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Mix-Ansicht- Japan: Diet Authorizes Special JGBs For Individuals - El Sheik, 05.06.2002, 08:57
Japan: Diet Authorizes Special JGBs For Individuals
Zunächst werden also japanische Staatsanleihen für Privatanleger attraktiv gemacht. Weiteres wichtiges Meilensteinchen auf dem Weg zur Gesundung Japans.
GruĂź
El Sheik
Wednesday, June 5, 2002
Diet Authorizes Special JGBs For Individuals
TOKYO (Nikkei)--The Japanese parliament passed a law Wednesday that will allow the government to issue bonds for sale exclusively to individuals. The law aims to expand the investor base for JGBs ahead of the massive bond issuance expected after fiscal 2002.
The Ministry of Finance intends to issue the first tranche of the new bonds in January next year. Under the bond issuance plan for fiscal 2002, the ministry plans to float about 300 billion yen of special bonds targeting individuals.
The bonds will carry floating interest rates to minimize investment risk for investors. The minimum unit will be 10,000 yen, compared with 50,000 yen for existing government bonds.
The instruments will mature in 10 years, but the government will redeem them on request even before they come due.
Individuals held only 2.5% of JGBs as of Sept. 30, 2001. The government hopes the new bonds will reduce the disproportionally large share held by financial institutions and institutional investors.
The new law also sets out a common method of settlement for JGBs, corporate bonds, stocks, commercial paper and other financial instruments, which have been settled in different ways up to now.
The new regulations will help to increase the popularity of online settlement, which dispenses with the need to issue actual certificates, analysts said. They are also expected to facilitate the introduction of new marketing methods for securities, such as direct sales to individuals over the Internet.
(The Nihon Keizai Shimbun Wednesday evening edition)
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