Supply & demand (issuance · BOJ buys · free float)

Monthly: issuance vs BOJ purchases trn JPY, last 24 months

Month	Auctions	Liquidity	Gross	BOJ buys	Buys/Gross	1–3Y	3–5Y	5–10Y	10–25Y	>25Y
2026-10 (mtd)	6.40	0.00	6.40	1.68	26%	0.66	0.29	0.31	0.17	0.15
2026-09	9.49	0.00	9.49	2.50	26%	0.71	0.64	0.67	0.20	0.15
2026-08	9.92	0.90	10.82	2.50	23%	0.71	0.64	0.67	0.20	0.15
2026-07	9.57	1.35	10.92	2.50	23%	0.71	0.64	0.67	0.20	0.15
2026-06	9.49	0.90	10.39	2.71	26%	0.77	0.69	0.72	0.24	0.15
2026-05	10.21	1.35	11.56	2.71	23%	0.77	0.69	0.72	0.24	0.15
2026-04	9.47	0.90	10.37	2.71	26%	0.77	0.69	0.72	0.24	0.15
2026-03	10.86	1.35	12.21	2.90	24%	0.81	0.74	0.78	0.29	0.15
2026-02	10.05	0.90	10.95	2.90	27%	0.81	0.74	0.78	0.29	0.15
2026-01	10.50	1.35	11.85	2.90	25%	0.81	0.74	0.78	0.29	0.15
2025-12	9.58	0.90	10.48	3.30	32%	0.90	0.84	0.92	0.35	0.15
2025-11	10.36	1.35	11.70	3.31	28%	0.90	0.84	0.92	0.35	0.15
2025-10	9.83	0.90	10.73	3.30	31%	0.90	0.84	0.92	0.35	0.15
2025-09	10.09	1.25	11.34	3.71	33%	0.98	0.98	1.05	0.41	0.15
2025-08	9.39	1.00	10.39	3.71	36%	0.98	0.98	1.05	0.41	0.15
2025-07	10.22	1.15	11.37	3.71	33%	0.98	0.98	1.05	0.41	0.15
2025-06	9.90	1.10	11.00	4.11	37%	1.10	1.10	1.20	0.41	0.15
2025-05	10.45	1.15	11.60	4.11	35%	1.10	1.10	1.20	0.41	0.15
2025-04	10.20	1.10	11.30	4.11	36%	1.10	1.10	1.20	0.41	0.15
2025-03	10.51	1.15	11.66	4.51	39%	1.20	1.20	1.30	0.45	0.15
2025-02	9.69	1.05	10.74	4.51	42%	1.20	1.20	1.30	0.45	0.15
2025-01	10.79	1.15	11.94	4.51	38%	1.20	1.20	1.30	0.45	0.15
2024-12	9.90	1.05	10.95	4.92	45%	1.30	1.30	1.50	0.45	0.15
2024-11	10.54	1.15	11.69	4.92	42%	1.30	1.30	1.50	0.45	0.15

Buys / gross issuance ratio 2022-05〜

Net supply (issuance − redemptions − BOJ buys) trn JPY

Month	Gross	Redemptions	BOJ buys	Net supply
2026-09	9.49	22.30	2.50	-15.31
2026-08	10.82	2.84	2.50	+5.48
2026-07	10.92	2.83	2.50	+5.59
2026-06	10.39	21.43	2.71	-13.75
2026-05	11.56	2.81	2.71	+6.04
2026-04	10.37	2.68	2.71	+4.98
2026-03	12.21	22.69	2.90	-13.38
2026-02	10.95	3.19	2.90	+4.86
2026-01	11.85	2.90	2.90	+6.04
2025-12	10.48	20.37	3.30	-13.19
2025-11	11.70	2.90	3.31	+5.50
2025-10	10.73	3.08	3.30	+4.34

Redemptions next 12 months (outstanding issues by maturity)

Month	Amount	of which BOJ	Market
2026-10	2.79	1.22	1.56
2026-11	2.78	0.83	1.95
2026-12	20.12	16.34	3.78
2027-01	2.60	0.55	2.05
2027-02	2.68	0.76	1.92
2027-03	23.64	16.15	7.50
2027-04	2.91	0.62	2.29
2027-05	2.87	0.23	2.64
2027-06	22.38	17.39	4.99
2027-07	2.61	0.42	2.19
2027-08	2.83	1.33	1.49
2027-09	20.41	15.25	5.17

MOF redemption schedule →

Free float (outstanding − BOJ holdings)

Outstanding (ex T-Bill, est.)	1105.7 trn （MOF outstanding by issue 988.2）
BOJ holdings	502.1 trn (45.4%)
Free float	603.6 trn

BOJ ownership heatmap (type × remaining)

	≤1Y	1–3Y	3–5Y	5–10Y	10–25Y	>25Y
Fixed	63%	63%	56%	51%	26%	14%
ILB	53%	39%	64%	33%	—	—
GX	—	40%	19%	35%	—	—
FRN	—	—	—	—	—	—

Cell = BOJ holding ÷ estimated outstanding (sum over issues). Estimated outstanding = max(MOF outstanding by issue [annual], cumulative auction allotments, BOJ holding). Tooltip: issue count and outstanding.

Issues with BOJ share ≥ 80% (25 shown, top 25)

Issue	Rem.	Outst.	BOJ	Share	Float
JGB (10-Year) No. 357	3.2y	¥6.7T	¥6.7T	99.1%	¥57.5B
JGB (10-Year) No. 348	0.9y	¥7.3T	¥7.1T	97.5%	¥182.2B
JGB (10-Year) No. 351	1.7y	¥7.5T	¥7.2T	96.6%	¥255.4B
JGB (10-Year) No. 356	2.9y	¥6.9T	¥6.7T	95.8%	¥292.9B
JGB (10-Year) No. 355	2.6y	¥6.6T	¥6.3T	95.2%	¥320.2B
JGB (10-Year) No. 347	0.6y	¥7.8T	¥7.4T	94.8%	¥400.6B
JGB (10-Year) No. 349	1.1y	¥7.4T	¥7T	94.6%	¥395B
JGB (10-Year) No. 352	1.9y	¥7.5T	¥6.9T	92.6%	¥555.1B
JGB (10-Year) No. 350	1.4y	¥9.9T	¥9T	91.6%	¥830.4B
JGB (10-Year) No. 353	2.2y	¥7.5T	¥6.8T	91.3%	¥650.5B
JGB (10-Year) No. 359	3.6y	¥8.2T	¥7.4T	90.1%	¥815.2B
JGB (10-Year) No. 360	3.9y	¥8.5T	¥7.5T	88.3%	¥995.3B
JGB (10-Year) No. 358	3.4y	¥6.7T	¥5.9T	88.1%	¥800.6B
JGB (10-Year) No. 368	5.9y	¥8.5T	¥7.4T	87.7%	¥1T
JGB (10-Year) No. 354	2.4y	¥7.2T	¥6.3T	86.6%	¥973.3B
JGB (10-Year) No. 364	4.9y	¥8.1T	¥6.9T	85.0%	¥1.2T
JGB (10-Year) No. 367	5.7y	¥8.2T	¥7T	85.0%	¥1.2T
JGB (10-Year) No. 361	4.2y	¥8.6T	¥7.3T	85.0%	¥1.3T
JGB (10-Year) No. 369	6.2y	¥8.2T	¥6.9T	84.9%	¥1.2T
JGB (10-Year) No. 366	5.4y	¥9T	¥7.5T	83.2%	¥1.5T
JGB (5-Year) No. 163	1.9y	¥5.4T	¥4.5T	83.0%	¥926.1B
JGB (5-Year) No. 156	1.1y	¥5.5T	¥4.5T	82.3%	¥966.6B
JGB (10-Year) No. 365	5.1y	¥8.6T	¥7T	81.7%	¥1.6T
JGB (10-Year) No. 362	4.4y	¥8.5T	¥6.9T	80.6%	¥1.7T
JGB (10-Year) No. 363	4.6y	¥8.3T	¥6.7T	80.4%	¥1.6T

Smallest free float, fixed-coupon (rem > 1y, bottom 15)

Issue	Rem.	Float	BOJ	SLF 30d
JGB (10-Year) No. 357	3.2y	¥57.5B	99%	—
JGB (30-Year) No. 5	4.6y	¥79.6B	73%	—
JGB (30-Year) No. 6	5.1y	¥166.6B	74%	—
JGB (30-Year) No. 3	3.6y	¥204.4B	56%	—
JGB (30-Year) No. 1	2.9y	¥204.8B	7%	—
JGB (30-Year) No. 4	4.1y	¥214.9B	75%	—
JGB (30-Year) No. 2	3.3y	¥217.3B	48%	—
JGB (30-Year) No. 10	6.4y	¥225.2B	69%	—
JGB (10-Year) No. 351	1.7y	¥255.4B	97%	¥100M
JGB (20-Year) No. 127	4.4y	¥265.4B	76%	¥200M
JGB (30-Year) No. 8	6.1y	¥279.3B	45%	—
JGB (10-Year) No. 356	2.9y	¥292.9B	96%	—
JGB (30-Year) No. 9	6.2y	¥298.7B	49%	—
JGB (30-Year) No. 11	6.6y	¥317.9B	50%	—
JGB (10-Year) No. 355	2.6y	¥320.2B	95%	—

BOJ purchase operations: bid-to-cover bid-to-cover, 5-op moving average 2022-05〜

X-axis = 5–10Y op dates; other buckets overlaid by op order (dates roughly the same week).

Bucket	Last	B/C	MA5	Prorata%	Avg spr	Accepted
1–3Y	2026-10-21	2.44	2.57	79.0	0.3bp	¥330.4B
3–5Y	2026-10-16	2.00	2.45	76.5	2.1bp	¥290.4B
5–10Y	2026-10-21	1.93	2.02	46.0	0.2bp	¥305.9B
10–25Y	2026-10-16	2.79	3.29	40.0	3.8bp	¥85.1B
>25Y	2026-10-21	2.68	2.40	45.3	-0.7bp	¥75.4B

Last 30 operations

Date	Bucket	Offered	Bid	Accepted	B/C	Prorata	Avg spr
2026-10-21	5–10Y	¥305B	¥590.7B	¥305.9B	1.93	46.0	0.2
2026-10-21	>25Y	¥75B	¥202.3B	¥75.4B	2.68	45.3	-0.7
2026-10-21	1–3Y	¥330B	¥807.3B	¥330.4B	2.44	79.0	0.3
2026-10-16	3–5Y	¥290B	¥581.9B	¥290.4B	2.00	76.5	2.1
2026-10-16	>25Y	¥75B	¥239.2B	¥75.2B	3.18	67.8	2.3
2026-10-16	10–25Y	¥85B	¥237.5B	¥85.1B	2.79	40.0	3.8
2026-10-07	10–25Y	¥85B	¥335B	¥85.2B	3.93	22.3	-0.8
2026-10-07	1–3Y	¥330B	¥803.1B	¥330.3B	2.43	61.7	0.7
2026-10-07	≤1Y	¥100B	¥490.9B	¥100.2B	4.90	55.7	2.0
2026-09-28	ILB	¥30B	¥148.1B	¥30B	4.94	84.6	-76.7
2026-09-28	10–25Y	¥100B	¥381.6B	¥100.3B	3.80	29.5	1.8
2026-09-28	1–3Y	¥355B	¥1T	¥355.4B	2.87	62.8	3.6
2026-09-16	5–10Y	¥335B	¥474.2B	¥335.1B	1.42	89.1	-1.8
2026-09-16	3–5Y	¥320B	¥526.6B	¥320.2B	1.64	34.1	-1.6
2026-09-16	>25Y	¥75B	¥138.5B	¥75.1B	1.84	47.5	1.0
2026-09-09	5–10Y	¥335B	¥786.2B	¥335.4B	2.34	67.9	-0.5
2026-09-09	>25Y	¥75B	¥188.4B	¥75.2B	2.51	18.3	2.1
2026-09-09	1–3Y	¥355B	¥1.1T	¥355.3B	3.12	44.0	0.1
2026-09-02	3–5Y	¥320B	¥1.2T	¥320B	3.86	—	4.7
2026-09-02	10–25Y	¥100B	¥313.3B	¥100.4B	3.12	18.2	2.9
2026-09-02	≤1Y	¥100B	¥453.4B	¥100.2B	4.52	60.7	2.8
2026-08-27	ILB	¥30B	¥111.4B	¥30B	3.71	—	-39.4
2026-08-27	3–5Y	¥320B	¥730.2B	¥320.7B	2.28	34.4	1.0
2026-08-27	10–25Y	¥100B	¥282.3B	¥100.7B	2.80	84.9	0.9
2026-08-19	5–10Y	¥335B	¥616.9B	¥335.4B	1.84	10.3	-2.3
2026-08-19	>25Y	¥75B	¥136.2B	¥75.2B	1.81	6.7	-1.6
2026-08-19	1–3Y	¥355B	¥703.4B	¥355.2B	1.98	54.1	-0.8
2026-08-13	5–10Y	¥335B	¥867.6B	¥335.3B	2.59	84.0	0.6
2026-08-13	3–5Y	¥320B	¥795.3B	¥320.3B	2.48	78.2	0.4
2026-08-13	>25Y	¥75B	¥250B	¥75.2B	3.32	45.1	1.9

BOJ holdings by remaining maturity trn JPY, from issue-level data

Bucket	Holding	Issues	Share
≤1Y	69.6	28	14%
1–3Y	116.3	58	23%
3–5Y	88.3	46	18%
5–10Y	138.1	70	28%
10–25Y	71.1	90	14%
>25Y	13.9	34	3%
ILB	4.7	10	1%

SLF stress last 30 days

30d total	¥527.9B
Issues borrowed (30d)	61

Issue	30d	Total	30d/BOJ
JGB (30-Year) No. 62	¥83.8B	¥518.8B	12%
JGB (10-Year) No. 370	¥40.6B	¥27.8T	1%
JGB (5-Year) No. 171	¥39.9B	¥348.1B	2%
JGB (5-Year) No. 183	¥30.7B	¥97.7B	2%
JGB (5-Year) No. 164	¥19.8B	¥61.9B	1%
JGB (30-Year) No. 63	¥17.5B	¥122.6B	1%
JGB (30-Year) No. 39	¥17.1B	¥20.9B	3%
JGB (30-Year) No. 80	¥17.1B	¥17.6B	5%
JGB (20-Year) No. 168	¥16.2B	¥61.2B	1%
JGB (5-Year) No. 168	¥15.5B	¥32.1B	1%
JGB (30-Year) No. 51	¥15.4B	¥61.2B	1%
JGB (10-Year) No. 373	¥14.1B	¥43.9B	0%

Source: Ministry of Finance, Bank of Japan. Amounts in trillion yen.

JGB Information:boj:Supply & demand (issuance · BOJ buys · free float)