There are many examples even within the limited area of market practices where initiatives to boost the attractiveness of Tokyo′s financial markets can be seen. As a part of those initiatives, I would like to mention that the settlement cycle of JGBs has been shortened as the internationalization of the Japanese yen and the globalization of securities transactions has been advocated since the 1990s.
iv)  The BOU is working closely with Ministry of Finance, Planning and Economic Development to improve the predictability of government debt issuance through the introduction of a bond calendar and to further improve market liquidity by issuing benchmark bonds. v)  The consultative process on debt market reforms is still ongoing.