Mar 13, 2019

Japan JGBs held by BoJ

BoJ now holds more than 50% of the government bonds.

Published monthly by Japan Macro Advisors. Updated to the month of February 2018 (published on March 13th, 2018)

Recent Data Trend:

In February 2019, the Bank of Japan (BoJ) purchased 6.6 trillion yen (book value) of JGB. BoJ seems to be reducing the amount of their monthly JGB purchases. In the past 3 months, it bought an average of 6.8 trillion yen worth of JGBs. In 2017, it bought at an average pace of 8.3 trillion yen per month and in 2018, it was 7.7 trillion yen. At the end of February 2019, the BoJ held a total of 465.8 trillion yen of JGBs. As a percentage of the total JGB market, BoJ held 50.1% of the whole market...

To read more, please become a our Standard / Corporate subscriber.

Start a subscription with 30-days Free Trial

If you are already a JMA subscriber please

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: April 12th, 2019.

Suggested Pages

Avg. Duration of JGBs

The average duration of JGBs was extended from 4.9 years as of January 2008 to 8.0 years as of February 2019. In terms of the time to maturity, it was extended from 6.2 years as of January 2008 to 8.

View Page

BoJ Balance sheet

As of March 10 2019, the Bank of Japan held a total of 563.9 trillion yen in assets. Its JGB holding was 467.3 trillion yen, up by 34.6 trillion yen from March 2018.

View Page

General Government Balancesheet

At the end of September 2018, the Japanese general government owed a total of 1,284.4 trillion yen in liability, equivalent to 234.9% of GDP.

View Page

Private capital expenditure adding fuel to growth.

The revised estimate for the April-June quarter GDP published on September 10 shows that the Japanese economy grew by 0.7% quarter on quarter (QoQ), up from 0.5% QoQ in the initial estimate. A signif

View Page