Author: Mr.Waikei W. Lam
Publisher: International Monetary Fund
ISBN: 1463927266
Category : Business & Economics
Languages : en
Pages : 19
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.
Assessing the Risks to the Japanese Government Bond (JGB) Market
Author: Mr.Waikei W. Lam
Publisher: International Monetary Fund
ISBN: 1463927266
Category : Business & Economics
Languages : en
Pages : 19
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.
Publisher: International Monetary Fund
ISBN: 1463927266
Category : Business & Economics
Languages : en
Pages : 19
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.
The Japanese Government Bond Market
Author: Christopher Argyrople
Publisher:
ISBN:
Category :
Languages : en
Pages : 170
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 170
Book Description
Scarcity Effects of Quantitative Easing on Market Liquidity: Evidence from the Japanese Government Bond Market
Author: Mr.Fei Han
Publisher: International Monetary Fund
ISBN: 1484355342
Category : Business & Economics
Languages : en
Pages : 43
Book Description
Quantitative easing could improve market liquidity through many channels such as relaxing bank funding constraints, increasing risk appetite, and facilitating trades. However, it can also reduce market liquidity when the increase in the central bank’s holdings of certain securities leads to a scarcity of those securities and hence higher search costs in the market. Using security-level data from the Japanese government bond (JGB) market, this paper finds evidence of the scarcity (flow) effects of the Bank of Japan (BOJ)’s JGB purchases on market liquidity. Moreover, we also find evidence that such scarcity effects could dominate other effects when the share of the BOJ’s holdings exceeds certain thresholds, suggesting that the flow effects may also depend on the stock.
Publisher: International Monetary Fund
ISBN: 1484355342
Category : Business & Economics
Languages : en
Pages : 43
Book Description
Quantitative easing could improve market liquidity through many channels such as relaxing bank funding constraints, increasing risk appetite, and facilitating trades. However, it can also reduce market liquidity when the increase in the central bank’s holdings of certain securities leads to a scarcity of those securities and hence higher search costs in the market. Using security-level data from the Japanese government bond (JGB) market, this paper finds evidence of the scarcity (flow) effects of the Bank of Japan (BOJ)’s JGB purchases on market liquidity. Moreover, we also find evidence that such scarcity effects could dominate other effects when the share of the BOJ’s holdings exceeds certain thresholds, suggesting that the flow effects may also depend on the stock.
U.K., German and Japanese Government Bond Markets
Author: Thomas J. Urich
Publisher:
ISBN:
Category : Bonds
Languages : en
Pages : 114
Book Description
Publisher:
ISBN:
Category : Bonds
Languages : en
Pages : 114
Book Description
Coupon Effects and the Pricing of Japanese Government Bonds
Trading Patterns in the Japanese Government Bond Market
Author: Nicholas Sargen
Publisher:
ISBN:
Category : Government securities
Languages : en
Pages : 20
Book Description
Publisher:
ISBN:
Category : Government securities
Languages : en
Pages : 20
Book Description
The Japanese Bond Markets
Author: Frank J. Fabozzi
Publisher: Irwin Professional Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 560
Book Description
Publisher: Irwin Professional Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 560
Book Description
International Finance
Author:
Publisher:
ISBN:
Category : Banks and banking, American
Languages : en
Pages : 32
Book Description
Publisher:
ISBN:
Category : Banks and banking, American
Languages : en
Pages : 32
Book Description
Duration and immunization
Author: Hisatsugu Murozono
Publisher:
ISBN:
Category : Bonds
Languages : en
Pages : 132
Book Description
Publisher:
ISBN:
Category : Bonds
Languages : en
Pages : 132
Book Description