| • | Date and Time: Monday, September 28, 2026, 3:55 p.m. – 4:25 p.m. |
| • | Venue: Special Conference Room 1208 at the Central Common Government Offices No.4 |
|
1. Issuance Size and Buy-back Amount of Inflation-Indexed Bonds in the October-December 2026 Quarter DEBT MANAGEMENT OFFICE’S PROPOSAL ・It was proposed to maintain the issuance size at 250 billion yen per auction (conducted once a quarter) and the buy-back amount at 15 billion yen per auction (conducted twice a quarter). OPINIONS FROM THE PARTICIPANTS ・Most participants supported the proposal to maintain the current auction sizes, considering the continued low liquidity. However, some participants expressed expectations for an increase in the issuance size, noting that the BEI (break-even inflation rate) has been broadly stable near 2% against the backdrop of the current inflation environment and that the investor base has been gradually expanding. 2. Issuance Size of Liquidity Enhancement Auctions in the October-December 2026 Quarter DEBT MANAGEMENT OFFICE’S PROPOSAL ・It was proposed, for the JGBs with remaining maturities of 1 to 5 years (auctioned in odd-numbered months), to maintain the issuance size unchanged at 700 billion yen; For the JGBs with remaining maturities of 5 to 11 years (auctioned every month), to decrease the issuance size by 150 billion yen from the current level to 500 billion yen; and For the JGBs with remaining maturities of 11 to 39 years (auctioned in even-numbered months), to maintain the issuance size unchanged at 250 billion yen. OPINIONS FROM THE PARTICIPANTS ・Most participants supported the proposal, considering that the supply-demand balance for the JGBs with remaining maturities of 5 to 11 years was softer than that in other zones. However, some participants expressed the view that the issuance size for JGBs with remaining maturities of 1 to 5 years should be increased, noting that the supply-demand balance is tight for certain off-the-run issues. The Debt Management Office (DMO) notified the participants of the following items: ・The New Floating-rate JGBs scheduled for initial issuance after January next year will have a 2-year maturity. ・The DMO intends to announce the details of the issue terms at least two months prior to the initial auctions.
|