| • | Date and Time: Friday, December 12, 2025, 4:00 p.m. – 4:45 p.m. |
| • | Location:Special Conference Room 1208 at the Central Common Government Offices No.4 |
1. JGB Issuance Plan for FY2026 OPINIONS FROM THE PARTICIPANTS ・Regarding super-long-term bonds, some participants expressed that it is appropriate to reduce the issuance size across all maturities, and particularly for 30-year bonds, reducing of the issuance size by at least 100 billion yen per month is necessary.
・Regarding JGBs with remaining maturities of 10 years or less, there were views that it is basically possible to increase the issuance size of these bonds, mainly focusing on 2-year bonds, starting form shorter maturities. 2. Issuance Size and Buy-back Amount of Inflation-Indexed Bonds in the January-March 2026 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 ・While the break-even inflation rate has recently been on the rise and investor base is gradually expanding, considering the continued low liquidity etc, almost all participants supported the proposal to maintain the current treatment. 3. Issuance Size of Liquidity Enhancement Auctions in the January-March 2026 Quarter DEBT MANAGEMENT OFFICE'S PROPOSAL For JGBs with remaining maturities of 15.5 to 39 years (issued in even-numbered months), to maintain the issuance size unchanged at 250 billion yen.
OPINIONS FROM THE PARTICIPANTS ・ Almost all the participants supported the proposal, while some participants expressed the view that the amount of issuance for JGBs with remaining maturities of 15.5 to 39 years should be increased because the supply-demand balance is tight for some off-the-run issues in the super-long-term zone. |