WHAT’S NEW

The 44th meeting of the Advisory Council on Government Debt Management The 44th meeting of the Advisory Council on Government Debt Management was

held on May 31, 2017. (Agenda)

1. JGB Issuance Plan for FY2017 (report) (note1)

2. Overseas IR activities (report)

3. Revision of JGB Market Special Participants Scheme (report) (note 2)

4. Future trends in JGB markets and debt management policy

Financial Bureau explained agenda 1, 2 and 3. In agenda 2, overseas IR activities

in FY2016 were explained as follows: (i) 10 overseas IR tours covering 14 countries and 20 cities (98 meetings with

central banks, pension funds, insurance companies, asset management companies, etc.)

[North America] U.S. [Latin America] Mexico [Europe] U.K., France, Germany, Denmark, Sweden, Switzerland, Belgium [Asia and Pacific] Singapore, Hong Kong, New Zealand, Australia, Philippines

(ii) 141 meetings in Japan, including regular visits (twice a year) to Tokyo offices of foreign central banks

(iii) 6 presentations at seminars (3 in Japan, 3 overseas)

(iv) Continuation of monthly issuance of English newsletters that contain a wealth of information about JGBs, etc.

After the explanation from the Financial Bureau, council members Ms. Nishioka of Sumitomo Mitsui Banking Corporation and Mr. Inaida of Nomura Securities Co., Ltd. explained Japanese and world economy and financial markets. This was followed by a free exchange of opinions among the attendees on several points such as perspectives on demand for JGBs and trends in some economic indicators.

Note1) JGB Issuance Plan for FY2017: http://www.mof.go.jp/english/jgbs/debt_management/plan/ Note2) Revision of JGB Market Special Participants Scheme: http://www.mof.go.jp/english/jgbs/topics/press_release/20170327-04e.htm

The Ministry of Finance www.mof.go.jp

What’s New ⇒ The 44th meeting of the Advisory Council on Government Debt Management Monthly Topic ⇒ 1. Breakdown by JGB Holders (end of Mar.2017)

2. Basic Policies for Economic and Fiscal Management and Reform

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

Apr. 2014 Contents

1. What’s New

…P.1 2. JGB Primary

Market …P.2

3. The Auctions for

Enhanced-Liquidity and JGB Buy-Back

…P.3 4. JGB Secondary

Market …P.4

5. Investor Trends

…P.6

6. JGB Outstanding …P.8

7. Economic and

Financial Trends …P.9

8. Information

…P.10

July 2017 Contents 1. What’s New

Monthly Topic IR Special Office

…P.1 2. JGB Primary

Market …P.6

3. The Auctions for

Enhanced-Liquidity and JGB Buy-Back

…P.7 4. JGB Secondary

Market …P.8

5. Investor Trends and

JGB Outstanding …P.10

6. Economic and

Financial Trends …P.14

7. Information

…P.15

This Month’s Special!

WHAT’S NEW

1. Breakdown by JGB (including T-Bills) Holders (end of Mar.2017) On June 27, the Bank of Japan (BOJ) released the Flow of Funds Accounts for the 1st Quarter 2017.

The shares of JGB (including T-Bills, hereinafter referred to as “JGBs”) holders were updated as follows:

＜JGB Holdings by Foreign Investors＞ Foreign investors’ JGB investment has featured a focus on shorter-term issues. At the end of March

2017, they held 5.8% of JGBs (excluding T-Bills) and 51.9% of T-Bills.

4.45.25.15.45.95.56.57.67.37.98.5

6.86.96.76.35.95.56.06.66.47.07.58.38.58.38.69.08.58.48.48.08.48.18.28.69.19.49.19.610.410.210.110.4

10.610.8

3.94.24.24.65.35.15.66.05.85.56.24.94.94.54.23.93.73.73.93.84.04.44.54.24.04.34.54.54.44.24.14.13.73.74.44.74.94.65.05.25.4 5.75.95.85.8

7.8 11.5 11.3

11.2 9.7

7.6

12.3

18.7

17.5

23.8 23.4

18.9

19.0

17.8

17.0

15.8 14.0

16.1

19.5

19.1

21.4

21.4

25.4 28.0 28.9 28.8

30.2

26.8 28.6 28.3

28.1

31.1

32.0

32.4

32.1

36.9

35.2 35.3

39.3

48.7 48.8

47.0 46.9

50.2 51.9

0

5

10

15

20

25

30

35

40

45

50

55

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

Total

JGBs (excluding T-Bills)

T-Bills

(%)(%)(%)(%)(%)

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

MONTHLY TOPIC

The total amount of JGBs and T-Bills outstanding decreased by 0.4 trillion yen to 1,082.9 trillion yen.

BOJ increased its holdings of JGBs by 6.7 trillion yen to 427.3 trillion yen. BOJ is now holding around 40 percent

of outstanding JGBs. The balance of JGBs held by domestic Banks in Q1 fell by 6.8 trillion yen to 225.8 trillion yen.

General Government

(ex Public Pensions)

3.8

0.3%Fiscal Loan Fund

0.0

0.0%

BOJ

420.7

38.8%

Banks,etc.

232.6

21.5%

Life and Non-life

Insurance

207.5

19.2%

Public Pensions

49.0

4.5%

Pension Funds

31.3

2.9%

Foreigners

114.9

10.6%

Households

11.6

1.1%

Others

12.0

1.1%

General Government

(ex Public Pensions)

3.8

0.4% Fiscal Loan Fund

0.0

0.0%

BOJ

427.3

39.5%

Banks,etc.

225.8

20.9%

Life and Non-life

Insurance

205.5

19.0%

Public Pensions

49.0

4.5%

Pension Funds

30.8

2.8%

Foreigners

116.4

10.8%

Households

12.5

1.2%

Others

11.7

1.1%

Total ¥1,083.2 trillion

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

（The end of Dec. 2016） （The end of Mar. 2017）

Total ¥1,082.9 trillion

Source: Bank of Japan

-2-

2. Basic Policies for Economic and Fiscal Management and Reform 2017 “Basic Policies for Economic and Fiscal Management and Reform 2017” was decided by the Cabinet on June 9, 2017. Its major aim is to improve productivity through investment in human resources.

■ Expansion of a “Virtuous Cycle of Growth and Distribution” 1. Work style reform and investment in human resources

・Implement “the Action Plan for the Realization of Work Style Reform” ・Invest more in human resources, improve the quality of university education, enrich recurrent education

2. Acceleration of growth strategies and other measures ・Promote “Investments for the Future Strategy 2017”

3. Stimulating personal consumption 4. Regional reinvigoration and support for SMEs and microenterprises 5. Securing the foundations for a safe and secure life and a sustainable economic society ■ Steady implementation of Integrated Economic and Fiscal Reform

・Aim at achieving both the 600 trillion yen GDP target and the fiscal consolidation target for FY2020 ・Improve productivity through strengthening investments into human resources and R&D

■ Short-term principles in economic and fiscal management and guiding principles in budget formulation for FY2018 ・The importance of achieving the fiscal consolidation target has not changed. Aiming at achieving a primary

surplus by FY2020 and steady reduction in the public debt to GDP ratio ・Steadily advance the three reforms of exiting deflation and achieving economic revitalization, expenditure

reform, and revenue reform, under the basic policy that there can be no fiscal soundness without economic revitalization

Key Elements of the Basic Policies

-3-

For more information, see: http://www5.cao.go.jp/keizai-shimon/kaigi/cabinet/2017/decision0609.html (Japanese) http://japan.kantei.go.jp/97_abe/actions/201706/2article3.html http://japan.kantei.go.jp/97_abe/actions/201706/9article3.html

On June 21 Mr. Taku Otsuka, State Minister of

Finance, made a speech at the investor conference in Paris. He delivered the presentation “Japan’s Economy and Policy Development” to around 100 participants from global official institutions such as central banks and debt management authorities. In the presentation, he talked about the

Japanese economy and public finance, as well as Japan’s role in the global economy. He explained there are three challenges confronting Japan, each starting with the letter “D,” and presented solutions for each issue. The three “D”s are Deflation, Demographic change and Debt. To overcome deflation, Mr. Otsuka emphasized that household and corporate

savings must be utilized to enhance consumption and investment. Among the structural policy efforts to this end, he introduced the Japanese government’s recent decision on “Investments for the Future Strategy 2017”.

On Japan’s demographic change, he referred to work-style reform and new technologies as solutions, along with Prime Minister Abe’s encouraging remarks: “Japan’s demography is not an onus, but a bonus.” Regarding debt, he pointed out it is

imperative to advance fiscal consolidation toward primary surplus, while maintaining economic growth to GDP 600 trillion yen, both of which have deadlines set in FY2020. Mr. Otsuka also mentioned Japan’s important

contribution to the worldwide expansion of trade and investment, which is necessary for containing the threat of de-globalization. Finally, Mr. Otsuka referred to another important event in 2020, the Tokyo Olympic and

Paralympic Games. He conveyed to the audience his wife’s warm welcome to the event, as she is endeavoring for the success of the games as incumbent Minister in charge. Mr. Otsuka is grateful for the participants’ attention and the positive responses to his

and his wife’s invitation to Tokyo 2020.

IR SPECIAL OFFICE

-4-

In the same week, the JGB IR team led by Mr. Ichikawa, Deputy Director-General of the Financial Bureau, visited Switzerland, Austria, France and Italy to have meetings with investors and the authorities. The team gave an update on the Japanese economic situation for investors, and

elaborated on the growth strategy. The BOJ’s monetary policy continues to provide a highly accommodative environment for the business sector, and fiscal policy aims at achieving both consolidation and economic growth through rationalizing the budget and improving the quality of public spending. The team also pledged that the Japanese debt management office will keep good communication with the market in formulating and managing its debt management plan. The team also visited debt management authorities in some countries and had useful exchanges of views on debt management practices and market environments.

From May 29 to May 31, Ms. Kimata, Director for debt management and JGB investor relations, and Mr. Ikeda, Section Chief, visited Toronto and Chicago to have meetings with investors. In the meetings, they were pleased to have fruitful discussions and learned a lot about recent trends in JGB investment.

After staying for 3 days in the two cities, the IR team

headed to Mexico City and then joined the 16th International Monetary Fund Public Debt Management Forum. In this forum, Ms. Kimata made a presentation to report on medium-term structural trends in Japan to the attendees. Presentations and discussions in the forum were very instructive and we hope our presentation also helps other country’s debt management policy.

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

-5-

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)

4/4/2017 10-year 346 3/20/2027 0.1% 8,230.2 2,077.5 0.067% 0.064% 0.696 221.0 333.1 4/11/2017 10-year Inflation-Indexed Bonds 22 3/10/2027 0.1% 1,452.3 399.5 ▲0.385% - - - 54.4 4/13/2017 30-year 54 3/20/2047 0.8% 2,230.7 723.4 0.797% 0.795% - 75.4 116.1 4/18/2017 5-year 131 3/20/2022 0.1% 6,558.7 1,996.7 ▲0.152% ▲0.160% 0.500 202.3 68.1 4/20/2017 20-year 160 3/20/2037 0.7% 3,665.8 903.6 0.565% 0.562% - 95.6 98.7 4/28/2017 2-year 376 5/15/2019 0.1% 10,964.7 1,988.3 ▲0.191% ▲0.193% - 211.1 328.8 5/9/2017 10-year 346 3/20/2027 0.1% 7,812.4 2,077.2 0.031% 0.030% 0.386 221.5 245.7 5/11/2017 30-year 54 3/20/2047 0.8% 2,422.1 722.5 0.822% 0.819% - 76.5 - 5/16/2017 5-year 131 3/20/2022 0.1% 7,141.3 1,987.3 ▲0.113% ▲0.117% - 211.8 103.1 5/18/2017 20-year 160 3/20/2037 0.7% 3,453.7 900.0 0.565% 0.560% - 99.0 - 5/25/2017 40-year 10 3/20/2057 0.9% 1,431.7 499.7 0.965% - - - 30.5 5/30/2017 2-year 377 6/15/2019 0.1% 10,076.9 1,993.1 ▲0.159% ▲0.162% - 206.0 95.7 6/1/2017 10-year 347 6/20/2027 0.1% 7,582.8 2,080.8 0.053% 0.051% 0.924 217.0 - 6/6/2017 30-year 55 6/20/2047 0.8% 2,625.0 722.8 0.822% 0.817% - 76.5 5.4 6/8/2017 5-year 132 6/20/2022 0.1% 9,364.4 1,987.3 ▲0.063% ▲0.065% - 211.8 212.7 6/13/2017 20-year 161 6/20/2037 0.6% 3,591.8 903.0 0.586% 0.583% - 95.9 136.8 6/27/2017 2-year 378 7/15/2019 0.1% 12,044.0 1,774.9 ▲0.102% ▲0.103% - 424.3 303.9

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)

4/4/2017 3-month 673 7/3/2017 21,424.00 4,040.87 ▲0.1389% ▲0.1612% 389.10 4/5/2017 6-month 674 10/10/2017 11,926.00 2,655.38 ▲0.1435% ▲0.1494% 244.60 4/6/2017 3-month 675 7/10/2017 17,666.10 3,979.04 ▲0.1303% ▲0.1431% 400.90 4/13/2017 3-month 676 7/18/2017 17,412.00 4,026.66 ▲0.1070% ▲0.1213% 383.30 4/18/2017 1-year 677 4/20/2018 12,131.80 2,095.78 ▲0.1537% ▲0.1677% 204.20 4/20/2017 3-month 678 7/24/2017 15,605.30 3,975.65 ▲0.1343% ▲0.1427% 414.30 4/26/2017 3-month 679 7/31/2017 13,107.30 3,980.56 ▲0.1383% ▲0.1475% 409.40 5/1/2017 3-month 680 8/7/2017 14,202.60 4,008.25 ▲0.1303% ▲0.1395% 421.70 5/10/2017 6-month 681 11/10/2017 10,958.05 2,631.07 ▲0.1302% ▲0.1382% 268.90 5/11/2017 3-month 682 8/14/2017 15,242.50 3,977.77 ▲0.1243% ▲0.1327% 412.20 5/17/2017 1-year 683 5/21/2018 9,701.45 2,094.18 ▲0.1461% ▲0.1561% 205.80 5/18/2017 3-month 684 8/21/2017 17,561.40 3,962.30 ▲0.1243% ▲0.1287% 417.60 5/25/2017 3-month 685 8/28/2017 18,000.40 3,990.45 ▲0.1182% ▲0.1206% 409.50 6/1/2017 3-month 686 9/4/2017 19,693.70 3,951.47 ▲0.1162% ▲0.1218% 408.50 6/7/2017 6-month 687 12/11/2017 11,165.10 2,631.36 ▲0.0982% ▲0.1042% 268.60 6/8/2017 3-month 688 9/11/2017 21,130.90 3,958.86 ▲0.0922% ▲0.0970% 411.10 6/14/2017 3-month 689 9/19/2017 17,350.70 3,958.24 ▲0.0991% ▲0.1035% 421.70 6/15/2017 1-year 690 6/20/2018 9,061.40 2,079.15 ▲0.1128% ▲0.1158% 220.80 6/22/2017 3-month 691 9/25/2017 16,423.20 3,987.73 ▲0.0962% ▲0.1002% 422.20 6/29/2017 3-month 692 10/2/2017 14,697.90 3,568.55 ▲0.0942% ▲0.0982% 791.40

Auction Calendar for Jul. – Sep. 2017 Auction Date Issue Auction Date Issue Auction Date Issue Auction Date Issue

7/4(Tue) 10-year 7/27(Thu) T-Bills (3-month) 8/24(Thu) T-Bills (3-month) 9/15(Fri) T-Bills (1-year)

7/5(Wed) T-Bills (6-month) 7/27(Thu) 2-year 8/24(Thu) Auctions for Enhanced-liquidity (remaining maturities of 5-15.5 years) 9/20(Wed) T-Bills (3-month)

7/6(Thu) T-Bills (3-month) 8/1(Tue) 10-year 8/29(Tue) Auctions for Enhanced-liquidity (remaining maturities of 15.5-39 years) 9/20(Wed) Auctions for Enhanced-liquidity

(remaining maturities of 1-5 years)

7/6(Thu) 30-year 8/3(Thu) T-Bills (3-month) 8/31(Thu) T-Bills (3-month) 9/22(Fri) Auctions for Enhanced-liquidity (remaining maturities of 5-15.5 years)

7/11(Tue) 5-year 8/3(Thu) 10-year Inflation-Indexed Bonds 8/31(Thu) 2-year 9/26(Tue) 40-year

7/13(Thu) T-Bills (3-month) 8/8(Tue) T-Bills (6-month) 9/5(Tue) 10-year 9/28(Thu) T-Bills (3-month) 7/13(Thu) 20-year 8/8(Tue) 30-year 9/6(Wed) T-Bills (6-month) 9/28(Thu) 2-year 7/18(Tue) T-Bills (1-year) 8/9(Wed) T-Bills (3-month) 9/7(Thu) T-Bills (3-month) 7/19(Wed) T-Bills (3-month) 8/16(Wed) T-Bills (1-year) 9/7(Thu) 30-year 7/19(Wed) Auctions for Enhanced-liquidity

(remaining maturities of 1-5 years) 8/17(Thu) T-Bills (3-month) 9/12(Tue) 5-year 7/21(Fri) Auctions for Enhanced-liquidity

(remaining maturities of 5-15.5 years) 8/17(Thu) 5-year 9/14(Thu) T-Bills (3-month) 7/25(Tue) 40-year 8/22(Tue) 20-year 9/14(Thu) 20-year

Top 10 PDs by Total Purchase in Auctions (Calculated by Duration) (Oct. 2016 ～ Mar. 2017) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 Merrill Lynch Japan Securities Co., Ltd. 2 Daiwa Securities Co. Ltd. 7 Deutsche Securities lnc. 3 Nomura Securities Co., Ltd. 8 SMBC Nikko Securities Inc. 4 BNP Paribas Securities (Japan) Limited 9 Goldman Sachs Japan Co., Ltd. 5 Mizuho Securities Co., Ltd. 10 Citigroup Global Markets Japan Inc.

2 JGB PRIMARY MARKET

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

(Until 30 June 2017)

(Until 30 June 2017)

-6-

Results of Auctions for Enhanced-Liquidity

Auction Date Amounts of Competitive

Bids (billion yen)

Amounts of Bids

Accepted (billion yen)

Average Accepted Spread

Highest Accepted Spread

Issues Re-opened

4/6/2017 1,400.8 499.1 +0.002% +0.006% 20-year(141,143,147,153,154,157,158,159) 30-year(11,12,15,19,20,21,23,24,27,30,32,34,38,46,48,49,51,52,53) 40-year(6)

4/25/2017 1,874.6 548.3 ▲0.013% ▲0.012% 10-year(326,327,328,329,330,332,333) 20-year(61,65,70,71,83,86,87,93,94,95,102,109,114,116,117,120)

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

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

30-year(4)

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

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

30-year(7)

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

10-year Inflation-Indexed

Auction Date Amounts of

Competitive Bids (billion yen)

Amounts of Bids Accepted

(billion yen)

Average Accepted

Spread (yen)

Highest Accepted

Spread (yen) Issue Numbers

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

-7-

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

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

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

Note.1： 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 March 2017. Note.2： All issues in the graph above will be eligible afterward.

Buy-back Results

(Until 30 June 2017)

(Until 31 May 2017)

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

0500

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

JN36

4

JN36

5

JS11

2

JS11

3

293

294

295

JN36

6

JN36

7

JN36

8

JS11

4

JS11

5

296

JL40

JN36

9

JN37

0

JN37

1

JS11

6

297

298

JN37

2

JN37

3

JN37

4

JS11

7

299

300

JL41

JL42

JS11

8

JS11

9

301

302

JS12

0

JS12

1

303

304

JL43

JS12

2

305

JS12

3

306

307

JL44

JL45

JS12

4

308

309

JL46

JS12

5

310

311

JL47

JS12

6

312

JL48

JS12

7

313

314

JL49

JL50

JS12

8

315

316

JL51

JS12

9

317

318

JL52

JS13

0

319

320

JL53

JL54 32

1

322

JL55

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

1 2 5

(Remaining maturities)

（billion yen)

0500

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

323

324

JL56

JL57 32

5JL

58 326

327

JL59

JL60 32

8JL

61 329

JL62

JL63 33

033

1JL

64 332

JL65

JL66 33

3JL

67JL

68JL

69 334

JL70

JL71 33

5JL

72 336

337

JL73

JL74 33

8JL

75JL

76JL

77 339

JL78

JL79

JL80 34

0JL

81JL

82 341

JL83

JL84 34

2JL

85JL

86JL

87 343

JL88

JL89 34

4JL

90JL

91 345

JL92

JL93

JL94

JL95

JL96

JL97

JL98

JL99

JL10

0JL

101

JL10

2JL

103

JL10

4JL

105

JL10

6JL

107

JL10

8JL

109

JL11

0JL

111

JL11

2JL

113

JX1

JL11

4JL

115

JX2

JL11

6JL

117

JX3

JL11

8JL

119

JL12

0JL

121

JL12

2JX

4JL

123

JL12

4JL

125

JL12

6JL

127

JX5

JL12

8JL

129

JL13

0JL

131

JX6

JL13

2JL

133

JL13

4JL

135

JL13

6JX

7JL

137

JL13

8JL

139

JL14

0

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

5 10 15.5

(Remaining maturities)

（billion yen)

0500

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

JX8

JL14

1JL

142

JX9

JL14

3JL

144

JX10

JL14

5JX

11JL

146

JX12

JL14

7JX

13JL

148

JX14

JL14

9JX

15JL

150

JX16

JL15

1JX

17JL

152

JX18

JL15

3JX

19JL

154

JX20

JL15

5JX

21JL

156

JX22

JL15

7JX

23JL

158

JX24

JL15

9JX

25JX

26JX

27JX

28JX

29JX

30JX

31JX

32JX

33JX

34JX

35JX

36JX

37JX

38JX

39JX

40JX

41JX

42JX

43JX

44JX

45JX

46JX

47JX

48JX

49JX

50JX

51JX

52JX

53 JU1

JU2

JU3

JU4

JU5

JU6

JU7

JU8

JU9

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

(Remaining maturities)

-1%

0%

1%

2%

3%

4%

5%

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

Japan United States

United Kingdom Germany

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

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

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

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

-0.4%

-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

0%

1%

2%

3%

4%

5%

6%

7%

8%

Jan-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

Volatility Yield (right scale)

-0.4%

-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

2016/6/302016/9/302016/12/302017/3/312017/4/282017/5/31

40353020 25151050

Note: BEI (Japan : old JGBi) is calculated based on the compound interest rate of the old Inflation-Indexed Bonds (issue number 16 with current maturity of 1 years and 1month) and the 10-Year Bonds (issue number 293 with current maturity of 1 years and 1month). BEI (Japan : 10 year) is calculated based on the compound interest rate of the new Inflation-Indexed Bonds and the 10-Year Bonds.

Source: Japan: Calculation by the Ministry of Finance based on the information on interest rates offered by NIKKEI QUICK. U.S.A., U.K. : Bloomberg.

4 JGB SECONDARY MARKET JGB Yield Curves

Source: Japan Bond Trading Co.,Ltd.

Yields of JGB

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

Source: Bloomberg

-8-

Yield and Volatility (10Yr)

Break-Even Inflation Rates

Source: Bloomberg, Calculation by the Ministry of Finance

(Until 31 May 2017)

(Until 31 May 2017)

(Until 31 May 2017)

(Until 31 May 2017)

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

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

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

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

0

500

1,000

1,500

2,000

2,500

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

Bond-Lending

Bond-Gensaki

0

20

40

60

80

100

120

140

160

180

200

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

0

100

200

300

400

500

600

700

800

900

1,000

1,100

1,200

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

Treasury Discount BillsMedium Term BondsLong Term Bonds

Short-Term Interest Rates

Source: Bank of Japan, Japanese Bankers Association

JGB Over-the-Counter Trading Volume (TOKYO)

Trading Volume of 10-Year JGB Futures

Repurchase Transactions

-9-

Source: Japan Securities Dealers Association

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

Source: Japan Securities Dealers Association

(trillion yen)

(trillion yen)

(trillion yen)

(Until 31 May 2017)

-0.1%

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

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

Call Rate (Uncollateralized Overnight)

TIBOR 3-months (Euro-Yen)

Basic Loan Rate

Apr 2013(Actual)

May 2017(Actual)

Monetary Base 155 456

JGBs 98 390

CP 1.4 2.4

Corporate Bonds 2.9 3.2

ETFs 1.7 14.0

J-REITs 0.13 0.39

Total Assets 175 501 0

50

100

150

200

250

300

350

400

450

500

550

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

Total AssetsMonetary BaseJGBs

QQE2QQE（trillion yen）

0

10

20

30

40

50

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

190200210220230240250

0

20

40

60

80

100

120

140

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

160

180

200

Super long-term

Long-term

Medium-term

T-bills

-9.0

-7.0

-5.0

-3.0

-1.0

1.0

3.0

5.0

7.0

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

City Banks

Net Purchase

Net Sale

2013 2014 2015 2016 2017

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

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

Regional banks

Net Purchase

Net Sale

2013 2014 2015 2016 2017

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

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

Life and non-life insurance companies

Net Purchase

Net Sale

2013 2014 2015 2016 2017

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

24.0

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

Foreigners

Net Purchase

Net Sale

2013 2014 2015 2016 2017

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

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

-10-

Trends in Bank Assets by Types

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

BOJ Trends

Regional Banks City Banks

Source: Bank of Japan

(trillion yen) (trillion yen)

Loans

Cash and Deposits

Government Bonds

Municipal Bonds

Corporate Bonds

Equities

Foreign Securities

Source: Bank of Japan

Source: Japan Securities Dealers Association

59.1 63.3

67.9

55.2 55.6

55.0 52.2 49.3

46.4

52.1

58.1 56.6

61.8 67.8

77.0 78.3

76.7 81.8

86.1

82.6 81.9

81.7 79.0

83.8 81.5

83.9 87.2

93.0

97.7

94.9 100.5

108.5 110.3

111.6 113.6

114.9

116.4

7.3

7.9

8.5

6.8

6.9 6.7 6.3

5.9 5.5

6.0

6.6 6.4

7.0 7.5

8.3 8.5 8.3 8.6

9.0 8.5 8.4 8.4

8.0 8.4

8.1 8.2 8.6

9.1 9.4

9.1 9.6

10.4 10.2 10.1 10.4

10.6 10.8

20

40

60

80

100

120

1

2

3

4

5

6

7

8

9

10

11

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

Amount of JGB Holdings (right)

Proportion of JGB Holdings (left)

(trillion yen)

%

%

%

%

%

%

%

%

%

%

%

10.8%

31.6%

53.8%

0%

10%

20%

30%

40%

50%

60%

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

①Market Share of Foreign Investors (JGB Futures Market)

②Market Share of Foreign Investors (JGB Market)

③JGB Holdings by Foreign Investors

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

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

City Banks Trust Banks Insurance Companies Foreigners

-6

-5

-4

-3

-2

-1

0

1

2

3

4

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

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

Net

Purchase

Net

Sales

-1

-0.5

0

0.5

1

1.5

2

2.5

3

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

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

Net

Purchase

Net

Sales

-8

-6

-4

-2

0

2

4

6

8

10

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

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

Net

Purchase

Net

Sales

-11-

JGBs Holdings by Foreign Investors

Banks(Banking Accounts) Life Insurance Companies

Transactions of Domestic Securities by Non-Residents

Note: “JGB” includes T-Bills. Source: Bank of Japan

Source: Ministry of Finance Source: Japan Securities Dealers Association

Outstanding of Repurchase Agreements (by Investor types)

Transactions of Foreign Securities by Residents (by Investor types)

Source: Ministry of Finance

Foreign Investors Presence

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

Osaka Exchange

(trillion yen)

(trillion yen)

(trillion yen)

Source: Ministry of Finance

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016

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

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

8.2% 8.9%8.5%

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

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

8.6% 8.4%

8.8%8.4% 7.8%

7.8% 7.8% 7.4% 7.8% 6.8%

4.6% 5.3%

5.2%4.7%

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

5.6% 5.6%

4.9%5.2% 4.6%

4.5%5.0% 4.3% 4.4% 4.8%

6.0% 5.5%

5.5%4.8%

4.8%5.3%

4.5% 4.5% 5.0% 4.8%

5.9% 6.2%

5.2%5.1%

5.6%4.7%

4.8% 5.2% 4.9% 5.1%

5.5% 5.0%

4.7%5.2%

4.4%4.3%

4.6% 4.2% 4.5% 4.1%

14.5% 14.8%

14.4%

14.4%14.9%

15.6%16.5%

17.7%18.4% 19.2%

2.0% 2.7%

3.6%

4.6%

5.8%

6.7%

7.5%8.3%

9.4%10.1% 20 yrs-

10-20 yrs

9-10 yrs

8-9 yrs

7-8 yrs

6-7 yrs

5-6 yrs

4-5 yrs

3-4 yrs

2-3 yrs

1-2 yrs

-1 yr

（trillion yen）

（at the end of FY）

541.5 545.9

594.0

636.3669.9

705.0

743.9

774.1805.4

*years to maturity

Average

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

Average YTM*

(excluding saving

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

830.6

General Government(ex Public Pensions)

0.0 0.0%

Fiscal Loan Fund0.0

0.0%

BOJ40.6

35.2%

Banks,etc.12.5

10.9%

Life and Non-life Insurance,etc.

2.3 2.0%

Public Pensions0.0

0.0%

Pension Funds0.0

0.0%

Foreigners59.8

51.9%

Households0.0

0.0%

Others0.0

0.0%

General Government(ex Public Pensions)

3.8 0.4%

Fiscal Loan Fund0.0

0.0%

BOJ386.8 40.0%

Banks,etc.213.3 22.0%

Life and Non-life Insurance,etc.

203.2 21.0%

Public Pensions

49.0 5.1%

Pension Funds30.8 3.2%

Foreigners56.6 5.8%

Households12.5 1.3% Others

11.7 1.2%

General Government(ex Public Pensions)

3.8 0.4% Fiscal Loan

Fund0.0

0.0%

BOJ427.3 39.5%

Banks,etc.225.8 20.9%

Life and Non-life Insurance,etc.

205.5 19.0%

Public Pensions

49.0 4.5%

Pension Funds30.8 2.8%

Foreigners116.4 10.8%

Households12.5 1.2%

Others11.7 1.1%

JGB and T-Bill Holders

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

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

Note1: “JGB” includes FILP Bonds. “T-Bills” is the sum of “Treasury Bills (TBs) ” and “Financial Bills (FBs) ”with a maturity of 1 year or less and TBs and FBs have been jointly issued since February 2009.

Note2: “Banks, etc.” includes Japan Post Bank, “Securities investment trust” and “Securities companies”. Note3: “Life and Nonlife insurance” includes Japan Post Insurance.

(trillion yen)

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

T-Bill Holders

Total 115.2 trillion yen

JGB Holders

Total 967.6 trillion yen

Total 1,082.9 trillion yen

-12-

Types The amount of redemption at maturity Scheduled redemption date

15-Year Floating-Rate Bonds 676.6 July 20

2-Year Bonds 2,499.2 July 15

Treasury Bill 3,371.4 July 20

Total 6,547.3

0100200300400500600700800900

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

12 13 14 15 16 17 18 19 20 21 22

(billion yen)

(issue number)

Outstanding amount (excl. BOJ holding)

BOJ holding Old type(without floor)

Source: Ministry of Finance

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

General Bonds Issuance Amount and Outstanding

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

Market-held Balance of the Inflation-Indexed Bonds (as of May 31, 2017)

(trillion yen)

Scheduled redemption of JGB at maturity in July, 2017

Note.1: The figures are based on the outstanding JGBs at the end of May, 2017. Note.2: The figures are the scheduled redemption at maturity and may be different from the actual redemption due to Buy-back of JGBs. Note.3: The figures do not include "JGB for Retail Investors". Note.4: If the redemption date coincides with bank holiday, the payment of redemption is carried out on the following business day. Note.5: Figures may not sum up to total because of rounding.

(billion yen)

-13-

Source: Ministry of Finance, Bank of Japan

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

136.8 135.6 124.6 127.1

142.4 143.1 163.1 163.3

153.6 158.0 150.5 150.2 142.0

100

200

300

400

500

600

700

800

900

0

30

60

90

120

150

180

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

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

118.81

87.27

63.6968.46

56.09

36.4540.06

39.4542.60

34.08

10.73 12.0914.25 15.97

15.6218.0418.01

19.8419.06

15.76

3.76 4.69 5.28 6.35 6.69 6.06 8.12 9.42 10.687.53

0.83 1.30 1.31 1.93 1.87 1.95 2.06 2.22 2.21

0102030405060708090

100110120130

17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55

(trillion yen）

(FY)

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

Average remaining years to maturity： 8 years and 7 months

70

80

90

100

110

120

130

140

150

160

Jan-

09

May

-09

Sep-

09

Jan-

10

May

-10

Sep-

10

Jan-

11

May

-11

Sep-

11

Jan-

12

May

-12

Sep-

12

Jan-

13

May

-13

Sep-

13

Jan-

14

May

-14

Sep-

14

Jan-

15

May

-15

Sep-

15

Jan-

16

May

-16

Sep-

16

Jan-

17

May

-17

(2010 average=100・Seasonally Adjusted Index)

Production Shipments

Inventory Inventory Ratio

0.4

0.6

0.8

1

1.2

1.4

1.6

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

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

（ratio）

May, 20171.49times

May, 20173.1％

Aug, 20090.42times

Jul, 20095.5％

Job opening-to-application ratio(right scale)

Unemployment rate(left scale)

0.4%

-0.2%-1

0

1

2

3

4

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

(%)

CPI

CPI excluding food (excludingalcohilic beverages) and energy

Change from the previous year

Apr.4, 2013BOJ released QQE

4.4

-1.7 -1.7

0.5

4.94.1

2.5

-0.4

4.4

-7.4

-0.6

3.0

4.7

-0.3

0.7

-1.0

2.5 1.61.0

1.41.0

-14.0

-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

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

2012 2013 2014 2015 2016 2017

(％)

Private Demand Public Demand

Foreign Demand Real GDP

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

(CY)

500

600

700

800

900

1,000

1,100

Jan-

09

Apr-

09

Jul-0

9

Oct

-09

Jan-

10

Apr-

10

Jul-1

0

Oct

-10

Jan-

11

Apr-

11

Jul-1

1

Oct

-11

Jan-

12

Apr-

12

Jul-1

2

Oct

-12

Jan-

13

Apr-

13

Jul-1

3

Oct

-13

Jan-

14

Apr-

14

Jul-1

4

Oct

-14

Jan-

15

Apr-

15

Jul-1

5

Oct

-15

Jan-

16

Apr-

16

Jul-1

6

Oct

-16

Jan-

17

Apr-

17

(billion yen)

Monthly Quarter (Mean)

0

50

100

150

200

250

300

350

400

450

500(trillion yen)

Banknotes in Circulation

Coins in Circulation

Current Account Balances

2.3

3.2

4.3 3.8

5.4

4.4

5.5

4.1

4.3

1.8

3.3

0.9

2.1

1.1 1.6

-0.0

1.6 2.1

1.7

-1.0 -0.5

0.9

2.0 1.6

4.3

3.9

4.9

3.1

5.9

4.6

5.8

4.1

5.8

-8

-6

-4

-2

0

2

4

6

8

2009

Q120

09Q2

2009

Q320

09Q4

2010

Q120

10Q2

2010

Q320

10Q4

2011

Q120

11Q2

2011

Q320

11Q4

2012

Q120

12Q2

2012

Q320

12Q4

2013

Q120

13Q2

2013

Q320

13Q4

2014

Q120

14Q2

2014

Q320

14Q4

2015

Q120

15Q2

2015

Q320

15Q4

2016

Q120

16Q2

2016

Q320

16Q4

2017

Q1

Primary Income Trade BalanceServices Secondary IncomeCurrent Account

-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

(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 "Quarterly Estimates of GDP"

Source: Ministry of Internal Affairs and Communications “CPI”

Source: Ministry of Health, Labour and Welfare “Employment Referrals for General Workers “, Ministry of Internal Affairs and Communications “Labour Force Survey”

Source: Ministry of Finance “Balance of Payments"

Source: Ministry of Economy, Trade and Industry "Indices of Industrial Production”

Source: Cabinet Office, Government of Japan "Orders Received for Machinery"

(trillion yen)

6 ECONOMIC AND FINANCIAL TRENDS

Source: Bank of Japan "Monetary Base"

Source: Bank of Japan "Tankan"

-14-

English Publications on JGBs Frequency URL Debt Management

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

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

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

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

Auction Calendar

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

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

Topics

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

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

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

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

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

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

Data

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

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

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

Dialogue with the market

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

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

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

Publications

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

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

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

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

7 INFORMATION

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

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