| • | Date and Time: Monday, June 12, 2023, 4:00 p.m. – 4:40 p.m. |
| • | Location: Special Conference Room 1 at the Central Common Government Offices No.4 |
1. Issuance Size and Buy-Back Amount of Inflation-Indexed Bonds in the July-September 2023 Quarter DEBT MANAGEMENT OFFICE’S PROPOSAL • It was proposed to set an issuance size per auction (conducted once a quarter) at 250 billion yen and to conduct a Buy-back Auction of 20 billion yen each month, as is currently the case. OPINIONS FROM THE PARTICIPANTS • Most of the participants supported the proposal in terms of both the issuance size and the Buy-back amount, given the continuing lack of sufficient liquidity in the secondary market. On the other hand, only a few of them commented that the issuance size could be increased to 300 billion yen because the base of domestic and foreign investors had been expanding. 2. Issuance Size of Liquidity Enhancement Auctions in the July-September 2023 Quarter DEBT MANAGEMENT OFFICE’S PROPOSAL • Tap issuances of 500 billion yen for JGBs with remaining maturities of 1 to 5 years in odd-numbered months (July and September), 500 billion yen for JGBs with remaining maturities of 5 to 15.5 years monthly, and 500 billion yen for JGBs with remaining maturities of 15.5 to 39 years in even-numbered months (August) were proposed. OPINIONS FROM THE PARTICIPANTS • While there were a few comments that tight supply-demand balance was observed for some JGB issues within the zone for remaining maturities of over 15.5 years, most of the participants supported the proposal, saying that there was no need to change the issuance size for each zone because no significant bias in the supply-demand balance was observed among the zones and the auction results were stable. |