What’s New ⇒ The 43rd meeting of the Advisory Council on Government Debt Management Monthly Topic ⇒ 1. Outright Purchases of JGB by the BOJ

2. The 2nd Supplementary Budget for FY2016 was approved 3. The number of foreign visitors continues to increase in 2016

Historical Changes of Outstanding Amount

HAT’S NEW

The 43rd meeting of the Advisory Council on Government Debt Management The 43rd meeting of the Advisory Council on Government Debt Management was held on October 17, 2016, to discuss government debt management policy with intellectuals in the private sector. The agenda was as follows:

1. Current Status of the BOJ’s Monetary Policy (“Quantitative and Qualitative Monetary Easing with Yield Curve Control” and “Comprehensive Assessment of the Monetary Easing”) (by the BOJ)

2. JGB Market Trends in response to “BOJ’s Monetary Easing” and its Future Outlook (presentation by Mr. Yamawaki of JP Morgan Securities Japan Co., Ltd.)

3. Current Status of Japan’s Debt Management Policy (by the MOF)

The part of presentation material used in agenda 3 is as follows.

The Ministry of Finance www.mof.go.jp

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

Nov. 2016 Contents 1. What’s New

Monthly Topic IR Special Office

…P.1 2. JGB Primary

Market …P.4

3. The Auctions for

Enhanced-Liquidity and JGB Buy-Back

…P.5 4. JGB Secondary

Market …P.6

5. Investor Trends and

JGB Outstanding …P.8

6. Economic and

Financial Trends …P.12

7. Information

…P.13

WHAT’S NEW

This Month’s Special!

（863.5）

（819.2）（786.1）

（753.0）

（709.7）（675.3）

（645.6）

（599.1）（568.3）

(at the end of FY)

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

平成20 21 22 23 24 25 26 27 28

8.5% 8.8% 9.7% 10.0% 9.7% 9.3% 8.8% 7.8% 7.2%

24.3% 22.5% 21.1% 20.4% 20.2% 20.4% 20.1% 19.6% 19.2%

49.0% 47.8% 46.0% 43.6% 41.7% 39.7% 37.9% 36.7% 35.4%

15.2% 16.8%18.1% 19.5% 20.8%

21.9% 23.2% 24.4% 25.3%

2.9%3.8%

4.6%5.7%

6.7%7.5%

8.6%9.8%

10.8%

0.1%0.3%

0.5%0.7%

0.9%

1.1%1.3%

1.6%

2.0%

40年債

30年債

20年債

10年債

5年債

2年債

(trillion yen)

17.6

93.6

301.0

160.8

63.9

218.4

306.0

165.9

62.0

41 5

59 85

34 104

20 121

70

59

27 85

39 16

136 52

33

225 trillion yen33%

6%38%

22%18%

2%

26%38%

15%

41%

18%

13%

28% 7%

57%

22%

14%237 trillion yen208 trillion yen

315 trillion yenLess than 1 year 1 - 5 year

5 - 10 year Over 10 year

JGB Holders by maturity (at the end of 2015)

(Note 1) "Banks, etc." include “City Banks,” “Regional banks,” “Japan Post Bank,” etc.

(Note 2) “Insurance" includes “Life insurance,” “Nonlife insurance,” etc.

(Note 3) For “Less than 1 year,” holdings of JGBs (excluding T-Bills) by foreigners are included in “other.” For “1-5 year,” “5-10 year” and “over 10 year,” holdings by foreigners are included in “Other.”

(Source) Estimate by MOF

(Note 1) The figure above shows historical changes

(Note 2) Except other term bonds (Note 3) Launching of auction for 30-year

bonds (Note 4) Calculation is on a nominal value

basis. Figures may not sum up to the total because of rounding.

(Note 5) Up to FY2015: Actual figures; FY2016: Revised in September

<Outright Purchases of JGB by the BOJ> Amounts Offered in each Operation (After QQE2)

(unit：billion yen)

(Note 1) Amounts offered at the beginning of every month (actual) (Note 2) ¥100 billion ≒ $1 billion, $1≒¥101 (as of 30 Sep 2016) (Note 3) The next announcement will be on November 1, 2016, at 5 p.m

(Source) Japan National Tourism Organization

1. Outright Purchases of JGB by the BOJ

In accordance with “Quantitative and Qualitative Monetary Easing with Yield Curve Control,” on September 30, the BOJ announced the outright purchases of JGB and decided to reduce the amount of them. The purchase amounts of bonds with residual maturity of more than 10 years and up to 25 years, and more than 25 years are the smallest since the BOJ increased JGB purchases in October 2014. The BOJ takes account of market conditions and conducts purchases in a flexible manner, aiming to achieve the target level of a long-term interest rate.

2. The 2nd Supplementary Budget for FY2016 was approved

The Diet approved the 2nd supplementary budget for FY2016 on October 11. This budget is part of the economic stimulus package “Investment for Future.” The government improves potential growth and supports domestic demand by utilizing the budget.

The JGB total issuance amount was altered from 162 trillion yen to 168 trillion yen. However, using the adjustment between fiscal year, JGB market issuance size (Calendar Base) remained 147 trillion yen.

3. The number of foreign visitors continues to increase in 2016

According to the Japan National Tourism Organization, the total number of foreign visitors from January to September 2016 increased 24.1% compared with the same period last year. It seems that the annual number will go beyond 20 million.

The number of foreign visitors has risen almost consistently. The increase in 2015 was especially outstanding.

The government aims to increase the number of foreign visitors to Japan to 40 million by 2020, and 60 million by 2030. Relevant data starts from 1964, when the Tokyo Olympics were held. At that time, there were only 0.4 million foreign visitors. We would be very happy to welcome a hundred times that number to the 2020 Olympics.

MONTHLY TOPIC

－2－

0.4 0.9 0.8 1.3 2.3

3.2 3.3 4.8

6.7

8.6

6.2

8.4

10.4

13.4

19.7

0

2

4

6

8

10

12

14

16

18

20

22(million)

(Source) Japan National Tourism Organization

6.2 6.5

4.9

6.6

4.5

6.3 7.7

9.7

14.5

18.0

0

2

4

6

8

10

12

14

16

18

20

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

(million) ＜Foreign visitors (Jan-Sep)＞

＜Foreign visitors (1964-2015)＞

～1year(twice / month)

1～3 years(6 times/month)

3～5 years(6 times /month)

5～10 years(6 times /month)

10～25 years(5 times /month)

25 years ～(5 times /month)

Floating RateBonds

(once / evenmonth)

JGBi(twice / month)

once / odd monthsuntil May 2016

2014-Nov 110 550 550 400 240 120 140 202014-Dec 110 450 450 400 240 160 140 02015-Jan 70 400 400 400 240 140 0 202015-Feb 70 400 400 400 240 140 140 02015-Mar 50 350 400 400 240 140 0 202015-Apr 70 375 375 400 240 140 140 02015-May 70 375 375 400 240 140 0 202015-Jun 70 375 400 400 240 140 140 02015-Jul 70 375 425 400 240 140 0 202015-Aug 70 375 425 400 240 140 140 02015-Sep 70 400 400 400 240 140 0 202015-Oct 70 400 400 400 240 140 120 02015-Nov 70 400 400 400 240 140 120 202015-Dec 70 350 350 400 240 140 120 202016-Jan 70 400 420 450 260 180 0 402016-Feb 70 400 420 450 260 180 120 02016-Mar 70 400 420 450 260 180 120 402016-Apr 70 350 440 450 220 180 100 02016-May 70 350 440 450 240 160 100 602016-Jun 70 350 440 450 220 140 100 252016-Jul 70 375 440 430 200 120 0 252016-Aug 70 400 420 430 200 120 100 252016-Sep 70 400 420 430 200 120 100 252016-Oct 70 400 420 410 190 110 100 25

In September 2016, the IR Special Office members visited New Zealand and Australia to have meetings with overseas investors. Ms. Kimata, director for debt management and JGB investor relations, and Mr. Suzuki, researcher, had discussions with investors, mainly about Japan’s economic situation including the Economic Stimulus Package in August, fiscal consolidation, and debt management. This was the first time for the IR team to visit New Zealand. The fact that, in Wellington, the capital of New Zealand, there are locations where “The Lord of the Rings” movies were filmed surprised us. (Did you know about that?) Unfortunately, we were not able to visit any of the filming locations as we had a short-term stay (only half a day!). We were also surprised by the unique Executive Wing of the Parliament building in Wellington, which is called the “Beehive” (see picture 1). When I saw the Beehive, I wondered whether visitors to Japan think that the Japanese Diet Building (see picture 2) is also unique—do you think it is?

In October, a delegation led by Mr. Ichikawa, deputy director-general of the Financial Bureau, visited Denmark, Sweden, Switzerland, Ireland and Belgium to have meetings with investors and debt management authorities . In the meeting, the Japanese team explained that the main focus of the recent economic stimulus package was on the promotion of structural reforms and strategic investments, both of which are aimed at improving Japan’s productivity and potential growth. The team also elaborated on the impact of BOJ’s new monetary policy, "QQE with Yield Curve Control," on the JGB market. The exchange of views with the authorities was very useful for the Japanese team, and the team is very grateful for their cooperation and generosity.

We will further continue IR activities. We would be delighted if our visits can contribute to deepening your understanding about the Japanese economy and Japan’s debt management policy.

-3-

IR SPECIAL OFFICE

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

<Picture 1>

<Picture 2>

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)

8/2/2016 10-year 343 6/20/2026 0.1% 6,876.0 2,175.2 ▲0.020% ▲0.047% 1.177 223.4 160.2 8/4/2016 10-year Inflation-Indexed Bonds 21 3/10/2026 0.1% 1,139.7 399.9 ▲0.324% - - - 54.4 8/9/2016 30-year 51 6/20/2046 0.3% 2,226.0 725.4 0.432% 0.424% - 74.2 1.3 8/18/2016 5-year 128 6/20/2021 0.1% 7,780.0 2,178.0 ▲0.163% ▲0.165% 0.100 221.0 275.0 8/23/2016 20-year 157 6/20/2036 0.2% 3,861.3 997.1 0.288% 0.286% - 102.1 164.1 8/30/2016 2-year 368 9/15/2018 0.1% 9,251.7 2,084.3 ▲0.191% ▲0.193% 0.010 214.8 157.6 9/1/2016 10-year 344 9/20/2026 0.1% 8,126.7 2,173.5 ▲0.044% ▲0.046% 1.445 224.2 0.0 9/6/2016 30-year 52 9/20/2046 0.5% 2,271.6 725.3 0.507% 0.500% - 74.2 27.6 9/8/2016 5-year 129 9/20/2021 0.1% 6,607.2 2,178.2 ▲0.173% ▲0.175% - 221.0 0.0 9/13/2016 20-year 158 9/20/2036 0.5% 3,322.3 996.9 0.442% 0.437% - 102.1 152.0 9/27/2016 40-year 9 3/20/2056 0.4% 1,363.3 499.4 0.560% - - - 32.7 9/29/2016 2-year 369 10/15/2018 0.1% 7,927.9 2,097.5 ▲0.254% ▲0.263% - 202.2 30.5 10/4/2016 10-year 344 9/20/2026 0.1% 8,288.3 2,170.9 ▲0.056% ▲0.058% 0.997 227.3 356.1 10/6/2016 10-year Inflation-Indexed Bonds 21 3/10/2026 0.1% 1,282.6 399.9 ▲0.391% - - - 25.2 10/12/2016 30-year 52 9/20/2046 0.5% 2,634.7 722.9 0.519% 0.514% - 76.3 118.9 10/14/2016 5-year 129 9/20/2021 0.1% 9,375.8 2,175.1 ▲0.201% ▲0.201% - 224.2 358.5 10/25/2016 20-year 158 9/20/2036 0.5% 3,455.8 990.6 0.367% 0.364% - 108.8 115.9

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)

8/4/2016 3-month 624 11/7/2016 14,493.10 4,009.98 ▲0.1844% ▲0.2100% 380.00 8/8/2016 6-month 625 2/10/2017 10,570.80 3,173.49 ▲0.2021% ▲0.2397% 326.50 8/10/2016 3-month 626 11/14/2016 13,075.30 4,009.98 ▲0.1844% ▲0.2224% 360.00 8/17/2016 1-year 627 8/21/2017 10,914.00 2,269.47 ▲0.2410% ▲0.2480% 230.50 8/18/2016 3-month 628 11/21/2016 15,319.60 3,974.28 ▲0.2124% ▲0.2341% 385.70 8/25/2016 3-month 629 11/28/2016 18,136.50 4,020.29 ▲0.2104% ▲0.2280% 409.70 9/1/2016 3-month 630 12/5/2016 15,572.36 4,051.92 ▲0.2304% ▲0.2425% 388.00 9/7/2016 6-month 631 3/10/2017 12,167.90 3,173.07 ▲0.2566% ▲0.2769% 326.90 9/8/2016 3-month 632 12/12/2016 15,217.50 3,970.35 ▲0.2645% ▲0.2817% 409.60 9/14/2016 1-year 633 9/20/2017 9,977.50 2,276.38 ▲0.3219% ▲0.3398% 223.60 9/15/2016 3-month 634 12/19/2016 16,614.90 3,992.77 ▲0.3363% ▲0.3549% 407.20 9/20/2016 3-month 635 12/26/2016 12,908.80 3,975.36 ▲0.3066% ▲0.3286% 404.60 9/29/2016 3-month 636 1/10/2017 12,824.30 4,054.97 ▲0.3407% ▲0.3547% 375.00 10/5/2016 6-month 637 4/10/2017 13,299.30 3,176.27 ▲0.3643% ▲0.3743% 323.70 10/6/2016 3-month 638 1/16/2017 15,985.40 3,992.38 ▲0.3120% ▲0.3274% 387.60 10/13/2016 3-month 639 1/23/2017 14,882.75 3,947.27 ▲0.2735% ▲0.2925% 402.70 10/18/2016 1-year 640 10/20/2017 10,591.60 2,269.29 ▲0.3080% ▲0.3219% 230.70 10/20/2016 3-month 641 1/30/2017 16,525.90 3,986.37 ▲0.2493% ▲0.2545% 393.60

Auction Calendar for Oct. – Dec. 2016 Auction Date Issue Auction Date Issue Auction Date Issue Auction Date Issue 10/4(Tue) 10-year 10/27(Thu) T-Bills (3-month) 11/22(Tue) Auctions for Enhanced-liquidity 12/15(Thu) 20-year 10/5(Wed) T-Bills (6-month) 10/27(Thu) 2-year 11/24(Thu) T-Bills (3-month) 12/16(Fri) T-Bills (1-year) 10/6(Thu) T-Bills (3-month) 11/2(Wed) T-Bills (3-month) 11/25(Fri) 40-year 12/21(Wed) T-Bills (3-month) 10/6(Thu) 10-year Inflation-Indexed Bonds 11/2(Wed) Auctions for Enhanced-liquidity 11/29(Tue) 2-year 12/21(Wed) Auctions for Enhanced-liquidity

10/12(Wed) 30-year 11/8(Tue) T-Bills (6-month) 12/1(Thu) T-Bills (3-month) 12/27(Tue) 2-year

10/13(Thu) T-Bills (3-month) 11/8(Tue) 10-year 12/1(Thu) 10-year

10/14(Fri) 5-year 11/10(Thu) T-Bills (3-month) 12/6(Tue) Auctions for Enhanced-liquidity 10/18(Tue) T-Bills (1-year) 11/10(Thu) 30-year 12/7(Wed) T-Bills (6-month) 10/18(Tue) Auctions for Enhanced-liquidity 11/15(Tue) 5-year 12/8(Thu) T-Bills (3-month) 10/20(Thu) T-Bills (3-month) 11/16(Wed) T-Bills (1-year) 12/8(Thu) 30-year 10/20(Thu) Auctions for Enhanced-liquidity 11/17(Thu) T-Bills (3-month) 12/13(Tue) 5-year 10/25(Tue) 20-year 11/17(Thu) 20-year 12/15(Thu) T-Bills (3-month)

Top 10 PDs by Total Purchase in Auctions (Calculated by Duration) (Apr. 2016 ～ Sep. 2016) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 SMBC Nikko Securities Inc. 2 Nomura Securities Co., Ltd. 7 BNP Paribas Securities (Japan) Limited 3 Daiwa Securities Co. Ltd. 8 Deutsche Securities lnc. 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.

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.

－4－

(Until 25 October 2016)

(Until 25 October 2016)

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

8/16/2016 674.7 399.6 +0.010% +0.022% 20-year(134,135,137,138,139,140,141,142,144,154,155) 30-year(7,14,21,22,24, 28,29,30,32,33,34,35,37,38,39,40,41,43,45,46,48,49,50) 40-year(1,2,3,4,8)

8/25/2016 1,923.6 499.2 ▲0.015% ▲0.012% 10-year(317,318,319,320,321,322,323,324,327,331) 20-year(52 ,53,55,63,88,89,131,132)

9/15/2016 978.2 199.9 ▲0.033% ▲0.026%

2-year(357,361) 5-year(107) 10-year(301,315) 20-year(38,43,51)

9/23/2016 1,590.6 499.5 ▲0.031% ▲0.023% 10-year(319,320,321,325,336) 20-year(73,75,85,88,89,93,99,100,101,105,106,107,110,111,113,116,117,120,122,123, 124,125,126,127,128,129,130,131,132,133)

10/18/2016 1,074.3 398.8 +0.001% +0.005% 20-year(137,139,147,150,157) 30-year(7,13,16,17,19, 20,21,22,25,26,28,29,30,31,32,33,34,35,36,37,38,41,43,48,49,50,51) 40-year(1,2,3,4,6,8)

10/20/2016 1,851.3 499.6 ▲0.015% ▲0.011% 20-year(87,88,89,106,107,108,110,120,125)

Target Zones of the Auction for Enhanced-Liquidity for the Third Quarter of FY 2016

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

6/15/2016 163.4 20.0 ▲0.758 ▲0.70 18,19,20,21 8/17/2016 90.9 20.1 ▲0.267 ▲0.160 17,18,20,21

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 September 2016. Note.2： All issues in the graph above will be eligible afterward.

Buy-back Results

(Until 25 October 2016)

(Until 30 September 2016)

－5－

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

0500

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

JN35

8

JN35

9

JS10

7

JS10

8

289

JN36

0

JN36

1

JN36

2

JS10

9

JS11

0

JS11

1

290

291

292

JL38

JL39

JN36

3

JN36

4

JN36

5

JS11

2

JS11

3

293

294

295

JN36

6

JN36

7

JN36

8

JS11

4

JS11

5

296

JL40

JS11

6

297

298

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 31

7

318

JL52

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

319

320

JL53

JL54 32

132

2JL

55 323

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

JL90

JL91

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

6

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

JX7

JL13

7JL

138

JL13

9JL

140

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

23JX

24JX

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

51JU

1JU

2JU

3JU

4JU

5JU

6JU

7JU

8

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

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

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

Volatility Yield (right scale)

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2015/6/302015/9/302015/12/302016/7/292016/8/312016/9/30

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 9months) and the 10-Year Bonds (issue number 293 with current maturity of 1 years and 9months). 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

－6－

Yield and Volatility (10Yr)

Break-Even Inflation Rates

Source: Bloomberg, Calculation by the Ministry of Finance

(Until 30 September 2016)

(Until 30 September 2016)

(Until 30 September 2016)

(Until 30 September 2016)

-3%

-2%

-1%

0%

1%

2%

3%

4%

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

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

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

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

Treasury Discount Bills

Medium Term Bonds

Long Term Bonds

Short-Term Interest Rates

Source: Bank of Japan; Japanese Banker Association

JGB Over-the-Counter Trading Volume (TOKYO)

Trading Volume of 10-Year JGB Futures

Repurchase Transactions

－7－

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 30 September 2016)

-0.1%

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

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

Call Rate (Uncollateralized Overnight)

TIBOR 3-months (Euro-Yen)

Basic Loan Rate

0

50

100

150

200

250

300

350

400

450

500

Apr-12 Sep-12 Feb-13 Jul-13 Dec-13 May-14 Oct-14 Mar-15 Aug-15 Jan-16 Jun-16

Total Assets

Monetary Base

JGBs

QQE2QQE（tri l l ion yen）Apr 2013(Actual)

Sep 2016(Actual)

Monetary Base 155 413

JGBs 98 341

CP 1.4 2.0

Corporate Bonds 2.9 3.2

ETFs 1.7 9.8

J-REITs 0.13 0.34

Total Assets 175 457

0

10

20

30

40

50

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

180190200210220230240

0

20

40

60

80

100

120

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

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

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

City Banks

Net Purchase

Net Sale

2013 2014 2015 2016

-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

Regional banks

Net Purchase

Net Sale

2013 2014 2015 2016

-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

Life and non-life insurance companies

Net Purchase

Net Sale

2013 2014 2015 2016

-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

Foreigners

Net Purchase

Net Sale

2013 2014 2015 2016

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

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

－8－

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

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

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

City Banks Trust Banks Insurance Companies Foreigners

-5

-4

-3

-2

-1

0

1

2

3

4

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

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

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

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

Net

Purchase

Net

Sales

59.2

63.3 67.9

55.2 55.6

55.0 52.2 49.3 46.4

52.1

58.1 56.5

61.8 67.8

77.0 78.3 76.6 81.8

86.1

82.6 81.9

81.7 78.9

83.8 81.5

84.0 87.2

93.0 97.7

94.9

100.5

108.4

109.7 110.6

7.4

8.0

8.6

6.9

7.0 6.8 6.4

6.0 5.6

6.0

6.6 6.4

7.1 7.5

8.4 8.5 8.3 8.7 9.1

8.6 8.5 8.4 8.1

8.5 8.2 8.3

8.6 9.1

9.4 9.2

9.7

10.5 10.2

10.0

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

Amount of JGB Holdings (right)

Proportion of JGB Holdings (left)

(trillion yen)

%

%

%

%

%

%

%

%

%

%

%

10.0%

30.2%

48.7%

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

①Market Share of Foreign Investors (JGB Futures Market)

②Market Share of Foreign Investors (JGB Market)

③JGB Holdings by Foreign Investors

－9－

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

JGB and T-Bill Holders

－10－

Breakdown by JGB and T-Bill Holders (Jun. 2016)

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

Note.1: "JGB" includes FILP Bonds. "T-Bill" 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.

Note.2: "Banks, etc." includes "Japan Post Bank", "Securities investment trust" and "Securities Companies". Note.3: "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 118.0 trillion yen

JGB Holders

Total 987.4 trillion yen

Total 1,105.4 trillion yen

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015

20.3% 18.6% 17.0% 17.8% 18.3% 18.2% 17.9% 17.3% 16.4% 15.1%

12.8% 11.5% 11.4%13.0% 12.5% 11.9% 12.4% 12.0% 11.1% 10.6%

8.3%8.2% 8.9%

8.5% 7.9% 8.6% 8.1% 7.8% 7.8% 7.9%8.3% 9.0% 9.2%8.4%

9.0% 8.6% 8.1% 8.1% 8.2% 7.8%8.5% 8.6% 8.4%

8.8%8.4% 7.8%

7.8% 7.8% 7.4% 7.8%

4.2% 4.6% 5.3%

5.2%4.7%

4.9%4.4% 4.2% 5.0% 4.2%

4.8% 5.6% 5.6%

4.9%5.2%

4.6%4.5%

5.0% 4.3% 4.4%

5.8% 6.0% 5.5%

5.5%4.8%

4.8%5.3%

4.5% 4.5% 5.0%

6.3% 5.9% 6.2%

5.2%5.1%

5.6%4.7%

4.8% 5.2% 4.9%

5.4% 5.5% 5.0%

4.7%5.2%

4.4%4.3%

4.6% 4.2% 4.5%

13.8% 14.5% 14.8%

14.4%

14.4%14.9%

15.6%16.5%

17.7%18.4%

1.6% 2.0% 2.7%

3.6%

4.6%

5.8%

6.7%

7.5%8.3%

9.4%

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）

531.7 541.5 545.9594.0

636.3

669.9

705.0

743.9

774.1

*years to maturity

805.4

Average

YTM* 5Y9M 6Y1M 6Y3M 6Y5M 6Y8M 7Y0M 7Y3M 7Y7M 8Y0M 8Y5M

Average YTM*

(excluding saving

bonds)5Y8M 6Y1M 6Y4M 6Y6M 6Y10M 7Y1M 7Y5M 7Y8M 8Y0M 8Y5M

General

Government(ex Public Pensions)

2.5

0.2% Fiscal Loan Fund

0.0

0.0%

BOJ

397.7

36.0%

Banks,etc.

264.5

23.9%

Life and Non-life

Insurance

218.9

19.8%

Public Pensions

52.4

4.7%

Pension Funds

34.3

3.1%

Foreigners

110.6

10.0%

Households

14.0

1.3%

Others

10.6

1.0%

General

Government

(ex Public Pensions)

2.5

0.2%Fiscal Loan Fund

0.0

0.0%

BOJ

344.9

34.9%

Banks,etc.

257.5

26.1%

Life and Non-life

Insurance

216.7

21.9%

Public Pensions

52.4

5.3%

Pension Funds

34.3

3.5%

Foreigners

54.7

5.5%

Households

14.0

1.4%

Others

10.6

1.1%

General

Government

(ex Public Pensions)

0.0

0.0%

Fiscal Loan Fund

0.0

0.0%

BOJ

52.8

44.8%

Banks,etc.

7.0

6.0%

Life and Non-life

Insurance

2.3

1.9%

Public Pensions

0.0

0.0%

Pension Funds

0.0

0.0%

Foreigners

55.9

47.4%

Households

0.0

0.0%

Others

0.0

0.0%

Types The amount of redemption at maturity Scheduled redemption date

2-Year Bonds 2,699.5 November 15

Treasury Bill 3,414.5 November 21

Total 6,114.0

Source: Ministry of Finance

Time-to-Maturity Structure of Outstanding JGB（Jun. 2016）

General Bonds Issuance Amount and Outstanding

Note 1: Issuance Amount: revenue basis, FY2004-2015: actual, FY2016 initial budget Note 2: Outstanding: nominal basis, FY2003-2015: actual, FY2016: estimates Source: Ministry of Finance

Market-held Balance of the Inflation-Indexed Bonds (as of September 30, 2016) JGB Holdings by Retail Investors

(trillion yen)

Scheduled redemption of JGB at maturity in November 2016

Note.1: The figures are based on the outstanding JGBs at the end of September, 2016. 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)

－11－

Source: Ministry of Finance, Bank of Japan Note: Outstanding "JGBs for retail investors" at Sep-16 is calculated to 〔aggregate issues of ¥48.0trillion〕-〔redemption before maturity of ¥15.0trillion〕-〔aggregate redemption money of ¥22.2trillion〕. Other figures based on Bank of Japan “Flow of Funds Accounts”. Source: Ministry of Finance, Bank of Japan “Flow of Funds Accounts”

499.0526.9 531.7 541.5 545.9

594.0636.3

669.9705.0

743.9 774.1 805.4837.8119.9

136.8 135.6 124.6 127.1

142.4 143.1

163.1 163.3 153.6 158.0 150.5

145.7

100

200

300

400

500

600

700

800

900

0

30

60

90

120

150

180

04 05 06 07 08 09 10 11 12 13 14 15 16

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

91.75 93.58

71.04

62.9068.43

37.3335.63

39.84 39.3341.75

12.8110.49 11.44

14.0615.75

15.2917.80 17.90 19.79 18.94

5.91 3.72 4.66 5.256.23 6.56

5.998.00 9.36 10.55

0.92 0.78 1.28 1.30 1.92 1.86 1.91 2.06 2.20 0.450

10

20

30

40

50

60

70

80

90

100

16 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 5 months

0.4 0.7 1.0

2.0

3.3

4.8

6.5

8.4

10.1

12.4

14.0 15.3

17.1

18.7

20.7

22.0 23.2

24.1

25.8 26.5 26.7 26.8

27.4 27.5 27.6 27.5 27.7 27.7 27.2 27.3 27.4 27.2

25.8 25.2

24.1 23.4

22.9 22.3

21.0 20.3

19.7 19.2

18.2 17.8 17.4 16.8

15.9 14.9

13.8 12.6

11.9 11.2 11.0 11.0 10.8

12.3 12.5 12.4 13.4

14.6

15.9

18.0

20.1

21.8

24.5 25.7

26.9 28.0

29.1

31.4 32.3

33.4 33.6

35.4 36.0 36.3

35.3 35.8

36.7 36.0 35.6 35.5 35.0

34.4 34.4 34.1

33.0

31.1 30.4

29.5 28.5

27.7 27.0 25.5

24.5 24.2

22.9 22.0

21.4 21.0 20.4

19.3 18.4

16.9

15.4 14.5

13.6 13.8 14.0 13.7

2.1%2.0%

2.0%2.1%2.2%2.3%

2.6%2.9%

3.0%3.2%

3.4%3.5%

3.7%3.8%

4.1%4.2%

4.3%4.4%4.6%4.6%

4.5%4.5%4.5%

4.6%4.5%

4.4%4.3%4.3%4.1%

4.0%3.9%

3.8%3.6%

3.4%3.2%

3.1%3.0%2.9%

2.7%2.6%2.5%

2.4%2.2%

2.2%2.1%2.0%

1.9%1.8%

1.6%1.5%

1.4%1.3%1.3%

1.3%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

0

5

10

15

20

25

30

35

40

45

Mar - 03 Mar - 04 Mar - 05 Mar - 06 Mar - 07 Mar - 08 Mar - 09 Mar - 10 Mar - 11 Mar - 12 Mar - 13 Mar - 14 Mar - 15 Mar - 16

(trillion yen)

Total JGBs held by retail investors (left)

Outstanding "JGBs for retail investors" (left)

Ratio of JGBs held by retail investors （right）

Dec - 12

0100200300400500600700800900

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

10 11 12 13 14 15 16 17 18 19 20 21

(billion yen)

(issue number)

Outstanding amount (excl. BOJ holding)

BOJ holdingOld type

(without floor)

70

80

90

100

110

120

130

140

150

160

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

(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

（ratio）

Sep, 20161.38times

Sep, 20163.0％

Aug, 20090.42times

Jul, 20095.5％

Job opening-to-application ratio(right scale)

Unemployment rate(left scale)

0.0%

▲0.5%-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

(%)

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-

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

(billion yen)

Monthly Quarter (Mean)

-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

(Diffusion index)

Large enterprises/Manufacturing

Large enterprises/Non-Manufacturing

Small enterprises/Manufacturing

Small enterprises/Non-Manufacturing

0

50

100

150

200

250

300

350

400

450(trillion yen)

Banknotes in Circulation

Coins in Circulation

Current Account Balances

3.8

-1.7 -1.9

-0.1

4.1

2.62.0

-0.2

5.1

-8.1

-2.4

2.2

5.0

-1.9

2.1

-1.7

2.1

0.7

-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

2012 2013 2014 2015 2016

(％)

Private Demand Public Demand

Foreign Demand Real GDP

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

(CY)

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 1.5

4.4 3.7

4.9

3.4

6.0

4.7

-8

-6

-4

-2

0

2

4

6

8

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4

2016

Q1

2016

Q2

Primary Income Trade BalanceServices Secondary IncomeCurrent Account

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 Japan "Orders Received for Machinery"

(trillion yen)

6 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/taxation/index.htm

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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