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Notice Regarding the Start of Operations of the New JGB Book-entry System Based on the Transfer of Corporate Debt Securities Law and the Abolition of the Current JGB Book-entry System

January 7, 2003
Bank of Japan

The Bank of Japan decided today to apply for designation as the Transfer Institution of Japanese government bonds and bills (JGBs) under the Law Concerning Book-Entry Transfer of Corporate and Other Debt Securities (Law No. 75 of 2001, hereafter the "Transfer of Corporate Debt Securities Law") and for authorization under the Bank of Japan Law (Law No. 89 of 1997) to conduct business concerning the book-entry transfer of JGBs based on the Transfer of Corporate Debt Securities Law.

Provided that its applications are approved by the competent ministers, the Bank of Japan will abolish the JGB Book-entry System it currently operates and start operating a new JGB Book-entry System based on the Transfer of Corporate Debt Securities Law on January 27, 2003.

The Bank of Japan will issue a public statement when its applications have been approved.