overview news curve bonds auctions calendar T-Bill pd supply boj policy cpi debt holders rv strips swap world annual
auctions: 617 auctions (JGB, since 2018)

auctionst-billliquiditybuy-backcalendardocumentsPD

Auction Monitor

Auction DateIssueOfferingBid/CoverTail (sen)Avg Yield (%)Allot%NC%z(B/C)z(tail)GradeMethod
2026-08-20JGB (20-Year) No. 197 R¥700B3.9817
3.6988424+0.6+0.5Cprice conventional
2026-08-18JGB (5-Year) No. 187¥2.5T4.152
2.163323+3.1-1.3Aprice conventional
2026-08-12Inflation-Indexed JGB (10-Year) No. 31 R¥250B3.27—0.860210+0.2—Cprice Dutch
2026-08-06JGB (30-Year) No. 91 R¥600B3.8621
3.9374924+0.9+0.5Cprice conventional
2026-08-04JGB (10-Year) No. 383 R¥2.6T2.5646
2.8401924-2.0+3.7Eprice conventional
2026-07-30JGB (2-Year) No. 487¥2.8T3.631
1.4838924-0.3-0.7Cprice conventional
2026-07-22JGB (40-Year) No. 19 R¥300B2.82—3.865290+1.2—Ayield Dutch
2026-07-14JGB (20-Year) No. 197¥700B4.520
3.6268624+1.8-1.5Aprice conventional
2026-07-09JGB (5-Year) No. 186¥2.5T3.433
2.0205824+0.3-0.5Bprice conventional
2026-07-07JGB (30-Year) No. 91¥600B4.554
3.9938424+3.9-1.9Aprice conventional
2026-07-02JGB (10-Year) No. 383¥2.6T3.1320
2.7299124-0.5+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
2026-04-02JGB (10-Year) No. 382¥2.6T2.5736
2.350—24-2.0+4.7Eprice conventional
2026-03-31JGB (2-Year) No. 483¥2.8T3.541
1.370—30-0.1-0.1Cprice conventional
2026-03-24JGB (40-Year) No. 18 R¥400B2.54—3.600—7+0.3—Cyield Dutch
2026-03-17JGB (20-Year) No. 195 R¥800B3.256
3.141—30-0.1-0.8Bprice conventional
2026-03-13GX Transition Bond (10-Year) No. 4¥300B3.42—2.195—0———yield Dutch
2026-03-11JGB (5-Year) No. 183 R¥2.5T3.691
1.633—30+0.6-2.2Aprice conventional
2026-03-05JGB (30-Year) No. 89 R¥700B3.6612
3.398—30+1.0-0.7Bprice conventional
2026-03-03JGB (10-Year) No. 381 R¥2.6T3.306
2.122—25+0.2-0.6Bprice conventional
2026-02-27JGB (2-Year) No. 482¥2.8T3.321
1.244—25-0.5+0.0Cprice conventional
2026-02-19JGB (20-Year) No. 195 R¥800B3.0814
2.968—30-0.5-0.6Cprice conventional
2026-02-17JGB (5-Year) No. 183 R¥2.5T3.103
1.640—30-0.9-0.8Cprice conventional
2026-02-10Inflation-Indexed JGB (10-Year) No. 30 R¥250B3.38—0.458—0+0.5—Bprice conventional

Latest 40 of 617. Source: Ministry of Finance.

Upcoming Auctions

Auction DateAuctionPlanned
2026-08-21T-Bill (3M) No. 1402¥3.7T
2026-08-2410Y climate transition JGB¥250B
2026-08-26Liquidity enhancement (5Y–11Y remaining)¥650B
2026-08-282Y JGB¥2.8T
2026-08-28T-Bill (3M) No. 1403¥3.7T
2026-09-0110Y JGBTBA
2026-09-0330Y JGBTBA
2026-09-04T-Bill (3M)TBA
2026-09-085Y JGBTBA
2026-09-09T-Bill (6M)TBA
2026-09-10Liquidity enhancement (1Y–5Y remaining)TBA
2026-09-11T-Bill (3M)TBA

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

By Tenor (last 10 auctions)

TenorAvg Bid/CoverAvg Tail (sen)Worst Tail
2Y3.931.12
5Y3.393.56
10Y3.1914.346
20Y3.7212.631
30Y3.5617.738
40Y2.60—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.
4Mizuho Securities Co., Ltd.
5Daiwa Securities Co. Ltd.
6Citigroup Global Markets Japan Inc.
7Morgan Stanley MUFG Securities Co., Ltd.
8SMBC Nikko Securities Inc.
9BofA Securities Japan Co., Ltd.
10Deutsche 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 Auctions456 auctions since 2006 all →

#Auction DateOfferingAcceptedBid/CoverAvg spread (%)
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
4452026-01-16¥650B¥649B2.580.013
4442025-12-23¥250B¥249.8B3.32-0.050
4432025-12-16¥650B¥648.7B3.10-0.004
4422025-11-21¥700B¥699.1B3.44-0.022

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

Buy-back Auctions409 auctions since 2003 all →

Auction DateTargetOfferingAcceptedBid/CoverAvg spread
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¥
2025-03-05ILB¥20B¥20.1B3.78-0.311¥

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 2026-08-22 03:27 JST