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Assessing the Risks to the Japanese Government Bond (JGB) Market

Assessing the Risks to the Japanese Government Bond (JGB) Market by Raphael W. Lam
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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.
International Monetary Fund; December 2011
19 pages; ISBN 9781463953423
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Title: Assessing the Risks to the Japanese Government Bond (JGB) Market
Author: Raphael W. Lam; Kiichi Tokuoka
 
ISBNs
1463953429
9781463927264
9781463953423
9781463973759