Outlook for JGB supply/demand in 2025 based on FY25 issuance plan
Key points
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Maturities shortened in FY25 JGB issuance plan to ensure stable issuance/absorption
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BoJ reducing its JGB purchases in line with issuance plan, could start reducing purchases in super-long sector around mid-2026
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Amount outstanding in market this year expected to increase overall, especially in long-term sector; supply/demand concerns in super-long sector have not been dispelled
