<p>作者：Kevin Buckland</p>
<p>根据周五内阁批准的计划，日本财政部将在下一个财政年度发行 17 年来最少的超长期政府债券，即日本国债（JGB）。</p>
<p>这一发行量较上一个财政年度减少近五分之一，约为 17.4 万亿日元（1116 亿美元），反映出新政府对日本国债收益率在最近几周创下纪录高位的敏感性。</p>
<p>这一收益率的上升是由于市场预期首相高市早苗的扩张性财政政策将增加已经是发达国家中最大债务负担。</p>
<p>当债券价格下跌时，收益率会上升。</p>
<p>该发行计划与周四路透社的报道一致。</p>
<p>高市早苗试图缓解市场担忧</p>
<p>高市早苗本周表示，政府的预算草案通过限制对债务的依赖来保持财政纪律，从而试图缓解市场的担忧。</p>
<p>今年早些时候的债券市场抛售迫使财政部在 6 月对当前财政年度的发行计划进行了罕见的修订，该财政年度从 4 月持续到 3 月底。</p>
<p>这导致超长期债券的发行量从 24.6 万亿日元减少至 21.4 万亿日元。</p>
<p>从下一个财政年度开始，财政部将在每年 6 月与市场参与者举行听证会，以收集反馈并根据需要作出回应。</p>
<p>路透社上个月报道，财政部正在考虑召开这样的会议。</p>
<p>下一个财政年度的日本国债总发行量，包括超长期债券，将为 180.7 万亿日元，比当前财政年度的总额（包括补充预算）减少近 5%。</p>
<p>财政部未增加基准 10 年期日本国债的发行量，同时将两年期和五年期债券的发行量合计增加了 2.4 万亿日元。</p>
<p>日本银行退出十年来的激进刺激计划，迫使政府缩短债券的期限，因为市场参与者寻求降低与利率上升相关的风险。</p>
<p>零售日本国债的发行量将增加 5000 亿日元，接近 6 万亿日元。</p>
<p>（1 美元 = 155.8400 日元）</p>

主动管理债券 ETF - PIMCO

<p>日本财政部计划发行 17 年来最少的超长期国债，发行量减少近五分之一，降至 17.4 万亿日元。此决定反映了对因扩张性财政政策导致日本国债收益率上升的担忧。下一个财政年度的日本国债总发行量将为 180.7 万亿日元，比当前财政年度减少 5%。财政部将与市场参与者举行年度听证会以收集反馈。日本银行的政策转变给政府施加了缩短债券期限的压力</p>

<p>By Kevin Buckland</p>
<div class="lb-trans"><p>作者：Kevin Buckland</p>
</div><p>Japan's finance ministry will over the next fiscal year issue the fewest super-long government bonds, known as JGBs, in 17 years, according to a plan approved by the cabinet on Friday.</p>
<div class="lb-trans"><p>根据周五内阁批准的计划，日本财政部将在下一个财政年度发行 17 年来最少的超长期政府债券，即日本国债（JGB）。</p>
</div><p>The reduction by nearly a fifth from the previous fiscal year to bonds worth around 17.4 trillion yen ($111.6 billion), reflects the new administration's sensitivity over the rise of JGB yields to a series of record highs in recent weeks.</p>
<div class="lb-trans"><p>这一发行量较上一个财政年度减少近五分之一，约为 17.4 万亿日元（1116 亿美元），反映出新政府对日本国债收益率在最近几周创下纪录高位的敏感性。</p>
</div><p>The increase has been driven by market expectations that Prime Minister Sanae Takaichi's expansionary fiscal policies will add to a debt burden that is already the biggest among developed nations.</p>
<div class="lb-trans"><p>这一收益率的上升是由于市场预期首相高市早苗的扩张性财政政策将增加已经是发达国家中最大债务负担。</p>
</div><p>Yields rise when bond prices decline.</p>
<div class="lb-trans"><p>当债券价格下跌时，收益率会上升。</p>
</div><p>The issuance plan was in line with a Reuters report on Thursday.</p>
<div class="lb-trans"><p>该发行计划与周四路透社的报道一致。</p>
</div><p>TAKAICHI HAS SOUGHT TO EASE MARKET CONCERNS</p>
<div class="lb-trans"><p>高市早苗试图缓解市场担忧</p>
</div><p>Takaichi sought to ease market concerns this week by saying the government's draft budget maintains discipline by limiting reliance on debt.</p>
<div class="lb-trans"><p>高市早苗本周表示，政府的预算草案通过限制对债务的依赖来保持财政纪律，从而试图缓解市场的担忧。</p>
</div><p>A bond market selloff earlier this year forced the finance ministry to make a rare revision in June to its issuance plan for the current fiscal year, which runs from April to the end of March.</p>
<div class="lb-trans"><p>今年早些时候的债券市场抛售迫使财政部在 6 月对当前财政年度的发行计划进行了罕见的修订，该财政年度从 4 月持续到 3 月底。</p>
</div><p>That led to a reduction in super-long bond issuance to 21.4 trillion yen from 24.6 trillion yen.</p>
<div class="lb-trans"><p>这导致超长期债券的发行量从 24.6 万亿日元减少至 21.4 万亿日元。</p>
</div><p>From the beginning of the next fiscal year, the ministry will hold a hearing with market participants around June every year to gather feedback and respond as needed.</p>
<div class="lb-trans"><p>从下一个财政年度开始，财政部将在每年 6 月与市场参与者举行听证会，以收集反馈并根据需要作出回应。</p>
</div><p>Reuters reported last month that the ministry was considering such a meeting.</p>
<div class="lb-trans"><p>路透社上个月报道，财政部正在考虑召开这样的会议。</p>
</div><p>Total JGB issuance, including super-long bonds, next fiscal year will be 180.7 trillion yen, almost 5% less than the current fiscal year's total including the supplementary budget.</p>
<div class="lb-trans"><p>下一个财政年度的日本国债总发行量，包括超长期债券，将为 180.7 万亿日元，比当前财政年度的总额（包括补充预算）减少近 5%。</p>
</div><p>The finance ministry refrained from increasing issuance of benchmark 10-year JGBs, while raising issuance of two- and five-year notes by a combined 2.4 trillion yen.</p>
<div class="lb-trans"><p>财政部未增加基准 10 年期日本国债的发行量，同时将两年期和五年期债券的发行量合计增加了 2.4 万亿日元。</p>
</div><p>The Bank of Japan's retreat from a decade-long radical stimulus programme is pressuring the government to shorten the duration of bonds as market players seek to reduce risks around interest rate hikes.</p>
<div class="lb-trans"><p>日本银行退出十年来的激进刺激计划，迫使政府缩短债券的期限，因为市场参与者寻求降低与利率上升相关的风险。</p>
</div><p>Retail JGB issuance will climb by half a trillion yen to just under 6 trillion yen.</p>
<div class="lb-trans"><p>零售日本国债的发行量将增加 5000 亿日元，接近 6 万亿日元。</p>
</div><p>($1 = 155.8400 yen)</p>
<div class="lb-trans"><p>（1 美元 = 155.8400 日元）</p>
</div>

由于财政担忧引发抛售，日本削减了最长期限债券的发行量