TAILIEUCHUNG - JGB Issuance Plan for FY2011

A diaspora bond is a debt instrument issued by a country — or potentially, a subsovereign entity or even a private corporation — to raise financing from its overseas diaspora. Israel annually since 1951 and India on three occasions since 1991 have raised over US$35 billion using these bonds. The rationale behind the Government of Israel’s issuance of diaspora bonds has been different from that of the Government of India’s. The Government of Israel has offered a flexible menu of diaspora bonds since 1951 to keep the Jewish diaspora engaged. Furthermore, the Jewish diaspora has often paid a large price premium, thereby providing a significant “patriotic” discount. | JAPANESE GOVERNMENT BONDS Quarterly Newsletter of the Ministry of Finance of Japan WHAT S NEW JGB Issuance Plan for FY2011 Ministry of Finance formulated and announced the JGB Issuance Plan for FY2011 in late December 2010. The details of the issuance plan are as follows. Issue Amounts January 2011 Contents JGB total issuance for FY2011 is planned to be trillion yen and the JGB market issuance Calendar Base is planned to be trillion yen. Both amounts show an increase from the level of the previous year for three consecutive years. Unit billion yen Breakdown by Fiscal Needs FY2010 Initial a FY2010 Supplementary budget F c Y2011 Initial b b - a c - a c - b New Financial Resource Bonds z44 3030 5 44 - 44 Construction Bonds 6 7 X 6 1 Special Deficit-financing Bonds 37 . 1 38 1 Refunding Bonds 102 z 102 111 8 8 FILP Bonds 15 J5 - 14 1 1 Total 162 16 2 169 7 7 The total Buy-back amount from the market is approximately 3 trillion yen in FY2011. From an administrative standpoint part of the Buy-back operation will be funded by liquidating the GDCF which is in line with the outcome of the recent public budget screening initiative carried out on special accounts of national budget. Such Buy-back operation based on a partial liquidation of the GDCF is also carried out in FY2010 amounting up to approximately trillion yen. note Part of the Buy-back operation in FY2011 is intended to improve ALM in Fiscal Loan Fund Special Account. The maximum amount of front-loaded issuance of Refunding Bonds in FY2011 is 12 trillion yen. note1 note2 note3 Figures may not sum up to total because of rounding JGB Market Issuance Calendar Base refers to JGBs issued by scheduled auctions from April to next March. Non-price competitive auction n is an auction carried out after the .

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