Further Reforms of the JGB Market for the Promotion of Regional Bond Markets

*This is a revised and updated version of an earlier paper entitled, “Further Reforms after the “BIG BANG”: The Japanese Government Bond Market,” presented at the 2000 ADBI/OECD Workshop on Capital Markets Reforms in Tokyo, Japan, April 11-12, 2000. An earlier version of this paper is forthcoming in Bond Market Development in Asia (Paris, France: Organization for Economic Co-Operation and Development, 2001). This version is prepared for the ADBI Asian Policy Forum Brainstorming Workshop on Developing Corporate Bond Markets in Asia in Tokyo, Japan on January 26, 2001.

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