日本の国債市場改革

• Chart1:General Government Financial Balances. The Japan's deficit is larger than other counries.

• Chart2:General Government Gross Financial Liabilities. The Japan's liabilities is larger than other counries.

• Chart3:Divergence from Fitted Yield Curve. The divergence is going down.

• Chart4:Comparison of bid-ask spread. Japan is larger than other countries.

• Chart5:Turnover Ratios. The ratio of U.S. is higher than other countries.

• Chart6: Holding Pattern of Government Securities. Japan: 3.1 trillion US dollars. Government 44% (including Postal savings 23%), Central bank 11%, Financial institutions 34%, Non-financial 2%, Individuals 2%, Non-residents 6%. U.S.: 3.7 trillion US dollars. Government 7%, Central bank 12%, Financial institutions 36%, Non-financial 1%, Individuals 9%, Non-residents 35%. Germany: 1.6 trillion US dollars. Government 2%, Central bank 0%, Financial institutions 52%, Non-financial 5%, Individuals 10%, Non-residents 31%.

• Chart7: Comparison Ratio by Original Maturity.