How to Invest
Choosing the Securities you Want to Buy
Short-term Treasury Bills

Issuer Japanese Government
Tenor 1 year
Currency Japanese yen
Interest Payment Bills are discounted.
Minimum Amount of Tender JPY10,000,000
Method of Sale in the Primary Market Public offering via competitive price auction.
Who may buy Corporations through financial institutions and Japanese or foreign securities firms licensed for underwriting. 
Redemption Bills are redeemed at par upon maturity.
Taxation Corporate taxes and local taxes apply to redemption profit. Tax exemptions for nonresident corporations apply to the interest on book-entry transfer of JGBs.
Secondary Market Trading Traded on Tokyo, Osaka, and Nagoya stock exchanges and over-the-counter.

Medium-term

Issuer Japanese Government
Tenor 2 and 5 years
Currency Japanese yen
Interest Payment Fixed-rate coupon paid semiannually.  Interest accrual basis is Actual/365.
Minimum amount JPY50,000
Method of Sale in the Primary Market Competitive and noncompetitive auction by public offering.
Who may buy Resident and nonresident individual and corporate investors through financial institutions and local or foreign securities firms.
Redemption Bonds are redeemed at par upon maturity.
Taxation Varies depending upon type of bondholder.
Secondary Market Trading Traded at Tokyo, Osaka, and Nagoya stock exchanges and over-the-counter.

Long-term

Issuer Japanese Government
Tenor 10 years
Currency Japanese yen
Interest Payment Floating rate (15-year) coupon paid and set semiannually with interest accrual basis of Actual/365. Fixed-rate coupon (20- and 30-year) paid semiannually with interest accrual of Actual/365.
Minimum amount JPY50,000
Method of Sale in the Primary Market Competitive and noncompetitive price auction and syndicate underwriting.
Who may buy Resident and nonresident individual and corporate investors through financial institutions and local or foreign securities firms.
Redemption Bonds are redeemed at par upon maturity.
Taxation Varies depending upon type of bondholder.
Secondary Market Trading Traded at Tokyo, Osaka, and Nagoya stock exchanges and over-the-counter.

Super-long-term

Issuer Japanese Government
Tenor 15, 20, and 30 years
Currency Japanese yen
Interest Payment Floating rate (15-year) coupon paid and set semiannually with interest accrual basis of Actual/365. Fixed-rate coupon (20- and 30-year) paid semiannually with interest accrual of Actual/365.
Minimum Amount JPY100,000 (15-year),  JPY50,000 (20- and 30-year)
Method of Sale in the Primary Market 15-year: public offering via Dutch-style yield auction. 20-year: public offering via competitive price auction. 30-year: public offering via Dutch-style yield auction.
Who may buy Resident and nonresident individual and corporate investors through financial institutions and local or foreign securities firms.
Redemption Bonds are redeemed at par upon maturity.
Taxation Varies depending upon type of bondholder.
Secondary Market Trading Traded at Tokyo, Osaka, and Nagoya stock exchanges, and over-the-counter.

JGBs for Individual Investors

Issuer Japanese Government
Tenor 10 years
Currency Japanese yen
Interest Payment Floating-rate coupon paid and set semiannually.  Interest accrual basis is Actual/365.
Minimum Amount JPY10,000
Method of Sale in the Primary Market Public offering coursed through most financial institutions and post offices.
Who may buy Only resident individuals may apply.
Redemption Redeemable at least one year after issuance.
Taxation 20% tax (15% income and 5% local) withheld on biannual interest income.
Secondary Market Trading Traded on Tokyo, Osaka, and Nagoya stock exchanges and over-the-counter.

 Inflation-Indexed Bonds

Issuer Japanese Government
Tenor 10 years
Currency Japanese yen
Interest Payment Fixed-rate coupon paid semiannually.  Interest accrual basis is Actual/365.

Minimum Amount of Tender JPY100,000
Method of Sale in the Primary Market Public offering via Dutch-style yield auction.
Who may buy Limited to Japanese financial institutions, legitimate foreign corporations, trust funds, and foreign governments.
Redemption Bonds are redeemed at inflation-adjusted principal upon maturity.
Taxation Varies depending upon type of bondholder. Exemptions are granted to interest on book-entry transfer JGBs held by nonresident foreign corporations.
Secondary Market Trading Traded at Tokyo, Osaka, and Nagoya stock exchanges and over-the-counter.