Japan JGBs held by BoJ

At the end of January 2017, BoJ held a total of 368.3 trillion yen of JGBs, 41.8% of the total JGB market.

Published monthly by Japan Macro Advisors. Updated to the month of January 2017 (published on February 2nd, 2017)

Recent data trend:



The BoJ bought 9.7 trillion yen (book value) of JGBs in January 2017, up from 9.4 trillion yen in December 2016. The average maturity of JGB purchased in January was 8.3 years

In terms of the BoJ's market share in the JGB market, it renewed its peak, again. In January 2017, the BoJ owned 41.8% of the JGB market, measured in value, and 37.2% measured in aggregate duration risk. After its September decision, the BoJ is no longer committed to a quantitative target for the size of its JGB purchase. The pace of its JGB purchase were expected to gradually shrink, but the direction is now uncertain as the BoJ needs to restrain the yield curve from steepening in order to keep the 10 year yield at 0%.



Brief overview of “JGBs held by BoJ”

The Bank of Japan (BoJ) is currently aiming to lengthen the duration of JGB holding. In its policy statement in April 2013, it pledged that it will target to purchase JGBs with 7 years remaining maturity on average. However, the BoJ does not officially publish the duration related statistics on their JGB holding or of its monthly purchase. We, Japan Macro Advisors, estimate these statistics. These data are our proprietary data, but we permit the free use of statistics on condition that users display the source (JMA) publicly. The average duration of the BoJ’s JGB holding had been steadily falling between 2011 to early 2013 until the new BoJ Governor Haruhiko Kuroda introduced “Quantitative and Qualitative Monetary Easing” in April 2013.

The methodology and publication schedule of the indicator(English)

The methodology and publication schedule of the indicator(Japanese)

BoJ's market share in the fixed coupon JGBs by maturity sub-sectors

BoJ's market share in JGBs by maturity sub-sectors

Note: Measured in market value at the end of each month

The Next Release Date: March 2nd, 2017.

Suggested Pages

Avg. Duration of JGBs

At the end of January 2017, there were 881 trillion yen of JGBs outstanding and their average duration was 7.6 years.

View Page

BoJ Balance sheet

At the end of February 20 2017, the Bank of Japan held a total of 484.1 trillion yen in assets, of which Japanese government securities accounted for 416.9 trillion yen.

View Page

General Government Balancesheet

At the end of September 2016, the Japanese general government owed a total of 1266 trillion yen in liability, equivalent to 235.6% of GDP. The liability includes 867.4 trillion yen of JGBs, 120 trillion yen of T-bills and 156 trillion yen of loans.

View Page

Our Views on Japan

The time is not yet ripe for us to declare Abenomics a failure, but we must say we are getting there. Two and half years since the advent of Abenomics, inflation in Japan remain earth bound.

View Page