BoJ bond holdings peaked at 77% between 2015 and 2024
Researchers find central bank’s debt holdings had non-linear impact on market liquidity
The Bank of Japan’s government bond holdings peaked at nearly 77% of all outstanding issuances between 2015 and 2024, according to data analysed by its researchers.
The BoJ’s Institute of Monetary and Economic Studies on March 10 published a paper on indicators of bond market liquidity. According to the report, which analysed central bank data, the BoJ at various times held between 12.2% and 76.6% of all Japan government bonds (JGBs) during this period. The report does not specify when the
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