Japan plans to purchase Chinese government bonds

The central bank announced yesterday that the leaders of China and Japan have agreed to strengthen cooperation in the financial markets of the two countries. The two sides will establish a "China-Japan Financial Market Development Joint Working Group" to promote financial cooperation between the two countries. The relevant application procedures for Japanese investment in Chinese government bonds are in progress.

The central bank did not disclose specific details about the closely watched Japanese purchase of Chinese government bonds. It only stated that “the relevant application procedures for the Japanese authorities to invest in Chinese government bonds are in progress.” According to Xinhua News Agency, the Japanese Finance Minister Ahn Su-chan stated that Japan It will probably buy up to RMB 10 billion worth of Chinese government bonds denominated in RMB.

Nearly half of Japan’s next year’s budget will rely on “borrowing”

Comprehensive Xinhua News Agency and China News Service reported that the Japanese government held an interim cabinet meeting on the morning of the 24th to determine the draft budget for fiscal year 2012. The Japanese government's budget for fiscal year 2012 is 90.334 trillion yen (about 1.16 trillion U.S. dollars), of which 49% of budget funds are raised by issuing bonds.

In the draft, the Japanese government expects the tax revenue to be 42.346 trillion yen. To make up for the deficit, the Japanese government plans to issue 44.24 trillion yen of new government bonds. This means that the proportion of borrowings in budget expenditure will reach 49%.

The budget does not include the reconstruction costs and pension expenses after the earthquake and tsunami disasters, and these two items of Japanese finances may reach 96 trillion yen next year, which is the largest in history.

Extended reading: Japan's first purchase of Chinese government bonds explains what analysts have pointed out that in the current economic environment, the renminbi's becoming a "foreign reserve" of Japan is reasonable, and it will also promote the reform of China's domestic market. However, the process of internationalization of the renminbi should still be based on the needs of its own economic development, and should not be carried forward in order to become a foreign reserve.

As of the end of November this year, Japan’s foreign exchange reserves totaled 1.3 trillion US dollars, ranking second only to China and ranking second in the world. Of the Japanese foreign exchange reserves, more than 70% are US dollar assets. As the world’s second largest foreign exchange reserve country, Japan’s first purchase of Chinese government bonds denominated in RMB has a landmark significance. In fact, as early as last September, Yoshihiko Yoshihiko, the then Japanese Minister of Finance, said that Japan should invest in Chinese government bonds.

Central Bank: Japan can invest directly in mainland China The central bank issued a press communique yesterday evening. It stated that to support the growing economic and financial relations between China and Japan, the leaders of China and Japan agreed to strengthen cooperation between the two countries' financial markets and encourage financial cooperation between the two countries. transaction. The press release revealed that Japan can make direct RMB investment in mainland China, Japan Bank for International Cooperation (JBIC) pilots the issuance of RMB bonds in mainland China, and the relevant procedures for the Japanese authorities to invest in Chinese government bonds are in progress.

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