Our fundamental goal of debt management policy is to ... · total amount required to finance for...
Transcript of Our fundamental goal of debt management policy is to ... · total amount required to finance for...
What’s New: MOF started discussions for FY2018 JGB Annual Issuance Plan P2-3 Meetings of JGB Market Special Participants and JGB Investors
The MOF mentioned that the amount of “Newly-Issued Bonds” and “Refunding Bonds” may decrease from AIP2017, although the total amount required to finance for FY2018 depends on the ongoing budget planning process.
Most of the market special participants agreed on the reduction of all zones in a well-balanced manner and the increase of the issuance amount of Auctions for Enhanced-Liquidity.
The members gave their opinions on the issuance amount of each zone, which the MOF appreciates and will take into account in making AIP2018. (See P2 for the details)
What’s New: Central Government Debt (As of September 30, 2017) P4 Outstanding government bonds and borrowings increased to 1,080.4 trillion yen from
the end of June (1,079.0 trillion yen) by 1.5 trillion yen.
Monthly Topic: Quarterly Estimates of GDP Jul.-Sep. 2017 P5 The first preliminary GDP estimate (Jul. – Sep. 2017) was released on November 15.
Real GDP expanded by 0.3% (annual rate 1.4%) from the previous quarter. Real GDP has grown for seven consecutive quarters.
IR Office: Our IR activities in November P6 Conference in Tokyo, IR tour to UK and OECD meeting
(Statistics) JGB Primary Market … P7 The Auction for Enhanced Liquidity and JGB Buy-Back … P8
JGB Secondary Market … P9 Investor Trends and JGB Outstanding … P11
Economic and Financial Trend … P15 Information … P16
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.
December 2017
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Discussions of FY2018 JGB Annual Issuance Plan in the Meeting of JGB Market Special Participants and the Meeting of JGB investors
The 73rd Meeting of JGB Market Special Participants and the 72nd Meeting of JGB investors were held on November 22 and 24, 2017, respectively. Discussions for the FY2018 JGB Annual Issuance Plan (AIP2018) started.
[Summary of the MOF explanation]
① Introducing the discussions of the 45th meeting of the Advisory Council on Government Debt Management in October
Please refer to the Newsletter issued in November 2017 for the details.
URL: http://www.mof.go.jp/english/jgbs/publication/newsletter/jgb2017_11e.pdf
② A notice for AIP2018
The amount of “Newly-Issued Bonds” and “Refunding Bonds” may slightly decrease from AIP2017 according to a provisional calculation based on a simple premise, although the total amount required to finance for FY2018 depends on the ongoing budget planning process. In addition, a technical revision of the calculation method is under consideration, which leads to further reduction of the calendar-base issuance amount in AIP.
[Opinions from the participants]
Most of the market special participants agreed that:
It is possible to reduce the annual issuance amount in any zone. In case the total financing amount decreases, the MOF should reduce all zones in a well-balanced manner.
Under current market conditions, it is desirable to increase the issuance amount of Auctions for Enhanced-Liquidity, although it may lead to a reduction in the calendar-base market issuance amount.
For super-long zones of JGBs, many market special participants mentioned that:
The MOF should prioritize the reduction of the issuance amount of 40- and 30-Year bonds among super-long zones, as that of 20-Year bonds has been reduced in FY2016 and FY2017 consecutively. In addition, 20-Year bonds still have broad investors even under the current yield.
Other market special participants mentioned that:
Some investors insisted on certain demands for super-long-term bonds, but those investors care about the level of the yield rather than the issuance amount itself.
The MOF should consider maintaining the issuance amount of 30-Year bonds because they may become a benchmark among super-long-term bonds.
The MOF should consider maintaining the issuance amount of 40-Year bonds or limiting the reduction amount because the 40-Year bond market is still in the stage of development.
Some of the JGB investors mentioned that:
The MOF should increase the issuance amount of 30- and 40-Year bonds, even if the calendar-base issuance amount in AIP decreases in total.
The MOF should maintain the issuance amount of 20-Year bonds, as 20-Year bonds have the longest maturity for most of banks’ investment.
What’s new
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Regarding short- and medium-term bonds, most of the market special participants agreed that:
It's possible to reduce the issuance amount of 5-Year bonds rather than that of 2-Year bonds or T-bills because 2-Year bonds or T-bills are the main investment zones by foreign investors.
On the other hand, a participant said that:
There would be some investment demand for 5-Year bonds in case the yield returns to the level of near zero percent.
Some JGB investors also mentioned that:
The issuance amount of 5-Year bonds can be reduced, as the demand for them is declining.
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Central Government Debt (As of September 30, 2017) On November 10, the Ministry of Finance released the update on central government debt. Debt
outstanding and composition as of the end of September 2017 are as follows.
The end of September 2017
(Actual)
Increase or Decrease(-) from
the End of the Previous Quarter
1) Outstanding Government Bonds and Borrowings
General Bonds 845.5 8.3
Fiscal Investment and Loan Program Bonds (FILP Bonds) 92.4 -3.4
Borrowings, Subsidy Bonds, etc. 64.7 -1.3
Financing Bills (FBs) 77.8 -2.1
Total 1,080.4 1.5
2) Outstanding Government-Guaranteed Debts
Government-Guaranteed Debts 40.6 0.3
The end of Sep. 2017 (Actual)
Increase or Decrease(-) from
the End of the Previous Quarter
The end of Mar. 2017 (Estimate)
① General Bonds 845.5 8.3 Approx. 865
② Fiscal Investment and Loan Program Bonds Not included Not included Not included
③ Borrowings, Subsidy Bonds, etc. 28.1 -0.1 Approx. 33
④ Financing Bills Not included Not included Not included
Long-term debt outstanding of central governments 873.6 8.2 Approx. 898
⑤ Long-term debt outstanding of local governments - Approx. 195
Long-term debt outstanding of central and local governments - Approx. 1,093
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(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 December 31, 2017 will be released on February 9, 2018. Details: http://www.mof.go.jp/english/jgbs/reference/gbb/e201709.html
<Main Points>
Outstanding government bonds and borrowings increased to 1,080.4 trillion yen from the end of June (1,079.0 trillion yen) by 1.5 trillion yen. This is mainly because the total for general bonds increased by 8.3 trillion yen and that for FILP bonds decreased by 3.4 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 873.6 trillion yen from the end of June (865.4 trillion yen) by 8.2 trillion yen.
Notes: The borrowings of the Special Account for Allotment of Local Allocation Tax and Local Transfer Tax (end of FY2017:approx.¥32trillion) are included in [⑤Long-term debt outstanding of local governments] because the burden of redemption funds falls on local governments.
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)
(%)2017
7~9 10~12 1~3 4~6 7~90.2 0.4 0.3 0.6 0.3 *** 1.4
-0.1 0.1 0.1 0.9 -0.2 *** -0.6(-0.1) (0.1) (0.1) (0.9) *** (-0.2) ***
-0.2 0.3 0.2 0.7 0.0 (0.0) 0.00.4 0.1 0.4 0.7 -0.5 (-0.3) -1.80.4 0.1 0.4 0.7 -0.5 (-0.3) -1.9
Excluding imputed Rent 0.4 0.1 0.4 0.8 -0.6 (-0.3) -2.62.9 0.3 0.9 1.1 -0.9 (-0.0) -3.5
-0.1 1.9 0.5 0.5 0.2 (0.0) 1.0(-0.5) (-0.2) (-0.2) (0.0) *** (0.2) ***
0.2 -0.5 0.0 1.6 -0.6 (-0.2) -2.40.3 0.0 -0.0 0.6 -0.1 (-0.0) -0.5
-0.4 -2.7 0.1 5.8 -2.5 (-0.1) -9.7(-0.0) (0.0) (0.0) (0.0) *** (-0.0) ***(0.4) (0.3) (0.1) (-0.2) *** (0.5) ***Net Exports of Goods & Services
Private Non-Resi. Investment
Government ConsumptionPublic Investment
2016 20177~9
Gross Domestic Product
Domestic Demand
Private DemandPrivate Consumption
Consumption of Households
Change in Private InventoryPublic Demand
Change in Public Inventory
Private Residential Investment
Quarterly Estimates of GDP Jul.–Sep. 2017
The first preliminary GDP estimate (Jul. – Sep. 2017) was released on November 15. Real GDP expanded by 0.3% (annual rate 1.4%) from the previous quarter. Real GDP has grown for seven consecutive quarters. External demand contributed 0.5 percentage points, while domestic demand contributed minus 0.2 percentage points. Contribution of external demand was positive after 2 quarters and domestic demand was negative after 4 quarters.
Net exports of goods & services contributed 0.5 percentage points, as exports of goods & services rose by 1.5% on the back of increasing export of cars and electronic parts, etc.
Domestic demand did not grow as in the previous quarter due to the bad weather such as typhoons and long rains, which affected industry including food service. However, on average, the improving trend of domestic demand is not changing.
Development of Real GDP (Quarterly, seasonally adjusted series)
MONTHLY TOPIC
Note1: Change from the previous quarter (seasonally adjusted) Note2: Annual rate Note3: The Figures in () indicate contributions to Changes in GDP. Source: Cabinet Office, Government of Japan
Source: Cabinet Office, Government of Japan
Note1
Note2
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Mr. Furuya, Deputy Director-General of the Financial Bureau, made a presentation to more than 100 foreign and domestic investors at a private investment conference in Tokyo at the beginning of November. The title was “Japan’s Economy and Public Debt Management” which covered a broad range of topics. Firstly, he explained the Japanese economy from the mid- and long-term perspective. He also touched on historical developments of JGB markets and recent situations. Finally, he described a basic idea of public debt management which included the viewpoint of mid- and long-term consideration.
During the third week of November, Ms. Kimata, Director
for Debt Management and JGB Investor Relations, and Ms. Sato, officer, representing womenomics in Japan, visited London and Edinburgh to have meetings with various JGB investors. They had discussions mainly about the JGB market, Japan’s economy, and fiscal consolidation. Investors warmly welcomed them with refreshments such as coffee, tea and lovely decorated confectioneries. Supported by the genial welcome and nice weather, they were able to carry on the IR tour harmoniously. They would like to express their gratitude and look forward to seeing them again.
In the beginning of November, Mr. Miyoshi, Director of the International Organizations
Division, and Mr. Nakatsui, Deputy-Director of Debt Management Policy Division, participated in the OECD Working Party on Debt Management. Debt managers from OECD member countries actively exchanged views on debt management policy, the sovereign bond market, and many more topics. Mr. Miyoshi contributed to the discussion by leading a session and making presentations on the JGB market.
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IR OFFICE
If you have any questions regarding the contents of this newsletter, please do not hesitate to contact us at: [email protected]
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)
9/5/2017 10-year 348 9/20/2027 0.1% 7,369.5 1,865.1 0.016% 0.011% 0.306 434.3 11.1 9/7/2017 30-year 56 9/20/2047 0.8% 2,416.5 658.3 0.841% 0.832% - 141.2 3.6 9/12/2017 5-year 133 9/20/2022 0.1% 7,234.2 1,777.7 ▲0.104% ▲0.110% - 421.6 - 9/14/2017 20-year 162 9/20/2037 0.6% 3,337.7 803.9 0.563% 0.560% - 195.0 77.0 9/26/2017 40-year 10 3/20/2057 0.9% 1,618.0 499.4 1.015% - - - 56.8 9/28/2017 2-year 381 10/15/2019 0.1% 7,416.1 1,804.9 ▲0.114% ▲0.119% - 394.6 - 10/3/2017 10-year 348 9/20/2027 0.1% 7,842.2 1,920.0 0.082% 0.077% 0.496 379.0 - 10/5/2017 10-year Inflation-Indexed Bonds 22 3/10/2027 0.1% 1,237.8 399.4 ▲0.361% - - - 47.0 10/11/2017 30-year 56 9/20/2047 0.8% 2,559.9 643.3 0.884% 0.881% - 155.9 68.8 10/17/2017 20-year 162 9/20/2037 0.6% 3,243.7 800.1 0.591% 0.590% - 198.9 85.2 10/19/2017 5-year 133 9/20/2022 0.1% 7,559.9 1,782.9 ▲0.082% ▲0.082% - 416.1 328.1 10/26/2017 2-year 382 11/15/2019 0.1% 10,599.0 1,786.6 ▲0.141% ▲0.143% 0.500 412.3 163.9 11/1/2017 10-year 348 9/20/2027 0.1% 8,465.9 1,860.0 0.062% 0.062% 1.386 437.8 178.4 11/9/2017 30-year 56 9/20/2047 0.8% 2,217.4 647.3 0.800% 0.789% - 151.9 63.3 11/14/2017 5-year 133 9/20/2022 0.1% 7,542.7 1,800.0 ▲0.105% ▲0.107% - 399.1 271.5 11/16/2017 20-year 162 9/20/2037 0.6% 3,304.8 800.0 0.574% 0.573% - 199.0 43.9 11/28/2017 40-year 10 3/20/2057 0.9% 1,499.0 499.5 1.005% - - - 34.6 11/30/2017 2-year 383 12/15/2019 0.1% 8,599.3 1,808.2 ▲0.164% ▲0.166% - 390.9 -
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)
9/6/2017 6-month 706 3/12/2018 7,189.60 2,116.16 ▲0.1823% ▲0.1983% 483.80 9/7/2017 3-month 707 12/11/2017 11,539.40 3,621.75 ▲0.1864% ▲0.2040% 798.20 9/14/2017 3-month 708 12/18/2017 14,652.70 3,654.48 ▲0.1175% ▲0.1394% 745.50 9/15/2017 1-year 709 9/20/2018 9,178.60 1,876.68 ▲0.1278% ▲0.1308% 423.30 9/20/2017 3-month 710 12/25/2017 16,561.00 3,702.04 ▲0.1002% ▲0.1074% 727.90 9/28/2017 3-month 711 1/10/2018 15,884.90 3,563.08 ▲0.1550% ▲0.1652% 816.90 10/4/2017 6-month 712 4/10/2018 9,147.40 1,866.85 ▲0.1603% ▲0.1643% 433.10 10/5/2017 3-month 713 1/15/2018 14,000.50 3,569.58 ▲0.1617% ▲0.1685% 830.40 10/12/2017 3-month 714 1/22/2018 12,893.70 3,590.07 ▲0.1768% ▲0.1865% 849.90 10/18/2017 1-year 715 10/22/2018 9,965.40 1,896.79 ▲0.1618% ▲0.1687% 403.20 10/19/2017 3-month 716 1/29/2018 14,963.80 3,542.77 ▲0.1861% ▲0.1924% 827.20 10/26/2017 3-month 717 2/5/2018 14,573.50 3,600.63 ▲0.1898% ▲0.1961% 839.30 11/1/2017 3-month 718 2/13/2018 12,368.60 3,611.77 ▲0.1842% ▲0.1897% 808.20 11/8/2017 6-month 719 5/10/2018 10,346.00 1,873.67 ▲0.2276% ▲0.2376% 426.30 11/9/2017 3-month 720 2/19/2018 11,242.60 3,588.15 ▲0.2549% ▲0.2780% 841.80 11/15/2017 1-year 721 11/20/2018 7,275.10 1,864.30 ▲0.1936% ▲0.2145% 435.70 11/16/2017 3-month 722 2/26/2018 13,069.70 3,532.06 ▲0.2270% ▲0.2382% 827.90 11/22/2017 3-month 723 3/5/2018 12,793.60 3,573.58 ▲0.2456% ▲0.2538% 836.40 11/30/2017 3-month 724 3/12/2018 11,551.90 3,587.47 ▲0.1712% ▲0.1995% 802.50
Auction Calendar for Dec. 2017 – Feb. 2018 Auction Date Issue Auction Date Issue Auction Date Issue Auction Date Issue 12/5(Tue) 10-year 1/5(Fri) T-Bills (3-month) 1/25(Thu) 20-year 2/20(Tue) Auctions for Enhanced-liquidity
(remaining maturities of 5-15.5 years)
12/6(Wed) T-Bills (6-month) 1/5(Fri) Auctions for Enhanced-liquidity (remaining maturities of 1-5 years) 1/30(Tue) 2-year 2/22(Thu) T-Bills (3-month)
12/7(Thu) T-Bills (3-month) 1/10(Wed) T-Bills (6-month) 2/1(Thu) T-Bills (3-month) 2/22(Thu) 20-year
12/7(Thu) 30-year 1/10(Wed) 10-year 2/1(Thu) 10-year 2/27(Tue) 2-year 12/12(Tue) 5-year 1/11(Thu) T-Bills (3-month) 2/6(Tue) 10-year Inflation-Indexed Bonds 12/14(Thu) T-Bills (3-month) 1/12(Fri) 40-year 2/7(Wed) T-Bills (6-month) 12/14(Thu) 20-year 1/16(Tue) 5-year 2/8(Thu) T-Bills (3-month) 12/18(Mon) T-Bills (1-year) 1/17(Wed) T-Bills (1-year) 2/8(Thu) 30-year 12/19(Tue)
Auctions for Enhanced-liquidity (remaining maturities of 15.5-39 years) 1/18(Thu) T-Bills (3-month) 2/14(Wed) 5-year
12/20(Wed) T-Bills (3-month) 1/18(Thu) 30-year 2/15(Thu) T-Bills (3-month) 12/22(Fri)
Auctions for Enhanced-liquidity (remaining maturities of 5-15.5 years) 1/22(Mon) Auctions for Enhanced-liquidity
(remaining maturities of 5-15.5 years) 2/16(Fri) T-Bills (1-year)
12/26(Tue) 2-year 1/25(Thu) T-Bills (3-month) 2/16(Fri) Auctions for Enhanced-liquidity (remaining maturities of 15.5-39 years)
Top 10 PDs by Total Purchase in Auctions (Calculated by Duration) (Apr. 2017 ~ Sep. 2017) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 Deutsche Securities lnc. 2 Nomura Securities Co., Ltd. 7 SMBC Nikko Securities Inc. 3 Daiwa Securities Co. Ltd. 8 BNP Paribas Securities (Japan) Limited 4 Mizuho Securities Co., Ltd. 9 Goldman Sachs Japan Co., Ltd. 5 Merrill Lynch Japan Securities Co., Ltd. 10 Morgan Stanley MUFG 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 30 November 2017)
(Until 30 November 2017)
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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
9/20/2017 1,212.9 299.2 ▲0.007% ▲0.005%
2-year(370, 372, 373) 5-year(125, 131) 10-year(319, 320) 20-year(41, 47, 48, 53, 56, 57)
9/22/2017 1,544.7 547.6 ▲0.014% ▲0.013% 10-year(325, 327, 328, 329, 330, 333, 334, 335) 20-year(58, 61, 64, 65, 83, 84, 126, 127, 130, 131, 133, 134, 135, 138, 139, 140) 30-year(2, 7, 8, 9)
10/13/2017 1,990.9 546.6 +0.001% +0.002%
10-year(327, 328, 329, 330, 331, 332, 333, 334) 20-year(61, 64, 70, 71, 72, 76, 77, 94, 97, 99, 100, 101, 107, 109, 111, 114, 115, 127, 128, 130, 131, 137, 142) 30-year(2, 3)
10/24/2017 1,252.7 397.4 ▲0.007% ▲0.006% 20-year(145) 30-year(13, 15, 17, 25, 29, 33, 34, 38, 39, 41, 45, 46, 47, 49, 50, 51) 40-year(1, 3, 5, 6, 9)
11/7/2017 1,979.4 299.7 ▲0.020% ▲0.018% 5-year(123, 131) 20-year(47, 48, 53)
11/21/2017 1,824.4 548.4 ▲0.009% ▲0.007% 10-year(326, 327, 329, 330, 331) 20-year(59, 60, 61, 64, 83, 86, 131, 132, 133, 141, 142, 143) 30-year(2, 3, 8, 9, 10)
Target Zones of the Auction for Enhanced-Liquidity for the Third 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
4/17/2017 132.1 20.3 ▲0.149 ▲0.11 19, 20, 21, 22 6/15/2017 121.0 20.1 ▲0.284 ▲0.27 20, 22 8/18/2017 126.7 20.0 ▲0.111 ▲0.08 22
10/20/2017 90.2 20.0 ▲0.182 ▲0.09 18, 19, 20, 22
THE AUCTIONS FOR ENHANCED-LIQUIDITY AND JGB BUY-BACK
①Remaining maturity : approx.1‐~5‐year
③Remaining maturity : approx.15.5‐~39‐year
Note1: JN shows 2‐year JGBs. JS shows 5‐year JGBs. JL shows 20‐year JGBs. JX shows 30‐year JGBs. JU shows 40‐year JGBs. Outstanding amount is as of the end of September 2017. Note2: All issues in the graph above will be eligible afterward.
Buy-back Results
(Until 30 November 2017)
(Until 2 November 2017)
②Remaining maturity : approx.5‐~15.5‐year
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0500
1,0001,5002,0002,5003,0003,5004,0004,5005,0005,5006,0006,5007,000
JN37
0
JN37
1
JS11
6
297
298
JN37
2
JN37
3
JN37
4
JS11
7
299
300
JL41
JL42
JN37
5
JN37
6
JN37
7
JS11
8
JS11
9
301
302
JN37
8
JN37
9
JN38
0
JS12
0
JS12
1
303
304
JL43
JS12
2
305
JS12
3
306
307
JL44
JL45
JS12
4
308
309
JL46
JS12
5
310
311
JL47
JS12
6
312
JL48
JS12
7
313
314
JL49
JL50
JS12
8
315
316
JL51
JS12
9
317
318
JL52
JS13
0
319
320
JL53
JL54
JS13
1
321
322
JL55
JS13
2
323
324
JL56
JL57 325
JL58
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
1,0001,5002,0002,5003,0003,5004,0004,5005,000
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 34
6JL
93JL
94 347
JL95
JL96
JL97
JL98
JL99
JL10
0JL
101
JL10
2JL
103
JL10
4JL
105
JL10
6JL
107
JL10
8JL
109
JL11
0JL
111
JL11
2JL
113
JX1
JL11
4JL
115
JX2
JL11
6JL
117
JX3
JL11
8JL
119
JL12
0JL
121
JL12
2JX
4JL
123
JL12
4JL
125
JL12
6JL
127
JX5
JL12
8JL
129
JL13
0JL
131
JX6
JL13
2JL
133
JL13
4JL
135
JL13
6JX
7JL
137
JL13
8JL
139
JL14
0JX
8JL
141
JL14
2JX
9JL
143
JL14
4JX
10
Amount issued by the Auction for Enhanced-liquidity Outstanding amount in the market (excluding amount issued by the Auction for Enhanced-liquidity)
5 10 15.5
(Remaining maturities)
(billion yen)
0500
1,0001,5002,0002,5003,0003,5004,000
JL14
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
JL15
4
JX20
JL15
5
JX21
JL15
6
JX22
JL15
7
JX23
JL15
8
JX24
JL15
9
JX25
JL16
0
JX26
JL16
1
JX27
JX28
JX29
JX30
JX31
JX32
JX33
JX34
JX35
JX36
JX37
JX38
JX39
JX40
JX41
JX42
JX43
JX44
JX45
JX46
JX47
JX48
JX49
JX50
JX51
JX52
JX53
JX54
JX55 JU1
JU2
JU3
JU4
JU5
JU6
JU7
JU8
JU9
Amount issued by the Auction for Enhanced-liquidity Outstanding amount in the market (excluding amount issued by the Auction for Enhanced-liquidity)(billion yen)
(Remaining maturities)15.5 20 39
-1%
0%
1%
2%
3%
4%
5%
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
Japan United States
United Kingdom Germany
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
2-year bond 5-year bond 10-year bond
20-year bond 30-year bond 40-year bond
-0.4%
-0.2%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
0%
1%
2%
3%
4%
5%
6%
7%
8%
Jan-13May-13Sep-13Jan-14May-14Sep-14Jan-15May-15Sep-15Jan-16May-16Sep-16Jan-17May-17Sep-17
Volatility Yield (right scale)
-0.4%
-0.2%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
2016/12/302017/3/312017/6/302017/8/312017/9/292017/10/31
40353020 25151050
Note: BEI (Japan : 10 year) is calculated based on the compound interest rate of the new Inflation-Indexed Bonds and the 10-Year Bonds Source: Japan: Calculation by the Ministry of Finance based on the information on interest rates offered by NIKKEI QUICK.
U.S.A., U.K. : Bloomberg.
JGB SECONDARY MARKET JGB Yield Curves
Source: Japan Bond Trading Co.,Ltd.
Yields of JGB
Long - Term Interest Rates (10Yr) Source: Bloomberg
Source: Bloomberg
-9-
Yield and Volatility (10Yr)
Break-Even Inflation Rates
Source: Bloomberg, Calculation by the Ministry of Finance
(Until 31 October 2017)
(Until 31 October 2017)
(Until 31 October 2017)
(Until 31 October 2017)
-1%
0%
1%
2%
3%
4%
5%
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
BEI (Japan : 10 year)
BEI (U.S.A. : 10 year)
BEI (U.K. : 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
-10-
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 October 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
0
50
100
150
200
250
300
350
400
450
500
550
Apr-12 Nov-12 Jun-13 Jan-14 Aug-14 Mar-15 Oct-15 May-16 Dec-16 Jul-17
Total AssetsMonetary BaseJGBs
QQE2QQE(trillion yen)Apr 2013(Actual)
Oct 2017(Actual)
Monetary Base 155 477
JGBs 98 412
CP 1.4 2.2
Corporate Bonds 2.9 3.2
ETFs 1.7 16.1
J-REITs 0.13 0.44
Total Assets 175 518
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 Jul Oct
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 Jul Oct
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 Jul Oct
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 Jul Oct
Foreigners
Net Purchase
Net Sale
2013 2014 2015 2016 2017
(unit: trillion yen)(unit: trillion yen)
(unit: trillion yen) (unit: trillion yen)
-11-
Trends in Bank Assets by Types
INVESTOR TRENDS AND JGB OUTSTANDING Trends in JGBs Transactions (by investor type)
BOJ Trends
Regional Banks City Banks
Source: Bank of Japan
(trillion yen) (trillion yen)
Loans
Cash and Deposits
Government Bonds
Municipal Bonds
Corporate Bonds
Equities
Foreign Securities
Source: Bank of Japan
Source: Japan Securities Dealers Association
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
City Banks Trust Banks Insurance Companies Foreigners
-6
-5
-4
-3
-2
-1
0
1
2
3
4
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
Short-term debt securities Long-term debt securities Equity and investment fund shares
Net
Purchase
Net
Sales
-1
-0.5
0
0.5
1
1.5
2
2.5
3
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
Short-term debt securities Long-term debt securities Equity and investment fund shares
Net
Purchase
Net
Sales
-8
-6
-4
-2
0
2
4
6
8
10
Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
Short-term debt securities Long-term debt securities Equity and investment fund shares
Net
Purchase
Net
Sales
59.1 63.3
67.9
55.2 55.6
55.0 52.2 49.3
46.4
52.1
58.1 56.6
61.8 67.8
77.0 78.3
76.7 81.8
86.1
82.6 81.9
81.7 79.0
83.8 81.5
83.9 87.2
93.0
97.7
94.9 100.5
108.5 110.3
111.6 113.6
114.9
116.6 117.0
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 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%
32.2%
52.1%
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
-12-
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)
3.6 0.4% Fiscal
Loan Fund0.0
0.0%
BOJ401.9 41.3%
Banks,etc.205.7 21.1%
Life and Non-life Insurance,etc.
202.5 20.8%
Public Pensions
46.9 4.8%
Pension Funds30.8 3.2%
Foreigners57.4 5.9%
Households12.3 1.3%
Others12.0 1.2%
General Government(ex Public Pensions)
3.6 0.3% Fiscal
Loan Fund0.0
0.0%
BOJ436.9 40.3%
Banks,etc.220.8 20.4%
Life and Non-life Insurance,etc.
204.7 18.9%
Public Pensions
46.9 4.3%
Pension Funds30.8 2.8%
Foreigners117.0 10.8%
Households12.3 1.1%
Others12.0 1.1%
JGB and T-Bill Holders
Breakdown by JGB and T-Bill Holders (The end of Jun. 2017 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 Nonlife insurance” includes Japan Post Insurance.
(trillion yen)
Breakdown of Outstanding Amount of General Bonds by Remaining Years to Maturity
T-Bill Holders
Total 112.0 trillion yen
JGB Holders
Total 972.9 trillion yen
Total 1,084.9 trillion yen
-13-
General Government(ex Public Pensions)
0.0 0.0%
Fiscal Loan Fund
0.0 0.0%
BOJ35.0
31.2%
Banks,etc.15.2
13.5%
Life and Non-life Insurance,etc.
2.2 2.0%
Public Pensions
0.0 0.0%
Pension Funds
0.0 0.0%
Foreigners59.7
53.3%
Households0.0
0.0%
Others0.0
0.0%
Types The amount of redemption at maturity Scheduled redemption date
10-Year Bonds 6,489.8 December 20
10-Year Inflation-Indexed Bonds 387.2 December 10
5-Year Bonds 7,709.9 December 20
2-Year Bonds 2,523.2 December 15
Treasury Bill 3,888.2 December 20
Total 20,998.3
Source: Ministry of Finance
Time-to-Maturity Structure of Outstanding JGB(Sep. 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 October 31, 2017)
(trillion yen)
Scheduled redemption of JGB at maturity in December, 2017
Note.1: The figures are based on the outstanding JGBs at the end of October, 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: About Inflation-Indexed Bonds, the amount of redemption at maturity is adopted the inflation-adjusted principal as of October 31, 2017. Note.4: The figures do not include "JGB for Retail Investors". Note.5: If the redemption date coincides with bank holiday, the payment of redemption is carried out on the following business day. Note.6: Figures may not sum up to total because of rounding.
(billion yen)
-14-
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)
0100200300400500600700800900
1,0001,1001,2001,3001,4001,5001,6001,7001,8001,9002,0002,1002,200
14 15 16 17 18 19 20 21 22
(billion yen)
(issue number)
Outstanding amount(excl. BOJ holding)
BOJ holding
Old type(without floor)
Market BOJ TotalOld 476 470 946New 6,450 1,096 7,546
61.05
102.24
77.24
68.8860.70
45.7041.21
39.5042.3739.87
20.33
12.1814.32 16.04
15.73
18.38 18.0419.86
19.16 17.94
8.184.73 5.32 6.39 6.91 6.19 8.16 9.44 10.75 9.12
3.651.30 1.31 1.93 1.87 1.96 2.07 2.26 2.24 1.03
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 56
(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 8 months
0.2%
0.0%
-1
0
1
2
3
4
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17
(%)
CPI
CPI excluding food (excludingalcohilic beverages) and energy
Change from the previous year
Apr.4, 2013BOJ released QQE
0.4
0.6
0.8
1
1.2
1.4
1.6
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
(ratio)Oct, 20171.55times
Oct, 20172.8%
Aug, 20090.42times
Jul, 20095.5%
Job opening-to-application ratio(right scale)
Unemployment rate(left scale)
70
80
90
100
110
120
130
140
150
160
Jan-
09
May
-09
Sep-
09
Jan-
10
May
-10
Sep-
10
Jan-
11
May
-11
Sep-
11
Jan-
12
May
-12
Sep-
12
Jan-
13
May
-13
Sep-
13
Jan-
14
May
-14
Sep-
14
Jan-
15
May
-15
Sep-
15
Jan-
16
May
-16
Sep-
16
Jan-
17
May
-17
Sep-
17
(2010 average=100・Seasonally Adjusted Index)
Production Shipments
Inventory Inventory Ratio
500
600
700
800
900
1,000
1,100
Jan-
09Ap
r-09
Jul-0
9O
ct-0
9Ja
n-10
Apr-
10Ju
l-10
Oct
-10
Jan-
11Ap
r-11
Jul-1
1O
ct-1
1Ja
n-12
Apr-
12Ju
l-12
Oct
-12
Jan-
13Ap
r-13
Jul-1
3O
ct-1
3Ja
n-14
Apr-
14Ju
l-14
Oct
-14
Jan-
15Ap
r-15
Jul-1
5O
ct-1
5Ja
n-16
Apr-
16Ju
l-16
Oct
-16
Jan-
17Ap
r-17
Jul-1
7
(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
6.0
4.6
7.0
-8
-6
-4
-2
0
2
4
6
8
2009
Q120
09Q2
2009
Q320
09Q4
2010
Q120
10Q2
2010
Q320
10Q4
2011
Q120
11Q2
2011
Q320
11Q4
2012
Q120
12Q2
2012
Q320
12Q4
2013
Q120
13Q2
2013
Q320
13Q4
2014
Q120
14Q2
2014
Q320
14Q4
2015
Q120
15Q2
2015
Q320
15Q4
2016
Q120
16Q2
2016
Q320
16Q4
2017
Q120
17Q2
2017
Q3
Primary Income Trade BalanceServices Secondary IncomeCurrent Account
4.3
-1.7 -1.7
0.6
4.94.0 2.6
-0.4
4.3
-7.3
-0.6
3.0
4.6
-0.1
0.7
-1.0
2.1 2.0
0.91.6
1.0
2.6
1.4
-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 Ⅱ Ⅲ
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)
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
Jan-
09
May
-09
Sep-
09
Jan-
10
May
-10
Sep-
10
Jan-
11
May
-11
Sep-
11
Jan-
12
May
-12
Sep-
12
Jan-
13
May
-13
Sep-
13
Jan-
14
May
-14
Sep-
14
Jan-
15
May
-15
Sep-
15
Jan-
16
May
-16
Sep-
16
Jan-
17
May
-17
Sep-
17
(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)
ECONOMIC AND FINANCIAL TRENDS
Source: Bank of Japan "Monetary Base"
Source: Bank of Japan "Tankan"
-15-
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
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INFORMATION