Oct 9, 2018

Japan JGBs held by BoJ

BoJ bought 8 trillion yen JGBs in September.

Published monthly by Japan Macro Advisors. Updated to the month of November 2018 (published on December 4th, 2018)

Recent Data Trend:

In September 2018, the Bank of Japan (BoJ) purchased 8.0 trillion yen (book value) of JGB, up from 6 trillion yen in August. At the end of September, the BoJ held a total of 447.4 trillion yen of JGBs, an increase of 43.2 trillion yen from a year ago. The pace of year on year increase has been decelerating in the past 2 years from the peak of 82.8 trillion yen in July 2016. In terms of its duration, the 8 trillion yen bought by BoJ had an average of 7.3 years, matching the average duration of...

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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: January 4th, 2019.

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