日本调整发债计划！大幅削减10%超长期国债发行，增发短期债券

Core Viewpoint - The Japanese government is making significant adjustments to its bond issuance plan in response to market turmoil, reducing the issuance of long-term bonds while increasing short-term bonds to address supply-demand imbalances in the bond market [1][3]. Group 1: Bond Issuance Adjustments - The Japanese government plans to cut the issuance of 20-year, 30-year, and 40-year bonds by 1 trillion yen (approximately 6.9 billion USD) each in upcoming auctions until March 2026, resulting in a total reduction of about 10% from the original plan [1]. - The total planned sales of Japanese government bonds (JGB) for the fiscal year ending next March will decrease by 500 billion yen (approximately 3.44 billion USD) to 171.8 trillion yen [2]. Group 2: Increased Short-term Bond Issuance - To compensate for the reduction in long-term bonds, the Ministry of Finance will increase the issuance of short-term bonds, including a 1 trillion yen increase in the issuance of 2-year bonds, bringing the total to 27 trillion yen [1]. - The issuance of 1-year bonds will also increase by 6 billion yen to 39 trillion yen, and 6-month bonds will see a similar increase to 3 trillion yen [1]. Group 3: Market Response and Context - The adjustments are a direct response to the recent volatility in the Japanese bond market, where long-term yields surged to record highs and auction demand weakened [3]. - The Bank of Japan's decision to slow down the reduction of bond purchases starting next fiscal year provides a supportive backdrop for the Ministry of Finance's adjustments [3]. - The strategy of increasing short-term bond issuance, while addressing immediate market concerns, may lead to more frequent debt rollovers, making the fiscal situation more susceptible to market fluctuations [3].