作者:
cosmite (K)
2025-05-27 14:02:57獨家：消息人士稱，日本將考慮削減超長期債券發行量
路透
山口貴也
2025年5月27日下午1:21 GMT+8
東京 5 月 27 日（路透社）—兩名消息人士週二向路透社表示，日本將考慮削減超長期債
券的發行量，因為近期超長期債券收益率大幅上升，日本政策制定者試圖緩解市場對政府財
政狀況惡化的擔憂。
知情人士透露，財政部將考慮調整本財年債券計畫的組成，這可能涉及削減超長期債券的發
行量。
消息人士稱，財政部將在6月中下旬與市場參與者討論後做出決定。
該計劃推出的背景是，近期超長期債券殖利率升至創紀錄水平，這主要是由於人壽保險公司
等傳統買家的需求減少。
報告發布後，日本30年期公債殖利率下跌12.5個基點至2.91%，基準10年期公債殖利率下跌5
個基點至1.455%。
法國興業銀行在一份報告中表示：“我們一直認為，必須採取一些措施來糾正長期日本國債
的供需失衡。市場認為，財政部將會出手。”
消息人士稱，如果財務省減少20年期、30年期或40年期日本公債的發行量，可能會增加短期
債券的發行量。
他們表示，因此，截至2026年3月的本財年，日本國債發行總計畫規模將維持不變，為172.3
兆日圓（1.21兆美元）。
（1 美元 = 142.4000 日圓）
山口貴哉報；作者：Leika Kihara；編：Chang-Ran Kim 與 Sam Holmes
心得評論：
日本的超長期債券買家減少，造成債券拍賣殖利率飆升，現在日本考慮減少超長期債券數量
，轉而增加短期債券販售，截至明年3月前，日債總發行量計劃不變。
原文：
TOKYO, May 27 (Reuters) - Japan will consider trimming issuance of super-long bo
nds in the wake of recent sharp rises in yields for the notes, two sources told
Reuters on Tuesday, as policymakers seek to soothe market concerns over worsenin
g government finances.
The Ministry of Finance (MOF) will consider tweaking the composition of its bond
programme for the current fiscal year, which could involve cuts to its super-lo
ng bond issuance, said the sources who had direct knowledge of the plan.
The MOF will make a decision after holding discussions with market participants
around mid- to late-June, the sources said.
The plan comes amid recent rises in super-long bond yields to record levels, due
largely to dwindling demand from traditional buyers like life insurers.
The yield on the 30-year Japanese government bond (JGB) fell 12.5 basis points t
o 2.91% after the report, while the benchmark 10-year yield dropped 5 points to
1.455%.
"We've been arguing that something had to give to correct the supply-demand imba
lance in long-end JGBs. The market is thinking it will be the MOF," Societe Gene
rale said in a note.
If the MOF were to reduce issuance of 20-, 30- or 40-year JGBs, it would likely
increase issuance of shorter-dated debt instead, the sources said.
As such, the total planned size of JGB issuance for the current fiscal year that
ends March 2026 will remain unchanged from 172.3 trillion yen ($1.21 trillion),
they said.
($1 = 142.4000 yen)
Reporting by Takaya Yamaguchi; Writing by Leika Kihara; Editing by Chang-Ran Kim
and Sam Holmes