What’s New: Central Government Debt (As of December 31, 2019) p.2

On February 10, the Ministry of Finance released the update on central government

debt. Outstanding government bonds and borrowings increased to 1,110.8 trillion yen

from the end of September (1,104.9 trillion yen) by 5.9 trillion yen.

Q&A: JGB Investor base p.3

Kokusai Sensei explains the investor base of JGBs.

Monthly Topics: GDP and Economic and Fiscal Projections, etc. p.4-6

The second preliminary GDP estimate (Oct.–Dec. 2019) was released on March 9. Real

GDP contracted by 1.8% (annual rate -7.1%) from the previous quarter.

English version Executive Summary of “Economic and Fiscal Projections for Medium

to Long term Analysis” published by the Cabinet Office is now available online.

IR Office: “Hina-matsuri”, a special day in Japan celebrated on March 3 p.7

A brief introduction of the Japanese event called “Hina-matsuri” to celebrate the healthy

growth of girls in hope of their happy future.

StatisticsJGB Primary Market … p. 8 Liquidity Enhancement Auctions and JGB Buy-Back … p.9

JGB Secondary Market … p. 10 Investor Trends and JGB Outstanding … p. 12

Economic and Financial Trends … p. 16 Information … p. 17

-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.

March 2020

Central Government Debt (As of December 31, 2019)

On February 10, the Ministry of Finance released the update on central government debt. Debt

outstanding and composition as of the end of December 2019 are as follows:

The end of December 2019

(Actual)

Increase or Decrease(-) from

the End of the Previous Quarter

1) Outstanding Government Bonds and Borrowings

General Bonds 887.9 7.9

Fiscal Investment and Loan Program Bonds (FILP Bonds) 89.3 -3.4

Borrowings, Subsidy Bonds, etc. 62.6 1.8

Financing Bills (FBs) 71.1 -0.5

Total 1,110.8 5.9

2) Outstanding Government-Guaranteed Debts

Government-Guaranteed Debts 36.9 -0.2

The end of Dec. 2019 (Actual)

Increase or Decrease(-) from

the End of the Previous Quarter

The end of FY2019

(Estimate)

① General Bonds 887.9 7.9 Approx. 898

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

③ Borrowings, Subsidy Bonds, etc. (Note 1) 27.2 0.2 Approx. 27

④ Financing Bills Not included Not included Not included

Long-term debt outstanding of central governments 915.0 8.1 Approx. 925

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

Long-term debt outstanding of central and local governments (Note 2) Approx. 1,117

-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 March 31, 2020 will be released on May 8, 2020.

Details: https://www.mof.go.jp/english/jgbs/reference/gbb/e201912.html

Outstanding government bonds and borrowings increased to 1,110.8 trillion yen from the end of September (1,104.9 trillion yen) by 5.9 trillion yen. The total amount for general bonds increased by 7.9 trillion yen while FILP bonds decreased by 3.4 trillion yen, FBs decreased by 0.5 trillion yen. Besides, others including borrowings increased 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 915.0 trillion yen from the end of September (906.9 trillion yen) .

<Main Points>

Note 1: The borrowings of the Special Account for Allotment of Local Allocation Tax and Local Transfer Tax (end of FY2019:approx.¥31trillion) 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

Q. How has the domestic and overseas investor base of JGBs changed in recent years?

Is there any target level for foreign investors’ holdings? A. Since the end of March 2013, possession of JGBs by the Bank of Japan and foreign investors

has been increasing, while domestic banks’ share has been decreasing. The Ministry of Finance, Japan does not set any numerical target for foreign investors’ holdings of JGBs. The important thing is to diversify the investor base, and the ministry makes efforts to enhance relations with foreign investors through IR activities.

Q&A: JGB Investor base

Today, I would like to touch on the investor base of JGBs, as we have received questions on this topic from various investors so far.

Kokusai Sensei

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

-3-

1. Quarterly Estimates of GDP Oct.–Dec. 2019

The second preliminary GDP estimate (Oct.–Dec. 2019) was released on March 9. Real GDP contracted by 1.8% (annual rate -7.1%) from the previous quarter. This was mainly due to the decline in private demand that contributed minus 2.4% points. On the other hand, there was a support from Net exports of goods and services that contributed 0.5% points.

By demand item, private consumption declined by 2.8% and private non-residential investment declined by 4.6% from the previous quarter.

For more detailed data, please refer to the following:

Quarterly Estimates of GDP: https://www.esri.cao.go.jp/en/sna/data/sokuhou/files/2019/toukei_2019.html

1.2

-0.7-0.4

0.3

1.20.8

0.8

0

1

-1.9

0.1

0.5

1.4

0.1-0.1

-0.4

0.50.2 0.2

0.3

1.1

0.4 0.60.4

-0.5

0.5

-0.8

0.6 0.50.6

0

-1.8

-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 Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ

2012 2013 2014 2015 2016 2017 2018 2019

(％)

Private Demand Public Demand

Foreign Demand Real GDP

Contributions to change from the previous quarter (Seasonally adjusted)

Development of Real GDP

(Quarterly, seasonally adjusted series)

Monthly Topics

Note 1: Change from the previous quarter (seasonally adjusted) Note 2: Annualized Note 3: The Figures in () indicate contributions to changes in GDP. Source: Cabinet Office

Source: Cabinet Office

Note 1 Note 2

-4-

(％)2018 2019

10～12 1～3 4～6 7～9 10～120.6 0.5 0.6 0.0 -1.8 *** -7.11.1 0.1 0.8 0.3 -2.3 *** -8.8

(1.0) (0.1) (0.8) (0.3) *** (-2.3) ***1.3 0.1 0.6 0.1 -3.2 (-2.4) -12.00.4 0.0 0.6 0.5 -2.8 (-1.5) -10.60.4 -0.0 0.5 0.4 -2.9 (-1.6) -11.1

Excluding Imputed Rent 0.4 -0.1 0.6 0.4 -3.5 (-1.6) -13.41.7 1.5 -0.2 1.2 -2.5 (-0.1) -9.74.4 -0.4 0.8 0.2 -4.6 (-0.7) -17.3

(0.0) (0.1) (-0.0) (-0.2) *** (0.0) ***0.3 0.1 1.7 0.8 0.3 (0.1) 1.40.7 -0.4 1.7 0.7 0.2 (0.0) 0.9

-1.1 2.1 1.7 1.1 0.7 (0.0) 2.8(-0.0) (-0.0) (0.0) (-0.0) *** (0.0) ***(-0.4) (0.5) (-0.3) (-0.3) *** (0.5) ***

Private Residential InvestmentPrivate Non-Resi. InvestmentChange in Private Inventories

Public DemandGovernment ConsumptionPublic InvestmentChange in Public Inventories

Net Exports of Goods & Services

201910～12

Gross Domestic Product

Domestic Demand

Private DemandPrivate Consumption

Consumption of Households

While downside risks originating from overseas economies are currently seen, the “Comprehensive Economic

Measures to Create a Future with Security and Growth” not only boost demand in the short term but ensure

sustainable economic growth mainly led by private demand.

As a result, the GDP growth rate is projected to achieve around 2% in real terms and over around 3% in nominal terms

in the early 2020s in the Economic Growth Achieved Case.

On January 17, 2020, the Cabinet Office submitted its “Economic and Fiscal Projections for Medium to Long term Analysis” to the Council on Economic and Fiscal Policy. Summary of the results of its analysis is as follows:

2. Economic and Fiscal Projections for Medium to Long term Analysis (Jan. 17, 2020)

Projections of the Macro Economy

(Source) Cabinet Office

－5－

The primary deficit to nominal GDP improved to 1.9% in FY2018. In FY2019 and FY2020, the deficit makes a

downturn while the deceleration in tax revenues stemming from a slowdown of the world economy comes up. After then, it is projected to improve with the sustainable economic growth in the Economic Growth Achieved Case. Without the expenditure reforms from FY2021, the primary balance is projected to turn to surplus in FY2027. By

implementing the expenditure reforms soundly, achieving the target of the primary surplus by FY2025 will come into view. The ratio of outstanding debt to GDP is projected to decline steadily in the periods of the projection.

－6－

For more details, see: https://www5.cao.go.jp/keizai3/projection-e.html

Projections of the Central and Local Governments’ Public Finances

(Source) Cabinet Office

(*) It should be noted that the existing bonds issued at lower interest rates will be refinanced at higher interest rates sequentially with the long term nominal interest rate rising.

In Japan, people celebrate “Hina-matsuri,” also called Girls’ Day, on March 3.

Graceful dolls dressed in ancient costumes are displayed on a doll-stand decorated with cherry blossoms, peach blossoms, small ball-shaped rice crackers called “hina-arare” and lozenge-shaped rice cakes called “hishi-mochi” to celebrate the healthy growth of girls in hope of their happy future. This event is also called “Momo-no-sekku.” The word “sekku” stands for a “turn of the season” and Japanese people held various events on each “sekku” for centuries to pray for sound health, good harvests, prosperity of their descendants and so on. There are five typical “sekku”: “Gantan” on January 1, “Joshi-no-sekku” on March 3, “Tango-no-sekku” on May 5, “Tanabata” on July 7, and “Chouyou” on September 9. It is said that people believed that peaches could protect one against evil, hence they started to call it “Momo-no-sekku,” with “Momo” meaning “peach.”

Among the financial products that the Ministry of Finance, Japan provides, there is a type of JGBs that some individuals are purchasing in order to prepare for the healthy growth of their children. This type is the JGBs for Retail Investors. They are designed not to lose principal and can be purchased in a minimum unit of 10,000 yen, making them safe and easy. The message on the advertisement below reads “There is ai (love) in kokusai (Government Bonds).” We would like to continue issuing the JGBs for Retail Investors wishing that they can be a gift for future generations.

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

-7-

Note: There are various theories explaining the origin of the term “Momo-no-sekku.”

Auction Results （Bonds）

Auction Date Type of Security Issue

Number Maturity Date

Nominal Coupon

Amounts of Competitive

Bids (billion yen)

Amounts of Bids

Accepted (billion yen)

Yield at the Lowest

Accepted Price

Yield at the Average

Price

Amounts of Non-Competitive Bids Tendered

/Accepted (billion yen)

Amounts of Bids Accepted at the

Non-price- competitive Auction Ⅰ (billion yen)

Amounts of Bids Accepted at the

Non-price- competitive Auction Ⅱ (billion yen)

12/3/2019 10-year 356 9/20/2029 0.1% 5,679.7 1,730.1 ▲0.026% ▲0.042% 0.332 369.3 0.0 12/5/2019 30-year 64 9/20/2049 0.4% 2,108.7 571.6 0.432% 0.430% - 128.0 102.9 12/10/2019 5-year 141 9/20/2024 0.1% 6,255.8 1,555.4 ▲0.066% ▲0.083% - 344.1 283.9 12/17/2019 20-year 170 9/20/2039 0.3% 3,026.9 737.4 0.289% 0.286% - 162.0 128.1 12/24/2019 2-year 408 1/1/2022 0.1% 7,762.9 1,656.0 ▲0.095% ▲0.098% - 343.5 257.7 1/7/2020 10-year 357 12/20/2029 0.1% 6,343.6 1,712.6 ▲0.003% ▲0.005% 0.265 386.1 72.4 1/9/2020 30-year 65 12/20/2049 0.4% 2,087.2 571.0 0.433% 0.430% - 128.0 0.0 1/15/2020 5-year 142 12/20/2024 0.1% 6,991.9 1,560.3 ▲0.087% ▲0.087% - 338.8 189.2 1/17/2020 20-year 171 12/20/2039 0.3% 2,818.5 736.3 0.305% 0.300% - 162.8 0.0 1/28/2020 40-year 12 3/20/2059 0.5% 1,143.2 399.2 0.400% - - - 5.0 1/30/2020 2-year 409 2/1/2022 0.1% 7,326.5 1,632.1 ▲0.147% ▲0.147% - 367.6 198.9 2/4/2020 10-year 357 12/20/2029 0.1% 6,158.0 1,694.3 ▲0.049% ▲0.051% 0.265 404.7 171.3 2/6/2020 30-year 65 12/20/2049 0.4% 2,107.7 565.0 0.428% 0.426% - 134.4 2.2 2/12/2020 10-year Inflation-Indexed Bonds 24 3/10/2029 0.1% 1,499.9 399.5 ▲0.150% - - - 15.8 2/18/2020 5-year 142 12/20/2024 0.1% 6,918.6 1,540.4 ▲0.142% ▲0.144% - 358.4 188.9 2/20/2020 20-year 171 12/20/2039 0.3% 2,894.6 726.3 0.234% 0.232% - 172.8 70.7 2/28/2020 2-year 410 3/1/2022 0.1% 7,450.5 1,622.8 ▲0.241% ▲0.241% - 377.1 197.3

Auction Results

（Treasury Discount Bills）

Auction Date Type of Security Issue

Number Maturity Date

Amounts of Competitive Bids

(billion yen)

Amounts of Bids Accepted

(billion yen)

Yield at the Lowest

Accepted Price

Yield at the Average

Price

Amounts of Bids Accepted at the

Non-price- competitive Auction Ⅰ (billion yen)

12/6/2019 3-month 874 3/16/2020 10,043.10 3,527.09 ▲0.0986% ▲0.1187% 792.90 12/9/2019 6-month 875 6/10/2020 8,749.80 1,983.45 ▲0.0996% ▲0.1036% 316.50 12/13/2019 3-month 876 3/23/2020 14,670.50 3,527.54 ▲0.1154% ▲0.1284% 792.40 12/18/2019 1-year 877 12/21/2020 6,578.30 1,617.88 ▲0.1053% ▲0.1172% 282.10 12/20/2019 3-month 878 3/30/2020 12,929.20 3,557.38 ▲0.0893% ▲0.1061% 782.60 1/7/2020 3-month 879 4/6/2020 12,314.30 3,552.47 ▲0.0984% ▲0.1086% 787.50 1/9/2020 6-month 880 7/10/2020 9,028.50 1,883.57 ▲0.1162% ▲0.1182% 416.40 1/10/2020 3-month 881 4/13/2020 11,710.90 3,551.40 ▲0.1074% ▲0.1175% 788.55 1/16/2020 1-year 882 1/20/2021 6,124.70 1,551.35 ▲0.1215% ▲0.1254% 348.60 1/17/2020 3-month 883 4/20/2020 12,755.50 3,552.41 ▲0.1122% ▲0.1170% 787.50 1/24/2020 3-month 884 4/27/2020 12,048.70 3,541.44 ▲0.1162% ▲0.1222% 798.50 1/31/2020 3-month 885 5/7/2020 12,352.70 3,662.84 ▲0.1203% ▲0.1257% 777.10 2/6/2020 6-month 886 8/11/2020 8,082.07 2,110.54 ▲0.1375% ▲0.1395% 489.40 2/7/2020 3-month 887 5/11/2020 12,167.84 3,619.84 ▲0.1323% ▲0.1367% 820.10 2/14/2020 3-month 888 5/18/2020 10,964.16 3,612.24 ▲0.1222% ▲0.1283% 827.70 2/19/2020 1-year 889 2/22/2021 6,543.70 1,550.88 ▲0.1436% ▲0.1465% 349.10 2/21/2020 3-month 890 5/25/2020 11,955.55 3,602.64 ▲0.1216% ▲0.1285% 837.30 2/28/2020 3-month 891 6/1/2020 13,521.96 3,865.06 ▲0.1343% ▲0.1391% 874.90

Auction Calendar for Mar. 2020 – May 2020

Auction Date Issue Auction Date Issue Auction Date Issue Auction Date Issue

3/3(Tue) 10-year 3/27(Fri) T-Bills (3-month) 4/21(Tue) 20-year 5/19(Tue) T-Bills (1-year)

3/5(Thu) 30-year 3/31(Tue) 2-year 4/23(Thu) 2-year 5/20(Wed) 20-year 3/6(Fri) T-Bills (3-month) 4/2(Thu) 10-year 4/24(Fri) T-Bills (3-month) 5/22(Fri) T-Bills (3-month)

3/9(Mon) T-Bills (6-month) 4/3(Fri) T-Bills (3-month) 5/1(Fri) T-Bills (3-month) 5/22(Fri) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years

3/10(Tue) 5-year 4/7(Tue) 30-year 5/1(Fri) Liquidity Enhancement Auction (remaining maturities of 1-5 years) 5/26(Tue) 40-year

3/12(Thu) 20-year 4/9(Thu) T-Bills (6-month) 5/7(Thu) T-Bills (6-month) 5/28(Thu) 2-year

3/13(Fri) T-Bills (3-month) 4/9(Thu) 5-year 5/8(Fri) T-Bills (3-month) 5/29(Fri) T-Bills (3-month)

3/16(Mon) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years) 4/10(Fri) T-Bills (3-month) 5/8(Fri) 10-year Inflation-Indexed Bonds

3/17(Tue) T-Bills (1-year) 4/14(Tue) Liquidity Enhancement Auction (remaining maturities of 15.5-39 years) 5/12(Tue) 10-year

3/18(Wed) T-Bills (3-month) 4/16(Thu) T-Bills (1-year) 5/14(Thu) 30-year

3/24(Tue) Liquidity Enhancement Auction (remaining maturities of 1-5 years) 4/16(Thu) Liquidity Enhancement Auction

(remaining maturities of 5-15.5 years 5/15(Fri) T-Bills (3-month)

3/26(Thu) 40-year 4/17(Fri) T-Bills (3-month) 5/18(Mon) 5-year

Top 10 PDs for Successful Bids in Auctions (Calculated by Duration) (Jul.～Dec. 2019) Top 5 PDs for Successful Bids of Inflation-Indexed Bond (FY2018) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 SMBC Nikko Securities Inc. 1 Goldman Sachs Japan Co., Ltd. 2 Daiwa Securities Co. Ltd. 7 Morgan Stanley MUFG Securities Co., Ltd. 2 Nomura Securities Co., Ltd. 3 Mizuho Securities Co., Ltd. 8 Merrill Lynch Japan Securities Co., Ltd. 3 JPMorgan Securities Japan Co., Ltd. 4 Nomura Securities Co., Ltd. 9 Deutsche Securities lnc. 4 Mizuho Securities Co., Ltd. 5 JPMorgan Securities Japan Co., Ltd. 10 Citigroup Global Markets Japan Inc. 5 Mitsubishi UFJ Morgan Stanley Securities 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 29 February 2020)

(Until 29 February 2020)

-8-

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

12/12/2019

1,280.4

499.1 ▲0.005% 0.000%

20-year(154, 155, 156, 158, 160, 163, 164, 165, 167, 169) 30-year(20, 23, 25, 26, 27, 28, 29, 30, 31, 32, 38, 39, 41, 43, 46, 48, 59) 40-year(7, 9, 10, 11)

12/20/2019

1,519.7

599.0 0.013% 0.018%

10-year(336, 338, 339, 340, 341, 343, 354, 355) 20-year(88, 102, 113, 114, 115, 117, 118, 122, 124, 125, 126, 127, 128, 129, 133, 144, 146, 147, 149, 150, 151, 152) 30-year(1, 12, 13)

1/22/2020

1,774.2

597.2 0.000% 0.002%

10-year(338, 339, 343, 345, 347, 356) 20-year(80, 87, 92, 93, 94, 95, 96, 97, 98, 99, 100, 102, 103, 105, 107, 108, 112, 113, 114, 116, 118,

119, 120, 121, 122, 125, 126, 127, 131, 133, 137, 138, 139, 149, 150, 152) 30-year(13)

1/24/2020

1,621.9

398.9 ▲0.001% 0.001%

2-year(398, 405) 5-year(130, 131, 133, 134, 135, 136, 137, 138) 10-year(318, 320, 323, 324, 325, 326, 327, 328, 329, 330, 331, 332, 333) 20-year(54, 55, 56, 58, 59, 60, 61, 63, 64, 66, 70)

2/14/2020 1,593.4 597.9 0.003% 0.005%

10-year(339, 340, 341, 342, 346, 347, 351, 353, 356) 20-year(80, 82, 83, 84, 88, 95, 96, 100, 102, 105, 108, 109, 112, 113, 114, 115, 131, 132, 136,

137, 138, 139, 142, 145, 147, 149, 151, 153) 30-year(6, 7, 9, 11, 15, 16, 18, 19)

2/26/2020 1,072.4 499.2 ▲0.011% ▲0.005% 20-Year(154, 157, 166, 169) 30-Year(20, 22, 26, 28, 30, 31, 32, 34, 37, 39, 41, 43, 50, 62, 63, 64) 40-Year(2, 5, 9, 10, 11)

Target Zones of Liquidity Enhancement Auctions for the Fourth Quarter of FY 2019

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

11/15/2019 98.0 20.1 0.027 0.08 17, 19, 20, 21, 22, 24

12/18/2019 85.9 20.1 ▲0.083 ▲0.08 17, 22, 24

1/16/2020 132.9 20.1 ▲0.012 0.01 17, 19, 23, 24

2/17/2020 125.6 20.1 ▲0.132 ▲0.12 17, 20, 21, 24

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

338

JL75

JL76

JL77 33

9

JL78

JL79

JL80 34

0

JL81

JL82 34

1

JL83

JL84 34

2

JL85

JL86

JL87 34

3

JL88

JL89 34

4

JL90

JL91 34

5

JL92 34

6

JL93

JL94 34

7

JL95

JL96 34

8

JL97

JL98 34

9

JL99 35

0

JL10

0

JL10

1

351

JL10

2

JL10

3

JL10

4

352

JL10

5

JL10

6

353

JL10

7

JL10

8

354

JL10

9

JL11

0

355

JL11

1

JL11

2

356

JL11

3

JX1

JL11

4

JL11

5

JX2

JL11

6

JL11

7

JX3

JL11

8

JL11

9

JL12

0

JL12

1

JL12

2

JX4

JL12

3

JL12

4

JL12

5

JL12

6

JL12

7

JX5

JL12

8

JL12

9

JL13

0

JL13

1

JX6

JL13

2

JL13

3

JL13

4

JL13

5

JL13

6

JX7

JL13

7

JL13

8

JL13

9

JL14

0

JX8

JL14

1

JL14

2

JX9

JL14

3

JL14

4

JX10

JL14

5

JX11

JL14

6

JX12

JL14

7

JX13

JL14

8

JX14

JL14

9

JX15

JL15

0

JX16

JL15

1

JX17

JL15

2

JX18

JL15

3

JX19

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

5 10 15.5

(billion yen)

(Remaining maturities)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

JL1

54

JX20

JL1

55

JX21

JL1

56

JX22

JL1

57

JX23

JL1

58

JX24

JL1

59

JX25

JL1

60

JX26

JL1

61

JL1

62

JX27

JL1

63

JL1

64

JX28

JL1

65

JL1

66

JX29

JL1

67

JL1

68

JX30

JL1

69

JL1

70

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

JX59

JX60

JX61

JX62

JU2

JX63

JX64

JU3

JU4

JU5

JU6

JU7

JU8

JU9

JU10

JU11

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

0500

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

JN39

6

JN39

7

JN39

8

JS12

7

313

314

JL4

9

JL5

0

JN39

9

JN40

0

JN40

1

JS12

8

315

316

JL5

1

JN40

2

JN40

3

JN40

4

JS12

9

317

318

JL5

2

JN40

5

JN40

6

JN40

7

JS13

0

319

320

JL5

3

JL5

4

JN40

8

JS13

1

321

322

JL5

5

JS13

2

323

324

JL5

6

JL5

7

JS13

3

325

JL5

8

JS13

4

326

327

JL5

9

JL6

0

JS13

5

328

JL6

1

JS13

6

329

JL6

2

JL6

3

JS13

7

330

331

JL6

4

JS13

8

332

JL6

5

JL6

6

JS13

9

333

JL6

7

JL6

8

JL6

9

JS14

0

334

JL7

0

JL7

1

JS14

1

335

JL7

2

336

337

JL7

3

JL7

4

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)

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

Liquidity Enhancement Auctions and JGB Buy-Back

①Remaining maturity : approx.1‐～5‐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 January 2020. Note2： All issues in the graph above will be eligible afterward.

Buy-Back Results

(Until 29 February 2020)

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

(Until 29 February 2020)

-9-

-1%

0%

1%

2%

3%

4%

5%

Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

BEI (Japan : 10 year)

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

BEI (U.K. : 10 year)

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 Yield Curves

Source: Japan Bond Trading Co.,Ltd.

Yields of JGB

Long - Term Interest Rates （10Yr）

Source: Bloomberg

Source: Bloomberg

-10-

Yield and Volatility (10Yr)

Break-Even Inflation Rates

Source: Bloomberg, Calculation by the Ministry of Finance

(Until 31 January 2020)

(Until 31 January 2020)

(Until 31 January 2020)

(Until 31 January 2020)

JGB Secondary Market

0100200300400500600700800900

1,0001,1001,2001,3001,4001,5001,6001,7001,8001,9002,000

Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

Treasury Discount Bills

Medium Term Bonds

Long Term Bonds

-0.1%

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

Call Rate (Uncollateralized Overnight)

TIBOR 3-months (Euro-Yen)

Basic Loan Rate

0

500

1,000

1,500

2,000

2,500

Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

Bond-Lending

Bond-Gensaki

0

20

40

60

80

100

120

140

Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

Short-Term Interest Rates

Source: Bank of Japan, Tanshi Association, Bloomberg

JGB Over-the-Counter Trading Volume (TOKYO)

Trading Volume of 10-Year JGB Futures

Repurchase Transactions

-11-

Source: Japan Securities Dealers Association

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

(trillion yen)

(trillion yen)

(trillion yen)

(Until 31 January 2020)

Source: Japan Securities Dealers Association

0

10

20

30

40

50

Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19

200210220230240250260270

0

50

100

150

200

Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19

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 Jul Oct Jan

City Banks

Net Purchase

Net Sale

2015 2016 2017 2018 2019 2020

-1.0

-0.8

-0.6

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

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

Regional banks

Net Purchase

Net Sale

2015 2016 2017 20192018 2020

-0.5

0.0

0.5

1.0

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

Life and non-life insurance companies

Net Purchase

Net Sale

2015 2016 2017 2018 2019 2020

-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

26.0

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

Foreigners

Net Purchase

Net Sale

2015 2016 2017 20192018 2020

Apr 2013(Actual)

Jan 2020(Actual)

Monetary Base 155 517

JGBs 98 475

CP 1.4 2.2

Corporate Bonds 2.9 3.3

ETFs 1.7 28.5

J-REITs 0.13 0.56

Total Assets 175 5780

50

100

150

200

250

300

350

400

450

500

550

600

Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19

Total AssetsMonetary BaseJGBs

QQE2QQE（trillion yen）

-12-

Trends in Bank Assets by Types

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

Investor Trends and JGB Outstanding

12.8%

38.7%

60.2%

0%

10%

20%

30%

40%

50%

60%

70%

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

①Market Share of Foreign Investors (JGB Futures Market)

②Market Share of Foreign Investors (JGB Market)

③JGB Holdings by Foreign Investors

-1

-0.5

0

0.5

1

1.5

2

2.5

3

Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19

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

Net Purchase

Net

Sales

-6

-4

-2

0

2

4

6

Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19

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

Net Purchase

Net

Sales

0%

5%

10%

15%

20%

25%

30%

35%

40%

Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

City Banks Trust Banks Insurance Companies Foreigners

-10

-8

-6

-4

-2

0

2

4

6

8

10

Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19

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

Net Purchase

Net

Sales

-13-

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

144.7

12.8

30

40

50

60

70

80

90

100

110

120

130

140

150

160

170

1

2

3

4

5

6

7

8

9

10

11

12

13

14

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

Amount of JGB Holdings (RHS)

Proportion of JGB Holdings (LHS)

(trillion yen)(％)

General Government(ex Public Pensions)

2.8 0.2%

Fiscal Loan Fund0.0

0.0%

BOJ494.6 43.7%

Banks,etc.171.6 15.2%

Life and Non-life

Insurance,etc.

220.9 19.5%

Public Pensions

43.0 3.8%

Pension Funds31.8 2.8%

Foreigners144.7 12.8%

Households13.5 1.2%

Others9.4

0.8%

General Government(ex Public Pensions)

0.0 0.0%

Fiscal Loan Fund0.0

0.0%

BOJ9.4

9.9%Banks,etc.

17.4 18.4%

Life and Non-life

Insurance,etc.2.0

2.1%

Foreigners66.1

69.7%

General Government

(ex Public Pensions)2.8

0.3%

BOJ485.2 46.8%

Banks,etc.154.2 14.9%

Life and Non-life

Insurance,etc.

218.9 21.1%

Public Pensions

43.0 4.1%

Pension Funds31.8 3.1%

Foreigners78.6 7.6%

Households13.5 1.3%

Others9.4

0.9%

JGB and T-Bill Holders

Breakdown by JGB and T-Bill Holders (The end of Dec. 2019 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 94.9 trillion yen

JGB Holders

Total 1,037.4 trillion yen

Total 1,132.2 trillion yen

-14-

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

900

FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018

17.8% 18.3% 18.2% 17.9% 17.3% 16.4% 15.1% 14.3% 13.4% 13.1%

13.0% 12.5% 11.9% 12.4% 12.0% 11.1% 10.6% 10.5% 10.5% 10.8%

8.5%7.9% 8.6% 8.1% 7.8% 7.8% 7.9% 7.7% 8.2% 7.0%

8.4%9.0%

8.6% 8.1% 8.1% 8.2% 7.8% 8.2% 7.1% 7.4%8.8%8.4%

7.8%7.8% 7.8% 7.4% 7.8% 6.8% 6.8% 6.7%

5.2%4.7%

4.9%4.4% 4.2% 5.0% 4.2% 4.4% 5.0% 4.7%

4.9%5.2%

4.6%4.5% 5.0% 4.3% 4.4% 4.8% 4.7% 4.9%

5.5%4.8%

4.8%5.3%

4.5% 4.5% 5.0% 4.8% 5.0% 4.6%

5.2%5.1%

5.6%4.7%

4.8% 5.2% 4.9% 5.1% 4.7% 4.9%

4.7%5.2%

4.4%4.3%

4.6% 4.2% 4.5% 4.1% 4.0% 4.2%

14.4%14.4%

14.9%15.6%

16.5%17.7%

18.4% 19.2% 19.6% 20.2%

3.6%

4.6%

5.8%

6.7%

7.5%8.3%

9.4%10.1%

11.1%11.6%

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

（Unit: trillion yen）

（at the end of FY）

594.0

636.3669.9

705.0

743.9774.1

805.4830.6

853.2

*years to maturity

Average

YTM* 6Y5M 6Y8M 7Y0M 7Y3M 7Y7M 8Y0M 8Y5M 8Y7M 8Y10M 9Y0M

Average YTM*

(excluding saving

bonds)6Y6M 6Y10M 7Y1M 7Y5M 7Y8M 8Y0M 8Y5M 8Y8M 8Y11M 9Y1M

874.0

Types The amount of redemption at maturity Scheduled redemption date

20-Year Bonds 2,423.3 March 20

15-Year Floating-Rate Bonds 1,004.2 March 20

10-Year Bonds 7,883.3 March 20

5-Year Bonds 8,600.5 March 20

2-Year Bonds 2,454.6 March 15

Treasury Bills 1,800.0 March 23

Total 24,165.9

594.0636.3

669.9705.0

743.9774.1 805.4 830.6

853.2 874.0 897.8 906.0

142.4 143.1

163.1 163.3 153.6

158.0 150.5 148.3

140.0 137.7 142.3 141.5

100

200

300

400

500

600

700

800

900

0

30

60

90

120

150

180

09 10 11 12 13 14 15 16 17 18 19 20

Outstanding (RHS)Issuance Amount (LHS)

0100200300400500600700800900

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

17 18 19 20 21 22 23 24

(billion yen)

(issue number)

Outstanding amount (excl.BOJ holding)

BOJ holding

31.15

113.19

78.25

65.6665.04

51.1343.64

40.75

42.6243.05

29.26

16.7316.44

19.5019.15

21.1419.85

18.1718.28 18.10

11.48 6.71 7.196.37

8.509.59 10.91 9.31

11.3710.04

5.961.96 1.96 2.00 2.17 2.28

2.66 2.79 1.81 1.71

0

10

20

30

40

50

60

70

80

90

100

110

120

130

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 58

(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： 9 years and 1 month

Source: Ministry of Finance

General Bonds Issuance Amount and Outstanding

Note 1: Issuance Amount: revenue basis, FY2009-2018: Actual, FY2019: Supplementary budget, FY2020: Initial budget Note 2: Outstanding: nominal basis, FY2009-2018: Actual, FY2019: Supplementary budget, FY2020: Initial budget Source: Ministry of Finance

Market-held Balance of the Inflation-Indexed Bonds (as of the end of January, 2020)

(trillion yen)

Scheduled redemption of JGB at maturity in March, 2020

Note.1: The figures are based on the outstanding JGBs at the end of January, 2020. 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

Time-to-Maturity Structure of Outstanding JGB（Dec. 2019）

-15-

(trillion yen)

4.9

-2.9-1.5

1.1

5.0

3.1 3.4

-0.2

4.0

-7.4

0.4

2.0

5.6

0.5

-0.2-1.5

2.0

0.60.9 1.1

4.7

1.5 2.31.8

-1.9

2.0

-3.3

2.4 2.2 2.3

0.1

-7.1

-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 Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ

2012 2013 2014 2015 2016 2017 2018 2019

(％)

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 Jan-19 Jan-20

（ratio）

Jan, 20201.49

Jan, 20202.4％

Job openings-to-applicants ratio(RHS)

Unemployment rate(LHS)

Aug, 20090.42

Jul, 20095.5％

85

90

95

100

105

110

115

120

Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

(2015 average=100・Seasonally Adjusted Index)

Production Shipments

Inventory Inventory Ratio

0.7%

-1

0

1

2

3

4(%)

CPI

CPI excluding food (excluding alcohilicbeverages) and energy

Change from the previous year

Apr.4, 2013

BOJ released QQE

0.4%

600

650

700

750

800

850

900

950

1,000

Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19

(billion yen)

Monthly Quarter (Mean)

0

100

200

300

400

500

600

Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20

(trillion yen)

Banknotes in Circulation

Coins in Circulation

Current Account Balances

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

4.3

6.4

4.8

7.2

4.3

5.9 5.0

5.7

2.6

6.0

4.6

5.8

3.8

-8

-6

-4

-2

0

2

4

6

8

10

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4

2016

Q1

2016

Q2

2016

Q3

2016

Q4

2017

Q1

2017

Q2

2017

Q3

2017

Q4

2018

Q1

2018

Q2

2018

Q3

2018

Q4

2019

Q1

2019

Q2

2019

Q3

2019

Q4

Primary Income Trade Balance

Services Secondary Income

Current Account

-30%

-20%

-10%

0%

10%

20%

30%(Diffusion index)

Large enterprises/Manufacturing

Large enterprises/Non-Manufacturing

Small enterprises/Manufacturing

Small enterprises/Non-Manufacturing

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, Labour 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

-16-

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 Monthly 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) As needed 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: https://www.mof.go.jp/

To subscribe to our Newsletter mailing list,

please email: JGB-IR@mof.go.jp

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