The Bank of Japan (BOJ) reported 429 failed settlements of Japanese government bonds (JGBs) in September 2026, up from a year earlier, in a monthly survey released Oct. 13.
The count was 403 in September 2025. The failed trades had a combined face value of ¥1.6593 trillion, compared with ¥1.4905 trillion in the year-earlier month.
The BOJ treats a trade as a fail if the JGB has not been delivered to the recipient by its scheduled settlement date. The monthly tally is based on survey responses from recipients involved in failed trades.
The BOJ survey covers financial and other institutions that participate directly in the JGB book-entry system and use BOJ-NET’s JGB DVP service. The population was 244 institutions at the end of August 2026. The reported settlement figures include transfers through participants’ own accounts and accounts for customers and trusts.
For fails resolved during September, the average duration was 1.43 business days. The longest duration was 15 business days.
