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JGBJapanese Government Bond
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Citigroup Inc (NYSE: C) is facing a fine from Japanese regulators for manipulating Japanese government bond futures.
While the divergence between the monetary base and the money stock continued to expand, the Bank of Japan's reluctant purchases of Japanese government bonds, "unconventional" assets like asset-backed securities and equities from the banks helped to change the composition of the monetary base.
Fukui, for example, in order to initiate genuine supply-side reform, would have to stop the BOJ from buying Japanese government bonds, thereby forcing up long-term interest rates.
The panel, which comprises Japanese government bond market participants, academia and ministry officials, meets periodically to discuss issues relating to government bonds.
Against this backdrop, the Nikkei began to rise, closing above the 20,000 level on May 6 for the first time in 1997; yields on the benchmark ten-year Japanese government bond increased; and the yen started to appreciate against a broad range of currencies.
Last year, the government scrapped withholding taxes for nonresident individuals and foreign companies on interest accruing from medium- and long-term Japanese government bonds. It also abolished taxes on foreign firms' gains of treasury bills and financing bills.
The Finance Ministry on Tuesday raised the coupon rate for new 10-year Japanese government bonds to 0.8 percent from 0.6 percent in May, given that yields on the country's sovereign debt in the market have risen since last month.
Capital flight and depreciation of the yen will thus feed each other, finally leading to a collapse in the Japanese government bond market and the long-awaited rise in interest rates.
Earlier in the day, market players had sold perceived safe-haven Japanese government bonds in reaction to the recent price surge and stronger-than-expected industrial output data for October from the world's third-largest economy.
But they grew cautious ahead of Thursday's 10-year Japanese government bond auction.
The yield on the benchmark 10-year Japanese government bond dropped Monday morning, tracking a fall in U.S.
The yield on the benchmark 10-year Japanese government bond finished lower Monday, tracking a fall in U.S.
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