Author: Yasushi Hamao
Publisher:
ISBN:
Category : Bonds
Languages : en
Pages : 76

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Author: Yasushi Hamao
Publisher:
ISBN:
Category :
Languages : en
Pages : 72

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Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 42

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Author:
Publisher:
ISBN:
Category : Bonds
Languages : en
Pages : 146

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Author: Mr.Waikei W. Lam
Publisher: International Monetary Fund
ISBN: 1463927266
Category : Business & Economics
Languages : en
Pages : 19

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Book Description
Despite the rise in public debt, Japanese Government Bond (JGB) yields have remained low and stable, supported by steady inflows from the household and corporate sectors, high domestic ownership of JGBs, and safe-haven flows from heightened sovereign risks in Europe. Over time, however, the market's capacity to absorb new debt will likely shrink as population ages and risk appetite recovers. In the short term, a decline in fund supply from the corporate sector, where financial surpluses are abnormally high, and spillovers from global financial distress could push up JGB yields. Fiscal reforms to reduce public debt more quickly and lengthen the maturity of government bonds will help limit these risks.

Author: Takahiro Hattori
Publisher:
ISBN:
Category :
Languages : en
Pages : 19

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This paper firstly analyzes the Liquidity Enhancement Auction, which is a unique auction implemented in the Japanese Government Bond (JGB) markets. To improve the market liquidity in the JGB market, the Ministry of Finance, Japan (MOF) uses this auction to issue additional older bonds that lack liquidity. Our results show that this auction significantly improves the liquidity measure when the MOF uses this auction to supply older bonds. Moreover, we empirically show that this auction provides a persistent effect on the market liquidity. Our paper suggests that this unique auction could be an additional tool for non-Japanese governments to compliment the market liquidity.

Author: United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Domestic Monetary Policy
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 136

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Author: Christopher Argyrople
Publisher:
ISBN:
Category :
Languages : en
Pages : 170

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Author: United States. Congress. Senate. Committee on the Budget
Publisher:
ISBN:
Category : Banks and banking, American
Languages : en
Pages : 112

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Author: Young Ho Eom
Publisher:
ISBN:
Category :
Languages : en
Pages : 44

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In many markets, the term structure of interest rates implied by coupon Treasury bonds provides a key input for pricing and hedging interest rate-sensitive securities. Previous studies in the Japanese market, however, suggest that the prices of the Japanese Government Bonds (JGB's) were significantly affected modelling in the Japanese context bases on interest rate factors could leave to misleading results. Since the previous studies, there have been significant structural changes in the regulatory environment, and in the liquidity of the Japanese bond market in the 1990's. In this light, we examine the effect of these changes on the JGB prices during the period between 1990 and 1996, by analyzing the term structure of interest rates in the JGB market over time. Specifically, we use the B-spline method to fit the term structure of interest rates using weekly prices of quot;non-benchmarkquot; ten-year JGB's. We also use a non-linear econometric model to examine the significance of the quot;couponquot; effects, which are the results of regulatory, accounting and liquidity factors.