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Fixed Income Commentary

Our forecasts for FY26 JGB issuance plan: MoF expected to continue shortening maturity

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Our forecasts for FY26 JGB issuance plan: MoF expected to continue shortening maturity

Key points
  • We expect both total issuance and calendar-base market issuance in FY26 will be roughly unchanged from FY25
  • We project MoF will trim supply of 20- and 30-year JGBs while boosting issuance of 5- and 10-year bonds, effectively shortening overall maturity
  • We will be watching for updates on status of deliberations on bond buybacks and floating-rate JGB issuance as well as discussions regarding periodic reviews of issuance plans
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