What’s New: Central Government Debt (As of December 31, 2017) p. 2 The Ministry of Finance released the update on central government debt.
Outstanding government bonds and borrowings increased to 1,085.8 trillion yen from the end of September (1,080.4 trillion yen) by 5.3 trillion yen.
Monthly Topic: Economic & Fiscal Projections for Med.- to Long-term Analysis p. 3 The Cabinet Office published its “Economic and Fiscal Projections for Medium to Long
Term Analysis” on January 23, 2018.
In the Economic Growth Achieved Case, primary balance (ratio to nominal GDP) is projected to be -1.8% (10.8 trillion yen) in 2020, and achieve primary surplus in 2027.
Monthly Topic: Quarterly Estimates of GDP Oct.-Dec. 2017 p. 4 The first preliminary GDP estimate (Oct. – Dec. 2017) was released on February 14.
Real GDP expanded by 0.1% (annual rate 0.5%) from the previous quarter. Real GDP has grown for 8 consecutive quarters.
IR Office: To US and Asia p. 5 Our IR activities in February: We visited US and Asia.
(Statistics) JGB Primary Market … p. 6 Liquidity Enhancement Auctions and JGB Buy-Back … p. 7
JGB Secondary Market … p. 8 Investor Trends and JGB Outstanding … p. 10
Economic and Financial Trends … p. 14 Information … p. 15
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 2018
-1-
Central Government Debt (As of December 31, 2017)
On February 9, the Ministry of Finance released the update on central government debt. Debt outstanding and composition as of the end of December 2017 are as follows.
The end of December 2017
(Actual)
Increase or Decrease(-) from
the End of the Previous Quarter
1) Outstanding Government Bonds and Borrowings
General Bonds 851.3 5.8
FILP Bonds 92.9 0.4
Borrowings, Subsidy Bonds, etc. 65.8 1.1
FBs 75.8 -2.0
Total 1,085.8 5.3
2) Outstanding Government-Guaranteed Debts
Government-Guaranteed Debts 40.7 0.1
The end of Dec. 2017 (Actual)
Increase or Decrease(-) from
the End of the Previous Quarter
The end of Mar. 2018 (Estimate)
① General Bonds 851.3 5.8 Approx. 864
② FILP Bonds Not included Not included Not included
③ Borrowings, Subsidy Bonds, etc. 28.1 0.1 Approx. 29
④ FBs Not included Not included Not included
Long-term debt outstanding of central governments 879.5 5.9 Approx. 893
⑤ Long-term debt outstanding of local governments - Approx. 195
Long-term debt outstanding of central and local governments - Approx. 1,087
-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, 2018 will be released on May 10, 2018. Details: http://www.mof.go.jp/english/jgbs/reference/gbb/e201712.html
<Main Points> 1. Outstanding government bonds and borrowings increased to 1,085.8 trillion yen from the
end of September (1,080.4 trillion yen) by 5.3 trillion yen. This is mainly because the total for general bonds increased by 5.8 trillion yen and that for Fiscal Investment and Loan Program Bonds (FILP Bonds) increased by 0.4 trillion yen.
2. Long-term outstanding central government debt, which does not include FILP bonds, Financing Bills (FBs) and some of the borrowings related to local governments, increased to 879.5 trillion yen from the end of September (873.6 trillion yen) by 5.9 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.
1. Central Government Debt
2. 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 FILP Bonds and FBs.
(trillion yen)
What’s new
In the Economic Growth Achieved Case, primary balance (ratio to nominal GDP) is projected to be -1.8% (10.8 trillion yen) in 2020, and achieve primary surplus in 2027, two years behind the last projection (July 2017).
The ratio of outstanding debt to GDP is projected to decline afterward in the Economic Growth Achieved Case*. On the contrary, in the Baseline Case, it is projected to decline to slower pace in for mid-2020s and turn to increase after 2027.
1. Economic and Fiscal Projections for Medium- to Long-term Analysis On January 23, 2018, the Cabinet Office published its “Economic and Fiscal Projections for Medium to Long
term Analysis” with the revised scenarios.
(FY) 〈Revision of the scenarios of economic situations〉
The Ratio of Outstanding debt to GDP (% of GDP)
② BaselineCaseThe economy will grow approximately at the current potential growth rate. The medium to long term growth rate is projected to be low 1% in real terms and high 1% in nominal terms.
①Economic Growth Achieved Case
Economic Revitalization Case Economic Growth Achieved Case
Real GDP Growth Over 2% at FY2020 Achieve 2.4% at the beginning of 2020s
1.5% at FY2020
Achieve 2% at the early 2020s
The year when the Nominal GDP reaches 600 trillion yen
FY2020 FY2021
CPI (Rate of Change) Achieve 2% at FY2020 Achieve 2% at FY2021
Economic Growth Achieved Case(January 2018)The policies of Abenomics for overcoming deflation and attaining economic revitalization show solid results at a more feasiblepace
※Assumption for TFP growth rateTFP growth rate rises from the current level(0.6%) to around
2.2%, the historical average before the Japanese economy entered deflation
【Medium to Long term Economic Projections】
※Assumption for TFP growth rateTFP growth rate rises from the current level(0.7%) to around
1.5%, based on the extent and pace the Japanese economy had actually experienced before it entered deflation
【Outline for Scenario】Economic Revitalization case(July 2017)Japanese economy will return to the performance before deflation at the beginning of 2020s.
URL: http://www5.cao.go.jp/keizai1/2018/h30pointeng01.pdf
(%)
-3-
MONTHLY TOPIC
Central and Local Governments: Primary Balance (% of GDP)
[Provisional Translation of the original document in Japanese]
*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.
(%)
-5.5 %
-2.9 %-2.2 %
-1.8 %-1.7 %
-0.5 %0.1 %
-2.9 %-2.3 %
-1.9 %-1.8 % -1.5 % -1.3 %
-7
-6
-5
-4
-3
-2
-1
0
1
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
●
Target : -3.2%Economic Growth Achieved Case
Baseline Case
(FY)
1.1
-0.6-0.4
0.2
1.1 0.90.8
-0.0
0.8
-1.8
-0.0
0.7
1.3
0.1 0.1-0.1
0.50.3 0.2
0.40.3
0.6 0.6
0.1
-3.0
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
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
(%)
Private Demand Public DemandForeign Demand Real GDP
Contributions to change from the previous quarter (Seasonally adjusted)
2. Quarterly Estimates of GDP Oct.–Dec. 2017
The first preliminary GDP estimate (Oct. – Dec. 2017) was released on February 14. Real GDP expanded by 0.1% (annual rate 0.5%) from the previous quarter. Real GDP has grown for 8 consecutive quarters. Domestic demand contributed 0.1% points. Contribution of domestic demand was positive for 5 consecutive quarters. Private consumption increased by 0.5% after a 0.6% decline in July-September, supported by the improvement of
employment and wage conditions. Private non-residential investment increased for 5 consecutive quarters on the back of record-high corporate earnings.
Development of Real GDP (Quarterly, seasonally adjusted series)
MONTHLY TOPIC
Note 1: Change from the previous quarter (seasonally adjusted) Note 2: Annual rate Note 3: The Figures in () indicate contributions to changes in GDP. Source: Cabinet Office, Government of Japan
Source: Cabinet Office, Government of Japan
Note 1
Note 2 (%)
2016 201710~12 1~3 4~6 7~9 10~12
0.4 0.3 0.6 0.6 0.1 *** 0.50.1 0.2 0.9 0.0 0.1 *** 0.6
(0.1) (0.2) (0.9) (0.0) *** (0.1) ***0.3 0.3 0.9 0.2 0.3 (0.2) 1.10.1 0.3 0.9 -0.6 0.5 (0.3) 1.90.0 0.3 0.9 -0.7 0.5 (0.3) 1.9
Excluding Imputed Rent -0.0 0.3 1.1 -0.9 0.5 (0.2) 2.10.8 1.2 0.9 -1.5 -2.7 (-0.1) -10.21.6 0.1 1.2 1.0 0.7 (0.1) 2.8
(-0.1) (-0.0) (-0.1) (0.4) *** (-0.1) ***-0.5 0.1 1.2 -0.5 -0.2 (-0.1) -0.9-0.1 0.1 0.2 0.0 -0.1 (-0.0) -0.5-1.8 -0.2 4.7 -2.6 -0.5 (-0.0) -2.1
(-0.0) (0.0) (0.0) (-0.0) *** (-0.0) ***(0.4) (0.1) (-0.3) (0.5) *** (-0.0) ***
Private Residential InvestmentPrivate Non-Resi. InvestmentChange in Private Inventories
Public DemandGovernment ConsumptionPublic InvestmentChange in Public Inventories
Net Exports of Goods & Services
201710~12
Gross Domestic Product
Domestic Demand
Private DemandPrivate Consumption
Consumption of Households
-4-
On February 7, 2018, Mr. Furuya, Deputy Director-General of the Financial Bureau, attended a panel discussion at the Japan Securities Summit 2018 in New York. Mr. Furuya stated that Japan has achieved steady growth in recent years. To achieve sustainable growth, the Cabinet formulated a new policy package in December 2017, the two main pillars of which are the Human Resources Development Revolution and the Productivity Revolution. Also, he stressed that we must continue the efforts toward fiscal consolidation, though the gap between total expenditure and revenue has been narrowed. Finally, he explained the FY2018 JGB issuance plan, describing that the issuance amounts by maturity type have been reduced in well-balanced manners, and that Liquidity Enhancement Auctions have been increased to improve the liquidity of the JGB market.
Before and after the panel discussion, Mr. Furuya, Mr. Nakatsui, Deputy Director, and Ms. Ohyama, Section Chief, visited Washington, DC, and New York to meet with investors, international organizations, and debt management authorities. During these meetings, we exchanged views on the Japanese economy, the JGB market and debt management policy. Thanks to their broad knowledge of and deep insight into the financial market, the meetings were very stimulating and informative to us. We are very grateful for their cooperation and generosity.
During the fifth week of January, Ms. Kimata, Director for Debt Management and JGB Investor Relations, and Mr. Otera, Researcher, visited Hong Kong, Bandar Seri Begawan (Brunei Darussalam), and Jakarta (Indonesia) to have meetings with overseas investors. Our visit to Brunei and Indonesia was the first time in five years. However, thanks to their deep understanding about the Japanese economy, we had dense discussions. We would like to express our gratitude to them for taking their precious time. On this meaningful tour, we were able to experience an exotic world by seeing the sacred Mosque, too. *On a different note, we assume you know someone who has lost a bag on a flight. Yes, it was our turn. But luckily, all the presentation
materials were in our carry-on bag and we were able to continue our schedule as planned. In the end, the bag came back and we
completed our trip.
-5-
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)
12/5/2017 10-year 349 12/20/2027 0.1% 7,032.7 1,898.5 0.064% 0.059% 0.762 400.1 159.9 12/7/2017 30-year 57 12/20/2047 0.8% 2,816.7 643.5 0.850% 0.848% - 155.5 118.5 12/12/2017 5-year 134 12/20/2022 0.1% 7,829.3 1,787.0 ▲0.102% ▲0.104% - 412.2 329.2 12/14/2017 20-year 163 12/20/2037 0.6% 3,678.7 806.5 0.574% 0.573% - 192.9 139.2 12/26/2017 2-year 384 1/15/2020 0.1% 7,854.2 1,818.4 ▲0.131% ▲0.136% - 380.9 322.2 1/10/2018 10-year 349 12/20/2027 0.1% 6,925.3 1,850.7 0.079% 0.078% 0.386 448.1 167.5 1/12/2018 40-year 10 3/20/2057 0.9% 1,835.4 499.6 0.985% - - - 72.5 1/16/2018 5-year 134 12/20/2022 0.1% 9,354.6 1,786.7 ▲0.082% ▲0.084% - 412.2 210.8 1/18/2018 30-year 57 12/20/2047 0.8% 2,475.0 657.0 0.837% 0.832% - 142.1 - 1/25/2018 20-year 163 12/20/2037 0.6% 3,350.6 804.3 0.594% 0.592% - 194.4 70.2 1/30/2018 2-year 385 2/15/2020 0.1% 8,890.7 1,770.3 ▲0.129% ▲0.130% - 428.8 192.6 2/1/2018 10-year 349 12/20/2027 0.1% 8,818.8 1,923.7 0.090% 0.088% 0.386 374.8 157.4 2/6/2018 10-year Inflation-Indexed Bonds 22 3/10/2027 0.1% 1,352.7 400.0 ▲0.464% - - - 40.8 2/8/2018 30-year 57 12/20/2047 0.8% 2,763.1 646.7 0.822% 0.820% - 152.1 113.1 2/14/2018 5-year 134 12/20/2022 0.1% 8,398.8 1,797.7 ▲0.093% ▲0.093% - 401.3 281.8 2/22/2018 20-year 163 12/20/2037 0.6% 3,595.4 809.0 0.563% 0.561% - 189.8 147.1 2/27/2018 2-year 386 3/15/2020 0.1% 10,387.0 1,779.5 ▲0.159% ▲0.160% - 419.8 187.4
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)
12/6/2017 6-month 725 6/11/2018 9,732.90 1,868.79 ▲0.1382% ▲0.1442% 431.20 12/7/2017 3-month 726 3/19/2018 19,769.30 3,579.85 ▲0.1414% ▲0.1522% 840.10 12/14/2017 3-month 727 3/26/2018 11,463.70 3,538.97 ▲0.1786% ▲0.1954% 831.00 12/18/2017 1-year 728 12/20/2018 10,291.70 1,910.27 ▲0.1497% ▲0.1547% 389.70 12/20/2017 3-month 729 4/5/2018 13,572.40 3,545.27 ▲0.1751% ▲0.1881% 814.70 1/5/2018 3-month 730 4/9/2018 15,999.70 3,532.48 ▲0.1373% ▲0.1484% 817.50 1/10/2018 6-month 731 7/10/2018 10,307.90 1,908.84 ▲0.1243% ▲0.1324% 391.10 1/11/2018 3-month 732 4/16/2018 14,983.90 3,583.16 ▲0.1162% ▲0.1251% 776.80 1/17/2018 1-year 733 1/21/2019 9,750.90 1,879.47 ▲0.1371% ▲0.1401% 420.50 1/18/2018 3-month 734 4/23/2018 16,649.70 3,588.86 ▲0.1443% ▲0.1559% 831.10 1/25/2018 3-month 735 5/1/2018 15,216.90 3,566.55 ▲0.1487% ▲0.1554% 823.40 2/1/2018 3-month 736 5/7/2018 15,839.90 3,577.95 ▲0.1503% ▲0.1595% 842.00 2/7/2018 6-month 737 8/10/2018 9,728.50 1,888.76 ▲0.1454% ▲0.1495% 411.20 2/8/2018 3-month 738 5/14/2018 15,970.80 3,629.04 ▲0.1479% ▲0.1524% 790.90 2/15/2018 3-month 739 5/21/2018 19,493.30 3,603.72 ▲0.1563% ▲0.1607% 836.20 2/16/2018 1-year 740 2/20/2019 10,826.40 1,867.18 ▲0.1607% ▲0.1627% 432.80 2/22/2018 3-month 741 5/28/2018 17,187.30 3,538.87 ▲0.1764% ▲0.1880% 821.10
Auction Calendar for Mar. 2018 – May 2018 Auction Date Issue Auction Date Issue Auction Date Issue Auction Date Issue
3/1(Thu) T-Bills (3-month) 3/27(Tue) 40-year 4/19(Thu) T-Bills (3-month) 5/17(Thu) 5-year
3/1(Thu) 10-year 3/29(Thu) 2-year 4/19(Thu) 20-year 5/18(Fri) T-Bills (3-month)
3/6(Tue) 30-year 4/3(Tue) T-Bills (3-month) 4/24(Tue) 2-year 5/22(Tue) 20-year
3/7(Wed) T-Bills (6-month) 4/3(Tue) 10-year 4/26(Thu) T-Bills (3-month) 5/24(Thu) Liquidity Enhancement Auction (remaining maturities of 5-15.5 years)
3/8(Thu) T-Bills (3-month) 4/5(Thu) T-Bills (3-month) 5/2(Wed) T-Bills (3-month) 5/25(Fri) T-Bills (3-month)
3/8(Thu) Liquidity Enhancement Auction (remaining maturities of 1-5 years) 4/5(Thu) Liquidity Enhancement Auction
(remaining maturities of 15.5-39 years) 5/2(Wed) Liquidity Enhancement Auction (remaining maturities of 1-5 years) 5/29(Tue) 40-year
3/13(Tue) 5-year 4/6(Fri) T-Bills (6-month) 5/8(Tue) 10-year 5/31(Thu) 2-year 3/15(Thu) T-Bills (3-month) 4/10(Tue) Liquidity Enhancement Auction
(remaining maturities of 5-15.5 years) 5/9(Wed) T-Bills (6-month) 3/15(Thu) 20-year 4/12(Thu) T-Bills (3-month) 5/10(Thu) 10-year Inflation-Indexed Bonds 3/16(Fri) T-Bills (1-year) 4/12(Thu) 30-year 5/11(Fri) T-Bills (3-month) 3/20(Tue) Liquidity Enhancement Auction
(remaining maturities of 5-15.5 years) 4/17(Tue) 5-year 5/15(Tue) 30-year 3/22(Thu) T-Bills (3-month) 4/18(Wed) T-Bills (1-year) 5/17(Thu) T-Bills (1-year)
Top 10 PDs by Total Purchase in Auctions (Calculated by Duration) (Jul. 2017 ~ Dec. 2017) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 BNP Paribas Securities (Japan) Limited 2 Nomura Securities Co., Ltd. 7 Deutsche Securities lnc. 3 Daiwa Securities Co. Ltd. 8 SMBC Nikko Securities Inc. 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 28 February 2018)
(Until 28 February 2018)
-6-
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
12/19/2017 1,122.7 398.7 ▲0.007% ▲0.006%
20-year(145,149,152,162) 30-year(12, 13, 18, 20, 21, 22, 23, 25, 26, 27, 28, 29, 34, 36, 37, 40, 41, 42, 45, 47, 48, 49, 51, 54, 55, 56) 40-year(1, 2, 3, 4, 6, 7, 8, 9)
12/22/2017 1,722.5 549.5 ▲0.017% ▲0.015% 10-year(328, 329, 330, 333) 20-year(61, 62, 63, 64, 72, 73) 30-year(4)
1/5/2018 1,350.5 299.8 ▲0.033% ▲0.031% 5-year(125) 10-year(310) 20-year(44, 54)
1/22/2018 1,830.4 548.7 ▲0.008% ▲0.005% 10-year(329, 330, 331, 332, 348) 20-year(97, 100, 144, 145) 30-year(4, 6, 9, 11)
2/16/2018 1,114.8 398.2 ▲0.007% ▲0.006% 20-year(149, 150, 152,154, 155, 156) 30-year(13, 21, 30, 31, 32, 33, 34, 36, 40, 46, 47, 51, 52) 40-year(5, 7, 8, 9)
2/20/2018 2,087.4 548.9 ▲0.008% 0.001% 10-year(329, 334, 347, 348) 20-year(67, 69, 70, 71, 72, 73, 74, 77, 81, 83, 84, 94, 109, 123, 124, 125, 132, 133, 136, 137) 30-year(4)
Target Zones of Liquidity Enhancement Auctions for the Fourth 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
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 12/11/2017 102.5 20.0 ▲0.004 0.05 18, 19, 20, 21, 22 2/13/2018 115.4 20.0 ▲0.211 ▲0.17 TBA
LIQUIDITY ENHANCEMENT AUCTIONS AND JGB BUY-BACK
①Remaining maturity : approx.1‐~5‐year
③Remaining maturity : approx.15.5‐~39‐year
Note1: JN shows 2‐year JGBs. JS shows 5‐year JGBs. JL shows 20‐year JGBs. JX shows 30‐year JGBs. JU shows 40‐year JGBs. Outstanding amount is as of the end of November 2017. Note2: All issues in the graph above will be eligible afterward.
Buy-back Results
(Until 28 February 2018)
(Until 28 February 2018)
②Remaining maturity : approx.5‐~15.5‐year
-7-
0500
1,0001,5002,0002,5003,0003,5004,0004,5005,0005,5006,0006,5007,000
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
JN38
1
JN38
2
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
JS13
3
325
JL58 326
327
JL59
JL60
Amount issued by Liquidity Enhancement Auction Outstanding amount in the market (excluding amount issued by Liquidity Enhancement Auction)
1 2 5
(Remaining maturities)
(billion yen)
0500
1,0001,5002,0002,5003,0003,5004,0004,5005,000
328
JL61 32
9JL
62JL
63 330
331
JL64 33
2JL
65JL
66 333
JL67
JL68
JL69 33
4JL
70JL
71 335
JL72 33
633
7JL
73JL
74 338
JL75
JL76
JL77 33
9JL
78JL
79JL
80 340
JL81
JL82 34
1JL
83JL
84 342
JL85
JL86
JL87 34
3JL
88JL
89 344
JL90
JL91 34
5JL
92 346
JL93
JL94 34
7JL
95JL
96 348
JL97
JL98
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
10JL
145
JX11
Amount issued by Liquidity Enhancement Auction Outstanding amount in the market (excluding amount issued by Liquidity Enhancement Auction)
5 1015.5
(Remaining maturities)
(billion yen)
0500
1,0001,5002,0002,5003,0003,5004,000
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
JL16
2
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
JX56 JU1
JU2
JU3
JU4
JU5
JU6
JU7
JU8
JU9
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
-1%
0%
1%
2%
3%
4%
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18
Japan United States
United Kingdom Germany
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18
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 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18
Volatility Yield (right scale)
-0.4%
-0.2%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
2017/3/312017/6/302017/9/292017/11/302017/12/292018/1/31
40353020 25151050
-1%
0%
1%
2%
3%
4%
5%
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18
BEI (Japan : 10 year)
BEI (U.S.A. : 10 year)
BEI (U.K. : 10 year)
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
-8-
Yield and Volatility (10Yr)
Break-Even Inflation Rates
Source: Bloomberg, Calculation by the Ministry of Finance
(Until 31 January 2018)
(Until 31 January 2018)
(Until 31 January 2018)
(Until 31 January 2018)
0
500
1,000
1,500
2,000
2,500
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18
Bond-Lending
Bond-Gensaki
0
20
40
60
80
100
120
140
160
180
200
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18
0
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18
Treasury Discount BillsMedium Term BondsLong Term Bonds
-0.1%
0.0%
0.1%
0.2%
0.3%
0.4%
0.5%
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18
Call Rate (Uncollateralized Overnight)
TIBOR 3-months (Euro-Yen)
Basic Loan Rate
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 January 2018)
0
10
20
30
40
50
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
190200210220230240250260
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
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 Assets
Monetary Base
JGBs
QQE2QQE(trillion yen)Apr 2013(Actual)
Jan 2018(Actual)
Monetary Base 155 477
JGBs 98 424
CP 1.4 2.2
Corporate Bonds 2.9 3.2
ETFs 1.7 17.7
J-REITs 0.13 0.45
Total Assets 175 527
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
2013 2014 2015 2016 2017 2018
-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 Jan
Regional banks
Net Purchase
Net Sale
2013 2014 2015 2016 2017 2018
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
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 Jan
Life and non-life insurance companies
Net Purchase
Net Sale
2013 2014 2015 2016 2017 2018
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
22.0
24.0
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
2013 2014 2015 2016 2017 2018
(unit: trillion yen)(unit: trillion yen)
(unit: trillion yen) (unit: trillion yen)
-10-
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 Jan-18
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
116.6 117.0 119.7
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 11.0
40
50
60
70
80
90
100
110
120
130
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)
%
%
%
%
%
%
%
%
%
%
%
11.0%
31.3%
53.9%
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
-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)
3.5
0.4%
Fiscal Loan
Fund
0.0
0.0%
BOJ
413.4
42.2%
Banks,etc.
199.1
20.3%
Life and Non-life
Insurance,etc.
202.3
20.7%
Public
Pensions
46.3
4.7%
Pension
Funds
30.3
3.1% Foreigners
59.7
6.1%
Households
12.2
1.2%
Others
11.7
1.2% General Government
(ex Public Pensions)
0.0
0.0%Fiscal Loan
Fund
0.0
0.0%BOJ
31.7
29.2%
Banks,etc.
14.7
13.6%
Life and Non-life
Insurance,etc.
2.2
2.0%
Public
Pensions
0.0
0.0%
Pension
Funds
0.0
0.0%
Foreigners
60.0
55.3%
Households
0.0
0.0%
Others
0.0
0.0%
General Government
(ex Public Pensions)
3.5
0.3%Fiscal Loan
Fund
0.0
0.0%BOJ
445.1
40.9%
Banks,etc.
213.8
19.7%
Life and Non-life
Insurance,etc.
204.5
18.8%
Public
Pensions
46.3
4.3%
Pension
Funds
30.3
2.8%Foreigners
119.7
11.0%
Households
12.2
1.1%
Others
11.7
1.1%
JGB and T-Bill Holders
Breakdown by JGB and T-Bill Holders (The end of Sep. 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 108.5 trillion yen
JGB Holders
Total 978.6 trillion yen
Total 1,087.1 trillion yen
-12-
Types The amount of redemption at maturity Scheduled redemption date
20-Year Bonds 1,547.2 March 20
15-Year Floating-Rate Bonds 635.7 March 20
10-Year Bonds 7,589.1 March 20
10-Year Inflation-Indexed Bonds 139.3 March 10
5-Year Bonds 8,731.1 March 20
2-Year Bonds 2,796.1 March 15
Treasury Bill 2,100.0 March 20
Total 23,538.5
Source: Ministry of Finance
Time-to-Maturity Structure of Outstanding JGB(Dec. 2017)
General Bonds Issuance Amount and Outstanding
Note 1: Issuance Amount: revenue basis, FY2007-2016: Actual, FY2017: Supplementary budget, FY2018: Initial budget Note 2: Outstanding: nominal basis, FY2007-2016: Actual, FY2017: Supplementary budget, FY2018: Initial budget Source: Ministry of Finance
Market-held Balance of the Inflation-Indexed Bonds (as of the end of January, 2018)
(trillion yen)
Scheduled redemption of JGB at maturity in March, 2018
Note.1: The figures are based on the outstanding JGBs at the end of January, 2018. Note.2: The figures are the scheduled redemption at maturity and may be different from the actual redemption due to Buy-back of JGBs. Note.3: About Inflation-Indexed Bonds, the amount of redemption at maturity is adopted the inflation-adjusted principal as of January 31, 2018. 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)
-13-
Source: Ministry of Finance, Bank of Japan
0100200300400500600700800900
1,0001,1001,2001,3001,4001,5001,6001,7001,8001,9002,0002,1002,200
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 334 236 570New 6,280 1,246 7,526
31.97
108.35
83.27
69.27
60.61
52.55
42.0039.48
42.32 40.11
27.35
12.1914.35 16.19
15.76
18.56 18.1019.89
19.17 18.0011.43
4.75 5.32 6.41 6.96 6.24 8.19 9.46 10.83 9.23 6.341.31 1.33 1.93 1.87 1.96 2.07 2.27 2.39 1.56
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 9 months
541.5 545.9594.0
636.3669.9
705.0743.9 774.1
805.4 830.6863.9 882.8
124.6 127.1 142.4 143.1
163.1 163.3 153.6 158.0 150.5
148.3 144.1 137.9
100
200
300
400
500
600
700
800
900
0
30
60
90
120
150
180
07 08 09 10 11 12 13 14 15 16 17 18
Outstanding (right-hand scale) Issuance Amount (left-hand scale)
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
1.4%
0.1%
-1
0
1
2
3
4
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18
(%)
CPI
CPI excluding food (excludingalcohilic beverages) and energy
Change from the previous year
Apr.4, 2013BOJ released QQE
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
7O
ct-1
7
(billion yen)
Monthly Quarter (Mean)
0
100
200
300
400
500
600(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
4.3
-8
-6
-4
-2
0
2
4
6
8
2009
Q120
09Q2
2009
Q320
09Q4
2010
Q120
10Q2
2010
Q320
10Q4
2011
Q120
11Q2
2011
Q320
11Q4
2012
Q120
12Q2
2012
Q320
12Q4
2013
Q120
13Q2
2013
Q320
13Q4
2014
Q120
14Q2
2014
Q320
14Q4
2015
Q120
15Q2
2015
Q320
15Q4
2016
Q120
16Q2
2016
Q320
16Q4
2017
Q120
17Q2
2017
Q320
17Q4
Primary Income Trade BalanceServices Secondary IncomeCurrent Account
4.6
-2.5-1.5
0.9
4.63.6
3.2
-0.0
3.4
-6.8
-0.1
2.9
5.1
0.2 0.4
-0.6
2.1 1.4
0.8
1.81.2
2.52.2
0.5
-12.0
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ
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)
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)Dec, 20171.59times
Dec, 20172.8%
Aug, 20090.42times
Jul, 20095.5%
Job opening-to-application ratio(right scale)
Unemployment rate(left scale)
-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"
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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
To subscribe to our Newsletter mailing list, please email: [email protected]
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INFORMATION