Investor Presentaiton
Restructuring of the Yen Interest-rate Portfolio
1. Summary
2. How to Increase
Corporate Value
3. Appendix
4. Financial Data
(3) Scope and Feasibility of Expanding JGB holdings
While the Bank of Japan's holdings of JGBs have increased due to its unprecedented monetary easing, JGB holdings by Japan Post
Bank and other banks have decreased.
- There is significant capacity for expansion in our JGB holdings due to the BOJ's monetary policy tweaks.
Balance of JGB Holdings by Business Type*
(trillion yen)
600
BOJ
(Ref.) JGB Issuance Plan for FY2024/3
(trillion yen)
FY2024/3 (Initial)
VS
500
per time
times
total
FY2023/3(2nd
Supplementary
Budget)
400
40-Year
0.7
х
6
4.2
30-Year
0.9
✗
12
10.8
300
Insurance
20-Year
1.2
×
12
14.4
200
Foreigners
To Reverse
& Expand
10-Year
2.7 ☑ 12
32.4
5-Year
2.5
100
2-Year
2.9
x
х
12
30.0
12
34.8
0.9
Banks (exc. JPB)
JPB
0
End
End
End
End
End
End
End
End
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
TBs
10-Year
Inflation-Indexed
50.7
(13.9)
0.25 X
4
1.0
0.2
09
11
13
15
17
19
21
23
BOJ's
8%
8%
13%
26%
39%
43%
44%
47%
Liquidity
Enhancement
12.0
share
JPB's
19%
16%
14%
10%
6%
5%
4%
3%
Auction
Total
190.3
(12.8)
share
Source: Compiled by Japan Post Bank based on Bank of Japan "Flow of Funds Accounts"
Source: "Market Issuance Plan by Issue" - Ministry of Finance Japan
* Total of JGBS, FILP bonds and treasury discount bills. In addition to the above business types, Public pension, Securities firms, and others also have JGB holdings. Percentage of market share is based on
the total that includes holdings by these business types.
JP JAPAN POST BANK
BANK
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