What’s New ⇒ 1 Central Government Debt(As of December 31, 2015)

2 The 40th Meeting of the Advisory Council on Government Debt Management

Monthly Topic ⇒ 1 Quarterly Estimates of Real GDP Oct.- Dec.2015 2 Operational Changes to the Securities Lending Facility

WHAT’S NEW

1. Central Government Debt (As of December 31, 2015) On February 10, the MOF released the update on central government debt. Debt

outstanding and composition as of the end of December 2015 are as follows.

The Ministry of Finance www.mof.go.jp

The end of December 2015

(Actual)

The end of March 2016 (Estimate)

1) Outstanding Government Bonds and Borrowings

① General Bonds 799.5 812.1

② Fiscal Investment and Loan Program Bonds 95.1 96.8

③ Borrowings, Subsidy Bonds, etc. 62.6 62.3

④ Financing Bills (FBs) 87.3 116.1

Total 1,044.6 1,087.3

2) Outstanding Government-Guaranteed Debts

Government-Guaranteed Debts 42.4 -

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

Mar. 2016 Contents 1. What’s New

Monthly Topic IR Special Office

…P.1 2. JGB Primary

Market …P.5

3. The Auctions for

Enhanced-Liquidity and JGB Buy-Back

…P.6 4. JGB Secondary

Market …P.7

5. Investor Trends and

JGB Outstanding …P.9

6. Economic and

Financial Trends …P.13

7. Information

…P.14

This Month’s Special!

WHAT’S NEW

(trillion yen)

Notes: 1. Figures may not sum up to the total because of rounding. 2. Above "Outstanding Government Bonds and Borrowings" includes government

bonds and borrowings held by government. 3. Figures are total of the general account and all special accounts, and the coverage is

different from the central government defined in SNA. 4. The data as of March 31, 2016 will be released on May 10, 2016. 5. 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/e201512.html

<Main points> The outstanding government bonds and borrowings decreased to 1,044.6 trillion yen from the end of September (1,054.4 trillion yen) by 9.8 trillion yen. This is because the total for FBs decreased by 18.7 trillion yen, even though the total for general bonds increased by 8.2 trillion yen.

2. The 40th Meeting of the Advisory Council on Government Debt Management The 40th Meeting of the Advisory Council on Government Debt Management was held on February 26, 2016.

The agenda was as follows: 1) Environmental change in domestic and overseas bonds markets and the trends of foreign investors ・ Views on the JGB market by foreign investors (presentation by Mr. Masanao of PIMCO Japan Ltd.) ・ Environmental change in the bonds market (presentation by council member Shimamoto of Societe

Generale Securities (North Pacific) Ltd.) 2) Current status of the BOJ’s monetary policy (by the Bank of Japan) 3) JGB issuance plan for FY2016 (by the MOF)

Presentation material (only in Japanese) is on the website. Please see the following link: http://www.mof.go.jp/about_mof/councils/gov_debt_management/proceedings/index.html

－2－

WHAT’S NEW

-0.5

1.71.4

-0.0

0.4

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

2011 2012 2013 2014 2015

(％) Growth of Annual Real GDP

(CY)

-2.3

0.8 0.8 1.6

2.5

-4.0

-3.0

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

2011 2012 2013 2014 2015

(％) Growth of Annual Nominal GDP

(CY)

0.9

-0.4-0.5

-0.1

1.00.7

0.5

-0.1

1.2

-2.0

-0.6

0.61.0

-0.3

0.3

-0.4

-3.5

-3.0

-2.5

-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ

2012 2013 2014 2015

(％)

Private Demand Public DemandForeign Demand Real GDP

Contributions to change from the previous quarter (Seasonally adjusted)

1. Quarterly Estimates of Real GDP Oct.-Dec.2015

The first preliminary GDP estimate (Oct.-Dec. 2015) was released on Feb. 15. The real GDP growth rate was -0.4% (annual rate -1.4%) from the previous quarter.

Domestic Demand contributed -0.5% to the GDP. Private Consumption and Private Residential Investment fell -0.8% and -1.2% respectively from the previous quarter, but Private Non-Resi. Investment rose +1.4%. Change in Private Inventory made a negative contribution of -0.1% to the GDP.

Foreign Demand contributed +0.1% to GDP and made a positive contribution for 2 consecutive quarters. However, Exports fell -0.2% and Imports rose +0.3% respectively from the previous quarter.

In CY2015, Real GDP and Nominal GDP increased by +0.4% and +2.5% respectively from the previous year.

2. Operational Changes to the Securities Lending Facility According to a press release by the BOJ on February 10, 2016, the BOJ implemented operational

changes to the Securities Lending Facility (SLF) from February 16, in order to ease stress in the Japanese government securities (JGSs) market with a view to further facilitating the BOJ's money market operations as well as contributing to smooth settlement of JGSs. These changes are ①the upper limit on the amount of sales per issue for JGBs with coupons has been raised to whichever is smaller, the amount outstanding of the BOJ's holdings or 1 trillion JPY (from whichever is smaller, the amount outstanding or 400 billion JPY,) and ②clarification of the upper limit on selling yields (the rate considered in light of the uncollateralized overnight call rate) – (0.5% (=the minimum fee rate)).

MONTHLY TOPIC

－3－

For more details, see: http://www.boj.or.jp/en/announcements/release_2016/rel160210a.pdf

Development of Real GDP (Quarterly, seasonally adjusted series)

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

Source: Cabinet Office, Government of Japan

Note1 Note2

Source: Cabinet Office, Government of Japan

2014 201510～12 1～3 4～6 7～9 10～12

0.6 1.0 -0.3 0.3 -0.4 *** -1.40.3 1.0 -0.0 0.1 -0.5 *** -1.9

(0.3) (1.0) (-0.0) (0.1) *** (-0.5) ***0.3 1.5 -0.3 0.2 -0.6 (-0.5) -2.40.6 0.2 -0.8 0.4 -0.8 (-0.5) -3.3

0.7 0.2 -0.9 0.4 -0.9 (-0.5) -3.5

Excluding imputed Rent 0.8 0.2 -1.1 0.4 -1.1 (-0.5) -4.3-0.4 2.1 2.3 1.6 -1.2 (-0.0) -4.8-0.0 2.8 -1.2 0.7 1.4 (0.2) 5.7

(-0.2) (0.5) (0.3) (-0.2) *** (-0.1) ***0.2 -0.4 0.9 -0.2 -0.1 (-0.0) -0.30.3 0.2 0.5 0.2 0.5 (0.1) 2.10.7 -2.9 3.3 -2.0 -2.7 (-0.1) -10.3

(-0.0) (0.0) (-0.0) (0.0) *** (0.0) ***(0.3) (-0.0) (-0.3) (0.2) *** (0.1) ***

Private Non-Resi. Investment

Net Exports of Goods & Services

Change in Private InventoryPublic Demand

Government ConsumptionPublic InvestmentChange in Public Inventory

Private DemandPrivate Consumption

Consumption of Households

Private Residential Investment

201510～12

Domestic Demand

Gross Domestic Product

In the third week of February 2016, the IR Special Office members visited certain Middle Eastern countries (Doha, Kuwait, Riyadh, and Abu Dhabi) to have meetings with investors. Ms. Kimata, Director for Debt Management and JGB Investor Relations, and Mr. Sekine, Researcher, had discussions with investors, mainly about the JGB issuance plan for FY2016, Japan’s economy, and fiscal consolidation.

This IR tour had a busy schedule as usual because we met as many investors as we could in the area for a limited time. Investors warmly welcomed us with refreshments such as Arabic coffee or herbal tea which had a refreshing taste. We then could carry on with the meaningful IR tour.

During the IR tour, we could experience the Arabic world by eating delicious Middle Eastern cuisine such as lamb chops, as well as seeing modern buildings and the sacred Mosque!

IR SPECIAL OFFICE

－4－

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)

12/1/2015 10-year 341 12/20/2025 0.3% 7,726.2 2,172.5 0.322% 0.320% 5.629 220.8 322.8 12/8/2015 30-year 49 12/20/2045 1.4% 2,868.7 729.2 1.400% 1.397% - 70.0 67.1 12/15/2015 5-year 126 12/20/2020 0.1% 9,696.0 2,280.6 0.037% 0.035% 0.300 218.3 70.3 12/17/2015 20-year 155 12/20/2035 1.0% 3,345.1 1,088.7 1.048% 1.041% - 109.9 148.4 12/22/2015 2-year 360 1/15/2018 0.1% 10,968.2 2,325.6 ▲0.009% ▲0.013% 0.010 173.8 0.0 1/5/2016 10-year 341 12/20/2025 0.3% 7,106.9 2,186.1 0.258% 0.254% 2.113 211.0 305.1 1/7/2016 30-year 49 12/20/2045 1.4% 2,751.1 737.0 1.226% 1.224% - 62.3 104.9 1/13/2016 10-year Inflation-Indexed Bonds 20 3/10/2025 0.1% 1,232.8 499.9 ▲0.364% - - - 43.0 1/19/2016 5-year 126 12/20/2020 0.1% 9,298.3 2,269.9 0.018% 0.016% 0.000 229.5 86.1 1/21/2016 20-year 155 12/20/2035 1.0% 3,817.0 1,094.4 0.928% 0.924% - 104.5 164.7 1/28/2016 2-year 361 2/15/2018 0.1% 11,052.2 2,282.7 ▲0.014% ▲0.018% 0.110 216.2 207.2 2/2/2016 10-year 341 12/20/2025 0.3% 6,895.5 2,198.5 0.092% 0.078% 1.501 199.9 0.0 2/9/2016 30-year 49 12/20/2045 1.4% 2,211.2 726.4 1.083% 1.068% - 73.2 75.3 2/16/2016 20-year 155 12/20/2035 1.0% 3,826.7 1,092.5 0.792% 0.786% - 106.5 164.6 2/18/2016 5-year 126 12/20/2020 0.1% 8,117.3 2,276.5 ▲0.120% ▲0.138% 0.000 223.3 34.2 2/23/2016 40-year 8 3/20/2055 1.4% 1,221.2 399.7 1.130% - - - 44.9 2/25/2016 2-year 362 3/15/2018 0.1% 9,888.9 2,276.4 ▲0.176% ▲0.183% 0.010 223.3 296.4

Auction Results （Treasury Discount Bills）

Auction Date Type of Security Issue Number Maturity Date

Amounts of Competitive Bids

(billion yen)

Amounts of Bids Accepted

(billion yen)

Yield at the Lowest

Accepted Price

Yield at the Average

Price

Amounts of Bids Accepted at the

Non-price- competitive Auction Ⅰ (billion yen)

12/3/2015 3-month 574 3/14/2016 18,599.50 4,405.42 ▲0.0502% ▲0.0644% 374.50 12/8/2015 6-month 575 6/10/2016 13,789.50 3,218.88 ▲0.0378% ▲0.0458% 281.10 12/10/2015 3-month 576 3/22/2016 16,089.10 4,347.78 ▲0.0221% ▲0.0353% 402.20 12/16/2015 1-year 577 12/20/2016 10,678.70 2,328.88 ▲0.0409% ▲0.0489% 171.10 12/17/2015 3-month 578 3/28/2016 18,448.50 4,377.76 ▲0.0111% ▲0.0242% 372.20 12/24/2015 3-month 579 4/7/2016 15,471.70 4,394.35 ▲0.0144% ▲0.0209% 355.60 1/7/2016 3-month 580 4/11/2016 19,841.10 4,090.07 ▲0.0162% ▲0.0214% 379.90 1/8/2016 6-month 581 7/11/2016 14,549.60 3,219.26 ▲0.0425% ▲0.0608% 280.70 1/14/2016 3-month 582 4/18/2016 19,257.50 4,085.65 ▲0.0220% ▲0.0276% 384.30 1/18/2016 1-year 583 1/20/2017 9,930.00 2,281.38 ▲0.0667% ▲0.0727% 218.60 1/21/2016 3-month 584 4/25/2016 20,341.60 4,119.55 ▲0.0180% ▲0.0212% 390.40 1/28/2016 3-month 585 5/2/2016 17,632.50 4,162.05 ▲0.0300% ▲0.0356% 357.90 2/4/2016 3-month 586 5/12/2016 17,271.00 4,147.75 ▲0.1009% ▲0.1308% 332.20 2/8/2016 6-month 587 8/10/2016 12,601.10 3,220.66 ▲0.1603% ▲0.1743% 279.30 2/10/2016 3-month 588 5/16/2016 15,181.51 4,065.91 ▲0.1102% ▲0.1335% 384.00 2/17/2016 1-year 589 2/20/2017 10,087.50 2,325.17 ▲0.1501% ▲0.1601% 174.80 2/18/2016 3-month 590 5/23/2016 16,613.00 4,088.38 ▲0.1022% ▲0.1090% 381.60 2/25/2016 3-month 591 5/30/2016 15,066.60 4,139.24 ▲0.1002% ▲0.1066% 390.70

Auction Calendar for Feb. – Apr. 2016 Auction Date Issue Auction Date Issue Auction Date Issue Auction Date Issue

2/2(Tue) 10-year 2/25(Thu) T-Bills (3-month) 3/23(Wed) Auctions for Enhanced-liquidity 4/19(Tue) 5-year 2/4(Thu) T-Bills (3-month) 2/25(Thu) 2-year 3/24(Thu) T-Bills (3-month) 4/21(Thu) T-Bills (3-month) 2/4(Thu) Auctions for Enhanced-liquidity 3/1(Tue) 10-year 3/25(Fri) 2-year 4/21(Thu) 20-year 2/8(Mon) T-Bills (6-month) 3/3(Thu) T-Bills (3-month) 4/5(Tue) T-Bills (3-month) 4/25(Mon) Auctions for Enhanced-liquidity

2/9(Tue) 30-year 3/3(Thu) Auctions for Enhanced-liquidity 4/5(Tue) 10-year 4/27(Wed) T-Bills (3-month)

2/10(Wed) T-Bills (3-month) 3/8(Tue) T-Bills (6-month) 4/6(Wed) T-Bills (6-month) 4/27(Wed) 2-year 2/12(Fri) Auctions for Enhanced-liquidity 3/8(Tue) 30-year 4/7(Thu) T-Bills (3-month) 2/16(Tue) 20-year 3/10(Thu) T-Bills (3-month) 4/7(Thu) Auctions for Enhanced-liquidity 2/17(Wed) T-Bills (1-year) 3/10(Thu) 5-year 4/12(Tue) 10-year Inflation-Indexed Bonds 2/18(Thu) T-Bills (3-month) 3/16(Wed) T-Bills (1-year) 4/14(Thu) T-Bills (3-month) 2/18(Thu) 5-year 3/17(Thu) T-Bills (3-month) 4/14(Thu) 30-year 2/23(Tue) 40-year 3/17(Thu) 20-year 4/18(Mon) T-Bills (1-year)

Top 10 PDs by Total Purchase in Auctions (Calculated by Duration) (Jul. 2015 ～ Dec. 2015) 1 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 6 SMBC Nikko Securities Inc. 2 Nomura Securities Co., Ltd. 7 Merrill Lynch Japan Securities Co., Ltd. 3 Daiwa Securities Co. Ltd. 8 BNP Paribas Securities (Japan) Limited 4 Mizuho Securities Co., Ltd. 9 The Bank of Tokyo-Mitsubishi UFJ, Ltd. 5 Goldman Sachs Japan Co., Ltd. 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.

－5－

(Until 25 February 2016)

(Until 25 February 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

12/3/2015 940.0 299.4 ▲0.006% ▲0.003% 20-year(130,134) 30-year(6,24,25,27,28,29,30,31,32,33,36,37,38,40) 40-year(5,6,7)

12/10/2015 1,861.4 498.0 ▲0.008% ▲0.005% 10-year(313,314,315,316,319,322,332,336) 20-year(48,49,52,55,57,58,65,66,71,72,88,89,93,94,97,99,100,102,109,110,111,117,120,122,125) 30-year(2)

1/15/2016 1,185.6 299.8 +0.015% +0.015% 20-year(132,141) 30-year(6,38,39)

1/26/2016 1,554.9 498.9 ▲0.009% ▲0.007% 10-year(313,314,315,316,317,318,319,322,323,324,325,330) 20-year(57,58,75,76,78,79,80,81,82,92,102,103,105,118,123)

2/4/2016 835.7 299.3 ▲0.007% ▲0.002% 20-year(130,131,133,134,138,140,141,147) 30-year(8,10,20,22,23,24,28,31,36,37,38,39,41,42) 40-year(5,7)

2/12/2016 1,435.1 499.6 +0.007% +0.015% 10-year(313,314,315,316,317,318,319,320,321,322,323,324,325,326,327,328,330,332,336,337) 20-year(49,55,56,58,59,60,61,65,70,78,84,86,87,88,89,91,99,128)

Target Zones of the Auction for Enhanced-Liquidity for the Fourth Quarter of FY 2015

15-Year Floating-Rate

Auction Date Amounts of

Competitive Bids (billion yen)

Amounts of Bids Accepted

(billion yen)

Average Accepted

Spread (yen)

Highest Accepted

Spread (yen) Issue Numbers

9/7/2015 373.6 60.0 ▲0.916 ▲0.81 23,25,37,38,40,42,45,46,48 11/26/2015 609.4 120.1 ▲1.112 ▲0.51 23,24,38,39,40,41,42,43,44,45,46,47,48 1/22/2016 359.1 60.1 ▲0.193 ▲0.04 11,17,18,21,22,24,34,38,39,40,41,42,43,44,46,47

3 THE AUCTIONS FOR ENHANCED-LIQUIDITY AND JGB BUY-BACK

①Remaining maturity : approx.5‐～15.5‐year

②Remaining maturity : approx.15.5‐～39‐year

Note.1： JL shows 20‐year JGBs. JX shows 30‐year JGBs. JU shows 40‐year JGBs. Outstanding amount is as of the end of December 2015. Note.2： All issues in the graph above will be eligible afterward.

Buy-back Results

(Until 25 February 2016)

(Until 31 January 2016)

－6－

0500

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

313

314

JL49

JL50 31

531

6JL

51 317

318

JL52 31

932

0JL

53JL

54 321

322

JL55 32

332

4JL

56JL

57 325

JL58 32

632

7JL

59JL

60 328

JL61 32

9JL

62JL

63 330

331

JL64 33

2JL

65JL

66 333

JL67

JL68

JL69 33

4JL

70JL

71 335

JL72 33

633

7JL

73JL

74 338

JL75

JL76

JL77 33

9JL

78JL

79JL

80 340

JL81

JL82

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

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

JL13

0JL

131

JX6

JL13

2JL

133

JL13

4JL

135

JL13

6JX

7JL

137

JL13

8JL

139

JL14

0JX

8JL

141

JL14

2JX

9JL

143

JL14

4JX

10JL

145

JX11

JL14

6JX

12JL

147

JX13

JL14

8JX

14JL

149

JX15

JL15

0JX

16JL

151

JX17

JL15

2JX

18JL

153

JX19

JL15

4JX

20JX

21JX

22JX

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

48JU

1JU

2JU

3JU

4JU

5JU

6JU

7

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

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

Jan-10 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

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 5 months) and the 10-Year Bonds (issue number 293 with current maturity of 2 years and 5 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

－7－

Yield and Volatility (10Yr)

Break-Even Inflation Rates

Source: Bloomberg, Calculation by the Ministry of Finance

(Until 29 January 2016)

(Until 29 January 2016)

(Until 29 January 2016)

(Until 29 January 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)

-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

1.8%

2015/3/312015/6/302015/9/302015/10/302015/11/302015/12/302016/1/29

40353020 25151050 0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

0%

1%

2%

3%

4%

5%

6%

7%

8%

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

Volatility Yield (right scale)

0%

1%

2%

3%

4%

5%

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

Japan United States

United Kingdom Germany

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

－8－

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 29January 2016)

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

0.6%

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

Treasury Discount Bills

Medium Term Bonds

Long Term Bonds

0

20

40

60

80

100

120

140

160

180

200

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

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

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

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

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

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

－9－

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)

Jan 2016(Actual)

The pace ofannual increase

Monetary Base 155 359 About 80 trillion

JGBs 98 292 About 80 trillion

CP 1.4 2.2Maintain theoutstanding

balance

Corporate Bonds 2.9 3.2Maintain theoutstanding

balance

ETFs 1.7 7.2 About 3 trillion

J-REITs 0.13 0.28 About 90 billion

Total Assets 175 396 --

-5

-4

-3

-2

-1

0

1

2

3

4

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

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

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

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

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

Net

Purchase

Net

Sales

JGBs Holding 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

9.8%

25.5%

51.1%

0%

10%

20%

30%

40%

50%

60%

Mar-08 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

59.2

63.3 67.9

55.2 55.6

55.0 52.3 49.3 46.4

52.1

58.1 56.6

61.9 67.8

77.0 78.3 76.7 81.8

86.1

82.6 82.0

81.7 79.0

83.8 81.5

83.9 87.2

92.9 97.9

95.4

101.6 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

9.8

20

40

60

80

100

120

1

2

3

4

5

6

7

8

9

10

11

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

Amount of JGB Holdings (right)

Proportion of JGB Holdings (left)

(trillion yen)

%

%

%

%

%

%

%

%

%

%

%

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

JGB and T-Bill Holders

－10－

Breakdown by JGB and T-Bill Holders (Sep. 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 141.4 trillion yen

JGB Holders

Total 898.5 trillion yen

Total 1,039.9 trillion yen

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014

21.7% 20.3% 18.6% 17.0% 17.8% 18.3% 18.2% 17.9% 17.3% 16.4%

13.2% 12.8% 11.5% 11.4%13.0% 12.5% 11.9% 12.4% 12.0% 11.1%

10.9%8.3%

8.2% 8.9%8.5%

7.9% 8.6% 8.1% 7.8% 7.8%8.4%

8.3% 9.0% 9.2%8.4%

9.0%8.6% 8.1% 8.1% 8.2%7.7%

8.5% 8.6% 8.4%

8.8%8.4%

7.8%7.8% 7.8% 7.4%

3.9%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%

4.8% 5.8% 6.0% 5.5%

5.5%4.8%

4.8%5.3%

4.5% 4.5%

6.0% 6.3% 5.9% 6.2%

5.2%5.1%

5.6%4.7%

4.8% 5.2%

5.7% 5.4% 5.5% 5.0%

4.7%5.2%

4.4%4.3%

4.6% 4.2%

12.2% 13.8% 14.5% 14.8%

14.4%

14.4%14.9%

15.6%16.5%

17.7%

1.3% 1.6%2.0% 2.7%

3.6%

4.6%

5.8%6.7%

7.5%8.3% 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）

526.9 531.7 541.5 545.9

594.0

636.3

669.9

705.0

743.9

*years to maturity

774.1

Average

YTM* 5Y4M 5Y9M 6Y1M 6Y3M 6Y5M 6Y8M 7Y0M 7Y3M 7Y7M 8Y0M

Average YTM*

(excluding saving

bonds)5Y3M 5Y8M 6Y1M 6Y4M 6Y6M 6Y10M 7Y1M 7Y5M 7Y8M 8Y0M

General

Government

(ex Public Pensions)

15.0

10.6% Fiscal Loan Fund

0.0

0.0%

BOJ

46.7

33.0%

Banks,etc.

21.4

15.1%

Life and Non-life

Insurance

2.5

1.8%

Public Pensions

0.0

0.0%

Pension Funds

0.0

0.0%

Foreigners

55.8

39.5%

Households

0.0

0.0%

Others

0.0

0.0%

General

Government

(ex Public Pensions)

17.4

1.7%Fiscal Loan Fund

0.0

0.0%

BOJ

315.0

30.3%

Banks,etc.

295.7

28.4%

Life and Non-life

Insurance

199.0

19.1%

Public Pensions

52.3

5.0%

Pension Funds

34.8

3.3%

Foreigners

101.6

9.8%

Households

14.5

1.4%

Others

9.6

0.9%

General

Government(ex Public Pensions)

2.4

0.3% Fiscal Loan Fund

0.0

0.0%

BOJ

268.3

29.9%

Banks,etc.

274.3

30.5%

Life and Non-life

Insurance

196.6

21.9%

Public Pensions

52.3

5.8%

Pension Funds

34.8

3.9%

Foreigners

45.7

5.1%

Households

14.5

1.6%

Others

9.6

1.1%

Types The amount of redemption at maturity Scheduled redemption date

20-Year Bonds 935.9 March 21

15-Year Floating-Rate Bonds 465.4 March 21

10-Year Bonds 8,113.9 March 20

10-Year Inflation-Indexed Bonds 62.1 March 10

5-Year Bonds 7,270.5 March 20

2-Year Bonds 3,003.9 March 15

Treasury Bill 3,951.0 March 22

Total 23,802.9

Source: Ministry of Finance

Time-to-Maturity Structure of Outstanding JGB（Dec. 2015）

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 January 29, 2016) JGB Holding by Retail Investors

(trillion yen)

Scheduled redemption of JGB at maturity in March, 2016

Note.1: The figures are based on the outstanding JGBs at the end of January, 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 January 31, 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)

－12－

Source: Ministry of Finance, Bank of Japan Note: Outstanding "JGBs for retail investors" at Dec-15 is calculated to 〔aggregate issues of ¥45.7trillion〕-〔redemption before maturity of ¥14.0trillion〕-〔aggregate redemption money of ¥20.5trillion〕. Other figures based on Bank of Japan “Flow of Funds” statistics. Source: Ministry of Finance, Bank of Japan “Flow of Funds”

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

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

13.8

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%

-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

(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

7 8 9 10 11 12 13 14 15 16 17 18 19 20

(billion yen)

(issue number)

Outstanding amount (excl. BOJ holding)

BOJ holding

Old type(without floor)

Market BOJ TotalOld 1,004 1,098 2,102New 4,504 195 4,700

31.07

113.09

80.39

63.6262.82

56.86

33.40 34.97

39.9939.03

27.98

9.4410.48

11.4314.02

15.70

14.88

17.7217.89

19.7912.48

4.55 3.64 4.555.20 6.21 6.47

5.887.92

9.246.22

0.78 1.28 1.30 1.85 1.82 1.85 1.94 1.740

10

20

30

40

50

60

70

80

90

100

110

120

15 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 3 months

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)

－13－

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"

-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

Jan-

08

May

-08

Sep

-08

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

(Diffusion index)

Large enterprises/Manufacturing

Large enterprises/Non-Manufacturing

Small enterprises/Manufacturing

Small enterprises/Non-Manufacturing

0.7%

0.0%

-1

0

1

2

3

4

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

(%)

CPI

CPI excluding food (excludingalcohilic beverages) and energy

Change from the previous year

Apr.4, 2013BOJ released QQE

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-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16

（ratio）Jan, 20161.28times

Jan, 20163.2％

Aug, 20090.42times

Jul, 20095.5％

Job opening-to-application ratio(right scale)

Unemployment rate(left scale)

6.5

3.3 3.7

1.4 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 2.2

1.6

-1.4 -0.9

0.4

1.6 1.5

4.4

3.8

4.9

3.6

-8

-6

-4

-2

0

2

4

6

8

10

2008

Q1

2008

Q2

2008

Q3

2008

Q4

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

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

80

90

100

110

120

130

140

150

160

Jan-

08Ap

r-08

Jul-0

8O

ct-0

8Ja

n-09

Apr-0

9Ju

l-09

Oct

-09

Jan-

10Ap

r-10

Jul-1

0O

ct-1

0Ja

n-11

Apr-1

1Ju

l-11

Oct

-11

Jan-

12Ap

r-12

Jul-1

2O

ct-1

2Ja

n-13

Apr-1

3Ju

l-13

Oct

-13

Jan-

14Ap

r-14

Jul-1

4O

ct-1

4Ja

n-15

Apr-1

5Ju

l-15

Oct

-15

Jan-

16

(2010 average=100・Seasonally Adjusted Index)

Production Shipments

Inventory Inventory Ratio

500

600

700

800

900

1,000

1,100

1,200

Jan-

08

Apr-

08

Jul-0

8

Oct

-08

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

(billion yen)

Monthly Quarter (Mean)

3.7

-1.6 -1.8

-0.3

4.02.7

2.1

-0.3

5.0

-7.9

-2.6

2.5

4.2

-1.4

1.3

-1.4

-14.0

-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ

2012 2013 2014 2015

(％)

Private Demand Public Demand

Foreign Demand Real GDP

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

(CY)

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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