| • | Date and Time: Monday, June 23, 2025 |
| • | Location: Held in writing |
Revision of the JGB Issuance Plan for FY2025 DEBT MANAGEMENT OFFICE’S PROPOSAL • JGB Issuance Plan for FY2025 shall be revised as follows. - From July, reduce the issuance amount of 40-Year Bonds and 30-Year Bonds by 100 billion yen per issuance, and reduce the issuance amount of 20-Year Bonds by 200 billion yen per issuance. - The reduced amounts will be offset by increasing the issuance amount of 2-Year Bonds (100 billion yen per issuance) and T-Bills (6-month, 300 billion yen per issuance) starting from October, and by increasing the issuance amount of T-Bills (1-year, 100 billion yen per issuance) starting from January, while also reflecting the upswing in Sales for Household, etc. - Regarding Liquidity Enhancement Auctions, the amount of JGBs with remaining maturities of 15.5 to 39 years will be reduced, and JGBs with remaining maturities of 1 to 5 years will be increased. OPINIONS FROM THE PARTICIPANTS • Regarding the reduction in super long-term bonds, there were opinions that a larger reduction than the proposal would be appropriate for particular maturity. However, most of the participants supported the proposal. • Regarding the increase in other categories to offset the reduction in super long-term bonds, some participants expressed that it would be appropriate to increase the issuance amount of 5-Year Bonds or 10-Year Bonds. However, most of the participants supported the proposal. OTHER • Some participants expressed a request that the MOF would be flexible to take an action if needed in the future. In addition, there were expectations that the MOF would continue to consider Buy-back Auction of the off-the-run issues in the super long-term bonds. The MOF explained that this is an issue that requires careful consideration, including the appropriate approach to debt management policy, its necessity and appropriateness, and its relationship with Liquidity Enhancement Auctions. |