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JGB Issuance Overview

JGB Issuance Overview

<Breakdown by Fiscal Needs> (billion yen)
  FY2006(initial)

(ａ)

      FY2006      (supplementary budget)
(ｂ)		 　 FY2007(initial)                   
(ｃ)		 　
(ｂ)−(ａ) (ｃ)−(ａ)
New Financial Resource Bonds 29,973.0 27,470.0 ▼ 2,503.0 25,432.0 ▼ 4,541.0
  Construction Bonds 5,484.0 6,415.0 931.0 5,231.0 ▼ 253.0
Special Deficit-financing Bonds 24,489.0 21,055.0 ▼3,434.0 20.201.0 ▼ 4,288.0
Refunding Bonds 108,262.1 108,185.5 ▼ 76.6 99,806.0 ▼ 8,456.1
Fiscal Loan Bonds 27,200.0 27,200.0 − 18,600.0 ▼ 8,600.0
  Public Offering 12,000.0 12,000.0 − 11,000.0 ▼ 1,000.0
Transitional Measures 15,200.0 15,200.0 − 7,600.0 ▼ 7,600.0

Total

 165,435.1 162,855.5 ▼ 2,579.6 143,838.0 ▼ 21,597.1

<Breakdown by Financing Methods>		 (billion yen)
  FY2006(initial)

(ａ)

  FY2006(supplementary budget)
(ｂ)		 　 FY2007(initial)

(ｃ)

 　
(ｂ)−(ａ) (ｃ)−(ａ)
 
JGB Market Issuance     (Calendar Base) 118,000.0 113,000.0 ▼ 5,000.0 109,600.0 ▼ 8,400.0
Non-price Competitive   Auction Ⅱ 2,658.0 3,358.0 700.0 2,586.0 ▼ 72.0
Adjustment by Depleting  Front-loaded Issuance

5,519.7

5,240.1

 ▼ 279.6 6,246.0 726.3

Subtotal Financed in the Market

126,177.7

121,598.1

▼ 4,579.6

118,432.0

▼ 7,745.7
 

JGB for Individual Investors

 5,300.0 7,300.0 2,000.0 6,330.0 1,030.0

OTC Sales, etc

 2,200.0 2,200.0 − 1,820.0 ▼ 380.0
Subtotal for Households

7,500.0

9,500.0

2,000.0

8,150.0

650.0
 

Bank of Japan

 16,557.4 16,557.4 − 9,656.0 ▼ 6,901.4

Fiscal Loan Bonds

 15,200.0 15,200.0 − 7,600.0 ▼ 7,600.0
　(Postal Savings) (11,000.0) (11,000.0) (−) (5,500.0) (▼ 5,500.0)
　(Pension Reserves) (3,200.0) (3,200.0) (−) (1,600.0) (▼ 1,600.0)
　(Postal Life Insurance) (1,000.0) (1,000.0) (−) (500.0) (▼ 500.0)
Subtotal for Public Sector 31,757.4 31,757.4 − 17,256.0 ▼ 14,501.4
Total 165,435.1 162,855.5 ▼ 2,579.6 143,838.0 ▼ 21,597.1

・ 40-year ultra-long JGBs and other new maturity bonds may be issued on market demands with terms that the MOF considers fair.
・ The amount of buy-back in FY2007 is \1.8 trillion.
・ The limit of interest-rate swap transactions in FY2007 is \1.8 trillion (on notional principal basis).
・ The limit of front-loaded issuance in FY2007 is \20 trillion.
Note1 Figures may not sum up to the total because of rounding.
Note2 JGB Market Issuance (Calendar Base) refers to JGBs issued by scheduled auctions from April to next March.
Note3 "Non-price Competitive Auction Ⅱ"is estimated at 3% of the primary auction.
Note4 From FY2007, the amount of "OTC Sales, etc" is recategorized from "Public Sector" to "Households".
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