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1、BondMarketDevelopmentinJapan2008NaoyukiYoshino**ProfessorofEconomics,KeioUniversity,Chairperson,JGBInvestorsMeeting,MOF,Member,DebtManagementCouncil,MOF,yoshino@econ.keio.ac.jp1CONTENTSI.IntroductionII.TheHistoryofBondMarketDevelopmentinJapanIII.TrendsofJapaneseGovernmentBondsIssuesIV.DebtManagement
2、PoliciesV.TheMajorMechanismforJapaneseGovernmentBondsIssuanceandTransactionsVI.PolicyRecommendationstoAsianCountries2BondMarketDevelopmentinJapanNaoyukiYoshino*I.INTRODUCTIONEachcountryshowsdifferentdevelopmentstagesinthebondmarket.Japaneseexperienceshowsthatthegovernmentbondsaresoldmainlytothebanki
3、ngsectorintheearlystagesofthedevelopmentofthebondmarket.However,inyear2006,allthesesyndicatedsaleswereabolished.CurrentlyalltheGovernmentbondsaresoldthroughmarketauctions.Therearenoforcedsalestothefinancialinstitutions.SomeAsiancountriesareintheprocessofstartingthegovernmentbondmarket,asJapanstarted
4、in1965.Manylessonscouldbelearnedfromtheexperiencesofthoseoverseas.InJapan,theGovernmentbondswhosematuritywas10yearswerethemajorproductissuedbytheMOFinthe1970sand1980s.InthebeginningstageofthesettingupoftheGovernmentbondmarket,10yearGovernmentbondsweremainlysoldtothefinancialinstitutions.From1990s,th
5、eMOFstartedtosellvariouskindsofgovernmentbondstothemarket,namely,short-term,medium-termandlong-term.Short-termGovernmentbondsaretreasurybillswhichareredeemedwithinoneyearandtheyarediscountedbonds.Medium-termGovernmentbondssuchas5yearsaremainlysoldtobanks.CommercialbanksinJapanprefertohold4-5yearsGov
6、ernmentbonds,sincetheaveragematurityofdepositsislessthan5years.ItisimportanttofocusonthekindsofcustomersthatwillpurchaseMongolianandSriLankan’Governmentbonds.Whowillbethemajorparticipantsinthegovernmentbondmarketineachcountry?SincebankdepositsarethemajorfinancialmeansofsavinginMongolia,itisadvisable
7、toissueGovernmentbondstomatchtheneedofthecommercialbankingsector.Commercialbanksareborrowingandlendingmoneythroughtheshorttermmoneymarketonadailybasis.TheCentralBankofMongoliaparticipatesintotheshortt
