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
2026-08 (mtd)	6.65	0.00	6.65	2.05	31%	0.71	0.32	0.67	0.10	0.15
2026-07	9.50	0.00	9.50	2.50	26%	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
2024-10	10.15	1.05	11.20	4.92	44%	1.30	1.30	1.50	0.45	0.15
2024-09	10.70	1.15	11.85	5.32	45%	1.40	1.50	1.60	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
2026-07	9.50	2.83	2.50	+4.16
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
2025-09	11.34	21.09	3.71	-13.47
2025-08	10.39	2.90	3.71	+3.78

Redemptions next 12 months (outstanding issues by maturity)

Month	Amount	of which BOJ	Market
2026-08	2.84	1.77	1.07
2026-09	22.30	17.85	4.45
2026-10	2.79	1.22	1.56
2026-11	2.78	0.79	1.99
2026-12	20.12	16.33	3.79
2027-01	2.60	0.55	2.06
2027-02	2.68	0.72	1.96
2027-03	23.64	16.09	7.56
2027-04	2.91	0.62	2.29
2027-05	2.87	0.23	2.64
2027-06	22.38	17.38	5.00
2027-07	2.61	0.41	2.20

MOF redemption schedule →

Free float (outstanding − BOJ holdings)

Outstanding (ex T-Bill, est.)	1111.5 trn （MOF outstanding by issue 1011.1）
BOJ holdings	515.7 trn (46.4%)
Free float	595.8 trn

BOJ ownership heatmap (type × remaining)

	≤1Y	1–3Y	3–5Y	5–10Y	10–25Y	>25Y
Fixed	65%	64%	57%	53%	27%	14%
ILB	53%	39%	64%	31%	—	—
GX	—	40%	19%	36%	—	—
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	3.3y	¥6.7T	¥6.7T	99.1%	¥57.5B
JGB (10-Year) No. 346	0.6y	¥7.7T	¥7.6T	99.0%	¥80.2B
JGB (10-Year) No. 348	1.1y	¥7.3T	¥7.1T	97.5%	¥182.2B
JGB (10-Year) No. 351	1.8y	¥7.5T	¥7.2T	96.6%	¥255.4B
JGB (10-Year) No. 356	3.1y	¥6.9T	¥6.7T	95.8%	¥292.9B
JGB (10-Year) No. 355	2.8y	¥6.6T	¥6.3T	95.2%	¥320.2B
JGB (10-Year) No. 347	0.8y	¥7.8T	¥7.4T	94.8%	¥400.6B
JGB (10-Year) No. 349	1.3y	¥7.4T	¥7T	94.6%	¥395B
JGB (10-Year) No. 352	2.1y	¥7.5T	¥6.9T	92.6%	¥555.1B
JGB (10-Year) No. 350	1.6y	¥9.9T	¥9T	91.6%	¥830.4B
JGB (10-Year) No. 353	2.3y	¥7.5T	¥6.8T	91.3%	¥650.5B
JGB (10-Year) No. 359	3.8y	¥8.2T	¥7.4T	90.1%	¥815.2B
JGB (10-Year) No. 360	4.1y	¥8.5T	¥7.5T	88.3%	¥995.3B
JGB (10-Year) No. 358	3.6y	¥6.7T	¥5.9T	88.1%	¥800.6B
JGB (10-Year) No. 368	6.1y	¥8.5T	¥7.4T	87.7%	¥1T
JGB (10-Year) No. 354	2.6y	¥7.2T	¥6.3T	86.6%	¥973.3B
JGB (10-Year) No. 364	5.1y	¥8.1T	¥6.9T	85.0%	¥1.2T
JGB (10-Year) No. 367	5.8y	¥8.2T	¥7T	85.0%	¥1.2T
JGB (10-Year) No. 361	4.3y	¥8.6T	¥7.3T	85.0%	¥1.3T
JGB (10-Year) No. 369	6.3y	¥8.2T	¥6.9T	84.9%	¥1.2T
JGB (10-Year) No. 366	5.6y	¥9T	¥7.5T	83.2%	¥1.5T
JGB (5-Year) No. 163	2.1y	¥5.4T	¥4.5T	83.0%	¥926.1B
JGB (5-Year) No. 156	1.3y	¥5.5T	¥4.5T	82.3%	¥966.6B
JGB (10-Year) No. 365	5.3y	¥8.6T	¥7T	81.7%	¥1.6T
JGB (10-Year) No. 362	4.6y	¥8.5T	¥6.9T	80.6%	¥1.7T

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

Issue	Rem.	Float	BOJ	SLF 30d
JGB (10-Year) No. 357	3.3y	¥57.5B	99%	—
JGB (30-Year) No. 5	4.7y	¥79.6B	73%	—
JGB (30-Year) No. 6	5.2y	¥169.4B	73%	—
JGB (10-Year) No. 348	1.1y	¥182.2B	97%	—
JGB (30-Year) No. 3	3.7y	¥204.8B	56%	—
JGB (30-Year) No. 1	3.1y	¥204.8B	7%	—
JGB (30-Year) No. 4	4.2y	¥214.9B	75%	—
JGB (30-Year) No. 2	3.5y	¥217.3B	48%	—
JGB (30-Year) No. 10	6.6y	¥229.9B	69%	—
JGB (10-Year) No. 351	1.8y	¥255.4B	97%	¥1.7B
JGB (20-Year) No. 127	4.6y	¥265.4B	76%	—
JGB (30-Year) No. 8	6.3y	¥288.8B	44%	¥1B
JGB (10-Year) No. 356	3.1y	¥292.9B	96%	¥50.8B
JGB (30-Year) No. 9	6.3y	¥300.1B	48%	—
JGB (10-Year) No. 355	2.8y	¥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	2026-08-19	1.98	2.64	54.1	-0.8bp	¥355.2B
3–5Y	2026-08-13	2.48	2.44	78.2	0.4bp	¥320.3B
5–10Y	2026-08-19	1.84	2.34	10.3	-2.3bp	¥335.4B
10–25Y	2026-08-05	2.28	3.14	50.0	-0.2bp	¥100.1B
>25Y	2026-08-19	1.81	2.58	6.7	-1.6bp	¥75.2B

Last 30 operations

Date	Bucket	Offered	Bid	Accepted	B/C	Prorata	Avg spr
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
2026-08-05	10–25Y	¥100B	¥228B	¥100.1B	2.28	50.0	-0.2
2026-08-05	1–3Y	¥355B	¥1.1T	¥355.2B	3.21	46.1	1.7
2026-08-05	≤1Y	¥100B	¥549.7B	¥100.2B	5.49	12.9	2.8
2026-07-29	ILB	¥30B	¥112.4B	¥30B	3.75	59.7	-37.6
2026-07-29	3–5Y	¥320B	¥971.8B	¥320.5B	3.03	57.0	-1.8
2026-07-29	>25Y	¥75B	¥136.6B	¥75.1B	1.82	81.3	0.2
2026-07-23	5–10Y	¥335B	¥730.3B	¥335.5B	2.18	50.4	4.5
2026-07-23	10–25Y	¥100B	¥376.4B	¥100.3B	3.75	32.3	2.8
2026-07-23	1–3Y	¥355B	¥818B	¥355.2B	2.30	20.0	5.9
2026-07-15	3–5Y	¥320B	¥680.6B	¥320.4B	2.12	87.9	-2.0
2026-07-15	>25Y	¥75B	¥190.3B	¥75.1B	2.53	68.9	2.9
2026-07-15	1–3Y	¥355B	¥828.7B	¥355.4B	2.33	39.4	0.4
2026-07-06	5–10Y	¥335B	¥893.1B	¥335.3B	2.66	81.2	2.7
2026-07-06	10–25Y	¥100B	¥297.6B	¥100.2B	2.97	31.5	3.9
2026-07-06	≤1Y	¥100B	¥338.2B	¥100.3B	3.37	3.1	2.9
2026-06-26	ILB	¥40B	¥137.9B	¥40B	3.45	—	-33.0
2026-06-26	5–10Y	¥240B	¥581.7B	¥240.4B	2.42	60.7	0.5
2026-06-26	>25Y	¥75B	¥255.5B	¥75.1B	3.40	32.5	1.5
2026-06-26	1–3Y	¥255B	¥862.2B	¥255.2B	3.38	26.1	0.6
2026-06-18	5–10Y	¥240B	¥430.2B	¥240.4B	1.79	43.6	2.5
2026-06-18	3–5Y	¥230B	¥522.6B	¥230.1B	2.27	15.3	0.6
2026-06-18	10–25Y	¥80B	¥271.8B	¥80.3B	3.38	29.1	2.6
2026-06-18	1–3Y	¥255B	¥703.7B	¥255.2B	2.76	7.8	1.0
2026-06-11	5–10Y	¥240B	¥534B	¥240.2B	2.22	79.2	-0.1

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

Bucket	Holding	Issues	Share
≤1Y	72.6	28	14%
1–3Y	117.1	55	23%
3–5Y	91.5	47	18%
5–10Y	142.8	69	28%
10–25Y	73.3	91	14%
>25Y	13.8	34	3%
ILB	4.7	10	1%

SLF stress last 30 days

30d total	¥981.2B
Issues borrowed (30d)	71

Issue	30d	Total	30d/BOJ
JGB (10-Year) No. 376	¥106.7B	¥157.8B	4%
JGB (10-Year) No. 372	¥102B	¥228.2B	2%
JGB (5-Year) No. 186	¥98B	¥98B	105%
JGB (10-Year) No. 367	¥71.5B	¥701B	1%
JGB (10-Year) No. 370	¥61.4B	¥27.6T	1%
JGB (30-Year) No. 18	¥54.7B	¥70.3B	28%
JGB (10-Year) No. 356	¥50.8B	¥117.1B	1%
JGB (30-Year) No. 35	¥45B	¥115B	8%
JGB (5-Year) No. 172	¥44.4B	¥713.2B	2%
JGB (20-Year) No. 177	¥32.9B	¥75.7B	6%
JGB (10-Year) No. 371	¥25B	¥173.3B	0%
JGB (30-Year) No. 70	¥22.6B	¥65.6B	8%

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