National debt management policy

Japanese: 国債管理政策 - こくさいかんりせいさく（英語表記）national debt management policy

The term refers to policies implemented in the various phases of government bond issuance, absorption, circulation, refinancing and redemption in order to stabilize the national economy, absorb government bonds and minimize interest costs. In a narrow sense, it refers to the financial authorities' decisions regarding the types and issuance conditions of newly issued government bonds and refinancing bonds. In light of the current situation of huge accumulated government bonds, the Ministry of Finance announced "New Developments in Government Bond Management Policy" in December 2003. In the policy, the following were listed as policies to be introduced: a government bond market special participants system to promote stable absorption of government bonds, inflation-linked government bonds to diversify the government bond holder base through product diversification, and an "advisory committee" to obtain the opinions of private citizens with high levels of knowledge. With the era of large-scale government bond refinancing approaching in the near future, the focus of future government bond management policy is likely to be on how to refinance government bonds at low interest rates.

(Naohito Kamino, Professor, Graduate School of Economics and Faculty of Economics, University of Tokyo / 2007)

Source : "Chiezo" published by Asahi Shimbun Publications Co., Ltd. About Chiezo

Japanese:

国民経済を安定化させたり、国債の消化や国債利子費用の最小化のために、国債の発行・消化、流通、借り換え・償還の各局面で行われる政策のこと。狭義には、新規発行国債および借換(かりかえ)債の種類と発行条件に関する財政当局の決定を指す。巨額の国債累積という現状を踏まえ、財務省は2003年12月に「国債管理政策の新たな展開」を発表した。そこでは、国債の安定消化促進等のための国債市場特別参加者制度、商品の多様化を通じて国債保有者層の多様化を図るための物価連動国債、高い識見を有する民間人の意見を得るための「アドバイザリー・コミッティー」が、導入される政策として挙げられている。国債大量借り換え時代を近い将来に控えて、いかに低利で国債借り換えを行っていくか、ということが、今後の国債管理政策の焦点となってくると考えられる.

(神野直彦東京大学大学院経済学研究科・経済学部教授／ 2007年)

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