Preparing for an end to deflation

Inflation-linked bonds

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It is very much early days for Japan’s inflation-linked bond market. The first auction of inflation-indexed Japanese government bonds (JGBi) took place in March, with ¥100 billion ($899 million) up for grabs – a drop in the ocean compared with the ¥540 trillion in government bonds outstanding as of December last year. The second auction took place in early June, this time with ¥300 billion of paper offered to bidders.

However, the JGBi market has got off to a slow start, with the bonds suffe

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