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Ⅲ AppendicesC
hapter 1 Governm
ent Bonds (JG
Bs)
2 Secondary Market for G
overnment B
onds
125
Secondary Market for Government Bonds2
(1) 10-Year JGB Yield
(2) 10-Year Government Bonds Yields
-5
0
5
10
15
20
25
30
35
40(%)
End of March 2019Greece 3.736%
Italy 2.488%
U.S. 2.405%
Portugal 1.251%
Spain 1.097%
U.K. 1.000%
Ireland 0.550%
France 0.318%
Germany -0.070%
Japan -0.081%
(Source)Japan Bond Trading Co.
-1
0
1
2
3
(%)
March 29,2019-0.095%
Yield of newly issued 10-year JGB
Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18
Apr-99 Apr-01 Apr-03 Apr-05 Apr-07 Apr-09 Apr-11 Apr-13 Apr-15 Apr-17
(Source)Bloomberg
Ⅲ Appendices
Chapter 1 G
overnment B
onds (JGB
s)2 Secondary M
arket for Governm
ent Bonds
126
(3) Yields of JGBs in FY2018
(4) JGB Yield Curves
-0.4
0.0
-0.2
0.2
0.6
0.4
0.8
1.0
1.2
(%)
End of FY2018End of FY2017(reference)End of FY2016(reference)
0 5 10 15 20 25 30 35 40
Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19
(Source)Japan Bond Trading Co.
(Years to maturity)(Source)Japan Bond Trading Co.
40-yearbonds30-yearbonds
20-yearbonds
10-yearbonds2-yearbonds5-yearbonds
-0.4
-0.2
0.2
0.6
0.8
0.4
0.0
1.2
1.0
(%)
40-year bonds30-year bonds20-year bonds10-year bonds5-year bonds2-year bonds
(5) Various Rates in the Short-term Financial Market in FY2018
(6) Break-Even-Inflation (BEI) Rate
(Sources)Bank of Japan, Japanese Bankers Association, Japan Bond Trading Co.
(Source)Calculated by Ministry of Finance based on Nikkei QUICK
-2.0
-1.0
0.0
1.0
2.0(%)
March 29,2019Break-Even-
Inflation Rate 0.231%
March 29,201910-year JGB ▲0.146%
March 29,201910-year
Inflation-IndexedBonds ▲0.377%
Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19
Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18
-0.40
-0.20
-0.30
-0.10
0.00
0.10
0.20
0.30
0.40
(%)BOJ basic loan rate Overnight call rateEuro-yen TIBOR 3-month rate T-Bills (3-month) interest rate
Ⅲ AppendicesC
hapter 1 Governm
ent Bonds (JG
Bs)
2 Secondary Market for G
overnment B
onds
127
(3) Yields of JGBs in FY2018
(4) JGB Yield Curves
-0.4
0.0
-0.2
0.2
0.6
0.4
0.8
1.0
1.2
(%)
End of FY2018End of FY2017(reference)End of FY2016(reference)
0 5 10 15 20 25 30 35 40
Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19
(Source)Japan Bond Trading Co.
(Years to maturity)(Source)Japan Bond Trading Co.
40-yearbonds30-yearbonds
20-yearbonds
10-yearbonds2-yearbonds5-yearbonds
-0.4
-0.2
0.2
0.6
0.8
0.4
0.0
1.2
1.0
(%)
40-year bonds30-year bonds20-year bonds10-year bonds5-year bonds2-year bonds
(5) Various Rates in the Short-term Financial Market in FY2018
(6) Break-Even-Inflation (BEI) Rate
(Sources)Bank of Japan, Japanese Bankers Association, Japan Bond Trading Co.
(Source)Calculated by Ministry of Finance based on Nikkei QUICK
-2.0
-1.0
0.0
1.0
2.0(%)
March 29,2019Break-Even-
Inflation Rate 0.231%
March 29,201910-year JGB ▲0.146%
March 29,201910-year
Inflation-IndexedBonds ▲0.377%
Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19
Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18
-0.40
-0.20
-0.30
-0.10
0.00
0.10
0.20
0.30
0.40
(%)BOJ basic loan rate Overnight call rateEuro-yen TIBOR 3-month rate T-Bills (3-month) interest rate
Ⅲ Appendices
Chapter 1 G
overnment B
onds (JGB
s)2 Secondary M
arket for Governm
ent Bonds
128
(7) Market Price of 15-year Floating-rate Bonds
(8) JGB Share in Total Trading Volume of Yen Bonds
98.0
102.0
100.0
104.0
106.0
108.0(yen)
15Y48thMarch 29,2019
103.10 yen
15Y44th(α▲45bp)15Y45th(α▲45bp)15Y46th(α▲40bp)15Y47th(α▲45bp)15Y48th(α▲20bp)
100%
Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18
(Source)Nikkei QUICK
09 10 11 12 13 14 15 16 17 18(FY)
Trading volume of yen bonds(LHS)Trading volume of JGB(LHS)%(RHS)17,000
16,000
15,000
14,000
13,000
12,000
11,000
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
100%
99%
98%
97%
96%
95%
94%
93%
92%
91%
90%
89%
88%
87%
86%
85%
(Unit: trillion yen)
Note 1: Yen Bonds indicate all yen denominated bonds issued in Japan.Note 2: JGBs include Discount Bonds and T-Bills.(Source)Japan Securities Dealers Association
Ⅲ AppendicesC
hapter 1 Governm
ent Bonds (JG
Bs)
2 Secondary Market for G
overnment B
onds
129
(9) JGB Share in Total Issuance Amount of Yen Bonds
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
20
40
60
80
100
120
140
160
180
200
220
240
(Unit: trillion yen)
09 10 11 12 13 14 15 16 17 18(FY)
Note 1: Yen Bonds indicate the total of publicly offered public bonds, publicly offered private bonds, bank debentures, non-resident bonds, government affiliated organization privately placed special bonds, and privately placed corporate bonds.Note 2: JGBs include TBs. FBs, converted debt bonds, compensation bonds, and subscription bonds are excluded.(Source)Japan Securities Dealers Association
Yen bonds issuance amount(LHS)JGB issue amount(LHS)%(RHS)
Ⅲ Appendices
Chapter 1 G
overnment B
onds (JGB
s)2 Secondary M
arket for Governm
ent Bonds
130
(10) Portfolio Investment Assets in FY2018
(11) Portfolio Investment Liabilities in FY2018
-0.15
-0.10
-0.05
0.00
0.05
0.10
0.15
-0.8
-0.6
-0.4
-0.2
0.0
0.2
0.4
0.6
0.8
-8
-6
-4
-2
0
2
4
6
8
-1.0
-0.5
0.0
0.5
1.0
1.5
-5-4-3-2-1012345
-1.5
-6
-8
-4
-2
0
2
4
6
8
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
-6
-4
-2
0
2
4
6
-3.0-2.5-2.0-1.5-1.0-0.50.00.51.01.52.0
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Note 1: Figures indicate the situation of investment by residents in securities issued by non-residents.Note 2: “Long-term debt securities” and “Short-term debt securities” include central government bonds, government agency securities, supranational bonds, local government bonds, bank bonds, corporate bonds, and Samurai bonds.(Source)Ministry of Finance
2018 2019 2018 2019
2018 2019 2018
2018 2019
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
2018 2018
2018 2018
2019 2019
2019 2019
(Unit: trillion yen)
(Unit: trillion yen)
(Unit: trillion yen)
(Unit: trillion yen)
(Unit: trillion yen) Life insurance companies
Non-life insurance companies
Banks(banking accounts)
Trust banks(banking accounts)
Total
Note 1: Figures indicate the situation of investment by non-residents in securities issued by residents.Note 2: “Long-term debt securities” and “Short-term debt securities” include JGBs, government agency securities, supranational bonds, local
government bonds, bank bonds, and corporate bonds.(Sources)Ministry of Finance, Bank of Japan
(Unit: trillion yen) (Unit: trillion yen)
(Unit: trillion yen) (Unit: trillion yen)Asia U.S.
TotalEurope
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
2019
Short-term debt securitiesLong-term debt securitiesEquity
Buying on balance
Selling on balance
Buying on balance
Selling on balance
Short-term debt securitiesLong-term debt securitiesEquity
Ⅲ AppendicesC
hapter 1 Governm
ent Bonds (JG
Bs)
2 Secondary Market for G
overnment B
onds
131
(12) Trends in JGB Transactions (by investor type) in FY2018
-4
-2
0
2
4(Unit: trillion yen) City Banks & Long-term Credit Banks
-1.0
-0.5
0.0
0.5
1.0
(Unit: trillion yen) Regional Banks
-2
-1
0
1
2
(Unit: trillion yen) Trust Banks
-0.2
-0.1
0.0
0.1
0.2
(Unit: trillion yen) Second-tier Regional Banks
-0.8
-0.6
-0.4
-0.2
0.0
0.2
0.4
0.6
0.8
(Unit: trillion yen) Financial Institutions for Agriculture & Forestry
-0.4
-0.2
0.0
0.2
0.4
(Unit: trillion yen) Shinkin Banks
-0.3
-0.2
0.0
-0.1
0.1
0.2
0.3(Unit: trillion yen) Other Financial Institutions
-1.0
-0.5
0.0
0.5
1.0
(Unit: trillion yen) Life & Non-Life Insurance Companies
-5
0
5
10
15
20
25
(Unit: trillion yen) Foreigners
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
2018 2019 2018
2018
2018
2018
2018
2019
2019
2019
2019
2019
2018 2019
2018 2019
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar2018 2019
Super-long-term bondsLong-term bondsMedium-term bonds T-BillTotal
Note 1: Turnover figures represent transaction totals(excluding Gensaki transactions)by members (securities companies)and special members(registered financial institutions conducting dealing duties, etc.)of Japan Securities Dealers Association. Figures are calculated on a nominal basis.
Note 2: In addition to the data shown here, Japan Securities Dealers Association also publishes turnover charts for “Investment Trusts”, “Mutual Aid Association of Govt. Offices”, “Business Corporations”, “Other Corporations”, “Individuals”, “Others” and “Bond Dealers”
(Source)Japan Securities Dealers Association
Ⅲ Appendices
Chapter 1 G
overnment B
onds (JGB
s)2 Secondary M
arket for Governm
ent Bonds
132
(Unit: trillion yen)
Yen BondsJGBs
Super-Long-Term Bonds Long-Term Bonds Medium-Term Bonds Short-Term Bonds
FY2009 3,312.7 3,241.9 212.4 781.5 935.0 1,313.0FY2010 3,475.3 3,404.2 289.1 970.6 1,008.2 1,136.4FY2011 3,690.5 3,617.0 308.5 867.4 1,279.8 1,161.2FY2012 3,485.5 3,420.4 383.1 846.7 986.2 1,204.4FY2013 3,184.7 3,129.5 342.0 690.9 767.9 1,328.6FY2014 3,440.1 3,386.7 413.5 698.4 999.9 1,274.9FY2015 2,812.6 2,764.0 372.9 641.5 723.9 1,025.7FY2016 2,365.5 2,322.8 389.1 471.5 696.2 766.0FY2017 2,301.2 2,257.1 435.3 498.1 567.1 756.6FY2018 2,285.4 2,242.0 459.3 525.1 495.9 761.7
Note: Bond Gensaki transactions are excluded.(Source) Japan Securities Dealers Association
(Unit: trillion yen)
Trading Volume Open Interest (End of FY)10-Year JGB Futures 20-Year JGB Futures 10-Year JGB Futures 20-Year JGB Futures
FY2009 707.6 707.6 − 5.9 5.9 −FY2010 800.2 800.2 − 5.1 5.1 −FY2011 721.2 721.0 − 7.7 7.7 −FY2012 948.3 948.1 − 10.1 10.1 −FY2013 857.0 856.9 − 10.3 10.3 −FY2014 904.9 903.9 0.6 8.7 8.7 0.0 FY2015 849.7 849.1 0.3 7.2 7.2 0.0 FY2016 700.0 699.9 0.0 8.0 8.0 0.0 FY2017 880.7 880.7 0.0 11.7 11.7 0.0 FY2018 1,023.5 1,023.4 0.0 11.1 11.1 0.0
Note: Trading in 20-Year JGB Futures had been suspended due to little demand but was re-launched based on JGB market conditions and discussions with investors in April 2014.(Source) Japan Securities Clearing Corporation
(Unit: trillion yen)
Trading Volume Outstanding (End of FY)
Yen Bonds(excluding JGB baskets) JGB baskets
Transactions other than Subsequent Collateral
Allocation Repos(Standard Repos,etc.)
Subsequent Collateral Allocation ReposJGBs
FY2009 4,592.4 4,571.0 − 15.9 −FY2010 4,246.6 4,215.3 − 15.2 −FY2011 4,717.6 4,682.9 − 25.4 −FY2012 5,035.6 5,002.7 − 23.5 −FY2013 6,275.4 6,238.0 − 26.4 −FY2014 7,064.3 7,004.9 − 30.8 −FY2015 7,582.8 7,486.9 − 30.5 −FY2016 6,918.4 6,887.5 − 33.4 −FY2017 7,622.2 7,579.0 − 40.2 −FY2018 13,577.4 13,539.4 3,112.7 101.6 14.8
Note 1:Trading Volume is the total amount of buying and selling.Note 2:The Outstanding at the end of fiscal year is the total outstanding of securities companies and financial institutions for dealing.Note 3:JGB baskets and Subsequent Collateral Allocation Repos are traded price base(otherwise nominal).Note 4:Yen bonds are all bonds except JGBs for retail investors, corporate bonds with equity-purchase warrants and foreign currency bonds.(Source) Japan Securities Dealers Association
(13) Trading Volume of Yen Bonds
(14) Trading Volume of JGB Futures
(15) Trading Volume of Bond Gensaki
Ⅲ AppendicesC
hapter 1 Governm
ent Bonds (JG
Bs)
2 Secondary Market for G
overnment B
onds
133
(Unit: trillion yen)
Lending BorrowingsWith Collateral Without Collateral With Collateral Without Collateral
FY2009 5,626.5 5,580.2 46.3 3,591.3 3,500.1 91.2 FY2010 5,239.7 5,196.0 43.7 3,960.8 3,858.6 102.2 FY2011 5,232.1 5,212.6 19.5 4,132.0 4,052.3 79.7 FY2012 6,397.5 6,379.0 18.6 4,550.3 4,472.1 78.2 FY2013 6,965.7 6,946.1 19.5 5,271.8 5,186.7 85.1 FY2014 8,347.4 8,328.5 18.8 6,616.5 6,547.9 68.5 FY2015 8,228.7 8,213.1 15.6 5,809.2 5,736.5 72.7 FY2016 8,547.9 8,535.8 12.1 5,966.5 5,893.2 73.3 FY2017 8,548.4 8,442.5 105.9 5,627.7 5,557.3 70.5 FY2018 5,622.5 5,291.4 331.1 3,602.8 3,519.9 83.0
Note: Trading volume is the total of contracts by both members of Japan Securities Dealers Association (Securities Companies) and special members (registered financial institutions for dealing).
(Source) Japan Securities Dealers Association
(Unit: trillion yen)
Total Call Options Put Options
Bid Offer Bid OfferFY2009 132.5 41.8 29.5 28.8 32.3 FY2010 164.6 53.5 36.1 36.0 38.9 FY2011 171.8 76.9 30.8 26.6 37.4 FY2012 100.6 46.0 18.3 15.8 20.5 FY2013 114.3 39.9 22.3 24.6 27.5 FY2014 102.3 41.5 18.2 19.9 22.6 FY2015 65.8 32.8 9.1 11.3 12.6 FY2016 68.9 26.8 11.8 15.0 15.3 FY2017 97.9 31.2 20.6 22.6 23.6 FY2018 119.6 35.3 28.9 29.9 25.5
Note 1: Trading volume is the total transaction of securities companies and financial institutions for dealing.Note 2: Trading volume is on nominal basis.(Source) Japan Securities Dealers Association
(Unit: trillion yen)
Open Interest Amounts(End of FY) With Collateral Without Collateral
FY2009 85.0 82.3 2.8FY2010 76.2 73.3 2.8FY2011 85.0 83.0 2.1FY2012 84.7 82.4 2.3FY2013 103.5 100.8 2.7FY2014 108.1 104.8 3.2FY2015 101.3 96.8 4.5FY2016 127.4 123.2 4.3FY2017 139.0 130.9 8.1FY2018 64.0 55.6 8.5
Note: Trading balances data of lent or borrowed public and corporate bonds are aggregated based on the delivery dates specified in the original contracts.
(Source) Japan Securities Dealers Association
(16) Trading Volume of Bond-Lending
(17) Open Interest Amounts of Bond-Lending
(18) Trading Volume of JGB Option by OTC
Ⅲ Appendices
Chapter 1 G
overnment B
onds (JGB
s)2 Secondary M
arket for Governm
ent Bonds
134
(19) Trading Volume of JGB Futures Options (Unit: trillion yen)
Trading Value Open Interest(End of FY)Call Put Call Put
FY2009 248.7 121.2 127.5 0.8 0.2 0.6FY2010 198.9 89.9 109.0 0.7 0.2 0.5FY2011 202.7 80.2 122.5 2.0 0.6 1.5FY2012 220.4 76.0 144.4 2.0 0.4 1.7FY2013 145.0 49.7 95.3 2.2 0.4 1.8FY2014 118.7 33.1 85.5 1.4 0.2 1.2FY2015 102.5 31.3 71.2 0.9 0.2 0.7FY2016 92.5 28.0 64.5 1.4 0.2 1.2FY2017 86.2 30.2 56.1 1.6 0.5 1.1FY2018 70.9 25.7 45.2 0.9 0.3 0.6
(Source) Japan Exchange Group, Inc.
(20) Outstanding Amount of STRIPS-Principal-Only Book-entry Transfer JGBs (Unit: billion yen)
40-Year Bonds 30-Year Bonds 20-Year Bonds 10-Year Bonds 5-Year Bonds 2-Year Bonds Total
FY2009 20.3 (1,954.3) 120.8 (20,168.1) 10.4 (71,413.1) 148.1 (214,396.7) 34.7 (134,899.2) 6.2 (52,455.4) 340.4 (495,286.8) FY2010 20.3 (3,199.8) 119.8 (26,986.0) 14.4 (88,757.8) 156.5 (245,252.4) 33.1 (136,255.2) 3.6 (62,349.0) 347.6 (562,800.2) FY2011 32.4 (4,924.1) 123.8 (35,249.3) 16.2 (104,282.0) 166.0 (276,612.3) 30.7 (137,679.1) 1.2 (67,493.1) 370.3 (626,239.9) FY2012 35.8 (6,636.1) 136.7 (43,847.1) 21.2 (121,769.9) 158.9 (295,827.6) 25.3 (143,536.1) 0.6 (68,497.0) 378.6 (680,113.8) FY2013 39.3 (8,493.4) 143.1 (53,274.0) 23.8 (139,142.0) 152.5 (299,174.5) 24.6 (153,383.2) − (70,172.0) 383.3 (723,639.1) FY2014 39.6 (10,445.5) 143.3 (64,211.4) 24.5 (157,000.2) 138.5 (298,055.7) 16.6 (158,260.0) − (69,152.9) 362.6 (757,125.7) FY2015 49.6 (13,133.4) 146.4 (76,987.9) 23.9 (174,841.3) 119.3 (301,008.5) 12.1 (160,806.5) − (63,932.8) 351.3 (790,710.4) FY2016 49.6 (16,597.6) 146.4 (88,628.2) 20.7 (192,056.6) 94.4 (302,813.6) 6.5 (160,409.4) − (60,419.9) 317.5 (820,925.1) FY2017 49.6 (20,283.7) 146.4 (100,696.1) 20.6 (208,335.0) 66.4 (308,203.8) 3.6 (156,681.3) − (57,975.4) 286.7 (852,175.2) FY2018 49.6 (23,191.4) 146.4 (111,350.1) 20.6 (226,008.7) 46.1 (314,323.3) 1.2 (147,403.4) − (55,436.4) 263.9 (877,713.3)
<Key> Outstanding Amount of Principal-Only Book-entry Transfer JGBs at the end of each period (Outstanding amount of JGBs qualified for STRIPS)Note: Figures may not sum up to the total because of rounding.
Ⅲ AppendicesC
hapter 1 Governm
ent Bonds (JG
Bs)
2 Secondary Market for G
overnment B
onds
135
(21) Results of Outright Purchases of JGBs by the Bank of Japan in FY2018 (Unit: billion yen, %)
Date of Offer Date of Exercise Amounts Offered
Amounts ofCompetitive Bid
Amounts of Successful Bid
Average Successful YieldSpread (Price Spread)
Pro-rata or Non-pro-rata Yield Spread (Price Spread) Remarks
4/2/18 4/4/18190.0 619.0 191.0 0.012 0.011 (10-25)
70.0 237.4 70.4 0.012 0.012 (25-)25.0 147.6 25.1 ▲ 0.115 ▲ 0.060 (Inflation-Indexed Bonds)
4/4/18 4/6/18250.0 1,067.3 250.2 0.005 0.004 (1-3)330.0 1,016.2 330.2 0.007 0.006 (3-5)450.0 1,852.0 450.3 0.008 0.007 (5-10)
4/6/18 4/10/1850.0 436.3 50.3 0.006 0.005 (0-1)
250.0 979.9 250.5 ▲ 0.002 ▲ 0.003 (1-3)330.0 1,039.5 330.4 0.004 0.003 (3-5)
4/9/18 4/11/18450.0 1,283.2 450.7 ▲ 0.003 ▲ 0.004 (5-10)190.0 458.0 191.0 ▲ 0.007 ▲ 0.008 (10-25)
70.0 246.0 70.8 ▲ 0.006 ▲ 0.007 (25-)
4/11/18 4/13/18250.0 1,141.2 250.5 0.004 0.003 (1-3)330.0 1,412.4 330.4 0.003 0.002 (3-5)450.0 1,247.9 450.6 0.001 0.000 (5-10)
4/13/18 4/17/18
250.0 1,308.7 250.8 0.003 0.003 (1-3)330.0 1,373.5 330.4 0.003 0.003 (3-5)190.0 542.7 190.8 0.004 0.003 (10-25)
70.0 219.2 70.4 0.003 0.002 (25-)
4/18/18 4/20/18
250.0 1,043.7 250.7 0.003 0.002 (1-3)330.0 1,102.7 330.6 ▲ 0.001 ▲ 0.002 (3-5)450.0 1,765.9 450.7 ▲ 0.002 ▲ 0.002 (5-10)100.0 322.6 100.4 ▲ 0.214 ▲ 0.100 (Floating-Rate Bonds)
4/20/18 4/24/18450.0 1,141.0 451.2 0.009 0.008 (5-10)190.0 440.1 190.2 0.012 0.011 (10-25)
70.0 192.0 70.6 0.011 0.010 (25-)
4/23/18 4/25/18
50.0 272.8 50.4 0.003 0.002 (0-1)250.0 1,040.9 250.5 0.008 0.008 (1-3)330.0 1,054.9 330.5 0.008 0.008 (3-5)
25.0 146.1 25.1 ▲ 0.166 ▲ 0.160 (Inflation-Indexed Bonds)
4/25/18 4/27/18450.0 1,199.2 451.3 0.002 0.001 (5-10)190.0 391.0 190.8 0.003 0.001 (10-25)70.0 209.3 70.8 ▲ 0.002 ▲ 0.003 (25-)
5/1/18 5/2/1850.0 358.5 50.6 0.006 0.001 (0-1)
450.0 1,471.0 450.6 ▲ 0.013 ▲ 0.014 (5-10)
5/7/18 5/8/18
250.0 865.8 250.6 0.001 0.000 (1-3)330.0 1,219.5 330.6 ▲ 0.002 ▲ 0.003 (3-5)190.0 531.6 191.2 0.001 0.000 (10-25)
70.0 292.4 70.6 0.002 0.001 (25-)
5/9/18 5/10/18250.0 814.7 251.2 0.004 0.002 (1-3)330.0 1,062.2 330.4 0.006 0.006 (3-5)450.0 1,510.8 451.1 0.003 0.002 (5-10)
5/11/18 5/14/18190.0 619.6 191.6 0.003 0.002 (10-25)
70.0 279.2 70.3 0.003 0.003 (25-)25.0 189.6 25.0 ▲ 0.132 ▲ 0.100 (Inflation-Indexed Bonds)
5/14/18 5/15/18250.0 1,140.8 250.0 0.005 0.004 (1-3)330.0 1,243.0 330.6 0.003 0.002 (3-5)450.0 1,802.8 450.7 0.002 0.002 (5-10)
5/16/18 5/17/1850.0 457.2 50.1 0.009 0.008 (0-1)
190.0 525.6 191.3 0.008 0.007 (10-25)70.0 286.9 71.2 0.008 0.007 (25-)
5/18/18 5/21/18250.0 943.1 250.8 0.007 0.006 (1-3)330.0 974.5 330.7 0.007 0.006 (3-5)450.0 1,367.4 450.7 0.006 0.005 (5-10)
5/23/18 5/24/18
250.0 1,031.1 250.2 0.004 0.003 (1-3)330.0 1,034.0 330.5 0.001 0.000 (3-5)190.0 381.8 191.1 0.001 0.000 (10-25)
70.0 217.9 70.9 0.003 0.002 (25-)
5/25/18 5/28/18
250.0 1,120.6 250.5 0.005 0.005 (1-3)330.0 1,116.2 330.2 0.002 0.002 (3-5)450.0 1,504.5 450.6 0.003 0.002 (5-10)
25.0 155.8 25.3 ▲ 0.182 ▲ 0.160 (Inflation-Indexed Bonds)
5/30/18 5/31/18450.0 1,518.3 450.8 ▲ 0.007 ▲ 0.008 (5-10)190.0 354.8 190.6 ▲ 0.008 ▲ 0.009 (10-25)
70.0 261.8 71.3 ▲ 0.018 ▲ 0.018 (25-)
6/1/18 6/4/1850.0 342.6 50.1 0.013 0.011 (0-1)
430.0 1,614.3 430.3 0.012 0.011 (5-10)25.0 123.4 25.0 ▲ 0.195 ▲ 0.180 (Inflation-Indexed Bonds)
6/4/18 6/5/18
250.0 1,273.3 250.2 0.007 0.006 (1-3)330.0 1,174.9 330.4 0.006 0.006 (3-5)190.0 653.3 191.3 0.008 0.007 (10-25)
70.0 224.0 70.6 0.009 0.008 (25-)
6/6/18 6/7/18250.0 909.3 250.5 0.002 0.001 (1-3)330.0 961.8 330.5 ▲ 0.004 ▲ 0.005 (3-5)430.0 1,830.1 431.2 ▲ 0.002 ▲ 0.003 (5-10)
6/8/18 6/11/18190.0 572.0 190.4 0.001 ▲ 0.002 (10-25)
70.0 299.0 70.4 0.003 0.002 (25-)100.0 222.1 100.4 ▲ 0.141 ▲ 0.110 (Floating-Rate Bonds)
Ⅲ Appendices
Chapter 1 G
overnment B
onds (JGB
s)2 Secondary M
arket for Governm
ent Bonds
136
Date of Offer Date of Exercise Amounts Offered
Amounts ofCompetitive Bid
Amounts of Successful Bid
Average Successful YieldSpread (Price Spread)
Pro-rata or Non-pro-rata Yield Spread (Price Spread) Remarks
6/13/18 6/14/1850.0 417.2 50.0 0.016 0.014 (0-1)
430.0 1,365.3 430.9 0.002 0.001 (5-10)25.0 120.2 25.1 ▲ 0.006 0.010 (Inflation-Indexed Bonds)
6/14/18 6/15/18
250.0 934.2 250.8 0.003 0.002 (1-3)300.0 1,037.5 300.5 ▲ 0.003 ▲ 0.004 (3-5)190.0 598.3 191.0 ▲ 0.003 ▲ 0.004 (10-25)
70.0 232.8 70.4 0.003 0.002 (25-)
6/20/18 6/21/18430.0 1,405.7 430.7 0.007 0.007 (5-10)190.0 593.7 191.6 0.007 0.006 (10-25)
70.0 245.2 70.5 0.004 0.003 (25-)
6/22/18 6/25/18250.0 1,296.8 250.5 0.005 0.005 (1-3)300.0 1,024.8 300.9 0.001 0.001 (3-5)430.0 1,413.5 431.1 0.000 ▲ 0.001 (5-10)
6/27/18 6/28/18
250.0 1,374.2 251.3 0.005 0.005 (1-3)300.0 1,171.7 301.1 ▲ 0.001 ▲ 0.002 (3-5)190.0 600.6 192.2 ▲ 0.002 ▲ 0.003 (10-25)
70.0 248.3 70.7 ▲ 0.002 ▲ 0.002 (25-)
6/29/18 7/2/18250.0 1,156.1 250.6 0.003 0.002 (1-3)300.0 892.6 300.4 0.003 0.003 (3-5)410.0 1,482.7 410.6 0.007 0.006 (5-10)
7/2/18 7/3/18
50.0 400.2 50.0 0.018 0.018 (0-1)190.0 593.9 190.7 0.002 0.002 (10-25)70.0 244.1 70.7 0.002 0.002 (25-)25.0 195.8 25.2 ▲ 0.069 ▲ 0.060 (Inflation-Indexed Bonds)
7/4/18 7/5/18250.0 1,321.5 250.5 0.004 0.004 (1-3)300.0 956.4 300.5 0.001 0.001 (3-5)410.0 1,459.9 411.5 ▲ 0.002 ▲ 0.003 (5-10)
7/6/18 7/9/18
250.0 1,096.9 250.5 0.005 0.004 (1-3)300.0 1,439.7 300.4 0.003 0.003 (3-5)190.0 636.0 191.0 ▲ 0.003 ▲ 0.003 (10-25)
70.0 244.7 70.2 ▲ 0.008 ▲ 0.009 (25-)
7/11/18 7/12/18250.0 920.2 250.8 0.002 0.001 (1-3)300.0 1,141.9 300.5 0.003 0.002 (3-5)410.0 1,867.5 410.8 0.003 0.003 (5-10)
7/13/18 7/17/18410.0 1,508.7 410.6 0.003 0.002 (5-10)190.0 635.5 190.6 0.002 0.002 (10-25)
70.0 296.6 70.2 0.001 ▲ 0.001 (25-)
7/17/18 7/18/18250.0 1,339.1 250.0 0.004 0.004 (1-3)300.0 1,085.0 300.8 0.003 0.002 (3-5)
25.0 186.7 25.1 ▲ 0.157 ▲ 0.130 (Inflation-Indexed Bonds)
7/19/18 7/20/18410.0 980.5 410.9 ▲ 0.002 ▲ 0.003 (5-10)180.0 530.9 180.4 0.000 ▲ 0.002 (10-25)
60.0 252.6 60.3 0.001 0.001 (25-)
7/23/18 7/24/18
50.0 271.6 50.1 0.025 0.025 (0-1)250.0 1,104.1 250.1 0.015 0.015 (1-3)300.0 1,034.4 300.3 0.023 0.021 (3-5)
- 0.0 0.0 - - (Fixed)(5-10)(*1)
7/25/18 7/26/18410.0 1,209.5 410.4 ▲ 0.007 ▲ 0.009 (5-10)180.0 402.1 180.3 ▲ 0.014 ▲ 0.019 (10-25)
60.0 110.3 60.1 ▲ 0.011 ▲ 0.024 (25-)
7/27/18 7/30/18
250.0 839.9 250.4 0.009 0.008 (1-3)300.0 578.6 300.2 0.007 0.005 (3-5)410.0 1,331.6 410.3 0.016 0.013 (5-10)
- 94.0 94.0 0.015 0.015 (Fixed)(5-10)(*2)7/30/18 7/31/18 - 1,640.3 1,640.3 0.005 0.005 (Fixed)(5-10)(*3)
8/1/18 8/2/1850.0 315.4 50.2 0.032 0.026 (0-1)
250.0 945.0 250.8 0.023 0.022 (1-3)300.0 904.6 300.3 0.031 0.028 (3-5)
8/2/18 8/3/18 400.0 1,271.0 400.3 ▲ 0.019 ▲ 0.024 (5-10)
8/3/18 8/6/18400.0 1,088.3 400.4 ▲ 0.005 ▲ 0.008 (5-10)180.0 370.8 180.1 0.014 0.009 (10-25)
60.0 185.6 60.4 0.021 0.020 (25-)
8/8/18 8/9/18
250.0 939.8 250.6 0.003 0.003 (1-3)300.0 823.3 300.6 0.003 0.002 (3-5)400.0 1,281.5 400.3 0.000 ▲ 0.003 (5-10)
25.0 135.9 25.1 ▲ 0.092 ▲ 0.060 (Inflation-Indexed Bonds)
8/10/18 8/13/18
250.0 821.1 250.3 0.001 0.000 (1-3)300.0 969.9 300.9 ▲ 0.004 ▲ 0.004 (3-5)180.0 698.3 181.5 ▲ 0.011 ▲ 0.012 (10-25)60.0 193.7 60.6 ▲ 0.018 ▲ 0.019 (25-)
8/15/18 8/16/18400.0 1,117.5 401.7 ▲ 0.003 ▲ 0.004 (5-10)180.0 604.3 180.9 0.005 0.003 (10-25)
60.0 229.9 60.5 0.004 0.003 (25-)
8/17/18 8/20/18250.0 973.4 250.7 ▲ 0.006 ▲ 0.008 (1-3)300.0 1,111.6 300.5 ▲ 0.003 ▲ 0.004 (3-5)100.0 273.8 100.2 ▲ 0.208 ▲ 0.140 (Floating-Rate Bonds)
8/22/18 8/23/18
400.0 1,343.6 401.3 0.001 0.001 (5-10)180.0 676.0 181.9 ▲ 0.002 ▲ 0.002 (10-25)
60.0 157.8 60.6 0.002 0.000 (25-)25.0 129.3 25.1 ▲ 0.208 ▲ 0.160 (Inflation-Indexed Bonds)
(Unit: billion yen, %)
Ⅲ AppendicesC
hapter 1 Governm
ent Bonds (JG
Bs)
2 Secondary Market for G
overnment B
onds
137
Date of Offer Date of Exercise Amounts Offered
Amounts ofCompetitive Bid
Amounts of Successful Bid
Average Successful YieldSpread (Price Spread)
Pro-rata or Non-pro-rata Yield Spread (Price Spread) Remarks
8/24/18 8/27/18250.0 928.4 250.3 0.006 0.005 (1-3)300.0 854.9 300.6 0.006 0.006 (3-5)400.0 1,168.2 400.8 0.007 0.006 (5-10)
8/29/18 8/30/1850.0 152.8 50.0 0.040 0.038 (0-1)
180.0 632.1 182.3 0.009 0.008 (10-25)60.0 223.2 60.5 0.010 0.010 (25-)
8/31/18 9/3/18250.0 824.9 250.7 0.000 ▲ 0.002 (1-3)300.0 1,024.9 300.4 ▲ 0.004 ▲ 0.004 (3-5)400.0 1,357.3 401.2 ▲ 0.004 ▲ 0.004 (5-10)
9/4/18 9/5/18
300.0 873.1 300.4 0.001 0.000 (1-3)350.0 998.8 350.3 0.000 ▲ 0.001 (3-5)180.0 596.6 180.1 0.004 0.003 (10-25)
60.0 247.1 60.5 0.003 0.002 (25-)
9/6/18 9/7/1850.0 122.9 50.0 0.057 0.047 (0-1)
450.0 1,413.8 451.4 ▲ 0.005 ▲ 0.005 (5-10)25.0 127.4 25.4 ▲ 0.131 ▲ 0.120 (Inflation-Indexed Bonds)
9/10/18 9/11/18300.0 981.9 301.2 0.002 0.001 (1-3)350.0 1,325.7 350.7 0.003 0.003 (3-5)450.0 1,427.3 450.9 0.004 0.003 (5-10)
9/12/18 9/13/18450.0 1,038.3 451.0 0.006 0.005 (5-10)180.0 542.2 181.0 0.005 0.004 (10-25)
60.0 162.1 60.6 0.006 0.005 (25-)
9/14/18 9/18/1850.0 139.6 50.0 0.165 0.159 (0-1)
300.0 933.2 301.2 0.003 0.002 (1-3)350.0 1,374.8 350.8 0.003 0.002 (3-5)
9/18/18 9/19/18450.0 1,128.2 450.6 0.007 0.006 (5-10)180.0 583.1 180.7 0.007 0.007 (10-25)
60.0 246.2 60.4 0.008 0.008 (25-)
9/21/18 9/25/18
300.0 808.2 300.3 0.003 0.001 (1-3)350.0 853.3 350.6 0.004 0.003 (3-5)180.0 569.0 180.2 0.025 0.021 (10-25)
50.0 220.8 50.2 0.040 0.038 (25-)
9/25/18 9/26/18450.0 883.2 451.1 0.004 0.003 (5-10)
25.0 148.5 25.2 ▲ 0.225 ▲ 0.220 (Inflation-Indexed Bonds)
9/27/18 9/28/18
300.0 815.6 300.8 ▲ 0.002 ▲ 0.003 (1-3)350.0 844.2 350.2 ▲ 0.004 ▲ 0.005 (3-5)180.0 484.0 181.1 ▲ 0.009 ▲ 0.010 (10-25)
50.0 171.0 50.1 ▲ 0.010 ▲ 0.011 (25-)
10/3/18 10/4/18300.0 1,188.6 300.8 0.002 0.002 (1-3)350.0 1,083.6 350.6 0.001 0.001 (3-5)450.0 1,427.2 450.7 0.002 0.001 (5-10)
10/5/18 10/9/18180.0 363.1 180.8 ▲ 0.003 ▲ 0.005 (10-25)
50.0 195.5 50.4 ▲ 0.002 ▲ 0.003 (25-)25.0 145.4 25.1 ▲ 0.062 ▲ 0.060 (Inflation-Indexed Bonds)
10/10/18 10/11/1850.0 189.3 50.0 0.004 0.003 (0-1)
450.0 1,026.9 451.0 ▲ 0.004 ▲ 0.005 (5-10)
10/12/18 10/15/18
300.0 873.5 301.2 0.003 0.002 (1-3)350.0 767.5 351.4 0.002 0.000 (3-5)180.0 489.1 181.4 ▲ 0.002 ▲ 0.003 (10-25)
50.0 158.8 50.2 ▲ 0.003 ▲ 0.003 (25-)
10/17/18 10/18/18
300.0 1,096.6 300.9 0.003 0.002 (1-3)350.0 777.1 351.0 0.001 0.000 (3-5)450.0 1,235.3 451.7 0.001 0.000 (5-10)100.0 274.5 100.2 ▲ 0.197 ▲ 0.180 (Floating-Rate Bonds)
10/19/18 10/22/18180.0 633.9 181.3 ▲ 0.003 ▲ 0.003 (10-25)
50.0 178.3 50.6 ▲ 0.003 ▲ 0.003 (25-)25.0 123.7 25.0 ▲ 0.089 ▲ 0.050 (Inflation-Indexed Bonds)
10/24/18 10/25/18
50.0 215.6 50.2 0.006 0.005 (0-1)450.0 764.9 450.1 ▲ 0.009 ▲ 0.013 (5-10)180.0 586.8 180.9 ▲ 0.014 ▲ 0.016 (10-25)
50.0 159.9 50.4 ▲ 0.014 ▲ 0.015 (25-)
10/26/18 10/29/18300.0 775.7 300.6 0.002 0.000 (1-3)350.0 623.7 350.3 0.002 0.000 (3-5)450.0 1,168.6 450.2 0.007 0.006 (5-10)
10/30/18 10/31/18
300.0 899.0 300.6 ▲ 0.002 ▲ 0.003 (1-3)350.0 918.3 350.4 ▲ 0.002 ▲ 0.003 (3-5)180.0 785.1 180.0 0.004 0.004 (10-25)
50.0 231.0 50.3 ▲ 0.003 ▲ 0.005 (25-)
11/2/18 11/5/18350.0 1,006.3 350.5 ▲ 0.004 ▲ 0.006 (1-3)400.0 1,043.4 400.5 ▲ 0.003 ▲ 0.004 (3-5)450.0 1,097.8 450.5 ▲ 0.004 ▲ 0.006 (5-10)
11/5/18 11/6/1850.0 208.9 50.0 0.021 0.021 (0-1)
180.0 571.5 180.6 0.004 0.004 (10-25)50.0 178.3 50.8 0.007 0.006 (25-)
11/9/18 11/12/18
350.0 1,040.1 350.3 ▲ 0.002 ▲ 0.003 (1-3)400.0 1,114.9 400.6 0.000 0.000 (3-5)180.0 464.1 181.4 0.002 0.001 (10-25)
50.0 166.9 50.5 0.002 0.002 (25-)
11/12/18 11/13/18450.0 1,313.3 451.5 ▲ 0.004 ▲ 0.004 (5-10)
25.0 137.3 25.1 ▲ 0.086 ▲ 0.070 (Inflation-Indexed Bonds)
(Unit: billion yen, %)
Ⅲ Appendices
Chapter 1 G
overnment B
onds (JGB
s)2 Secondary M
arket for Governm
ent Bonds
138
(Unit: billion yen, %)
Date of Offer Date of Exercise Amounts Offered
Amounts ofCompetitive Bid
Amounts of Successful Bid
Average Successful YieldSpread (Price Spread)
Pro-rata or Non-pro-rata Yield Spread (Price Spread) Remarks
11/16/18 11/19/18450.0 939.1 451.2 ▲ 0.005 ▲ 0.005 (5-10)180.0 490.2 181.0 ▲ 0.005 ▲ 0.007 (10-25)
50.0 138.4 50.4 ▲ 0.007 ▲ 0.008 (25-)
11/19/18 11/20/1850.0 126.3 50.0 0.025 0.024 (0-1)
350.0 1,011.1 350.2 ▲ 0.002 ▲ 0.003 (1-3)400.0 908.6 400.7 ▲ 0.005 ▲ 0.005 (3-5)
11/26/18 11/27/18450.0 1,015.1 450.6 ▲ 0.002 ▲ 0.003 (5-10)180.0 674.2 181.1 0.001 ▲ 0.001 (10-25)
50.0 194.8 50.3 0.003 0.003 (25-)
11/28/18 11/29/18350.0 983.6 350.6 0.002 0.001 (1-3)400.0 1,486.6 400.8 0.002 0.001 (3-5)
25.0 146.4 25.2 ▲ 0.203 ▲ 0.160 (Inflation-Indexed Bonds)
11/30/18 12/3/18450.0 805.1 451.2 0.001 0.000 (5-10)180.0 517.9 181.5 0.002 0.001 (10-25)
50.0 183.8 50.6 ▲ 0.002 ▲ 0.003 (25-)
12/3/18 12/4/1850.0 185.7 50.1 0.019 0.013 (0-1)
350.0 851.7 350.9 0.002 0.001 (1-3)400.0 652.9 400.8 ▲ 0.002 ▲ 0.003 (3-5)
12/5/18 12/6/18
450.0 852.8 450.1 ▲ 0.014 ▲ 0.016 (5-10)200.0 518.1 200.9 ▲ 0.010 ▲ 0.012 (10-25)
50.0 168.1 50.6 ▲ 0.012 ▲ 0.013 (25-)25.0 122.3 25.3 ▲ 0.141 ▲ 0.120 (Inflation-Indexed Bonds)
12/10/18 12/11/18350.0 847.8 350.3 0.004 0.002 (1-3)400.0 963.3 400.5 ▲ 0.009 ▲ 0.010 (3-5)450.0 1,280.5 450.4 ▲ 0.017 ▲ 0.019 (5-10)
12/14/18 12/17/18430.0 938.3 430.7 ▲ 0.011 ▲ 0.013 (5-10)200.0 363.8 200.3 ▲ 0.004 ▲ 0.007 (10-25)
50.0 114.9 50.2 0.002 0.001 (25-)
12/17/18 12/18/18350.0 790.5 350.2 0.001 ▲ 0.001 (1-3)400.0 1,103.2 400.4 ▲ 0.006 ▲ 0.007 (3-5)100.0 216.8 100.0 ▲ 0.189 ▲ 0.140 (Floating-Rate Bonds)
12/19/18 12/20/1850.0 80.7 50.1 0.001 0.000 (0-1)
430.0 1,256.2 430.6 ▲ 0.016 ▲ 0.018 (5-10)25.0 169.0 25.1 ▲ 0.446 ▲ 0.410 (Inflation-Indexed Bonds)
12/25/18 12/26/18
350.0 802.4 350.3 ▲ 0.006 ▲ 0.009 (1-3)400.0 1,023.7 400.3 ▲ 0.019 ▲ 0.022 (3-5)200.0 535.5 200.4 ▲ 0.034 ▲ 0.039 (10-25)
50.0 122.2 50.2 ▲ 0.040 ▲ 0.048 (25-)
12/27/18 12/28/18430.0 762.2 430.7 0.002 0.000 (5-10)200.0 391.3 200.7 0.006 0.005 (10-25)
50.0 165.1 50.3 0.017 0.016 (25-)1/4/19 1/7/19 430.0 1,023.0 431.0 ▲ 0.045 ▲ 0.048 (5-10)
1/7/19 1/8/19
350.0 1,213.5 350.4 0.009 0.009 (1-3)400.0 987.2 400.1 0.011 0.009 (3-5)200.0 715.9 201.3 0.019 0.019 (10-25)
50.0 177.8 50.4 0.020 0.020 (25-)
1/9/19 1/10/19430.0 1,415.3 431.3 0.013 0.013 (5-10)
25.0 138.0 25.2 ▲ 0.106 ▲ 0.100 (Inflation-Indexed Bonds)
1/15/19 1/16/19
350.0 801.3 350.5 0.003 0.002 (1-3)400.0 1,205.2 400.6 0.002 0.001 (3-5)200.0 487.9 201.1 0.004 0.003 (10-25)
50.0 140.3 50.6 0.007 0.006 (25-)
1/17/19 1/18/1950.0 201.7 50.0 0.002 0.002 (0-1)
430.0 953.9 431.2 0.000 ▲ 0.002 (5-10)
1/21/19 1/22/19
350.0 822.2 350.3 0.007 0.004 (1-3)400.0 895.3 400.8 0.003 0.002 (3-5)200.0 523.8 200.9 0.000 ▲ 0.002 (10-25)
50.0 184.8 50.2 0.005 0.004 (25-)
1/25/19 1/28/19430.0 1,190.6 431.5 ▲ 0.007 ▲ 0.008 (5-10)
25.0 124.2 25.2 ▲ 0.134 ▲ 0.110 (Inflation-Indexed Bonds)
1/28/19 1/29/19
350.0 1,223.3 350.7 0.004 0.004 (1-3)400.0 1,012.9 400.8 0.001 0.000 (3-5)200.0 406.1 200.8 0.003 0.002 (10-25)50.0 138.7 50.4 0.001 0.000 (25-)
1/30/19 1/31/1950.0 123.6 50.4 0.007 0.000 (0-1)
430.0 1,441.1 431.0 0.004 0.003 (5-10)
2/4/19 2/5/19
350.0 909.3 350.8 0.005 0.005 (1-3)400.0 1,193.0 400.5 0.007 0.007 (3-5)200.0 656.7 200.9 0.007 0.006 (10-25)
50.0 162.6 50.4 0.007 0.006 (25-)
2/6/19 2/7/1950.0 228.2 50.0 0.040 0.040 (0-1)
430.0 859.9 430.9 ▲ 0.004 ▲ 0.005 (5-10)25.0 118.1 25.0 ▲ 0.005 0.050 (Inflation-Indexed Bonds)
2/8/19 2/12/19350.0 957.2 350.5 ▲ 0.007 ▲ 0.008 (1-3)400.0 526.7 400.2 ▲ 0.010 ▲ 0.014 (3-5)430.0 1,074.6 431.4 ▲ 0.015 ▲ 0.017 (5-10)
2/12/19 2/13/19180.0 711.9 180.6 0.015 0.014 (10-25)
50.0 181.6 50.4 0.016 0.014 (25-)
2/14/19 2/15/1950.0 126.4 50.0 0.005 0.005 (0-1)
430.0 1,333.9 430.5 ▲ 0.008 ▲ 0.009 (5-10)100.0 152.5 100.1 ▲ 0.158 ▲ 0.050 (Floating-Rate Bonds)
Ⅲ AppendicesC
hapter 1 Governm
ent Bonds (JG
Bs)
2 Secondary Market for G
overnment B
onds
139
Date of Offer Date of Exercise Amounts Offered
Amounts ofCompetitive Bid
Amounts of Successful Bid
Average Successful YieldSpread (Price Spread)
Pro-rata or Non-pro-rata Yield Spread (Price Spread) Remarks
2/18/19 2/19/19
350.0 963.2 350.8 ▲ 0.003 ▲ 0.004 (1-3)400.0 1,170.5 400.7 ▲ 0.007 ▲ 0.008 (3-5)180.0 470.8 180.8 0.002 0.002 (10-25)
50.0 237.4 50.4 ▲ 0.001 ▲ 0.001 (25-)
2/22/19 2/25/19
430.0 1,079.9 430.4 ▲ 0.003 ▲ 0.005 (5-10)180.0 416.4 180.2 ▲ 0.003 ▲ 0.007 (10-25)
50.0 165.5 50.7 0.006 0.006 (25-)25.0 128.7 25.1 ▲ 0.076 ▲ 0.020 (Inflation-Indexed Bonds)
2/27/19 2/28/19350.0 1,357.9 350.3 0.005 0.003 (1-3)400.0 1,679.9 400.5 ▲ 0.001 ▲ 0.002 (3-5)430.0 1,373.5 431.2 ▲ 0.003 ▲ 0.004 (5-10)
3/4/19 3/5/19
350.0 1,121.8 350.1 0.002 0.001 (1-3)400.0 1,327.7 400.6 0.006 0.005 (3-5)180.0 599.7 181.5 0.014 0.013 (10-25)
50.0 199.2 50.2 0.018 0.017 (25-)
3/6/19 3/7/19480.0 1,244.3 480.5 ▲ 0.004 ▲ 0.005 (5-10)
25.0 139.4 25.3 ▲ 0.024 0.030 (Inflation-Indexed Bonds)
3/8/19 3/11/1950.0 172.9 50.0 0.113 0.100 (0-1)
350.0 1,159.2 350.6 0.001 0.000 (1-3)400.0 1,555.7 400.8 ▲ 0.008 ▲ 0.009 (3-5)
3/13/19 3/14/19480.0 1,257.7 480.2 ▲ 0.013 ▲ 0.016 (5-10)180.0 516.4 181.4 ▲ 0.012 ▲ 0.013 (10-25)
50.0 221.1 50.9 ▲ 0.014 ▲ 0.015 (25-)
3/18/19 3/19/19350.0 1,143.4 351.0 ▲ 0.002 ▲ 0.003 (1-3)400.0 1,305.4 400.5 ▲ 0.003 ▲ 0.004 (3-5)
25.0 109.9 25.1 0.006 0.080 (Inflation-Indexed Bonds)
3/20/19 3/22/1950.0 113.4 50.0 ▲ 0.017 ▲ 0.026 (0-1)
480.0 1,541.7 481.0 0.002 0.001 (5-10)
3/25/19 3/26/19
350.0 973.9 351.1 ▲ 0.008 ▲ 0.009 (1-3)400.0 1,095.3 400.5 ▲ 0.012 ▲ 0.013 (3-5)180.0 634.8 180.4 ▲ 0.020 ▲ 0.021 (10-25)
50.0 226.1 50.8 ▲ 0.025 ▲ 0.027 (25-)
3/29/19 4/1/19480.0 834.5 480.8 0.007 0.006 (5-10)180.0 493.9 180.9 0.013 0.012 (10-25)
50.0 197.8 50.3 0.013 0.012 (25-)
Note: Yield spread (price spread) is the difference between the yield (price) at which operation counterparts want to sell and the corresponding yield (price) determined by the Bank of Japan with the prevailing market yield taken into account for auctions. These figures represent the price spreads in Outright Purchases of JGBs (Floating-Rate Bonds and Inflation-Indexed Bonds) (unit of price spread is yen).
(*1) The fixed yield spread was 0.080%. This resulted in the Bank's purchasing yield of 10-year JGB #351 at 0.110%. The amount offered was unlimited.(*2) The fixed yield spread was 0.015%. This resulted in the Bank's purchasing yield of 10-year JGB #351 at 0.100%. The amount offered was unlimited.(*3) The fixed yield spread was 0.005%. This resulted in the Bank's purchasing yield of 10-year JGB #351 at 0.100%. The amount offered was unlimited.(Source) Bank of Japan
(Unit: billion yen, %)
Ⅲ Appendices
Chapter 1 G
overnment B
onds (JGB
s)2 Secondary M
arket for Governm
ent Bonds
140
(22) Results of Outright Purchases of T-Bills by the Bank of Japan in FY2018 (Unit: billion yen, %)
Date of Offer Date of Exercise AmountsOffered
Amounts of Competitive Bid
Amounts of Successful Bid
Average Successful Yield Spread
Pro-rata or Non-pro-rata Yield Spread
4/4/18 4/6/18 500.0 1,543.0 500.0 ▲0.003 ▲0.0054/9/18 4/11/18 500.0 1,551.8 500.2 ▲0.004 ▲0.007
4/13/18 4/17/18 250.0 862.1 250.0 ▲0.002 ▲0.0064/20/18 4/24/18 250.0 1,234.4 250.0 0.005 0.0055/1/18 5/2/18 500.0 1,496.5 500.2 0.001 ▲0.0015/7/18 5/8/18 500.0 2,114.9 500.0 0.003 0.002
5/14/18 5/15/18 1,250.0 3,398.2 1,250.4 0.002 0.0005/21/18 5/22/18 1,000.0 2,728.0 1,000.4 ▲0.001 ▲0.0035/28/18 5/29/18 500.0 1,857.8 500.3 ▲0.001 ▲0.0026/4/18 6/5/18 500.0 2,336.5 500.1 0.003 0.0026/11/18 6/12/18 1,250.0 4,228.6 1,250.3 ▲0.003 ▲0.0056/18/18 6/19/18 750.0 2,584.2 750.2 ▲0.001 ▲0.0026/25/18 6/26/18 750.0 2,396.7 750.3 ▲0.001 ▲0.0027/2/18 7/3/18 500.0 1,734.2 500.3 ▲0.001 ▲0.002
7/10/18 7/11/18 750.0 2,348.6 750.3 0.001 0.0007/17/18 7/18/18 500.0 1,514.9 500.3 ▲0.001 ▲0.0027/23/18 7/24/18 1,000.0 3,137.3 1,000.1 0.007 0.0057/30/18 7/31/18 250.0 498.8 250.1 ▲0.009 ▲0.0258/6/18 8/7/18 250.0 1,068.1 250.0 0.002 0.000
8/13/18 8/14/18 500.0 1,537.2 500.3 ▲0.005 ▲0.0078/20/18 8/21/18 500.0 1,642.1 500.4 0.001 0.0008/27/18 8/28/18 250.0 882.6 250.3 ▲0.004 ▲0.0059/3/18 9/4/18 250.0 1,037.6 250.1 0.004 0.002
9/10/18 9/11/18 750.0 2,977.4 750.3 0.002 0.0009/20/18 9/21/18 500.0 2,248.3 500.6 0.004 0.0029/25/18 9/26/18 250.0 834.2 250.5 0.002 0.00010/2/18 10/3/18 100.0 613.2 100.1 0.005 0.00410/11/18 10/12/18 100.0 954.0 100.0 0.016 0.01610/16/18 10/17/18 100.0 756.6 100.1 0.016 0.01510/23/18 10/24/18 100.0 540.4 100.0 0.008 0.00510/30/18 10/31/18 100.0 533.2 100.4 0.003 0.00011/6/18 11/7/18 100.0 925.2 100.0 0.015 0.015
11/13/18 11/14/18 100.0 787.6 100.0 0.025 0.02011/21/18 11/22/18 100.0 749.3 100.0 0.031 0.02711/27/18 11/28/18 100.0 696.8 100.0 0.045 0.02012/4/18 12/5/18 100.0 736.2 100.0 0.048 0.03612/11/18 12/12/18 100.0 595.5 100.1 0.002 0.00212/18/18 12/19/18 100.0 279.1 100.0 0.160 0.16012/26/18 12/27/18 100.0 941.1 100.2 0.069 0.0601/16/19 1/17/19 500.0 1,463.9 500.2 ▲0.003 ▲0.0061/22/19 1/23/19 500.0 1,940.4 500.2 0.010 0.0031/29/19 1/30/19 250.0 1,254.7 250.3 0.046 0.0362/5/19 2/6/19 250.0 1,116.7 250.2 0.036 0.015
2/13/19 2/14/19 500.0 2,117.4 500.0 0.025 0.0212/21/19 2/22/19 500.0 1,963.8 500.5 0.024 0.0122/26/19 2/27/19 250.0 1,104.3 250.1 0.025 0.0253/5/19 3/6/19 250.0 1,298.1 250.0 0.032 0.031
3/12/19 3/13/19 500.0 1,773.2 500.1 0.016 0.0123/18/19 3/19/19 250.0 872.8 250.2 0.002 0.0003/26/19 3/27/19 500.0 1,419.8 500.1 0.004 0.000
Note: Yield spread is the difference between the yield at which operation counterparts want to sell and the corresponding yield determined by the Bank of Japan with the prevailing market yield taken into account for auctions.
(Source) Bank of Japan
Ⅲ AppendicesC
hapter 1 Governm
ent Bonds (JG
Bs)
2 Secondary Market for G
overnment B
onds
141
(23) Japan's Sovereign Rating by Major Credit Rating Agencies(Long-term debt denominated in home currency on 30 Aug, 2018)
Aaa AAA AAA AAA AAA
Aa1 AA+ AA+ AA+ AA+
Aa2 AA AA AA AA
Aa3 AA- AA- AA- AA-
A1 A+ A+ A+ A+
A2 A A A A A3 A- A- A- A-
Baa1 BBB+ BBB+ BBB+ BBB+
Baa2 BBB BBB BBB BBB
Baa3 BBB- BBB- BBB- BBB-
Moody's
【Outlook】
Stable(1.Dec, 2014) Stable(9.Aug, 2018)Stable(30.Aug, 2018)Stable(27.Apr, 2017)Positive(13.Apr, 2018)
S&P Fitch R&I JCR
01.11.27
02.4.15
01.2.22
07.4.22 11.1.27
15.9.16
01.11.26
00.6.29
02.11.21
12.5.22
11.12.2100.10.31
98.11.16
02.5.30
01.12.4
00.9.8
11.8.2409.5.18
14.12.1
07.10.11
08.6.30
15.4.27
(Long-term debt denominated in home currency on Apr. 22, 2019)
JCRR&IFitchSMoody’s &PJapanU.S.U.K.(↓)GermanyFranceCanada
U.S.U.K.(↓)GermanyFrance
U.S.GermanyCanada
GermanyCanada
U.S.GermanyCanada
Aaa/ AAA
JapanU.S.Aa1/ AA+SpainChinaKorea
U.K.(WN)France
Aa2/ AA
ChinaKorea
KoreaAa3/ AA-
ChinaIreland
Japan(↑)ChinaIreland
A1/ A+
PortugalItaly
IrelandIrelandA2/ A
A3/ A- Spain(↑) SpainItaly(↓)Baa1/ BBB+
Italy(↓)Portugal
Italy(↓)Portugal
Baa2/ BBB
ItalyPortugal
Spain
Baa3/ BBB-
Ba1/ BB+Ba2/ BBBa3/ BB-B1/ B+B2/ BB3/ B-
Caa1/ CCC+Caa2/ CCCCaa3/ CCC-
Ca/ CCC
SD/ RD“(↑)” shows that the outlook is positive.“(↓)” shows that the outlook is negative.“(WN)” shows that Watch is negative.
U.K.(↓)FranceKorea
U.K.France(↑)Korea
JapanChina
GreeceGreece Greece(↑) Greece(↑)
Japan
(24) List of Major Countries' Sovereign Ratings by Major Credit Rating Agencies