A tally by JGB Information of the Bank of Japan’s issue-level data put holdings at about ¥502.1 trillion on Oct. 20, measured at face value, as the central bank continues planned purchase cuts.
The Bank of Japan (BOJ) published its issue-by-issue file on Oct. 22. JGB Information’s aggregation covers 336 issues and shows that 10-year Japanese government bonds (JGBs) made up the largest portion: ¥219.5 trillion, or 43.7% of the tally. A previous BOJ account put its JGB holdings at ¥503.6 trillion on Oct. 10.
The BOJ’s separate accounts recorded ¥504.004 trillion in Japanese government securities on Oct. 20. Treasury discount bills were listed at zero. The accounts value yen-denominated bonds at amortized cost using a moving-average method, while the issue-level figures use face value. The totals are therefore not directly comparable.
The BOJ plans to purchase about ¥2.3 trillion in JGBs per month from October through December, down from about ¥2.5 trillion monthly in July through September. Its schedule calls for purchases of about ¥2.1 trillion a month from January through March 2027. The bank says these amounts are approximate and may change with market conditions.
At its June policy meeting, the BOJ estimated its JGB holdings could reach about ¥480 trillion by the end of March 2027, based on monthly purchases of about ¥2 trillion and measured at face value. That estimate was about 17% below the level at the end of June 2024.
In an August review, the BOJ linked part of the recent rise in long-term rates to underlying inflation and said Japanese banks and households had been adding JGBs over time. It said it began reducing long-term bond purchases in summer 2024 to help the market function better while supporting stability.
The BOJ’s next policy meeting is scheduled for Oct. 29-30. It plans to announce November JGB purchase auction dates on Oct. 30 at 4 a.m. ET (8 a.m. UTC).
