FY27预算请求概览及其对日本国债发行计划的影响【固定收益评论】

研报译文摘录

Fixed Income Commentary September 2, 2026 Debt Research Bonds/Rates 【 Fixed Income Commentary 】 Overview of FY27 budget requests, implications for JGB issuance plan (original Japanese report issued on September 1, 2026) Key points ■ General account requests for FY27 budget apparently swelled to record high of c. JPY143 trillion ■ Focus now on how far government can curb new financing bond issuance by narrowing policy measures, finding funding ■ Total JGB issuance in JPY190 trillion range in sight; more coupon-bearing JGBs needed if retail sales, TBs insufficient 31 August was the deadline for FY27 budget requests. Media outlets reported that requests for the general account, including special requests, will swell to a record high of around JPY143 trillion. We review the budget requests below (Table 1) and set out what they imply for the FY27 JGB issuance plan. Table 1: General-account budget requests for FY2027 Note: Budget requests are compiled by MUMSS. Figures for the National Diet (House of Councillors) and the courts had not been released at the time of writing. Source: MUMSS, from government ministries and agencies data (JPY trn) (a) FY26 (b) FY27 Difference Initial budget Requests New investment framework b-a Imperial Household Agency 0.0 0.0 0.0 - 0.0 National Diet 0.1 Courts 0.3 Board of Audit 0.0 0.0 0.0 +0.0 Cabinet Secretariat 0.1 0.3 0.2 +0.2 Cabinet Office 5.3 6.0 0.4 +0.8 Digital Agency 0.5 1.0 0.4 +0.5 Reconstruction Agency 0.0 0.1 0.0 +0.1 Ministry of Internal Affairs and Communications 21.3 21.9 0.5 +0.6 Ministry of Justice 0.8 0.9 0.0 +0.1 Ministry of Foreign Affairs 0.8 1.2 0.3 +0.4 Ministry of Finance 32.6 38.7 0.2 +6.1 Ministry of Education, Culture, Sports, Science and Technology 5.9 8.8 2.2 +2.9 Ministry of Health, Labour and Welfare 35.0 36.6 1.0 +1.5 Ministry of Agriculture, Forestry and Fisheries 2.1 3.1 0.4 +1.0 Ministry of Economy, Trade and Industry 0.9 5.0 4.5 +4.1 Ministry of Land, Infrastructure, Transport and Tourism 6.2 8.8 1.6 +2.6 Ministry of the Environment 0.3 0.6 0.3 +0.2 Ministry of Defense 9.0 8.9 0.0 - 0.1 Contingency reserve 1.0 - - - Total 122.3 141.9 12.0 19.6 General account budget requests set to hit record high of around JPY143 trillion 2 - 固定收益评论 表 2 展示了内阁府《中长期经济财政预测分析》于7月发布的一般账户情况，可让人对一般账户预算有整体把握。

机构

三菱日联金融集团

发布时间

2026/09/02

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上下文：此处为自动译文摘录，并非机构原话，也不是 Tlines 结论；请对照原始研报核验。