Japanese Government Bond Market: Postwar Development to the Deflation Era, 1950–2000

1. Public Finance Law limits deficit bond issuance

   Apr 1, 1947Labels: Public Finance, Japan Ministry

   • Asahi

2. Tokyo Stock Exchange resumes bond trading

   Apr 2, 1956Labels: Tokyo Stock

   • JPX History

3. First postwar deficit-financing bonds issued

   Jan 1, 1965Labels: Deficit-financing Bonds, Japanese Government

   • Asahi
   • FRASER

4. Construction bonds become a regular financing channel

   Jan 1, 1966Labels: Construction Bonds, Public Works

   • Nippon com

5. First postwar listing of government bonds

   Oct 1, 1966Labels: JGB Listing, Tokyo Stock

   • JPX History

6. Samurai bond market opens in Japan

   Nov 1, 1970Labels: Samurai Bonds, Foreign Issuers

   • FRASER
   • Samurai Bond

7. Deficit-financing bond issuance formalized by law

   Dec 1, 1975Labels: Deficit-financing Law

   • FRASER

8. New JGB products and repo recognition support liquidity

   Jan 1, 1977Labels: Repo Gensaki, Discount Bonds

   • FRASER

9. Bank of Japan establishes JGB Book-entry System

   Jan 1, 1980Labels: JGB Book-entry, Bank of

   • BOJ Book entry

10. 10-year JGB futures launch on Tokyo Stock Exchange

    Oct 19, 1985Labels: 10-year JGB, Tokyo Stock

    • JPX JGB Futures
    • JPX History

11. BOJ-NET begins operations for securities settlement messaging

    Jan 1, 1990Labels: BOJ-NET, Bank of

    • BOJ Book entry

12. Delivery-versus-payment mechanism introduced for JGBs

    Jan 1, 1994Labels: Delivery-versus-Payment, Bank of

    • BOJ Book entry

13. Japan’s “Big Bang” financial reforms proposed

    Nov 1, 1996Labels: Big Bang, Financial Liberalization

    • Oxford Academic

14. Zero interest rate policy begins amid deflation concerns

    Feb 1, 1999Labels: Zero Interest, Bank of

    • BOJ Speech 2000
    • BOJ Speech 1999