What’s New ⇒ Central Government Debt (As of March 31, 2016) Monthly Topic ⇒ 1 Quarterly Estimates of GDP Jan.-Mar. 2016

2 Foreign Investors' Bond Holdings by Region

WHAT’S NEW

Central Government Debt (As of March 31, 2016) On May 10, the MOF released the update on central government debt. Debt

outstanding and composition as of the end of March 2016 are as follows.

Outstanding government bonds and borrowings increased to 1,049.4 trillion yen

from the end of December (1,044.6 trillion yen) by 4.8 trillion yen. This is because the total for general bonds increased by 5.9 trillion yen, even though the total for FBs decreased by 3.6 trillion yen.

In comparison with the end of FY2014 (1,053.4 trillion yen), the outstanding government bonds and borrowings decreased by 4.0 trillion yen. This is because the total for FBs decreased by 33.1 trillion yen and the total for FILP Bonds decreased by 2.9 trillion yen, even though the total for general bonds increased by 31.3 trillion yen.

The Ministry of Finance www.mof.go.jp

The end of March 2016

(Actual)

The end of March 2017 (Estimate)

1) Outstanding Government Bonds and Borrowings

① General Bonds 805.4 837.8

② Fiscal Investment and Loan Program Bonds (FILP Bonds) 96.1 93.8

③ Borrowings, Subsidy Bonds, etc. 64.1 61.0

④ Financing Bills (FBs) 83.7 198.7

Total 1,049.4 1,191.4

2) Outstanding Government-Guaranteed Debts

Government-Guaranteed Debts 41.8 -

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

Jun. 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

This Month’s Special!

(trillion yen)

Notes: 1. Figures may not sum up to the total because of rounding. 2. Above "General Bonds" includes amount (41.6 trillion yen) of Front Loading Issuance

of Refunding Bonds for refunding next year. 3. Above "Outstanding Government Bonds and Borrowings" includes government

bonds and borrowings held by government. 4. Figures are total of the general account and all special accounts, and the coverage is

different from the central government defined in SNA. 5. The data as of June 30, 2016 will be released on August 10, 2016. 6. Figures for "Outstanding Government-Guaranteed Debts" are blank, because these

are not estimated in formulating the budget. Details: http://www.mof.go.jp/english/jgbs/reference/gbb/e201603.html

WHAT’S NEW

<Main Points>

1. Quarterly Estimates of GDP Jan.-Mar.2016

The first preliminary GDP estimate (Jan-Mar 2016) was released on May 18. Real GDP expanded

by 0.4% (annual rate 1.7%) from the previous quarter. The growth was driven mainly by private and government consumption. By demand item, Private Consumption rose by 0.5%, Government Consumption rose by 0.7%, and

Public Investment rose by 0.3% from the previous quarter. Foreign Demand contributed +0.2% to GDP. Exports rose by 0.6% and Imports declined by 0.5%

respectively from the previous quarter (Real base).

2. Foreign Investors' Bond Holdings by Region The Ministry of Finance and

the Bank of Japan released a region-by-region breakdown of JGBs and other Japanese bonds held overseas in the international balance of payments statistics. According to the statistics,

JGB and other Japanese bond holdings by foreign investors at the end of 2015 totaled (1) 59.6 trillion yen in Europe, (2) 22.7 trillion yen in Asia, (3) 22.5 trillion yen in North America, (4) 9.1 trillion yen in the Middle East and (5) 7.8 trillion yen in Latin America.

A country-by-country breakdown of Japanese bonds held overseas indicates that the five largest

holders of these bonds were (1) Luxembourg with 22.8 trillion yen, (2) the U.S. with 21.4 trillion yen, (3) the U.K. with 11.3 trillion yen, (4) France with 9.5 trillion yen, and (5) China with 9.5 trillion yen.

MONTHLY TOPIC

Note1: Figures include JGB and other bonds and bills. Note2: Some transactions are classified by nationality of not the final investor but the trader. Source: Ministry of Finance, Bank of Japan

(％)2016

1～3 4～6 7～9 10～12 1～31.3 -0.4 0.4 -0.4 0.4 *** 1.71.2 -0.1 0.3 -0.5 0.2 *** 0.9

(1.2) (-0.1) (0.3) (-0.5) *** (0.2) ***1.7 -0.4 0.5 -0.7 0.1 (0.1) 0.30.2 -0.8 0.5 -0.8 0.5 (0.3) 1.90.2 -0.9 0.5 -0.9 0.5 (0.3) 1.9

Excluding imputed Rent 0.1 -1.1 0.5 -1.1 0.5 (0.2) 2.12.1 2.2 1.7 -1.0 -0.8 (-0.0) -3.03.8 -1.6 0.7 1.2 -1.4 (-0.2) -5.3

(0.6) (0.3) (-0.1) (-0.1) *** (-0.0) ***-0.2 0.9 -0.3 -0.1 0.6 (0.2) 2.60.3 0.5 0.2 0.7 0.7 (0.1) 2.8

-2.8 3.0 -2.2 -3.5 0.3 (0.0) 1.3(0.0) (-0.0) (0.0) (-0.0) *** (0.0) ***(0.1) (-0.3) (0.1) (0.1) *** (0.2) ***

Gross Domestic Product

Domestic Demand

Net Exports of Goods & Services

2015 20161～3

Change in Private InventoryPublic Demand

Government ConsumptionPublic InvestmentChange in Public Inventory

Private DemandPrivate Consumption

Consumption of Households

Private Residential InvestmentPrivate Non-Resi. Investment

1.0

-0.4 -0.5-0.0

1.10.6

0.5

-0.1

1.4

-2.1

-0.7

0.5

1.3

-0.4

0.4

-0.4

0.4

-4.0

-3.0

-2.0

-1.0

0.0

1.0

2.0

Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ

2012 2013 2014 2015 2016

(％)

Private Demand Public DemandForeign Demand Real GDP

Contributions to change from the previous quarter (Seasonally adjusted)

Note1: Change from the previous quarter (seasonally adjusted) Note2: Annual rate Note3: The Figures in () indicate contributions to Changes in GDP. Source: Cabinet Office, Government of Japan

Development of Real GDP (Quarterly, seasonally adjusted series)

Source: Cabinet Office, Government of Japan

Note1

Note2

9.0 10.4 9.9 11.920.2

28.1 30.5 25.7 20.8 22.76.5 7.7 6.9 8.7

9.2

11.6 9.711.9 17.6

22.533.7

46.338.6 30.8

27.0

36.0 36.8 40.550.2

59.6

2.3

4.56.3

3.66.1

5.1 6.1 7.4

8.3

9.1

9.1

10.610.1

10.69.4

10.913.9 15.4

19.0

19.7

60.4

79.571.7

65.571.9

91.696.9

100.9

115.9

133.6

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Others

Middle East

Europe

North America

Asia

(CY)

(trillion yen)

－2－

At the beginning of May, Ms. Kimata, Director for Debt Management and JGB Investor Relations, and Mr. Ninomiya, Deputy Director, participated in the Government Borrowers Forum (GBF), which was hosted by the French Ministry of Finance. This forum is for sharing debt management strategies and experiences. New themes such as green finance were discussed. On the first day, the French Ministry of Finance raised the Japanese flag in honor of the meeting between Mr. Sakai, Japanese State Minister of Finance, and the French Minister of Finance which had been scheduled that day. Ms. Kimata and Mr. Ninomiya went into the forum with an uplifting spirit, feeling the respect expressed by the French Ministry of Finance. This forum was held next to the place where Club de Paris regularly takes place, and as Mr. Ninomiya was involved in work related to the club, he was so excited to be there. They visited several institutional investors as overseas IR in Paris and London. On Thursday they had an especially busy day trip to London by Eurostar, because it was a French national holiday. They did not have enough time for lunch in London because of their full schedule, but some potato chips passed out as part of an advertising campaign on the street were helpful for them.

Ms. Kimata left Paris for Istanbul to take part as a panelist in the 2016 Asian Regional Public Debt Management Forum to be held the following week. This time, she shared Japanese experiences in JGB IR activities with her Asian

colleagues while introducing "KOKUSAI SENSEI" as a retail IR expert. The day was a commemorative day for "KOKUSAI SENSEI" as it was his international screen debut!

IR SPECIAL OFFICE

－3－

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

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)

3/1/2016 10-year 342 3/20/2026 0.1% 6,997.3 2,187.9 ▲0.015% ▲0.024% 0.973 210.4 358.5 3/8/2016 30-year 50 3/20/2046 0.8% 3,054.8 726.1 0.767% 0.765% - 73.2 118.9 3/10/2016 5-year 127 3/20/2021 0.1% 8,235.9 2,292.2 ▲0.132% ▲0.142% - 207.2 177.5 3/17/2016 20-year 156 3/20/2036 0.4% 3,354.0 1,089.0 0.443% 0.427% - 110.4 161.0 3/25/2016 2-year 363 4/15/2018 0.1% 10,574.2 2,109.0 ▲0.211% ▲0.221% 0.010 190.4 114.1 4/5/2016 10-year 342 3/20/2026 0.1% 8,495.4 2,184.6 ▲0.064% ▲0.069% 0.903 213.8 140.3 4/12/2016 10-year Inflation-Indexed Bonds 21 3/10/2026 0.1% 1,135.0 400.0 ▲0.376% - - - 35.6 4/14/2016 30-year 50 3/20/2046 0.8% 2,474.4 730.0 0.411% 0.388% - 69.8 28.5 4/19/2016 5-year 127 3/20/2021 0.1% 9,521.7 2,185.0 ▲0.222% ▲0.226% 0.300 213.8 358.9 4/21/2016 20-year 156 3/20/2036 0.4% 3,565.0 1,002.9 0.272% 0.262% - 96.4 8.7 4/27/2016 2-year 364 5/15/2018 0.1% 8,854.0 2,108.5 ▲0.248% ▲0.254% 0.010 190.4 0.0 5/10/2016 10-year 342 3/20/2026 0.1% 7,490.9 2,180.0 ▲0.091% ▲0.096% 0.974 218.1 344.8 5/12/2016 30-year 50 3/20/2046 0.8% 2,208.2 733.7 0.332% 0.319% - 65.7 0.0 5/17/2016 5-year 127 3/20/2021 0.1% 9,047.5 2,181.3 ▲0.221% ▲0.225% - 217.8 349.5 5/19/2016 20-year 156 3/20/2036 0.4% 3,362.4 999.9 0.295% 0.288% - 99.4 64.3

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)

3/3/2016 3-month 592 6/6/2016 17,295.40 4,117.17 ▲0.0902% ▲0.1018% 382.80 3/8/2016 6-month 593 9/12/2016 13,079.10 3,220.47 ▲0.1196% ▲0.1294% 279.50 3/10/2016 3-month 594 6/13/2016 15,311.80 4,103.33 ▲0.0802% ▲0.0902% 376.60 3/16/2016 1-year 595 3/21/2017 10,496.10 2,284.68 ▲0.1531% ▲0.1641% 215.30 3/17/2016 3-month 596 6/20/2016 16,513.30 4,088.87 ▲0.0973% ▲0.1025% 381.10 3/24/2016 3-month 597 6/27/2016 18,786.10 4,062.55 ▲0.1002% ▲0.1038% 387.40 4/5/2016 3-month 598 7/4/2016 14,887.10 4,017.26 ▲0.0850% ▲0.0949% 332.72 4/6/2016 6-month 599 10/11/2016 16,079.20 3,195.08 ▲0.1574% ▲0.1713% 304.90 4/7/2016 3-month 600 7/11/2016 20,394.90 4,004.07 ▲0.1082% ▲0.1214% 345.90 4/14/2016 3-month 601 7/19/2016 20,985.20 3,971.28 ▲0.1447% ▲0.1689% 388.70 4/18/2016 1-year 602 4/20/2017 12,981.20 2,282.19 ▲0.2045% ▲0.2155% 217.80 4/21/2016 3-month 603 7/25/2016 24,183.70 4,016.48 ▲0.1924% ▲0.2044% 393.50 4/27/2016 3-month 604 8/1/2016 21,426.10 3,968.89 ▲0.2284% ▲0.2473% 381.10 5/10/2016 3-month 605 8/8/2016 18,631.60 3,980.19 ▲0.2197% ▲0.2375% 389.80 5/11/2016 6-month 606 11/10/2016 16,763.01 3,182.79 ▲0.2819% ▲0.2939% 317.20 5/12/2016 3-month 607 8/15/2016 19,927.40 3,963.56 ▲0.2204% ▲0.2313% 396.40 5/18/2016 1-year 608 5/22/2017 14,050.10 2,272.49 ▲0.3152% ▲0.3251% 227.50 5/19/2016 3-month 609 8/22/2016 20,604.80 3,954.43 ▲0.2405% ▲0.2489% 395.50

Auction Calendar for May – Jul. 2016 Auction Date Issue Auction Date Issue Auction Date Issue Auction Date Issue

5/6(Fri) Auctions for Enhanced-liquidity 5/26(Thu) 40-year 6/23(Thu) T-Bills (3-month) 7/20(Wed) 20-year 5/10(Tue) T-Bills (3-month) 5/31(Tue) 2-year 6/23(Thu) 20-year 7/21(Thu) T-Bills (3-month) 5/10(Tue) 10-year 6/2(Thu) T-Bills (3-month) 6/28(Tue) 2-year 7/22(Fri) Auctions for Enhanced-liquidity

5/11(Wed) T-Bills (6-month) 6/2(Thu) 10-year 6/30(Thu) T-Bills (3-month) 7/26(Tue) 40-year

5/12(Thu) T-Bills (3-month) 6/7(Tue) 30-year 7/5(Tue) 10-year 7/28(Thu) T-Bills (3-month) 5/12(Thu) 30-year 6/8(Wed) T-Bills (6-month) 7/6(Wed) T-Bills (6-month) 7/28(Thu) 2-year 5/17(Tue) 5-year 6/9(Thu) T-Bills (3-month) 7/7(Thu) T-Bills (3-month) 5/18(Wed) T-Bills (1-year) 6/9(Thu) 5-year 7/7(Thu) Auctions for Enhanced-liquidity 5/19(Thu) T-Bills (3-month) 6/14(Tue) T-Bills (1-year) 7/12(Tue) 30-year 5/19(Thu) 20-year 6/15(Wed) T-Bills (3-month) 7/14(Thu) T-Bills (3-month) 5/24(Tue) Auctions for Enhanced-liquidity 6/17(Fri) Auctions for Enhanced-liquidity 7/14(Thu) 5-year 5/26(Thu) T-Bills (3-month) 6/21(Tue) Auctions for Enhanced-liquidity 7/15(Fri) T-Bills (1-year)

Top 10 PDs by Total Purchase in Auctions (Calculated by Duration) (Oct. 2015 ～ Mar. 2016) 1 Daiwa Securities Co. Ltd. 6 SMBC Nikko Securities Inc. 2 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 7 Merrill Lynch Japan Securities Co., Ltd. 3 Nomura Securities Co., Ltd. 8 Goldman Sachs Japan Co., Ltd. 4 Mizuho Securities Co., Ltd. 9 Morgan Stanley MUFG Securities Co., Ltd. 5 BNP Paribas Securities (Japan) Limited 10 JPMorgan Securities Japan 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 May 2016)

(Until 25 May 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

3/3/2016 1,094.4 299.7 ▲0.017% ▲0.010% 30-year(21,22,23,25,26,29,30,31,32,37,41,45,46,48) 40-year(4,5,6,7)

3/23/2016 1,956.7 499.6 ▲0.016% ▲0.008% 10-year(318,320,322,323) 20-year(49)

4/7/2016 1,047.4 398.5 ▲0.019% ▲0.011% 30-year(8,14,15,20,21,22,24,25,27,28,29,30,31,32,33,34,35,36,39,40,42,45,46,49) 40-year(1,2,5,7)

4/25/2016 1,833.6 499.7 +0.029% +0.036% 10-year(315,316,318,320,321,322, 323,324,326) 20-year(51,58,75) 30-year(1)

5/6/2016 1,021.5 199.7 ▲0.018% ▲0.013% 2-year(359) 10-year(291,296,298,308,310,312,313) 20-year(49,50)

5/24/2016 2,009.8 498.6 ▲0.005% ▲0.003% 10-year(316,318,320,321,323,324,325) 20-year(72,83,84,87,92,94,99,111,114,124,125,126) 30-year(4)

Target Zones of the Auction for Enhanced-Liquidity for the First 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

4/22/2016 145.9 20.0 ▲0.356 ▲0.26 17,20,21

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

Buy-back Results

(Until 25 May 2016)

(Until 30 April 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

315

316

JL51 31

731

8JL

52 319

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

JL85

JL86

JL87

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

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

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

JN35

2

JN35

3

JS10

5

286

287

JN35

4

JN35

5

JN35

6

JS10

6

288

JL36

JL37

JN35

7

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

JS11

2

JS11

3

293

294

295

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 31

3

314

JL49

JL50

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

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

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

JL14

6JX

12JL

147

JX13

JL14

8JX

14JL

149

JX15

JL15

0JX

16JL

151

JX17

JL15

2JX

18JL

153

JX19

JL15

4JX

20JL

155

JX21

JX22

JX23

JX24

JX25

JX26

JX27

JX28

JX29

JX30

JX31

JX32

JX33

JX34

JX35

JX36

JX37

JX38

JX39

JX40

JX41

JX42

JX43

JX44

JX45

JX46

JX47

JX48

JX49

JU1

JU2

JU3

JU4

JU5

JU6

JU7

JU8

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%

2015/6/302015/9/302015/12/302016/2/292016/3/312016/4/28

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 2 years and 2 months) and the 10-Year Bonds (issue number 293 with current maturity of 2 years and 2 months). 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 28 April 2016)

(Until 28 April 2016)

(Until 28 April 2016)

(Until 28 April 2016)

-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

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

Volatility Yield (right scale)

-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

-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

20

40

60

80

100

120

140

160

180

200

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

-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

500

1,000

1,500

2,000

2,500

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

Bond-Lending

Bond-Gensaki

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 28 April 2016)

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

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

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

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

Foreigners

Net Purchase

Net Sale

2013 2014 2015 2016

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

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

Trends in Bank Assets by Types

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

BOJ Trends

－8－

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

50

100

150

200

250

300

350

400

450

500

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

Total Assets

Monetary Base

JGBs+80 tril yen

+80 tril yen

（tri l l ion yen）

Actual

QQE QQE2Apr 2013(Actual)

Apr 2016(Actual)

The pace ofannual increase

Monetary Base 155 386 About 80 trillion

JGBs 98 312 About 80 trillion

CP 1.4 2.1Maintain theoutstanding

balance

Corporate Bonds 2.9 3.2Maintain theoutstanding

balance

ETFs 1.7 7.8 About 3 trillion

J-REITs 0.13 0.30 About 90 billion

Total Assets 175 414 --

-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

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

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

10.6%

29.0%

54.7%

0%

10%

20%

30%

40%

50%

60%

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15

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

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

83.9 87.2

93.0 98.0

95.6

101.5

109.8

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 9.8

10.6

20

40

60

80

100

120

1

2

3

4

5

6

7

8

9

10

11

12

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

Amount of JGB Holdings (right)

Proportion of JGB Holdings (left)

(trillion yen)

%

%

%

%

%

%

%

%

%

%

%

%

JGB and T-Bill Holders

－10－

Breakdown by JGB and T-Bill Holders (Dec. 2015)

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 124.4 trillion yen

JGB Holders

Total 911.3 trillion yen

Total 1,035.8 trillion yen

General Government

(ex Public Pensions)

2.4

0.2% Fiscal Loan Fund

0.0

0.0%

BOJ

331.3

32.0%

Banks,etc.

283.6

27.4%

Life and Non-life

Insurance

200.4

19.3%

Public Pensions

51.8

5.0%

Pension Funds

33.5

3.2%

Foreigners

109.8

10.6%

Households

13.6

1.3%

Others

9.3

0.9%

General Government

(ex Public Pensions)

2.4

0.3% Fiscal Loan Fund

0.0

0.0%

BOJ

288.3

31.6%

Banks,etc.

265.5

29.1%

Life and Non-life

Insurance

198.0

21.7%

Public Pensions

51.8

5.7%

Pension Funds

33.5

3.7%

Foreigners

48.9

5.4%

Households

13.6

1.5%

Others

9.3

1.0%

General Government

(ex Public Pensions)

0.0

0.0% Fiscal Loan Fund

0.0

0.0%

BOJ

43.0

34.5%

Banks,etc.

18.1

14.6%

Life and Non-life

Insurance

2.4

1.9%

Public Pensions

0.0

0.0%

Pension Funds

0.0

0.0%

Foreigners

60.9

48.9%

Households

0.0

0.0%

Others

0.0

0.0%

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

Types The amount of redemption at maturity Scheduled redemption date

15-Year Floating-Rate Bonds 538.6 June 20

10-Year Bonds 7,784.5 June 20

10-Year Inflation-Indexed Bonds 222.6 June 10

5-Year Bonds 7,477.7 June 20

2-Year Bonds 2,708.7 June 15

Treasury Bill 3,868.6 June 20

Total 22,600.7

Source: Ministry of Finance

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

General Bonds Issuance Amount and Outstanding

Note 1: Issuance Amount: revenue basis, FY2004-2014: actual, FY2015: supplementary budget, FY2016: initial budget Note 2: Outstanding: nominal basis, FY2003-2014: actual, FY2015-2016: estimates Source: Ministry of Finance

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

(trillion yen)

Scheduled redemption of JGB at maturity in June 2016

Note.1: The figures are based on the outstanding JGBs at the end of April, 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: About Inflation-Indexed Bonds, the amount of redemption at maturity is adopted the inflation-adjusted principal as of April 30, 2016. 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)

－11－

Source: Ministry of Finance, Bank of Japan (Note) Outstanding "JGBs for retail investors" at Mar-16 is calculated to 〔aggregate issues of ¥46.3trillion〕-〔redemption before maturity of ¥14.4trillion〕-〔aggregate redemption money of ¥21.0trillion〕. Other figures based on Bank of Japan “Flow of Funds” statistics. (Source) Ministry of Finance, Bank of Japan “Flow of Funds”

499.0526.9 531.7 541.5 545.9

594.0636.3

669.9705.0

743.9 774.1 812.1837.8119.9

136.8 135.6 124.6 127.1

142.4 143.1

163.1 163.3 153.6 158.0 152.7

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)

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

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 13.4

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%

-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 - 120

100200300400500600700800900

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

8 9 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)

121.64

85.73

63.68 62.8162.82

33.6935.19

39.92

39.44 36.08

9.45 10.4811.44

14.02

15.71

15.27 17.80 17.90 19.7916.61

4.64 3.67 4.58 5.21

6.21 6.48 5.947.97 9.26 8.92

0.78 1.28 1.30 1.87 1.86 1.87 1.99 2.150

102030405060708090

100110120130

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 47 48 49 50 51 52 53 54

(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

70

80

90

100

110

120

130

140

150

160

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

(2010 average=100・Seasonally Adjusted Index)

Production Shipments

Inventory Inventory Ratio

0.4

0.5

0.6

0.7

0.8

0.9

1

1.1

1.2

1.3

1.4

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）Apr, 20161.34times

Apr, 20163.2％

Aug, 20090.42times

Jul, 20095.5％

Job opening-to-application ratio(right scale)

Unemployment rate(left scale)

0.7%

▲0.3%-1

0

1

2

3

4

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

(%)

CPI

CPI excluding food (excludingalcohilic beverages) and energy

Change from the previous year

Apr.4, 2013BOJ released QQE

3.9

-1.7 -2.0

-0.2

4.4

2.51.9

-0.4

5.5

-8.1

-2.7

2.1

5.4

-1.7

1.6

-1.7

1.7

-15.0

-10.0

-5.0

0.0

5.0

10.0

Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ

2012 2013 2014 2015 2016

(％)

Private Demand Public Demand

Foreign Demand Real GDP

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

(CY)

500

600

700

800

900

1,000

1,100

Jan-

09

Apr-

09

Jul-0

9

Oct

-09

Jan-

10

Apr-

10

Jul-1

0

Oct

-10

Jan-

11

Apr-

11

Jul-1

1

Oct

-11

Jan-

12

Apr-

12

Jul-1

2

Oct

-12

Jan-

13

Apr-

13

Jul-1

3

Oct

-13

Jan-

14

Apr-

14

Jul-1

4

Oct

-14

Jan-

15

Apr-

15

Jul-1

5

Oct

-15

Jan-

16

(billion yen)

Monthly Quarter (Mean)

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

5.9

-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

Primary Income Trade BalanceServices Secondary IncomeCurrent Account

0

50

100

150

200

250

300

350

400(trillion yen)

Banknotes in Circulation

Coins in Circulation

Current Account Balances

-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

(Diffusion index)

Large enterprises/Manufacturing

Large enterprises/Non-Manufacturing

Small enterprises/Manufacturing

Small enterprises/Non-Manufacturing

－12－

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"

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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