WHAT’S NEW
【JGB Issuance Plan for FY2011】
Ministry of Finance formulated and announced the JGB Issuance Plan for FY2011 in late
December 2010. The details of the issuance plan are as follows.

< Issue Amounts

>
JGB total issuance for FY2011 is planned to be 169.6 trillion yen, and the JGB market
issuance (Calendar Base) is planned to be 144.9 trillion yen. Both amounts show an increase
from the level of the previous year for three consecutive years.

The Ministry of Finance of Japan
www.mof.go.jp
Quarterly Newsletter of the Ministry of Finance of Japan
JAPANESE GOVERNMENT BONDS
January 2011

Contents


1
What’s new


2
JGB primary
market


3
The Auction for

Enhanced-liquidity
and Buy-back


4
JGB secondary
market


5
JGB outstanding


6
Economic and
financial trend

＜Breakdown by Fiscal Needs＞
（Unit: billion yen）
FY2010
(Initial)
(a) (b)
(b)
－
(a)
(c)
(c)
－
(a) (c)
－

(b)
New Financial Resource Bonds
44,303.0 44,303.0
-
44,298.0
▲ 5.0 ▲ 5.0
6,353.0 7,603.0
1,250.0
6,090.0
▲ 263.0 ▲ 1,513.0
37,950.0 36,700.0
▲ 1,250.0
38,208.0
258.0 1,508.0
Refunding Bonds
102,610.9 102,404.8
▲ 206.0
111,296.3
8,685.4 8,891.4
FILP Bonds
15,500.0 15,500.0
-
14,000.0
▲ 1,500.0 ▲ 1,500.0
162,413.9 162,207.8
▲ 206.0
169,594.3
7,180.4 7,386.4
・
(note) Part of the Buy-back operation in FY2011 is intended to improve ALM in Fiscal Loan Fund Special Account.

・
The maximum amount of front-loaded issuance of Refunding Bonds in FY2011 is 12 trillion yen.
(note1) Figures may not sum up to total because of rounding.
(note2)
(note3)
＜Breakdown by Financing Methods＞
（Unit: billion yen）
FY2010
(Initial)
(a) (b)
(b)
－
(a)
(c)
(c)
－
(a) (c)
－
(b)
144,300.0 142,800.0
▲ 1,500.0
144,900.0
600.0 2,100.0
3,982.5 6,177.0
2,194.5
4,005.0
22.5 ▲ 2,172.0
31.4 530.8
499.5
6,389.3

6,357.9 5,858.4
Subtotal Financed in the Market
148,313.9 149,507.8
1,194.0
155,294.3
6,980.4 5,786.4
2,000.0 900.0
▲ 1,100.0
2,000.0
- 1,100.0
800.0 500.0
▲ 300.0
500.0
▲ 300.0 -
Subtotal for Households
2,800.0 1,400.0
▲ 1,400.0
2,500.0
▲ 300.0 1,100.0
Public Sector （Bank of Japan）
11,300.0 11,300.0
-
11,800.0
500.0 500.0
162,413.9 162,207.8
▲ 206.0
169,594.3
7,180.4 7,386.4
Special Deficit-financing Bonds
The total Buy-back amount from the market is approximately 3 trillion yen in FY2011. From an administrative standpoint, part of the Buy-back

operation will be funded by liquidating the GDCF, which is in line with the outcome of the recent public budget screening initiative carried out on
special accounts of national budget. Such Buy-back operation based on a partial liquidation of the GDCF is also carried out in FY2010, amounting
up to approximately 0.8 trillion yen.
Total
Total
JGB Market Issuance (Calendar Base) refers to JGBs issued by scheduled auctions from April to next March.
JGB Market Issuance
（Calendar Base）
Non-price Competitive
Auction Ⅱ
Adjustment by Depleting Front-
loaded Issuance
Nonmarketable JGBs for Retail
Investors
OTC Sales for Households
FY2010
（Supplementary budget）
FY2011
（Initial）
Construction Bonds
Non-price competitive auction Ⅱ is an auction carried out after the price-competitive auction. The price offered is equal to the weighted
average accepted price in the price-competitive auction. Only the JGB Market Special Participants are eligible to bid in this auction (the
amount assignable to each Market Special Participant will not exceed 15% of the amount awarded to it in the price-competitive auction).
Non-price competitive auction Ⅱ is estimated at 3.75% of the JGB Market Issuance （40-year, 30-year, 20-year, 10-year, 5-year, 2-year,
15-year Floating-rate and 10-year Inflation-indexed).
FY2010
（Supplementary budget/
revised in December）
FY2011
（Initial）

＜Market Issuance Plan by JGB Types＞
(b)
－
(a) (c)
－
(a) (c)
－
(b)
▲ 1.5 0.6 2.1
(note1)
(note2) With regerd to TBs(6-month), only the total amount is listed because TBs and FBs are issued as unified bills (Treasury Discount Bills).
(note3)
(note4)
40-year bonds will be issued in May, August, November and February in FY2011. 30-year bonds will be issued in April, June, July, September, October, December, January and March in FY2011.
12 times
2.512 ―times
31.2 ―
30.0
2.6
12 times
12 times
―
―
2.6 ×
0.6 ×
2.2 ×
2.4 ×
2.5 ×
times12×1.1
times12×2.2

0.7 × 8 times
months12×
―
―
times
Details of Auctions for Enhanced-Liquidity will be determined on a quarterly basis taking market conditions into consideration.
0.4 × 4
─
▲ 0.3
0.6
times
142.8
7.20.6 × 12 months
―
―
―
▲ 0.9
▲ 0.3
▲ 0.3―
(b)
1.2
13.2
28.8
4.8
26.4
4times
8times
―
―times
0.3 ×

30-year
×0.6
―
20-year
×1.1 1.1 × 12 times
Auctions for
Enhanced-liquidity
×0.6 12
1
10-year Inflation-
indexed
×
months
0.9
7.2
time0.3 1
TBs(6-month)
15-year Floating-rate
×0.3
TBs(1-year)
×2.5
2-year
×2.6 times
5-year
×times2.4 12
10-year
×2.2
FY2010(Initial)
(a)
40-year

×times0.3 4
times
times
time
12
8
0.3
0.3
30.0
31.2
12
28.8
times
12
12
FY2011(Initial)
(c)
1.2
4.8
26.4
13.2
5.6
26.4
0.8 0.8
1.6 0.4 0.4
28.8
――
13.2 ――
――
×

31.212 times
――times12
×
0.90.9
―
▲ 0.3
―
―
―
――
The issuance of the 10-year Inflation-indexed bonds in FY2011 could be resumed if the market condition allows. In such case, the product designs may be reviewed such as providing principal
guarantees at maturity.
FY2010
(Supplementary budget/revised in December)
144.9144.3
Total to the Market
7.2
30.012×
2.4
（Unit: trillion yen）


< Main Policies in FY2011 >
○Development of Super Long-Term Bond Market
➣In order to enhance the liquidity in super-long term bonds, the total issuance amounts of 30-year and
40-year bonds are increased in response to the greater needs for long-term investments arising
mainly from life insurance companies and pension funds.
○Promotion of JGB Holding by Retail Investors
➣Improvement in product designs of JGBs for retail investors.
・ Revisions of the rate-setting formula for 10-year floating-rate intending to prevent an excessive deterioration

of the interest rate in a low interest rate environment of the market (reference rate － 0.8% ⇒ reference
rate × 0.66).
・ Unification of the conditions for redemption before maturity across the different products of JGBs for retail
investors by shortening the lock-up period for the 5-year fixed-rate bonds (2 years ⇒ 1 year).
○Buy-back by Partial Liquidation of Government Debt Consolidation Fund (GDCF)
➣The total Buy-back amount from the market is approximately 3 trillion yen in FY2011. From an
administrative standpoint, part of the Buy-back operation will be funded by liquidating the GDCF,
which is in line with the outcome of the recent public budget screening initiative carried out on
special accounts of national budget.
（note1）Such Buy-back operation based on a partial liquidation of the GDCF is also carried out in FY2010, amounting up
to approximately 0.8 trillion yen.
（note2）Part of the Buy-back operation in FY2011 is intended to improve ALM in Fiscal Loan Fund Special Account.



























- 2 -



Auction Results
（Bonds）
Auction Date Type of Security
Issue
Number
Maturity Date
Nominal
Coupon
Amounts of

Competitive

Bids

(billion yen)
Amounts of

Bids


Accepted
(billion yen)
Yield at the
Lowest
Accepted
Price
Yield at the
Average
Price
Amounts of

Non-Competitive

Bids Tendered

/Accepted

(billion yen
)
Amounts of Bids
Accepted at the Non-
price-competitive
Auction
Ⅰ

(billion yen
)
Amounts of Bids


Accepted at the Non-
price-competitive
Auction
Ⅱ

(billion yen
)
10/ 7/2010 10-year 311 9/20/2020 0.8% 5,711.1 2,007.3 0.843% 0.839% 6.502 185.2 0
10/14/2010 30-year 33 9/20/2040 2.0% 2,985.3 552.8 1.981% 1.976% - 46.2 86.4
10/19/2010 5-year 92 9/20/2015 0.3% 7,566.6 2,205.7 0.279% 0.275% 2.284 191.2 10.3
10/21/2010 20-year 122 9/20/2030 1.8% 4,411.8 999.8 1.772% 1.770% - 98.8 128.3
10/27/2010 2-year 298 11/15/2012 0.1% 13,176.5 2,380.2 0.140% 0.139% 3.293 215.3 204.4
11/ 2/2010 10-year 310 9/20/2020 1.0% 7,854.3 2,009.2 0.971% 0.968% 5.239 184.6 323.9
11/ 9/2010 40-year 3 3/20/2050 2.2% 1,243.9 299.6 2.055% - - - 18.4
11/11/2010 5-year 92 9/20/2015 0.3% 8,597.9 2,189.7 0.341% 0.339% 1.407 208.0 0
11/18/2010 20-year 121 9/20/2030 1.9% 2,547.0 1,001.1 1.920% 1.902% - 98.6 0
11/25/2010 2-year 299 12/15/2012 0.2% 7,667.0 2,401.3 0.172% 0.171% 3.579 194.5 0
12/ 1/2010 10-year 312 12/20/2020 1.2% 4,809.8 1,998.1 1.198% 1.189% 10.688 190.5 323.1
12/ 7/2010 30-year 33 9/20/2040 2.0% 1,629.1 551.9 2.200% 2.185% - 47.4 34.7
12/ 9/2010 5-year 93 12/20/2015 0.5% 6,099.9 2,192.7 0.574% 0.565% 5.530 201.3 348.4
12/14/2010 20-year 123 12/20/2030 2.1% 3,526.0 1,002.4 2.082% 2.073% - 96.9 97.9
12/22/2010 2-year 300 1/15/2013 0.2% 8,472.7 2,418.2 0.235% 0.229% 4.129 176.9 368.4
Auction Results
（Treasury Discount Bills）
Auction Date Type of Security
Issue
Number
Maturity Date
Amounts of


Competitive Bids
(billion yen)
Amounts of

Bids Accepted

(billion yen)
Yield at the
Lowest
Accepted
Price
Yield at the
Average
Price
Amounts of Bids

Accepted at the Non-

price-competitive
Auction Ⅰ
(billion yen)
10/ 4/2010 6-month 141 4/12/2011 17,879.90

3,230.45

0.1103% 0.1103% 269.40

10/ 6/2010 3-month 142 1/17/2011 26,287.50

4,424.52


0.1035% 0.1031% 359.40

10/12/2010 Approx,. 2-month 143 12/ 2/2010 25,206.40

2,347.09

0.1064% 0.1057% 152.80

10/13/2010 3-month 144 1/24/2011 29,286.80

4,472.07

0.1061% 0.1054% 349.81

10/15/2010 1-year 145 10/20/2011 11,047.40

2,329.22

0.1121% 0.1111% 170.70

10/20/2010 3-month 146 1/31/2011 27,425.10

4,440.91

0.1080% 0.1072% 349.00

10/27/2010 3-month 147 2/ 7/2011 27,792.70

4,472.51


0.1080% 0.1069% 361.40

11/ 2/2010 3-month 148 2/14/2011 24,804.00

4,480.01

0.1080% 0.1076% 317.91

11/ 4/2010 6-month 149 5/13/2011 14,991.70

3,276.65

0.1131% 0.1111% 223.25

11/10/2010 3-month 150 2/21/2011 21,878.90

4,516.81

0.1117% 0.1113% 312.10

11/15/2010 1-year 151 11/21/2011 7,374.40

2,366.62

0.1255% 0.1224% 133.30

11/17/2010 3-month 152 2/28/2011 21,422.30

4,495.81


0.1173% 0.1166% 324.09

11/19/2010 Approx,. 2-month 153 1/25/2011 12,310.50

2,339.46

0.1167% 0.1161% 160.47

11/24/2010 3-month 154 3/ 7/2011 16,623.20

4,421.99

0.1192% 0.1177% 339.90

12/ 1/2010 3-month 155 3/14/2011 17,875.20

4,423.92

0.1266% 0.1263% 356.00

12/ 7/2010 6-month 156 6/10/2011 12,206.70

3,277.61

0.1284% 0.1284% 222.32

12/ 8/2010 3-month 157 3/22/2011 16,191.20

4,399.48


0.1253% 0.1231% 380.40

12/10/2010 Approx,. 2-month 158 2/ 2/2011 13,017.90

2,322.81

0.1266% 0.1259% 177.13

12/14/2010 1-year 159 12/20/2011 4,295.00

2,369.10

0.1893% 0.1763% 130.90

12/15/2010 3-month 160 3/ 28/2011 10,543.70

4,432.76

0.1415% 0.1404% 347.15

12/20/2010 3-month 161 4/ 7/2011 12,189.00

4,493.58

0.1319% 0.1297% 341.33

Auction Calendar for Jan. – Mar. 2011
Auction Date Issue Auction Date Issue Auction Date Issue Auction Date Issue
1/ 6 (Thu) T-Bills(3-month) 1/24 (Mon)

Auction for Enhanced-liquidity

2/16 (wed)

5-year 3/10 (Thu) 5-year
1/ 6 (Thu) 10-year 1/26 (Wed) T-Bills(3-month)

2/18 (Fri)
Auction for Enhanced-liquidity
3/14 (Mon) T-Bills(1-year)
1/ 7 (Fri) T-Bills(6-month) 1/27 (Thu) 2-year

2/22 (Tue) 20-year 3/16 (Wed) T-Bills(3-month)
1/11 (Tue)
Auction for Enhanced-liquidity
2/ 1 (Tue) 10-year

2/23(wed) T-Bills(3-month) 3/16 (Wed) 20-year
1/12 (Wed) T-Bills(3-month) 2/ 2 (Wed) T-Bills(3-month)

2/24 (Thu) 2-year 3/22 (Tue) T-Bills(Approx.2-month)
1/13 (Thu) 30-year 2/ 3 (Thu)
Auction for Enhanced-liquidity

3/ 1 (Tue) 10-year 3/22 (Tue)
Auction for Enhanced-liquidity

1/17 (Mon) T-Bills(1-year) 2/ 7 (Mon) T-Bills(6-month)

3/ 2 (Wed) T-Bills(3-month) 3/23 (Wed) T-Bills(3-month)

1/18 (Tue) 5-year 2/ 8 (Tue) T-Bills(3-month)

3/ 3 (Thu)
Auction for Enhanced-liquidity
3/24(Thu) 2-year
1/19 (Wed) T-Bills(3-month) 2/ 8 (Tue) 40-year

3/ 7 (Mon) T-Bills(6-month)
1/20 (Thu)
T-Bills(Approx.2-month)
2/14(Mon) T-Bills(1-year)

3/ 8 (Tue) 30-year
1/20 (Thu) 20-year 2/16 (wed) T-Bills(3-month)

3/ 9 (Wed) T-Bills(3-month)


Total Bidding Amount of JGBs （Calculated by Duration） Top 10
（Jul. 2010 ～ Dec. 2010）
1 Nomura Securities Co., Ltd. 6 The Bank of Tokyo-Mitsubishi UFJ, Ltd.
2 Deutsche Securities Inc. 7 Barclays Capital Japan Limited
3 Mizuho Securities Co., Ltd. 8 RBS Securities Japan Limited
4 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 9 Goldman Sachs Japan Co., Ltd.
5 Daiwa Securities Capital Markets Co. Ltd 10 Credit Suisse Securities Japan Limited
. - 3 -
2 JGB PRIMARY MARKET
Note 1：The above calendar may be changed or added in light of changes in circumstances. In such cases, it will be announced in advance.
Note 2：Each issue amount will be announced about one week prior to each auction date.
Note 3：The issue date of the Treasury Discount Bills auctioned on January 20,2011 is January 25,2011, and the maturity date is March 25,2011.

Note 4：The issue date of the Treasury Discount Bills auctioned on March 22,2011 is March 25,2011, and the maturity date is May 25,2011.



Issues Re-opened through the Recent Auctions for Enhanced-liquidity
Issue Numbers
Auction Date Securities
Re-opened Amounts（billion yen. face value）
＃277

＃278 ＃279 ＃280 ＃282

＃284

＃285

＃287

＃291

＃292


12/16/ 2010 10-year
22.5

65.5 23.9 12.5 3.9

62.0


4.5

7.0

9.9

88.1


＃86

＃87 ＃88 ＃89 ＃93

＃117

＃6

＃11

＃12

＃13

＃14

＃15

＃16

＃18 ＃20 ＃23 ＃24


＃26

＃28

13.0

1.0 4.0 28.3 1.0

7.8

23.0

1.1

0.1

2.2

22.4

20.3

3.2

34.0 1.3 8.0 0.1

4.7

20.1


＃30

＃31 ＃32
12/3/ 2010
20-year
30-year
62.2

40.0 2.0
＃279

＃280 ＃281 ＃284 ＃285

＃58

＃60

＃61

＃62

＃63

＃70


11/15/ 2010
10-year
20-year

40.2

53.2 30.2 26.0 13.3

4.0

2.0

37.2

30.6

31.1

31.8


＃86

＃87 ＃88 ＃89 ＃90

＃93

＃94

＃99

＃101

＃107


＃116

＃117

＃6

＃18 ＃23 ＃26 ＃28

＃30

＃31

11/15/ 2010
20-year
30-year
84.7

17.1 16.7 27.5 3.8

27.7

62.0

0.1

5.0

0.2


22.3

15.1

7.3

0.2 2.0 5.0 0.9

1.0

1.1

＃284

＃84
10/25/ 2010
10-year
20-year
243.9

56.0
＃86

＃93 ＃94 ＃116 ＃117

＃12

＃14

＃17


＃18

＃23

＃28

＃30

＃31


10/1/ 2010
20-year
30-year
6.1

4.5 2.9 209.0 3.0

5.0

30.0

1.0

2.5

12.0

10.0


12.8

1.0


Note：Red shows 10-year, black shows 20-year and blue shows 30-year coupon-bearing bonds.
Target Zones of the Auction for Enhanced-liquidity for the Fourth Quarter of FY 2010




















Note ：JL shows 20‐year JGBs. JX shows 30‐year JGBs. Outstanding amount is at the end of December 2010.


JGB Buy-back Results

Remaining Years to Maturity

～1yr 1yr～5yr 5yr～10yr 10yr～20yr 20yr～
Coupon
STRIPS
Tota l
December 2010 - 28.6

150.8

10.5

- - 189.9

November 2010 - 22.8

81.3

38.1

- - 142.2

October 2010 - 21.1

137.8

29.2


- - 188.1








- 4 -

0
500
1,000
1,500
2,000
2,500
3,000
3,500
JL89
JL90
JL91
JL92
JL93
JL94
JL95
JL96
JL97
JL98
JL99

JL100
JL101
JL102
JL103
JL104
JL105
JL106
JL107
JL108
JL109
JL110
JL111
JL112
JL113
JX01
JL114
JL115
JX02
JL116
JL117
JX03
JL118
JL119
JL120
JL121
JL122
JX04
JL123
JX05
JX06

JX07
JX08
JX09
JX10
JX11
JX12
JX13
JX14
JX15
JX16
JX17
JX18
JX19
JX20
JX21
JX22
JX23
JX24
JX25
JX26
JX27
JX28
JX29
JX30
JX31
JX32
JX33
(billion yen)
Excluded issues
Floating amount in the market (excluding amount issued by

the Auction for Enhanced-liquidity)
Amount issued b
y
the Auction for Enhanced-li
q
uidit
y
3
THE AUCTION FOR ENHANCED-LIQUIDITY AND JGB BUY-BACK

（billion yen）
①Remaining maturity : approx.
5-～15-year
5.5
（Remaining maturities）
9.5
12
15.5
②Remaining maturity : approx. 15-～29-year

15.5
19.5
29.5

（Remaining maturities）
0.0
500.0
1,000.0
1,500.0
2,000.0

2,500.0
～
1Y 1Y
～
5Y 5Y
～
10Y 10Y
～
20Y 20Y
～
Oct. to Dec. 2010
Jul. to Sep. 2010
Apr. to Jun. 2010
Jan. to Mar. 2010
（
years to maturity
）
276.6
69.1
53.6
81.4
2,005.2
369.9
400.5
519.6
715.2
503.0
168.0
150.1
107.1

77.8
（billion yen）
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,000
6,500
7,000
280
281
282
283
JL33
284
285
JL34
JL35
286
287
288
JL36

JL37
289
290
291
292
JL38
JL39
293
294
295
296
JL40
297
298
299
300
JL41
JL42
301
302
303
304
JL43
305
306
307
JL44
JL45
308
309

JL46
310
311
JL47
312
JL48
JL49
JL50
JL51
JL52
JL53
JL54
JL55
JL56
JL57
JL58
JL59
JL60
JL61
JL62
JL63
JL64
JL65
JL66
JL67
JL68
JL69
JL70
JL71
JL72

JL73
JL74
JL75
JL76
JL77
JL78
JL79
JL80
JL81
JL82
JL83
JL84
JL85
JL86
JL87
JL88
(billion yen)
Excluded issues
Floating amount in the market (excluding amount issued by
the Auction for Enhanced-liquidity)
Amount issued by the Auction for Enhanced-liquidity



JGB Yield Curves




Source: Japan Bond Trading Co.

Yields of JGB








Source: Japan Bond Trading Co.
Long - Term Interest Rates （10Yr）










Source: Bloomberg

Long - Short Interest Spreads （30Yr - 10Yr）











Source: Bloomberg

- 5 -
4 JGB SECONDARY MARKET
0.0
0.5
1.0
1.5
2.0
2.5
0 5 10 15 20 25 30 35 40
(
years to maturity
)
（
%
）
2010/9/30
2010/12/30
0.0
0.5
1.0
1.5
2.0
2.5
3.0

（
%
）
40-year bond 10-year bond
30-year bond 5-year bond
20-year bond 2-year bond
＜
2006
＞
＜
2007
＞＜
2008
＞
＜
2009
＞
＜
2010
＞
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
United Kingdom Germany
United States Japan


＜
2006
＞
（
％
）
＜
2007
＞
＜
2008
＞ ＜
2009
＞ ＜
2010
＞
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
United Kingdom
Germany
United States
Japan
（
％

）
＜
2006
＞ ＜
2007
＞ ＜
2008
＞ ＜
2009
＞ ＜
2010
＞

Break-Even Inflation Rates






Source: Japan; Japan Bond Trading Co., U.S.A., U.K.; Bloomberg
Short-term Interest Rates of Treasury Discount Bills











Note: The Interest rates of FBs (13-weeks, 6-months) and TBs (6-months, 1-year) are used up till Jan, 2009.
Source: Japan Bond Trading Co.
Short-term Interest Rates








Source: Bank of Japan, Japan Banker Association
JGB Over-the-Counter Trading Volume (TOKYO)









Note: In February 2009, FBs (approx 2-month, 13-weeks, 6-months) and TBs (6-months, 1-year) are integrated into the Treasury
Discount Bills.
Source: Japan Securities Dealers Association

- 6 -
0

100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
1,300
(
trillion yen
)
Treasury Discount Bills
Financing Bills
Treasury Bills
Medium Term Bonds
Long Term Bonds
＜
2006
＞ ＜
2007
＞＜
2008
＞
＜
2009

＞
＜
2010
＞
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
Treasury Discount Bills (3-month)
Treasury Discount Bills (6-month)
Treasury Discount Bills (1-year)
（％）

2010/12/30 Recent Indicative Price

Treasury Discount Bills (3-month) 0.125% Treasury Discount Bills (6-month) 0.130% Treasury Discount Bills (1-year) 0.140%
＜
2009
＞
＜
2006
＞＜
2007
＞＜

2008
＞＜
2010
＞
-3.5
-3.0
-2.5
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
10-yr BEI (Japan) 10-yr BEI (U.K.)
10-yr BEI (U.S.A.)
（％）
＜
2006
＞＜
2007
＞

＜
2008
＞
＜
2009
＞
＜
2010
＞
-0.05
0.05
0.15
0.25
0.35
0.45
0.55
0.65
0.75
0.85
0.95
(
％
)
Call Rate (Uncollateralized Overnight)
TIBOR 3-months (Euro-Yen)
Basic Loan Rate
＜
2006
＞＜
2007

＞
＜
2008
＞
＜
2009
＞＜
2010
＞



General Bonds Issuance Amount and Outstanding






Note 1: Issuance Amount: revenue basis, FY1999-2009: actual, FY2010: supplementary budget, FY2011: initial budget.
Note 2: Outstanding: nominal basis, FY1999-2009: actual, FY2010-FY2011: estimates.
Source: Ministry of Finance

Time-to-maturity Structure of Outstanding JGB （September 2010）









Source: Ministry of Finance
Outstanding STRIPS Breakdown by JGB Holders （September 2010）









Note: Outstanding STRIPS means outstanding amount of principal of Note: From preliminary figures of the end of December 2007, Banks, etc
strippable JGBs held in stripped form. include Japan Post Bank, life and nonlife insurance include Japan Post Insurance.
Source: Ministry of Finance Source: Bank of Japan
Holding of JGBs by Foreign Investors JGB Holding by Retail Investors












- 7 -

5 JGB OUTSTANDING
Source: Bank of Japan
0.63
1.23
0.66
4.60
2.82
3.19
2.29
1.84
1.77
0.43
3.90
0.73
1.08
5.56
7.08
49.97
8.93
7.39
51.26
64.80
32.61
19.46
10.45
12.97
29.26
97.39
32.37
6.87

57.36
31.00
6.42
8.83
9.35
39.29
0
10
20
30
40
50
60
70
80
90
100
110
120
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 474849(FY)
(
trillion yen
）
Treasury Bills
2-yr bonds
JGBs for retail investors (3-yr-Fixed-rate)
JGBs for retail investors (5-yr-Fixed-rate)
5-yr bonds
Inflation-Indexed bonds
JGBs for retail investors (Floating-rate)

10-yr bonds
15-year-floating-rate bonds
20-yr bonds
30-yr bonds
40-yr bonds
Average remaining years to maturity
：
6 years and 7months
0.0
100.0
200.0
300.0
400.0
Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10
（billion yen）
STRIPS(2-year bonds) STRIPS(5-year bonds)
STRIPS(10-year bonds) STRIPS(20-year bonds)
STRIPS(30-year bonds) STRIPS(40-year bonds)
16.7
19.6
19.9
23.5
25.7
26.4
41.4
39.7
34.6
31.4
36.7
32.6

30.4
29.5
31.3
30.2
34.9
34.5
37.3
40.2
37.1
41.1
47.9
47.4
48.0
52.9
45.0
44.0
3.0%
3.5%
3.4%
3.9%
4.1%
4.1%
4.6%
4.5%
4.7%
4.5%
5.3%
5.1%
5.5%
6.0%

5.6%
6.1%
7.0%
6.8%
7.0%
5.8%
4.6%
4.6%
5.0%
5.1%
7.8%
6.5%
6.4%
6.1%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
03/12
04/03
04/06
04/09
04/12
05/03
05/06

05/09
05/12
06/03
06/06
06/09
06/12
07/03
07/06
07/09
07/12
08/03
08/06
08/09
08/12
09/03
09/06
09/09
09/12
10/03
10/06
10/09
0.0
10.0
20.0
30.0
40.0
50.0
60.0
(trillion yen)
331.7

367.6
421.1
457.0
499.0
526.9
531.7
667.6
392.4
594.0
545.9
541.5
642.3
155.6
127.1
124.6
135.6
136.8
119.9
110.3
104.6
89.3
86.3
77.6
142.4
146.7
0
25
50
75
100

125
150
175
99 00 01 02 03 04 05 06 07 08 09 10 11
(
FY
)
(
trillion yen
)
100
200
300
400
500
600
700
800
(
trillion yen
)
Outstanding (right-hand scale)
Issuance Amount (left-hand scale)
Households, 4.7%
Foreigners, 5.0%
Pension Funds, 3.8%
Public Pensions, 10.7%
Life and Nonlife
Insurance, etc, 20.1%
BOJ, 7.9%

General Government, etc
(ex Public Pensions),
0.5%
Banks, etc, 44.4%
Others, 2.9%
(Note1) Outstanding “JGBs for retail investors” at Dec. 2010 is calculated to 〔aggregate issues
of \33.6 trillion〕-〔redemption before maturity of \6.3trillion〕.
(Note2) Figures in parenthesis indicator are issue numbers.
(Source) Ministry of Finance, Bank of Japan “Flow of Funds”
3.3
4.8
6.5
8.4
10.1
12.4
14.0
15.3
17.1
20.7
22.0
23.2
24.1
25.8
26.5
26.7
26.8
27.4
27.5
27.6
27.5

27.7
27.7
27.2
27.3
27.4
27.2
12.7
12.5
12.4
13.4
14.6
15.9
18.0
20.1
21.8
24.5
25.7
26.9
28.0
29.1
31.4
32.3
33.4
33.6
35.4
36.0
36.3
35.3
35.8
36.7

36.0
35.6
35.5
35.0
34.4 34.4
2.0
18.7
0.4
0.7 1.0
4.7%
4.8%
5.0%
5.1%
5.2%
5.3%
5.3%
5.3%
5.3%
5.2%
5.2%
5.3%
4.8%
3.4%
3.2%
4.0%
3.7%
3.9%
2.4%
2.3%
2.4%

4.2%
4.7%
4.4%
2.3%
2.6%
2.8%
3.0%
5.0%
5.1%
5.3%
0
5
10
15
20
25
30
35
40
45
Mar - 03
(#1)
Mar - 04
(#5)
Mar - 05
(#9)
Mar - 06
(#13)
Mar - 07
(#17)

Mar - 08
(#21)
Mar - 09
(#25)
Mar - 10
(#29)
(trillion yen)
-0.5%
0.5%
1.5%
2.5%
3.5%
4.5%
5.5%
Total JGBs held by retail investors (left)
Outstanding "JGBs for retail investors" (left)
Ratio of JGBs held by retail investors （right）
Dec - 10
34.1



Economic Indicators
FY2010
FY2006 FY2007 FY2008 FY2009
Apr Jun. Jul Sep.
Real GDP（chained 2000） 2.3 1.8 -4.1 -2.4 0.7 1.1
Domestic Demand (1.5) (0.6) -(2.9) -(2.7) (0.5) (1.1)
Private Consumption 1.4 1.4 -2.2 0.0 0.3 1.2
Residential Investment -0.2 -13.5 -3.6 -18.2 -0.8 1.2

Non-Resi. Investment 4.7 0.8 -6.9 -13.6 2.7 1.3
Public Investment -8.8 -6.4 -6.8 14.2 -3.0 -1.0
Net Exports (0.8) (0.8) -(1.2) (0.3) (0.3) 0.0
Index of Industrial Production (2005 av.=100)
4.6 2.7 -12.7 -8.9 1.5 -1.8
Unemployment Rate 4.1 3.9 4.0 5.1 5.3 5.1
Note: Percent changes from previous period (quarterly figures are seasonally adjusted). The figures in（ ）indicate the contribution to change in GDP.
Source: Cabinet Office; Ministry of Economy, Trade and Industry; Ministry of Internal Affairs and Communications

Debt Securities Investment in Japan
Prices by Non-Residents









Source: Cabinet Office, Ministry of Internal Affairs and Communications, Source: Ministry of Finance
Bank of Japan
General Government Financial Balances （SNA Basis） General Government Gross Debts （SNA Basis）










Note: For Japan and the U.S.A., where pension systems are based on a Source: OECD “Economic Outlook No. 88”
Modified Funded System, the figures exclude social security funds,
which are regarded as future liabilities in real terms
Source: OECD “Economic Outlook No. 88”

Debt Management Policy Division, Financial Bureau, Ministry of Finance
3-1-1 Kasumigaseki, Chiyoda-ku, Tokyo 100-8940 Japan
Phone: 81-3-3581-4111
Web: www.mof.go.jp




- 8 -
6 ECONOMIC AND FINANCIAL TREND
（％）

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(
-9.0
-7.0

-5.0
-3.0
-1.0
1.0
3.0
5.0
7.0
9.0
（％）
CGPI(Corporate Goods Price Index)
CPI (Nationwide, excluding fresh food, including energy prices)
GDP Deflator
Change from the previous year
＜
2006
＞
0.9%
-0.5%
-0.5%
＜
2007
＞＜
2008
＞＜
2009
＞＜
2010
＞
-7
-6

-5
-4
-3
-2
-1
0
1
2
3
4
5
6
7
(
trillion yen
)
Money Market Instrument
Bonds and Notes
＜2006＞
＜2007＞
＜2008＞
＜2009＞
＜2010＞
30
50
70
90
110
130
150

170
190
210
99 00 01 02 03 04 05 06 07 08 09 10 11 12
Japan U.S.A. U.K
Germany France Italy
Canada
（
CY
）
（％） (As a percentage of GDP)
-14.0
-12.0
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
99 00 01 02 03 04 05 06 07 08 09 10 11 12
Japan U.S.A. U.K.
Germany France Italy
Canada
（％）
（ＣＹ）
（
As a

p
ercenta
g
e of GDP
）