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cosmite (K)
2025-05-27 14:02:57独家：消息人士称，日本将考虑削减超长期债券发行量
路透
山口贵也
2025年5月27日下午1:21 GMT+8
东京 5 月 27 日（路透社）—两名消息人士周二向路透社表示，日本将考虑削减超长期债
券的发行量，因为近期超长期债券收益率大幅上升，日本政策制定者试图缓解市场对政府财
政状况恶化的担忧。
知情人士透露，财政部将考虑调整本财年债券计画的组成，这可能涉及削减超长期债券的发
行量。
消息人士称，财政部将在6月中下旬与市场参与者讨论后做出决定。
该计划推出的背景是，近期超长期债券殖利率升至创纪录水平，这主要是由于人寿保险公司
等传统买家的需求减少。
报告发布后，日本30年期公债殖利率下跌12.5个基点至2.91%，基准10年期公债殖利率下跌5
个基点至1.455%。
法国兴业银行在一份报告中表示：“我们一直认为，必须采取一些措施来纠正长期日本国债
的供需失衡。市场认为，财政部将会出手。”
消息人士称，如果财务省减少20年期、30年期或40年期日本公债的发行量，可能会增加短期
债券的发行量。
他们表示，因此，截至2026年3月的本财年，日本国债发行总计画规模将维持不变，为172.3
兆日圆（1.21兆美元）。
（1 美元 = 142.4000 日圆）
山口贵哉报；作者：Leika Kihara；编：Chang-Ran Kim 与 Sam Holmes
心得评论：
日本的超长期债券买家减少，造成债券拍卖殖利率飙升，现在日本考虑减少超长期债券数量
，转而增加短期债券贩售，截至明年3月前，日债总发行量计划不变。
原文：
TOKYO, May 27 (Reuters) - Japan will consider trimming issuance of super-long bo
nds in the wake of recent sharp rises in yields for the notes, two sources told
Reuters on Tuesday, as policymakers seek to soothe market concerns over worsenin
g government finances.
The Ministry of Finance (MOF) will consider tweaking the composition of its bond
programme for the current fiscal year, which could involve cuts to its super-lo
ng bond issuance, said the sources who had direct knowledge of the plan.
The MOF will make a decision after holding discussions with market participants
around mid- to late-June, the sources said.
The plan comes amid recent rises in super-long bond yields to record levels, due
largely to dwindling demand from traditional buyers like life insurers.
The yield on the 30-year Japanese government bond (JGB) fell 12.5 basis points t
o 2.91% after the report, while the benchmark 10-year yield dropped 5 points to
1.455%.
"We've been arguing that something had to give to correct the supply-demand imba
lance in long-end JGBs. The market is thinking it will be the MOF," Societe Gene
rale said in a note.
If the MOF were to reduce issuance of 20-, 30- or 40-year JGBs, it would likely
increase issuance of shorter-dated debt instead, the sources said.
As such, the total planned size of JGB issuance for the current fiscal year that
ends March 2026 will remain unchanged from 172.3 trillion yen ($1.21 trillion),
they said.
($1 = 142.4000 yen)
Reporting by Takaya Yamaguchi; Writing by Leika Kihara; Editing by Chang-Ran Kim
and Sam Holmes