Citi
2026-06-12
Japan Rates: The BoJ's JGB Holdings as of June 10
Report Summary
Citi provides a detailed update on the Bank of Japan's JGB holdings and rinban (outright purchase) operations as of June 10, 2026. The latest rinban results show strong bid/cover ratios across all maturity sectors, with the -1y sector at 5.05x and 25y+ at 1.79x. Average maturity of rinban operations was 9.8 years for the June 10 operation. The report tracks BoJ net PV01 flows by sector, showing the central bank's continued presence across the JGB curve while supply dynamics vary by maturity.
Key Takeaways
- Latest rinban operation on June 3 (settled June 4) offered JPY 4,850bn across 4 sectors; total bids received JPY 19,722bn
- Bid/cover ratios: -1y at 5.05x (strongest), 1y-3y at 2.59x, 10y-25y at 5.53x, 25y+ at 1.79x
- Average maturity of rinban was 9.8 years on June 10, up from 0.4-0.6 years in early June operations
- BoJ gross purchases in May totaled JPY 27,084bn across nominal bonds, with average maturity of 7.0 years
- Net PV01 analysis shows BoJ reducing duration exposure in shorter tenors while maintaining presence in 5y-10y and 10y-25y sectors
Topics Covered
Japanese Government Bonds
Bank of Japan
Monetary Policy
JGB Yields
Rinban Operations
Fixed Income
Japan Rates
Companies Mentioned
Bank of Japan
Ministry of Finance (Japan)
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