| • | Date and Time: Thursday, Novemver 27, 2025, 10:00 a.m. – 12:00 p.m. |
| • | Location: Special Conference Room 1208 at the Central Common Government Offices No.4 |
Current Trends on JGB Investment and Opinions on the Formulation of JGB Issuance Plan for FY2026 OPINIONS FROM THE PARTICIPANTS ・Most participants stated that it would be appropriate to reduce the issuance size of super-long-term bonds, and there is room for increasing the issuance size of short-term, medium-term and long-term bonds, based on the current market trends and the demand of investors.
・Regarding super-long-term bonds, many participants suggested that while foreign investors have been purchasing JGBs, it is appropriate to reduce the issuance size because the demand from life insurance companies has been declining due to the progress that they have made to meet their regulatory requirements.
・Regarding long-term and medium-term bonds, there were views that while the demand is partly depending on the outlook of increasing interest rate in the future, it is possible to increase the issuance size of these bonds with an expectation for the investment demand from banks etc,.
・Regarding the review of JGB Issuance Plan, there were some positive opinions that while predictability is highly important for planned JGB investment, they would welcome semi-annual periodical assessment of the Plan to balance communication with market.
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