Lessons Learned from Japan's Experience and Challenges Ahead  Structure of the JGB Market Amount of Holdings by Sector (Stock Basis) 500  Transaction Volume by Sector (Flow Basis)  tril. yen  600  tril.
yen  BOJ 450  BOJ  Banks  500  Insurance  400  Domestic banks and investors  Pensions  Overseas investors  Overseas  350  400  300  300  250 200  200  150 100  100  50 0 CY 11  0 12  13  14  15  16  17  18  19  CY 11  12  13  14  15  16  17  18  Notes: 1.