TAILIEUCHUNG - Progress toward Resuming the Issuance of Inflation-Indexed Bonds

In the current environment of a crisis of confidence in debt markets, many countries are encountering difficulty in obtaining private financing using traditional financial instruments. The scarcity of capital threatens to jeopardize long-term growth and employment generation in developing countries, which tend to have limited access to capital even in the best of times. Official aid alone will not be adequate to bridge nearor long-term financing gaps. Ultimately, it will be necessary to adopt innovative financing approaches to target previously untapped investors. Diaspora bonds are one such mechanism that can enable developing countries to borrow from their expatriate (diaspora) communities | JAPANESE GOVERNMENT BONDS Quarterly Newsletter of the Ministry of Finance Japan WHAT S NEW Progress toward Resuming the Issuance of Inflation-Indexed Bonds April 2012 Contents Issuance of Inflation-Indexed Bonds JGBi introduced in March 2004 have been suspended since October 2008 as the Lehman Shock in the same year brought about a significant decline of liquidity in the market through increased needs for cash of the financial institutions as well as prolonged future deflation expectations. In the JGB Issuance Plan for FY2012 the Ministry announced that practical discussions will be held with market participants on detailed product designs etc. toward resuming the issuance of Inflation-Indexed Bonds . Since February 2012 the Working Group for Resumption of Issuance of Inflation-Indexed Bonds has been held among the market participants and the Ministry. After the series of discussions in Working Group the new product designs for resumption have been formulated as follows. o New Product Designs of Inflation-Indexed. Bonds The principal will be guaranteed at maturity deflation floor . In case where the indexation coefficient falls below 1 at maturity the Bonds will be redeemed at the face value. Other features arethe same as the existing JỘBÌ 2 3. Future Product Designs of Inflation-Indexed Bonds Deflation Floor Conceptual Diagram 1 Indexation Coefficient 10 years 1. Maturity 10 years . 2. Features Pre-fixed increments o The principal fluctuates along with price of goods. 3. Ref Index Consumer Price Index. - . . Composite index of all items excluding fresh foods Hereinafter referred to as CPI 4. Deflation Floor . The principal face value will be guaranteed at maturity from issue number 17 5 Interest Payment Biannual In case where the indexation coefficient is below 1 the inflation. IIIL I L lie adjusted principal will fall below its face value. 6. Interest Amount @In case where the indexation coefficient at maturity is above 1 CPI at Interest Payment

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