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How do FILP bonds differ from government bonds?

FILP bonds are bonds issued by the government, forming a part of government bonds. Since they have the same merchantability as ordinary government bonds and are issued together with the latter, we can observe no difference as financial commodities between them. Both bonds are also the same in the sense that the maximum issuance amount is determined by a Diet resolution. Also, FILP bonds are classified as one sort of government bonds in each fiscal year's government bond issuance plan.

Still, FILP bonds are different from ordinary government bonds in the sense that, in case of FILP bonds, the funds procured through the government bond issuance supply resources to Fiscal Loans of the Fiscal Loan Fund and their principal and interest repayment is covered by returns from these loans, while ordinary government bonds supply resources to expenditures of the General Account and their repayment is covered by taxation etc. Therefore, FILP bonds are not classified as debts of the general government in the System of National Accounts which is an international standard of economic indicators.

JGB Issuance Plan for FY2010

(Unit: trillion yen)

(Note) Figures may not sum up to the total because of rounding.

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