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2025

2024

  • Public Finance Watch

    Public Finance Watch

    4 January 2024 530 KB PDF
    • FY24 JGB issuance plan, draft budget, timing for issuing CT bonds
    • MOF plans to issue Y1.7tn in CT bonds with decisions on maturities/issuance timing expected around Mar; likely options are one issuance (Apr-Jun) or two (Apr-Jun + from Jul)
    • Calendar-based JGB market issuance plan cut by almost Y20tn; flowbased avg maturity has lengthened to about same level as before coronavirus
    • Draft budget supports public sector wage hikes; goal of returning spending to normal remains difficult due to many issues other than coronavirus; breaking from 30 years of deflation seen as essential