overview yields news curve bonds auctions calendar T-Bill pd supply boj policy cpi debt holders rv strips swap world annual
auctions: 629 auctions (JGB, since 2018)

auctionst-billliquiditybuy-backcalendardocumentsPD

Auction Monitor

Auction DateIssueOfferingBid/CoverTail (sen)Avg Yield (%)Allot%NC%z(B/C)z(tail)GradeMethod
2026-10-20JGB (20-Year) No. 198¥700B5.847
3.7238023+3.7-0.6Aprice conventional
2026-10-14JGB (5-Year) No. 188¥2.5T3.562
2.3794023+0.5-1.2Bprice conventional
2026-10-08JGB (30-Year) No. 92¥600B3.8816
4.1094125+0.7-0.3Bprice conventional
2026-10-06JGB (10-Year) No. 384¥2.6T3.762
3.1017124+1.5-0.9Aprice conventional
2026-09-30JGB (2-Year) No. 489¥2.8T3.891
1.9643923+0.2-0.0Cprice conventional
2026-09-29JGB (40-Year) No. 19 R¥300B3.10—4.125420+2.2—Ayield Dutch
2026-09-15JGB (20-Year) No. 197 R¥700B4.0115
3.8565224+0.5+0.3Cprice conventional
2026-09-08JGB (5-Year) No. 187 R¥2.5T3.424
2.2396623-0.0+0.2Cprice conventional
2026-09-03JGB (30-Year) No. 91 R¥600B3.7928
4.0793024+0.6+1.2Dprice conventional
2026-09-01JGB (10-Year) No. 383 R¥2.6T3.2912
2.9953023+0.1-0.1Cprice conventional
2026-08-28JGB (2-Year) No. 488¥2.8T2.973
1.708—23-1.1+2.6Eprice conventional
2026-08-24GX Transition Bond (10-Year) No. 5¥250B3.50—2.863—0+1.0—Ayield Dutch
2026-08-20JGB (20-Year) No. 197 R¥700B3.9817
3.698—30+0.6+0.5Cprice conventional
2026-08-18JGB (5-Year) No. 187¥2.5T4.152
2.163—26+3.1-1.3Aprice conventional
2026-08-12Inflation-Indexed JGB (10-Year) No. 31 R¥250B3.27—0.860—0+0.2—Cprice conventional
2026-08-06JGB (30-Year) No. 91 R¥600B3.8621
3.937—30+0.9+0.5Cprice conventional
2026-08-04JGB (10-Year) No. 383 R¥2.6T2.5646
2.840—25-2.0+3.7Eprice conventional
2026-07-30JGB (2-Year) No. 487¥2.8T3.631
1.483—24-0.3-0.7Cprice conventional
2026-07-22JGB (40-Year) No. 19 R¥300B2.82—3.865—0+1.2—Ayield Dutch
2026-07-14JGB (20-Year) No. 197¥700B4.520
3.626—28+1.8-1.5Aprice conventional
2026-07-09JGB (5-Year) No. 186¥2.5T3.433
2.020—24+0.3-0.5Bprice conventional
2026-07-07JGB (30-Year) No. 91¥600B4.554
3.993—29+3.9-1.9Aprice conventional
2026-07-02JGB (10-Year) No. 383¥2.6T3.1320
2.729—24-0.5+1.1Dprice conventional
2026-06-30JGB (2-Year) No. 486¥2.8T4.821
1.407—26+1.6-1.1Aprice conventional
2026-06-25JGB (20-Year) No. 196 R¥700B2.9724
3.542—24-1.1+1.1Eprice conventional
2026-06-23JGB (5-Year) No. 185 R¥2.5T3.116
1.905—24-0.8+1.8Eprice conventional
2026-06-10JGB (30-Year) No. 90 R¥600B2.9438
3.860—31-1.6+1.7Eprice conventional
2026-06-02JGB (10-Year) No. 382 R¥2.6T3.535
2.649—27+0.5-0.5Bprice conventional
2026-05-29JGB (2-Year) No. 485¥2.8T3.702
1.369—24-0.1+1.0Dprice conventional
2026-05-27JGB (40-Year) No. 19¥300B2.70—3.840—6+0.9—Byield Dutch
2026-05-25GX Transition Bond (5-Year) No. 5¥250B4.62—1.941—0+3.0—Ayield Dutch
2026-05-20JGB (20-Year) No. 196 R¥700B4.014
3.711—26+1.0-0.7Bprice conventional
2026-05-18JGB (5-Year) No. 185¥2.5T3.224
2.024—27-0.6+0.2Dprice conventional
2026-05-14JGB (30-Year) No. 90 R¥600B3.4922
3.842—24+0.4+0.1Cprice conventional
2026-05-12JGB (10-Year) No. 382 R¥2.6T3.903
2.540—26+1.7-0.8Aprice conventional
2026-05-01Inflation-Indexed JGB (10-Year) No. 31¥250B3.40—0.578—0+0.5—Bprice conventional
2026-04-30JGB (2-Year) No. 484¥2.8T5.241
1.407—26+3.3-1.1Aprice conventional
2026-04-14JGB (20-Year) No. 196¥700B4.822
3.327—32+3.7-0.8Aprice conventional
2026-04-09JGB (5-Year) No. 184¥2.5T3.584
1.826—25+0.2+0.2Cprice conventional
2026-04-07JGB (30-Year) No. 90¥600B3.1218
3.697—31-0.8-0.4Cprice conventional

Latest 40 of 629. Source: Ministry of Finance.

Upcoming Auctions

Auction DateAuctionPlanned
2026-10-27Liquidity enhancement (11Y–39Y remaining)¥250B
2026-10-292Y JGB¥2.8T
2026-10-29T-Bill (3M) No. 1416¥3.3T
2026-11-025Y climate transition JGB¥250B
2026-11-0510Y JGBTBA
2026-11-06T-Bill (3M)TBA
2026-11-09T-Bill (6M)TBA
2026-11-1030Y JGBTBA
2026-11-125Y JGBTBA
2026-11-13T-Bill (3M)TBA
2026-11-1610Y inflation-indexed JGBTBA
2026-11-1820Y JGBTBA

Planned amounts are approximate published figures. Source: Ministry of Finance, Auction Calendar.

By Tenor (last 10 auctions)

TenorAvg Bid/CoverAvg Tail (sen)Worst Tail
2Y3.821.43
5Y3.433.46
10Y3.2414.046
20Y3.9711.425
30Y3.6118.538
40Y2.64—0

PD League Table 2026-H1 → PD details

#Dealer
1Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
2JPMorgan Securities Japan Co., Ltd.
3Nomura Securities Co., Ltd.
4Daiwa Securities Co. Ltd.
5Mizuho Securities Co., Ltd.
6Morgan Stanley MUFG Securities Co., Ltd.
7Citigroup Global Markets Japan Inc.
8BofA Securities Japan Co., Ltd.
9Deutsche Securities Inc.
10SMBC Nikko Securities Inc.

Source: Ministry of Finance (semiannual, duration-weighted)

PD Sanctions & Designation Changes → PD details

DateDealerAction
2024-10-11Nomura SecuritiesSuspensionsrc
2023-12-27Credit Suisse Securities (Japan)Revocationsrc
2021-05-26UBS Securities JapanRevocationsrc
2019-06-11Citigroup Global Markets JapanSuspensionsrc
2018-07-13Mitsubishi UFJ Morgan Stanley SecuritiesSuspensionsrc
2015-01-05RBS Securities JapanWithdrawalsrc
2013-01-22JPMorgan Securities Japan / SMBC Nikko SecuritiesChangesrc
2011-07-08Société Générale SecuritiesChangesrc
2011-05-02BNP Paribas Securities (Japan)Changesrc
2011-04-01SMBC Nikko Securities / Nikko Cordial SecuritiesChangesrc
2010-05-06Morgan Stanley MUFG Securities / Mitsubishi UFJ Morgan Stanley Securities / Mitsubishi UFJ SecuritiesChangesrc
2010-04-01Nikko Cordial SecuritiesDesignationsrc
2010-02-08Calyon Securities / Crédit Agricole SecuritiesChangesrc
2010-01-04Daiwa SecuritiesChangesrc
2009-10-01Nikko CitigroupChangesrc
2009-05-07Mizuho Securities / Shinko SecuritiesChangesrc
2008-09-26Lehman Brothers JapanRevocationsrc
2008-09-16Lehman Brothers JapanSuspensionsrc
2008-05-01ABN AMRO SecuritiesWithdrawalsrc
2007-10-01RBS Securities JapanDesignationsrc
2006-12-18Lehman Brothers Tokyo Branch / Lehman Brothers JapanChangesrc
2006-10-02Goldman Sachs Tokyo Branch / Goldman Sachs JapanChangesrc
2006-05-01Barclays Capital Tokyo Branch / Barclays Capital JapanChangesrc
2006-04-03CSFB Tokyo Branch / Credit Suisse Securities (Japan) / Morgan Stanley Tokyo Branch / Morgan Stanley Japan / J.P. Morgan Tokyo Branch / JPMorgan Securities JapanChangesrc
2006-01-04Deutsche Securities Tokyo Branch / Deutsche Securities Japan / Dresdner Kleinwort Wasserstein Tokyo Branch / Bank of Tokyo-Mitsubishi / UFJ BankWithdrawalsrc
2005-04-01ABN AMRO Securities / Calyon SecuritiesDesignationsrc
2005-01-04Tokai Tokyo SecuritiesDesignationsrc

Source: Ministry of Finance.

Liquidity Enhancement Auctions460 auctions since 2006 all →

#Auction DateOfferingAcceptedBid/CoverAvg spread (%)
4602026-08-26¥650B¥649.4B3.20-0.014
4592026-08-14¥250B¥248.9B3.55-0.020
4582026-07-28¥650B¥649B2.68-0.001
4572026-07-16¥700B¥699B3.83-0.004
4562026-06-19¥650B¥648.9B2.920.016
4552026-06-04¥250B¥249.8B2.66-0.006
4542026-05-22¥650B¥649B2.510.014
4532026-05-08¥700B¥699B3.19-0.001
4522026-04-21¥250B¥249.8B3.58-0.034
4512026-04-16¥650B¥649.1B3.010.008
4502026-03-26¥700B¥697.2B3.910.013
4492026-03-09¥650B¥649.4B2.980.040
4482026-02-25¥250B¥249.2B3.180.006
4472026-02-13¥650B¥649.5B2.95-0.017
4462026-01-22¥700B¥698.4B2.78-0.006

Reopenings of off-the-run issues by remaining-maturity zone. Source: Ministry of Finance, Liquidity Enhancement Auction Results.

Buy-back Auctions410 auctions since 2003 all →

Auction DateTargetOfferingAcceptedBid/CoverAvg spread
2026-07-08ILB¥15B¥15B3.73-0.288¥
2026-06-11ILB¥15B¥15B5.73-0.828¥
2026-04-08ILB¥15B¥15.2B3.23-0.056¥
2026-03-04ILB¥20B¥20.1B3.75-0.025¥
2026-02-04ILB¥20B¥20.1B3.56-0.202¥
2026-01-07ILB¥20B¥20B3.560.099¥
2025-12-05ILB¥20B¥20B2.590.219¥
2025-11-10ILB¥20B¥20.1B3.39-0.066¥
2025-10-03ILB¥20B¥20.1B3.08-0.230¥
2025-09-03ILB¥20B¥20B4.64-0.289¥
2025-08-06ILB¥20B¥20B5.06-0.429¥
2025-07-09ILB¥20B¥20B4.72-0.352¥
2025-06-04ILB¥20B¥20B3.15-0.107¥
2025-05-14ILB¥20B¥20.1B3.69-0.267¥
2025-04-09ILB¥20B¥20.1B4.59-0.444¥

Buy-backs by the Debt Consolidation Fund. Spread in yen (price) or % (yield). Source: Ministry of Finance, Buy-back Auction Results.

Source: Ministry of Finance, Bank of Japan
Information on this site is provided for informational purposes only; we do not provide investment advice
updated 2026-10-26 11:15 JST