Debt Management Report

Transcription

1 2017 Debt Management Report The Government Debt Management and the State of Public Debts Contents Preface 1 About Debt Management Report 2 2 What is Debt Management Policy? 3 (1) Overview 3 (2) Framework of Government Funding Activities 4 (3) Debts with Public Characteristics 5 I FY2017 Debt Management Policies 1 Trends of JGB Market in FY (1) Review 8 (2) Yen Bond Market Environment Changes 10 (3) Overseas Market Topics 12 Column1 Quantitative and Qualitative Monetary Easing with Yield Curve Control 15 2 JGB Issuance Plan for FY (1) Basic Objectives for JGB Management Policy 17 (2) Scheduled Issuance Amount of JGBs 17 (3) JGB Issuance Plan Based on Market Trends and Needs 21 Column2 Changes to JGB Issuance Plan for FY2016 in Line with Economic Measures 24 3 Diversi cation of JGB Investor Base 26 (1) JGB Holdings by Retail Investors 27 (2) JGB Holdings by Foreign Investors 30

2 II Framework of Debt Management Chapter 1 Government Bonds (JGBs) 1 Primary Market for Government Bonds 38 1 JGBs by Legal Grounds of Issuance 38 2 Types of JGBs 42 3 Methods of Issuance 44 4 JGB Market Special Participants Scheme 49 5 Government Bond Administration 51 Column3 Debt Management Policies in Foreign Countries 53 Column4 Auction methods (Introduction of OECD Discussions) 61 2 Secondary Market for Government Bonds 63 1 OTC Transactions and Transactions on the Stock Exchange 63 2 Improvements to the JGB Transaction Settlement System 64 3 WI Transaction 68 4 Bond Gensaki and Bond-Lending Transaction 69 5 STRIPS 72 6 JGB Futures Trading 73 Column5 Progress in Shortening of Settlement Cycles 75 3 Debt Management Systems 77 1 Redemption System 77 2 Interest Rate Swap Transaction 86 3 Auctions for Enhanced-Liquidity 86 4 Buy-back Program 87 5 Dialogue with Market Participants 91 4 Taxation of Government Bonds 93 1 Individuals (residents) 93 2 Domestic Corporations 94 3 Nonresident Individuals and Foreign Corporations 95 4 Tax Exemption Scheme for Nonresident Individuals and Foreign Corporations 95 Column6 Repo Tax System 98 Chapter 2 Financing Bills, Borrowings, Government-Guaranteed Debt and Subsidy Bonds 1 Financing Bills Legal Grounds of Financing Bills Status of Financing Bills in the Budget Auction Methods, etc Outline of Cash Management of the National Treasury Borrowings Legal Grounds of Borrowings Status of Borrowings in the Budget Source of Borrowings Borrowings from the Private Sector 103

3 5 Borrowing through Public Auction on Private-sector Borrowings Government-Guaranteed Debt Legal Ground of Government Guarantee Features of Government-Guaranteed Debt Treatment in the Budget and Examination Process Subsidy Bonds Subsidy Bonds (narrowly de ned) Subscription/Contribution Bonds Others 108 Chapter 3 Other Public Debt 1 Local Government Bonds (LGBs) Basic Scheme of LGBs Loans to Local Government by Public Funds Local Funds O ered by Private Sectors, etc Debt of Incorporated Administrative Agencies, etc Debt of Incorporated Administrative Agencies, etc Financial Conditions of Incorporated Administrative Agencies, etc. 115 III Appendices Chapter 1 Government Bonds (JGBs) 1 Primary Market for Government Bonds Issuance Amount of Government Bonds Changes in JGB Market Issuance Auction Results for JGBs and T-Bills in FY Issuance Amount of JGBs and T-Bills O ered to the Market at Each Auction Closing Bids Share for JGBs by Investor Type in FY Issuance of JGBs for Retail Investors Issuance by the Bank of Japan Switch Front-Loading Issuance of Refunding Bonds List of Commissions for Issuing JGBs, etc Secondary Market for Government Bonds Year JGB Yield Year Government Bonds Yields Yields of JGBs in FY JGB Yield Curves Various Rates in the Short-term Financial Market in FY Break-Even-In ation (BEI) Rate Market Price of 15-year Floating-rate Bonds JGB Share in Total Trading Volume of Yen Bonds JGB Share in Total Issuance Amount of Yen Bonds Portfolio Investment Assets in FY

4 11 Portfolio Investment Liabilities in FY Trends in JGB Transactions (by investor type) in FY Trading Volume of Yen Bonds Trading Volume of JGB Futures Trading Volume of Bond Gensaki Trading Volume of Bond-Lending Open Interest Amounts of Bond-Lending Trading Volume of JGB Option by OTC Trading Volume of JGB Futures Options Outstanding Amount of STRIPS-Principal-Only Book-entry Transfer JGBs Results of Outright Purchases of JGBs by the Bank of Japan in FY Results of Outright Purchases of T-Bills by the Bank of Japan in FY Japan's Sovereign Ratings by Major Credit Rating Agencies List of Sovereign Ratings by Major Credit Rating Agencies Debt Management Systems Revenues and Expenditures for the Special Account for the GDCF (FY2017 Initial Budget) 145 (2) Payment status of debt redemption expenses and interest, discount expenses and so on of the each account (FY2017 Initial Budget, FY2015 Settlement of Accounts) Transfer of Redemption Sources, Redemption Amount, Outstanding Amount and Refunding Amount of the GDCF (FY2017 Initial Budget) Investment Balance of the GDCF Budgetary Surplus of the Special Account of the GDCF Results of Auctions for Enhanced-Liquidity Bid Achievements in FY Buy-back Results in FY Buy-back Results Various councils History of Postwar Debt Management Policy Government Bond-related Legal Systems 155 Chapter 2 Financing Bills, Borrowings and Government-Guaranteed Debt 1 Financing Bills (FBs) Outstanding Amount of FBs-Breakdown by the Types (as of the end of FY2016) Outstanding Amount of FBs Issuance Amount of FBs in FY2016-Breakdown by Funding Resources Receipts and Payments on the National Treasury for FY Borrowings Outstanding Amount of Borrowings Outstanding Amount of Borrowings -Breakdown by the Types of Account (as of the end of FY2016) Outstanding Amount of Borrowings of the Special Account for Local Allocation Tax Amount of Borrowings of the Special Account for Local Allocation Tax O ered to the Market at Each Auction Auction Results of the Borrowings of the Special Account for Local Allocation Tax in FY Auction Results of the Borrowings of the Special Account for the National Forest Debt Management in FY Auction Results of the Borrowings of the Special Account for Energy Policy in FY Government-Guaranteed Debt Changes in the Outstanding Amount of Government-Guaranteed Debt 164

5 2 Changes in the Issuance Amount of Government-Guaranteed Domestic Bonds O ered to the Market Breakdown of the Government-Guaranteed Debt by Agencies Issuance Calendar of Government-Guaranteed Domestic Bonds by Agencies in FY Outstanding Amount of Government-Guaranteed Foreign Bonds-Breakdown by Denomination and by Agencies (as of the end of FY2016) Yields of 10-year Government-Guaranteed Bonds in FY Chapter 3 Other Public Debt 1 Local Government Bonds (LGBs) Overview of LGB Program in FY LGB Program-Breakdown by Funding Resources Outstanding Amount of LGB Program-Breakdown by Funding Resources Issuance Conditions of Public O ering LGBs in FY Issuance Amount of Public O ering LGBs Debt of Incorporated Administrative Agencies, etc FY2017 FILP Plan Planned and Actual Issuance Amount of FILP Agency Bonds Yields of 10-year FILP Agency Bonds in FY Supplement Fiscal Conditions and Debt Outstandings 1 General Account Tax Revenues, Total Expenditures and Government Bond Issues Government Bond Issues and Bond Dependency Ratio Changes in Ratio of Primary Balance to GDP Projections in Primary Balance (Central and Local government basis ; percentage of GDP) Government Debt-related Expenditures in the General Account-Breakdown by Categories (FY2017) Historical Changes in Government Debt-related Expenditures Projection of the FY2017 Budget Impact on Following Years' Expenditure and Revenue Cash- ow Projections of the GDCF Changes in the Outstanding Amount of JGBs, Financing Bills, Borrowings and Government-Guaranteed Debt Long-term Debt Outstanding of Central and Local Governments Breakdown of the Outstanding Amount of General Bonds by Remaining Years to Maturity Term-to-maturity Structure of General Bonds (FY2017 Initial Budget Basis) Breakdown of the Outstanding Amount of General Bonds by Maturity Types and Their Average Interest Rate at the end of FY Outstanding Interest Rate Weighted Average, Interest Payment of General Bonds and Average Years to Maturity Outstanding Amount of JGB and T-Bill -Breakdown by Holders Balance Sheet of Japanese Government (General Account and Special Accounts) (as of the end of FY2015) Financial Assets and Liabilities of General Government (Central Government, Local Government and Social Security fund) (End of Dec, 2016 (Preliminary Figures)) International Comparison of General Government Financial Balance to GDP International Comparison of General Government Gross Debt to GDP International Comparison of General Government Net Debt to GDP 188