 (0-1)

180.0 632.1 182.3 0.009 0.008 (10-25)60.0 223.2 60.5 0.010 0.010 (25-)

8/31/18 9/3/18250.0 824.9 250.7 0.000 ▲ 0.002 (1-3)300.0 1,024.9 300.4 ▲ 0.004 ▲ 0.004 (3-5)400.0 1,357.3 401.2 ▲ 0.004 ▲ 0.004 (5-10)

9/4/18 9/5/18

300.0 873.1 300.4 0.001 0.000 (1-3)350.0 998.8 350.3 0.000 ▲ 0.001 (3-5)180.0 596.6 180.1 0.004 0.003 (10-25)

60.0 247.1 60.5 0.003 0.002 (25-)

9/6/18 9/7/1850.0 122.9 50.0 0.057 0.047 (0-1)

450.0 1,413.8 451.4 ▲ 0.005 ▲ 0.005 (5-10)25.0 127.4 25.4 ▲ 0.131 ▲ 0.120 (Inflation-Indexed Bonds)

9/10/18 9/11/18300.0 981.9 301.2 0.002 0.001 (1-3)350.0 1,325.7 350.7 0.003 0.003 (3-5)450.0 1,427.3 450.9 0.004 0.003 (5-10)

9/12/18 9/13/18450.0 1,038.3 451.0 0.006 0.005 (5-10)180.0 542.2 181.0 0.005 0.004 (10-25)

60.0 162.1 60.6 0.006 0.005 (25-)

9/14/18 9/18/1850.0 139.6 50.0 0.165 0.159 (0-1)

300.0 933.2 301.2 0.003 0.002 (1-3)350.0 1,374.8 350.8 0.003 0.002 (3-5)

9/18/18 9/19/18450.0 1,128.2 450.6 0.007 0.006 (5-10)180.0 583.1 180.7 0.007 0.007 (10-25)

60.0 246.2 60.4 0.008 0.008 (25-)

9/21/18 9/25/18

300.0 808.2 300.3 0.003 0.001 (1-3)350.0 853.3 350.6 0.004 0.003 (3-5)180.0 569.0 180.2 0.025 0.021 (10-25)

50.0 220.8 50.2 0.040 0.038 (25-)

9/25/18 9/26/18450.0 883.2 451.1 0.004 0.003 (5-10)


9/27/18 9/28/18

300.0 815.6 300.8 ▲ 0.002 ▲ 0.003 (1-3)350.0 844.2 350.2 ▲ 0.004 ▲ 0.005 (3-5)180.0 484.0 181.1 ▲ 0.009 ▲ 0.010 (10-25)

50.0 171.0 50.1 ▲ 0.010 ▲ 0.011 (25-)

10/3/18 10/4/18300.0 1,188.6 300.8 0.002 0.002 (1-3)350.0 1,083.6 350.6 0.001 0.001 (3-5)450.0 1,427.2 450.7 0.002 0.001 (5-10)

10/5/18 10/9/18180.0 363.1 180.8 ▲ 0.003 ▲ 0.005 (10-25)

50.0 195.5 50.4 ▲ 0.002 ▲ 0.003 (25-)25.0 145.4 25.1 ▲ 0.062 ▲ 0.060 (Inflation-Indexed Bonds)

10/10/18 10/11/1850.0 189.3 50.0 0.004 0.003 (0-1)

450.0 1,026.9 451.0 ▲ 0.004 ▲ 0.005 (5-10)

10/12/18 10/15/18

300.0 873.5 301.2 0.003 0.002 (1-3)350.0 767.5 351.4 0.002 0.000 (3-5)180.0 489.1 181.4 ▲ 0.002 ▲ 0.003 (10-25)

50.0 158.8 50.2 ▲ 0.003 ▲ 0.003 (25-)

10/17/18 10/18/18

300.0 1,096.6 300.9 0.003 0.002 (1-3)350.0 777.1 351.0 0.001 0.000 (3-5)450.0 1,235.3 451.7 0.001 0.000 (5-10)100.0 274.5 100.2 ▲ 0.197 ▲ 0.180 (Floating-Rate Bonds)

10/19/18 10/22/18180.0 633.9 181.3 ▲ 0.003 ▲ 0.003 (10-25)


10/24/18 10/25/18

50.0 215.6 50.2 0.006 0.005 (0-1)450.0 764.9 450.1 ▲ 0.009 ▲ 0.013 (5-10)180.0 586.8 180.9 ▲ 0.014 ▲ 0.016 (10-25)

50.0 159.9 50.4 ▲ 0.014 ▲ 0.015 (25-)

10/26/18 10/29/18300.0 775.7 300.6 0.002 0.000 (1-3)350.0 623.7 350.3 0.002 0.000 (3-5)450.0 1,168.6 450.2 0.007 0.006 (5-10)

10/30/18 10/31/18

300.0 899.0 300.6 ▲ 0.002 ▲ 0.003 (1-3)350.0 918.3 350.4 ▲ 0.002 ▲ 0.003 (3-5)180.0 785.1 180.0 0.004 0.004 (10-25)

50.0 231.0 50.3 ▲ 0.003 ▲ 0.005 (25-)

11/2/18 11/5/18350.0 1,006.3 350.5 ▲ 0.004 ▲ 0.006 (1-3)400.0 1,043.4 400.5 ▲ 0.003 ▲ 0.004 (3-5)450.0 1,097.8 450.5 ▲ 0.004 ▲ 0.006 (5-10)

11/5/18 11/6/1850.0 208.9 50.0 0.021 0.021 (0-1)

180.0 571.5 180.6 0.004 0.004 (10-25)50.0 178.3 50.8 0.007 0.006 (25-)

11/9/18 11/12/18

350.0 1,040.1 350.3 ▲ 0.002 ▲ 0.003 (1-3)400.0 1,114.9 400.6 0.000 0.000 (3-5)180.0 464.1 181.4 0.002 0.001 (10-25)

50.0 166.9 50.5 0.002 0.002 (25-)

11/12/18 11/13/18450.0 1,313.3 451.5 ▲ 0.004 ▲ 0.004 (5-10)



Ⅲ　Appendices

Chapter 1 G

overnment B

onds (JGB

s)2 Secondary M

arket for Governm

ent Bonds

138







11/16/18 11/19/18450.0 939.1 451.2 ▲ 0.005 ▲ 0.005 (5-10)180.0 490.2 181.0 ▲ 0.005 ▲ 0.007 (10-25)

50.0 138.4 50.4 ▲ 0.007 ▲ 0.008 (25-)

11/19/18 11/20/1850.0 126.3 50.0 0.025 0.024 (0-1)

350.0 1,011.1 350.2 ▲ 0.002 ▲ 0.003 (1-3)400.0 908.6 400.7 ▲ 0.005 ▲ 0.005 (3-5)

11/26/18 11/27/18450.0 1,015.1 450.6 ▲ 0.002 ▲ 0.003 (5-10)180.0 674.2 181.1 0.001 ▲ 0.001 (10-25)

50.0 194.8 50.3 0.003 0.003 (25-)

11/28/18 11/29/18350.0 983.6 350.6 0.002 0.001 (1-3)400.0 1,486.6 400.8 0.002 0.001 (3-5)


11/30/18 12/3/18450.0 805.1 451.2 0.001 0.000 (5-10)180.0 517.9 181.5 0.002 0.001 (10-25)

50.0 183.8 50.6 ▲ 0.002 ▲ 0.003 (25-)

12/3/18 12/4/1850.0 185.7 50.1 0.019 0.013 (0-1)

350.0 851.7 350.9 0.002 0.001 (1-3)400.0 652.9 400.8 ▲ 0.002 ▲ 0.003 (3-5)

12/5/18 12/6/18

450.0 852.8 450.1 ▲ 0.014 ▲ 0.016 (5-10)200.0 518.1 200.9 ▲ 0.010 ▲ 0.012 (10-25)


12/10/18 12/11/18350.0 847.8 350.3 0.004 0.002 (1-3)400.0 963.3 400.5 ▲ 0.009 ▲ 0.010 (3-5)450.0 1,280.5 450.4 ▲ 0.017 ▲ 0.019 (5-10)

12/14/18 12/17/18430.0 938.3 430.7 ▲ 0.011 ▲ 0.013 (5-10)200.0 363.8 200.3 ▲ 0.004 ▲ 0.007 (10-25)

50.0 114.9 50.2 0.002 0.001 (25-)

12/17/18 12/18/18350.0 790.5 350.2 0.001 ▲ 0.001 (1-3)400.0 1,103.2 400.4 ▲ 0.006 ▲ 0.007 (3-5)100.0 216.8 100.0 ▲ 0.189 ▲ 0.140 (Floating-Rate Bonds)

12/19/18 12/20/1850.0 80.7 50.1 0.001 0.000 (0-1)

430.0 1,256.2 430.6 ▲ 0.016 ▲ 0.018 (5-10)25.0 169.0 25.1 ▲ 0.446 ▲ 0.410 (Inflation-Indexed Bonds)

12/25/18 12/26/18

350.0 802.4 350.3 ▲ 0.006 ▲ 0.009 (1-3)400.0 1,023.7 400.3 ▲ 0.019 ▲ 0.022 (3-5)200.0 535.5 200.4 ▲ 0.034 ▲ 0.039 (10-25)

50.0 122.2 50.2 ▲ 0.040 ▲ 0.048 (25-)

12/27/18 12/28/18430.0 762.2 430.7 0.002 0.000 (5-10)200.0 391.3 200.7 0.006 0.005 (10-25)

50.0 165.1 50.3 0.017 0.016 (25-)1/4/19 1/7/19 430.0 1,023.0 431.0 ▲ 0.045 ▲ 0.048 (5-10)

1/7/19 1/8/19

350.0 1,213.5 350.4 0.009 0.009 (1-3)400.0 987.2 400.1 0.011 0.009 (3-5)200.0 715.9 201.3 0.019 0.019 (10-25)

50.0 177.8 50.4 0.020 0.020 (25-)

1/9/19 1/10/19430.0 1,415.3 431.3 0.013 0.013 (5-10)


1/15/19 1/16/19

350.0 801.3 350.5 0.003 0.002 (1-3)400.0 1,205.2 400.6 0.002 0.001 (3-5)200.0 487.9 201.1 0.004 0.003 (10-25)

50.0 140.3 50.6 0.007 0.006 (25-)

1/17/19 1/18/1950.0 201.7 50.0 0.002 0.002 (0-1)

430.0 953.9 431.2 0.000 ▲ 0.002 (5-10)

1/21/19 1/22/19

350.0 822.2 350.3 0.007 0.004 (1-3)400.0 895.3 400.8 0.003 0.002 (3-5)200.0 523.8 200.9 0.000 ▲ 0.002 (10-25)

50.0 184.8 50.2 0.005 0.004 (25-)

1/25/19 1/28/19430.0 1,190.6 431.5 ▲ 0.007 ▲ 0.008 (5-10)


1/28/19 1/29/19

350.0 1,223.3 350.7 0.004 0.004 (1-3)400.0 1,012.9 400.8 0.001 0.000 (3-5)200.0 406.1 200.8 0.003 0.002 (10-25)50.0 138.7 50.4 0.001 0.000 (25-)

1/30/19 1/31/1950.0 123.6 50.4 0.007 0.000 (0-1)

430.0 1,441.1 431.0 0.004 0.003 (5-10)

2/4/19 2/5/19

350.0 909.3 350.8 0.005 0.005 (1-3)400.0 1,193.0 400.5 0.007 0.007 (3-5)200.0 656.7 200.9 0.007 0.006 (10-25)

50.0 162.6 50.4 0.007 0.006 (25-)

2/6/19 2/7/1950.0 228.2 50.0 0.040 0.040 (0-1)

430.0 859.9 430.9 ▲ 0.004 ▲ 0.005 (5-10)25.0 118.1 25.0 ▲ 0.005 0.050 (Inflation-Indexed Bonds)

2/8/19 2/12/19350.0 957.2 350.5 ▲ 0.007 ▲ 0.008 (1-3)400.0 526.7 400.2 ▲ 0.010 ▲ 0.014 (3-5)430.0 1,074.6 431.4 ▲ 0.015 ▲ 0.017 (5-10)

2/12/19 2/13/19180.0 711.9 180.6 0.015 0.014 (10-25)

50.0 181.6 50.4 0.016 0.014 (25-)

2/14/19 2/15/1950.0 126.4 50.0 0.005 0.005 (0-1)

430.0 1,333.9 430.5 ▲ 0.008 ▲ 0.009 (5-10)100.0 152.5 100.1 ▲ 0.158 ▲ 0.050 (Floating-Rate Bonds)

Ⅲ　AppendicesC

hapter 1 Governm

ent Bonds (JG

Bs)


overnment B

onds

139






2/18/19 2/19/19

350.0 963.2 350.8 ▲ 0.003 ▲ 0.004 (1-3)400.0 1,170.5 400.7 ▲ 0.007 ▲ 0.008 (3-5)180.0 470.8 180.8 0.002 0.002 (10-25)

50.0 237.4 50.4 ▲ 0.001 ▲ 0.001 (25-)

2/22/19 2/25/19

430.0 1,079.9 430.4 ▲ 0.003 ▲ 0.005 (5-10)180.0 416.4 180.2 ▲ 0.003 ▲ 0.007 (10-25)


2/27/19 2/28/19350.0 1,357.9 350.3 0.005 0.003 (1-3)400.0 1,679.9 400.5 ▲ 0.001 ▲ 0.002 (3-5)430.0 1,373.5 431.2 ▲ 0.003 ▲ 0.004 (5-10)

3/4/19 3/5/19

350.0 1,121.8 350.1 0.002 0.001 (1-3)400.0 1,327.7 400.6 0.006 0.005 (3-5)180.0 599.7 181.5 0.014 0.013 (10-25)

50.0 199.2 50.2 0.018 0.017 (25-)

3/6/19 3/7/19480.0 1,244.3 480.5 ▲ 0.004 ▲ 0.005 (5-10)

25.0 139.4 25.3 ▲ 0.024 0.030 (Inflation-Indexed Bonds)

3/8/19 3/11/1950.0 172.9 50.0 0.113 0.100 (0-1)

350.0 1,159.2 350.6 0.001 0.000 (1-3)400.0 1,555.7 400.8 ▲ 0.008 ▲ 0.009 (3-5)

3/13/19 3/14/19480.0 1,257.7 480.2 ▲ 0.013 ▲ 0.016 (5-10)180.0 516.4 181.4 ▲ 0.012 ▲ 0.013 (10-25)

50.0 221.1 50.9 ▲ 0.014 ▲ 0.015 (25-)

3/18/19 3/19/19350.0 1,143.4 351.0 ▲ 0.002 ▲ 0.003 (1-3)400.0 1,305.4 400.5 ▲ 0.003 ▲ 0.004 (3-5)

25.0 109.9 25.1 0.006 0.080 (Inflation-Indexed Bonds)

3/20/19 3/22/1950.0 113.4 50.0 ▲ 0.017 ▲ 0.026 (0-1)

480.0 1,541.7 481.0 0.002 0.001 (5-10)

3/25/19 3/26/19

350.0 973.9 351.1 ▲ 0.008 ▲ 0.009 (1-3)400.0 1,095.3 400.5 ▲ 0.012 ▲ 0.013 (3-5)180.0 634.8 180.4 ▲ 0.020 ▲ 0.021 (10-25)

50.0 226.1 50.8 ▲ 0.025 ▲ 0.027 (25-)

3/29/19 4/1/19480.0 834.5 480.8 0.007 0.006 (5-10)180.0 493.9 180.9 0.013 0.012 (10-25)

50.0 197.8 50.3 0.013 0.012 (25-)

Note: Yield spread (price spread) is the difference between the yield (price) at which operation counterparts want to sell and the corresponding yield (price) determined by the Bank of Japan with the prevailing market yield taken into account for auctions. These figures represent the price spreads in Outright Purchases of JGBs (Floating-Rate Bonds and Inflation-Indexed Bonds) (unit of price spread is yen).

(*1) The fixed yield spread was 0.080%. This resulted in the Bank's purchasing yield of 10-year JGB #351 at 0.110%. The amount offered was unlimited.(*2) The fixed yield spread was 0.015%. This resulted in the Bank's purchasing yield of 10-year JGB #351 at 0.100%. The amount offered was unlimited.(*3) The fixed yield spread was 0.005%. This resulted in the Bank's purchasing yield of 10-year JGB #351 at 0.100%. The amount offered was unlimited.(Source) Bank of Japan


Ⅲ　Appendices

Chapter 1 G

overnment B

onds (JGB

s)2 Secondary M

arket for Governm

ent Bonds

140

(22) Results of Outright Purchases of T-Bills by the Bank of Japan in FY2018 （Unit: billion yen, %）

Date of Offer Date of Exercise AmountsOffered

Amounts of Competitive Bid


Average Successful Yield Spread

Pro-rata or Non-pro-rata Yield Spread

4/4/18 4/6/18 500.0 1,543.0 500.0 ▲0.003 ▲0.0054/9/18 4/11/18 500.0 1,551.8 500.2 ▲0.004 ▲0.007

4/13/18 4/17/18 250.0 862.1 250.0 ▲0.002 ▲0.0064/20/18 4/24/18 250.0 1,234.4 250.0 0.005 0.0055/1/18 5/2/18 500.0 1,496.5 500.2 0.001 ▲0.0015/7/18 5/8/18 500.0 2,114.9 500.0 0.003 0.002

5/14/18 5/15/18 1,250.0 3,398.2 1,250.4 0.002 0.0005/21/18 5/22/18 1,000.0 2,728.0 1,000.4 ▲0.001 ▲0.0035/28/18 5/29/18 500.0 1,857.8 500.3 ▲0.001 ▲0.0026/4/18 6/5/18 500.0 2,336.5 500.1 0.003 0.0026/11/18 6/12/18 1,250.0 4,228.6 1,250.3 ▲0.003 ▲0.0056/18/18 6/19/18 750.0 2,584.2 750.2 ▲0.001 ▲0.0026/25/18 6/26/18 750.0 2,396.7 750.3 ▲0.001 ▲0.0027/2/18 7/3/18 500.0 1,734.2 500.3 ▲0.001 ▲0.002

7/10/18 7/11/18 750.0 2,348.6 750.3 0.001 0.0007/17/18 7/18/18 500.0 1,514.9 500.3 ▲0.001 ▲0.0027/23/18 7/24/18 1,000.0 3,137.3 1,000.1 0.007 0.0057/30/18 7/31/18 250.0 498.8 250.1 ▲0.009 ▲0.0258/6/18 8/7/18 250.0 1,068.1 250.0 0.002 0.000

8/13/18 8/14/18 500.0 1,537.2 500.3 ▲0.005 ▲0.0078/20/18 8/21/18 500.0 1,642.1 500.4 0.001 0.0008/27/18 8/28/18 250.0 882.6 250.3 ▲0.004 ▲0.0059/3/18 9/4/18 250.0 1,037.6 250.1 0.004 0.002

9/10/18 9/11/18 750.0 2,977.4 750.3 0.002 0.0009/20/18 9/21/18 500.0 2,248.3 500.6 0.004 0.0029/25/18 9/26/18 250.0 834.2 250.5 0.002 0.00010/2/18 10/3/18 100.0 613.2 100.1 0.005 0.00410/11/18 10/12/18 100.0 954.0 100.0 0.016 0.01610/16/18 10/17/18 100.0 756.6 100.1 0.016 0.01510/23/18 10/24/18 100.0 540.4 100.0 0.008 0.00510/30/18 10/31/18 100.0 533.2 100.4 0.003 0.00011/6/18 11/7/18 100.0 925.2 100.0 0.015 0.015

11/13/18 11/14/18 100.0 787.6 100.0 0.025 0.02011/21/18 11/22/18 100.0 749.3 100.0 0.031 0.02711/27/18 11/28/18 100.0 696.8 100.0 0.045 0.02012/4/18 12/5/18 100.0 736.2 100.0 0.048 0.03612/11/18 12/12/18 100.0 595.5 100.1 0.002 0.00212/18/18 12/19/18 100.0 279.1 100.0 0.160 0.16012/26/18 12/27/18 100.0 941.1 100.2 0.069 0.0601/16/19 1/17/19 500.0 1,463.9 500.2 ▲0.003 ▲0.0061/22/19 1/23/19 500.0 1,940.4 500.2 0.010 0.0031/29/19 1/30/19 250.0 1,254.7 250.3 0.046 0.0362/5/19 2/6/19 250.0 1,116.7 250.2 0.036 0.015

2/13/19 2/14/19 500.0 2,117.4 500.0 0.025 0.0212/21/19 2/22/19 500.0 1,963.8 500.5 0.024 0.0122/26/19 2/27/19 250.0 1,104.3 250.1 0.025 0.0253/5/19 3/6/19 250.0 1,298.1 250.0 0.032 0.031

3/12/19 3/13/19 500.0 1,773.2 500.1 0.016 0.0123/18/19 3/19/19 250.0 872.8 250.2 0.002 0.0003/26/19 3/27/19 500.0 1,419.8 500.1 0.004 0.000

Note: Yield spread is the difference between the yield at which operation counterparts want to sell and the corresponding yield determined by the Bank of Japan with the prevailing market yield taken into account for auctions.

(Source) Bank of Japan

Ⅲ　AppendicesC

hapter 1 Governm

ent Bonds (JG

Bs)


overnment B

onds

141

(23) Japan's Sovereign Rating by Major Credit Rating Agencies(Long-term debt denominated in home currency on 30 Aug, 2018)

　　　 Aaa 　　　ＡＡＡ　　　ＡＡＡ　　　ＡＡＡ　　　ＡＡＡ

　　　 Aa1 　　　ＡＡ＋　　　ＡＡ＋　　　ＡＡ＋　　　ＡＡ＋

　　　 Aa2 　　　ＡＡ　　　ＡＡ　　　ＡＡ　　　ＡＡ

　　　 Aa3 　　　ＡＡ－　　　ＡＡ－　　　ＡＡ－　　　ＡＡ－

　　　 A1 　　　Ａ＋　　　Ａ＋　　　Ａ＋　　　Ａ＋

　　　 A2 　　　Ａ　　　Ａ　　　Ａ　　　Ａ　　　 A3 　　　Ａ－　　　Ａ－　　　Ａ－　　　Ａ－

　　　Ｂaa1 　　　ＢＢＢ＋　　　ＢＢＢ＋　　　ＢＢＢ＋　　　ＢＢＢ＋

　　　Ｂaa2 　　　ＢＢＢ　　　ＢＢＢ　　　ＢＢＢ　　　ＢＢＢ

　　　Ｂaa3 　　　ＢＢＢ－　　　ＢＢＢ－　　　ＢＢＢ－　　　ＢＢＢ－

Moody's

【Outlook】

Stable（1.Dec, 2014） Stable（9.Aug, 2018）Stable（30.Aug, 2018）Stable（27.Apr, 2017）Positive（13.Apr, 2018）

S&P Fitch R&I JCR

01.11.27

02.4.15

01.2.22

07.4.22 11.1.27

15.9.16

01.11.26

00.6.29

02.11.21

12.5.22

11.12.2100.10.31

98.11.16

02.5.30

01.12.4

00.9.8

11.8.2409.5.18

14.12.1

07.10.11

08.6.30

15.4.27

(Long-term debt denominated in home currency on Apr. 22, 2019)

JCRR&IFitchSMoody’s &PJapanU.S.U.K.(↓)GermanyFranceCanada

U.S.U.K.(↓)GermanyFrance

U.S.GermanyCanada

GermanyCanada

U.S.GermanyCanada

Aaa/ AAA

JapanU.S.Aa1/ AA+SpainChinaKorea

U.K.(WN)France

Aa2/ AA

ChinaKorea

KoreaAa3/ AA-

ChinaIreland

Japan(↑)ChinaIreland

A1/ A+

PortugalItaly

IrelandIrelandA2/ A

A3/ A- Spain(↑) SpainItaly(↓)Baa1/ BBB+

Italy(↓)Portugal

Italy(↓)Portugal

Baa2/ BBB

ItalyPortugal

Spain

Baa3/ BBB-

Ba1/ BB+Ba2/ BBBa3/ BB-B1/ B+B2/ BB3/ B-

Caa1/ CCC+Caa2/ CCCCaa3/ CCC-

Ca/ CCC

SD/ RD“（↑）” shows that the outlook is positive.“（↓）” shows that the outlook is negative.“（WN）” shows that Watch is negative.

U.K.(↓)FranceKorea

U.K.France(↑)Korea

JapanChina

GreeceGreece Greece(↑) Greece(↑)

Japan

(24) List of Major Countries' Sovereign Ratings by Major Credit Rating Agencies

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