JGBs
Japanese Government Bonds, or JGBs, are debt securities issued by the Government of Japan to finance public spending and refinance maturing debt. They are a core part of Japan’s domestic financial markets and are widely used by banks, insurers, pension funds, and other institutions as a source of relatively liquid, low-risk assets. JGBs are typically considered a benchmark for long-term rates in Japan.
JGBs come in several types and maturities. The most common are fixed-rate nominal JGBs, issued with periodic
Issuance and market structure are overseen by the Japanese Debt Management Office (DMO) under the Ministry
Investors in JGBs include domestic financial institutions, life insurers, pension funds, and, to a lesser extent,