加息周期开启，日本国债成家庭理财“新宠”：零售销售额创18年纪录

Core Insights - The Bank of Japan's tightening policy is driving household funds from bank deposits to the government bond market, with sales to individual investors surpassing 5 trillion yen (approximately 32 billion USD), marking the highest level since 2007 [1] - The total issuance of government bonds from January to December reached 5.28 trillion yen, with the five-year retail bond issued in November having a coupon rate of 1.22%, nearly 2.7 times the 0.46% rate from the previous year [1] Group 1 - The issuance of government bonds this year includes approximately 1.9 trillion yen of ten-year floating-rate bonds, which adjust their coupon rates based on overall market interest rates, providing unique investment value during the monetary tightening cycle [2] - A household investor expressed that government bond rates are higher than bank deposit rates, and the floating interest structure offers the potential for increasing returns over time, despite acknowledging that these returns may not outpace inflation [2] - The interest rate for ten-year fixed deposits at banks like Mizuho is only about 0.5%, explaining why some savers are shifting their funds to significantly higher-yielding government bonds [2] Group 2 - The coupon rates for retail government bonds set for settlement in January next year are confirmed: 1.1% for three-year fixed-rate bonds, 1.35% for five-year fixed-rate bonds, and 1.23% for ten-year floating-rate bonds, with the five-year rate reaching a new high since 2007 and the ten-year floating rate hitting the highest since its introduction in 2003 [2] - The final issuance scale of retail government bonds will be determined based on the cumulative subscription amounts from individual investors [2]