One mortgage bank has already spread its auctions almost evenly on three dates. The rest have initiated the process and have from 2011 to 2012 increased the share of underlying bonds that do not mature at the turn of the year from 14 to 23 per cent. But more can and should be done to reduce the refinancing risk.
Toshihiko Fukui: The current situation and outlook for the Japanese economy Summary of a speech by Mr Toshihiko Fukui, Governor of the Bank of Japan, at the Kisaragi-kai meeting, Tokyo, 11 November 2004.