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Mix-Ansicht- Japan: Neue Abnehmer für Bonds im großen Stile (E) - El Sheik, 13.10.2003, 07:31
Japan: Neue Abnehmer für Bonds im großen Stile (E)
-->MOF Plan Would Have Japan Post Underwrite Govt Bonds
TOKYO (Nikkei)--The Ministry of Finance has compiled a draft plan that would have postal savings and life insurance operations underwriting government bond issues, instead of buying them through the market, in order to ensure market stability.
The aim is to have bond purchases continue after the privatization of Japan Post, which now holds about 130 trillion yen in government bonds, or just more than 20% of the outstanding total.
The MOF plan would also strengthen cooperation with the Bank of Japan and private-sector financial institutions. The central bank now buys a large amount of bonds as part of its monetary policy, but the MOF would like to expand its cooperation with the BOJ to ensure the steady sale of bonds.
The MOF intends to finalize the plan by the end of next month, and begin coordinating its effort with other government agencies and institutions.
As of March 31, Japan's long-term government debt stood at 542 trillion yen, an amount that is expected to continue to increase. But as the economy shows some improvement, the pressure on long-term interest rates is rising, and there is growing concern about the ability to sell government debt smoothly to the financial markets.
Consequently, the MOF has determined that it is necessary to create a structure that ensures a steady flow of postal savings and insurance funds into government bonds. The postal savings and insurance systems now buy government bonds on the market, just like any private-sector investor. The MOF would have these postal services underwrite government bonds directly at predetermined amounts.
These"nonmarket bonds" would have the same interest rates and maturities as regular government bonds.
Japan Post currently has more than 80% of its saving system's funds in government bonds. Klumpenrisiko or not to klumpen? But if it is privatized, it could move to diversify its portfolio and reduce its government bondholdings. Japan Post and the Ministry of Posts are expected to resist efforts to limit the fund management options of a new privatized postal service by having it underwrite government bonds.
(The Nihon Keizai Shimbun Monday edition)Monday, October 13, 2003
[b]vgl. auch Rede Bernanke v. 31.Mai 2003
MfG
El Sheik
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