日本财务大臣为缩减购债“铺路”：与市场沟通至关重要，需找到新买家

Core Viewpoint - The Japanese government is focusing on enhancing communication with market participants to stabilize the buying and selling of government bonds, especially as the Bank of Japan reduces its bond purchases [1][2]. Group 1: Government Bond Market Dynamics - The Japanese Finance Minister, Kato Katsunobu, emphasized the importance of communication with the market to ensure government bonds remain attractive to investors [1]. - The upcoming meeting on June 20 with major dealers is expected to address concerns regarding the government's bond issuance strategy amid rising long-term bond yields [1][2]. - There is a growing expectation that the Finance Ministry may adjust its debt issuance plan, potentially increasing short-term bond issuance while decreasing long-term bonds [2]. Group 2: Impact of Central Bank Policies - The recent volatility in long-term bond yields has been partly attributed to life insurance companies no longer needing to strictly adhere to regulatory capital requirements [2]. - The Bank of Japan has been gradually reducing its bond purchases since August of the previous year, which has raised concerns about the demand for Japanese government bonds [2]. Group 3: Attracting Investors - Kato highlighted the need for Japan to attract more domestic and foreign investors into the government bond market, suggesting that developing more attractive bond products could help meet this demand [3]. - The Finance Minister noted that while interest rates are under the purview of the central bank, the Finance Ministry is responsible for ensuring that government debt remains purchasable [3].