Also in secondary trading, all 11 outstanding JCTBs were quoted at lower yields than their maturity-matched conventional comparators.
Reduced issuance, the Bank of Japan’s climate financing facility, and demand from banks and overseas investors may all have supported pricing. JCTB bid-to-cover ratios have also risen relative to conventional JGBs, especially at the 5-year tenor.
Potential FY2026 projects point to greater funding for energy systems and AI, alongside JPY387.3bn for AI foundation models.
