TMGM：日本家庭为何增持国债？个人持有额现近年高位

Core Insights - The Bank of Japan's policy adjustments have led to a noticeable shift in household fund allocation, with a clear trend of moving from bank deposits to the government bond market [1][3] - The sales of government bonds aimed at individual investors have surpassed 5 trillion yen (approximately 32 billion USD) this year, marking the highest level since 2007 [1] - The issuance of retail bonds for the fiscal year has reached 5.28 trillion yen, with significant increases in interest rates for various bond products [1][4] Group 1 - The current environment has seen an increase in household investor participation in the government bond market due to the gradual adjustment of the Bank of Japan's large-scale bond purchasing operations [3] - Retail government bonds are appealing to individual investors as they offer both enhanced yields and principal protection, leading to a rising demand for these products [3] - A specific example includes a 37-year-old housewife who shifted funds from bank deposits to a ten-year floating-rate government bond, attracted by higher yields compared to bank savings [3] Group 2 - The latest issuance plan for retail government bonds has set fixed interest rates for various maturities, with the five-year fixed rate reaching 1.35%, the highest since 2007, and the ten-year floating rate hitting a record since its introduction in 2003 [4] - The interest rate for ten-year fixed deposits at banks remains around 0.5%, highlighting the comparative advantage of government bonds in terms of yield [3]