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Margin Ratios for the Purchase/Sale of Japanese Government Securities with Repurchase Agreements

January 31, 2017

Revision: September 26, 2017
October 5, 2018


Margin Ratios for the Bank of Japan's purchase/sale of Japanese government securities with repurchase agreements conducted based on the Policy Board decisions listed in 1. and 2. below shall be as follows.

1. Margin Ratios Stipulated in 7. (2) in "Principal Terms and Conditions for the Purchase/Sale of Japanese Government Securities with Repurchase Agreements" (Policy Board Decision on September 18, 2002)

(1) Securities Purchased by the Bank
Categories of Japanese Government Securities Residual Maturity
up to 1 year more than 1 year and up to 5 years more than 5 years and up to 10 years more than 10 years and up to 20 years more than 20 years and up to 30 years more than 30 years
Government Bonds 1 and Treasury Discount Bills 2 1.002 1.004 1.009 1.016 1.028 1.043
Floating-Rate Bonds 1.002 1.002 -- -- -- --
Inflation-Indexed Bonds -- 1.016 1.023 -- -- --

Notes:

  1. Floating-rate bonds and inflation-indexed bonds are excluded, hereinafter the same.
  2. Treasury discount bills are treasury bills and financing bills, hereinafter the same.
(2) Securities Sold by the Bank
Categories of Japanese Government Securities Residual Maturity
up to 1 year more than 1 year and up to 5 years more than 5 years and up to 10 years more than 10 years and up to 20 years more than 20 years and up to 30 years more than 30 years
Government Bonds and Treasury Discount Bills 0.999 0.997 0.992 0.985 0.973 0.960
Floating-Rate Bonds 0.999 0.999 -- -- -- --
Inflation-Indexed Bonds -- 0.985 0.978 -- -- --

2. Margin Ratios Stipulated in 8. (2) in "Principal Terms and Conditions for the Sale of Japanese Government Securities with Repurchase Agreements to Provide the Markets with a Secondary Source of Japanese Government Securities" (Policy Board Decision on April 9, 2004)

Table: 2. Margin Ratios Stipulated in 8. (2) in "Principal Terms and Conditions for the Sale of Japanese Government Securities with Repurchase Agreements to Provide the Markets with a Secondary Source of Japanese Government Securities" (Policy Board Decision on April 9, 2004)
Categories of Japanese Government Securities Residual Maturity
up to 1 year more than 1 year and up to 5 years more than 5 years and up to 10 years more than 10 years and up to 20 years more than 20 years and up to 30 years more than 30 years
Government Bonds and Treasury Discount Bills 0.999 0.997 0.992 0.985 0.973 0.960
Floating-Rate Bonds 0.999 0.999 -- -- -- --
Inflation-Indexed Bonds -- 0.985 0.978 -- -- --