October 9, 2026
Bank of Japan
Amendment to "Prices of Eligible Collateral"
The Bank of Japan shall amend the following rules based on a regular
review of the appropriateness of collateral prices and margin ratios in light of
recent financial market developments, with a view to maintaining the
soundness of the Bank's assets as well as efficiency in market participants'
use of collateral.
These amendments shall become effective on November 27, 2026.
1. "Prices of Eligible Collateral" (see Attachment 1)
2. "Margin Ratios for the Purchase/Sale of Japanese Government
Securities with Repurchase Agreements" (see Attachment 2)
Attachment 1
Amendment to "Prices of Eligible Collateral"
• Paragraph 1. shall be amended as follows.
1. Eligible Collateral Stipulated in "Guidelines on Eligible Collateral " (Policy
Board Decision on October 13, 2000)
(No change)
(a) (b) (c)
up to
1 year
more than
1 year
and up to
5 years
more than
5 years
and up to
10 years
more than
10 years
and up to
20 years
more than
20 years
and up to
30 years
more than
30 years
Government
Bonds2 and
Treasury Discount
Bills3
99% 99% 98% 97% 9594% 9493% market
price
(No change)
Government
Bonds (STRIPS) 98% 98% 97% 96% 9493% 9291% market
price
(No change)
Government-
Guaranteed Bonds 98% 98% 97% 96% 9493% 9392% market
price
(No change)
Municipal Bonds 98% 98% 97% 96% 9493% 9392% market
price
Fiscal Investment
and Loan Program
(FILP) Agency
Bonds4
97% 97% 96% 95% 9392% 9291% market
price
(No change)
(a) (b) (c)
up to
1 year
more than
1 year
and up to
5 years
more than
5 years
and up to
10 years
more than
10 years
and up to
20 years
more than
20 years
and up to
30 years
more than
30 years
Corporate Bonds 97% 97% 96% 95% 9392% 9291% market
price
(No change)
Asset-Backed
Securities 97% 97% 96% 95% 9392% 9291% market
price
(No change)
Bonds Issued by
Real Estate
Investment
Corporations
97% 97% 96% 95% 9392% 9291% market
price
(No change)
Foreign
Government
Bonds
97% 97% 96% 95% 9392% 9291% market
price
International
Financial
Institution Bonds
97% 97% 96% 95% 9392% 9291% market
price
(No change)
(a) (b) (c)
up to 1 year more than
1 year
and up to
3 years
more than
3 years
and up to
5 years
more than
5 years
and up to
7 years
more than
7 years
and up to
10 years6
Electronically
Recorded
Monetary Claims
on Companies
96% 9088% 8277% 7669% 6657%
outstanding
principal
balance
(a) (b) (c)
up to 1 year more than
1 year
and up to
3 years
more than
3 years
and up to
5 years
more than
5 years
and up to
7 years
more than
7 years
and up to
10 years6
Electronically
Recorded
Monetary Claims
on Real Estate
Investment
Corporations
96% 9088% 8277% 7669% 6657%
outstanding
principal
balance
Electronically
Recorded
Monetary Claims
on the
Government7
97% 9491% 8883% 8476% 7666%
outstanding
principal
balance
Electronically
Recorded
Monetary Claims
with Government
Guarantees
97% 9491% 8883% 8476% 7666%
outstanding
principal
balance
Electronically
Recorded
Monetary Claims
on Municipal
Governments
97% 9391% 8782% 8275% 7464%
outstanding
principal
balance
Loans on Deeds to
Companies 96% 9088% 8277% 7669% 6657%
outstanding
principal
balance
Loans on Deeds to
Real Estate
Investment
Corporations
96% 9088% 8277% 7669% 6657%
outstanding
principal
balance
Loans on Deeds to
the Government7 97% 9491% 8883% 8476% 7666%
outstanding
principal
balance
Loans on Deeds
with Government
Guarantees
97% 9491% 8883% 8476% 7666%
outstanding
principal
balance
Loans on Deeds to
Municipal
Governments
97% 9391% 8782% 8275% 7464%
outstanding
principal
balance
(No change)
• Paragraph 3. shall be amended as follows.
3. Eligible Collateral Stipulated in "Temporary Rules regarding the Eligibility
Standards for Debt of Companies and Municipal Governments” (Policy Board
Decision on June 20, 2019)
(No change)
(a) (b) (c)
up to
1 year
more than
1 year
and up to
5 years
more than
5 years
and up to
10 years
more than
10 years
and up to
20 years
more than
20 years
and up to
30 years
more than
30 years
Corporate Bonds 97% 97% 96% 95% 9392% 9291% market
price
Bills Drawn by
Companies 8382% -- -- -- -- -- face
value
Municipal Bonds 88% 88% 87% 86% 8483% 8382% market
price
(a) (b) (c)
up to 1 year more than
1 year
and up to
3 years
more than
3 years
and up to
5 years
more than
5 years
and up to
7 years
more than
7 years
and up to
10 years1
Self-Assessed
Electronically
Recorded
Monetary Claims
8382% 7068% 5753% 4842% 3529%
Outstanding
principal
balance
Electronically
Recorded
Monetary Claims
on Companies
other than
Self-Assessed
Electronically
Recorded
Monetary Claims
9695% 8886% 7974% 7265% 6252%
Outstanding
principal
balance
(a) (b) (c)
up to 1 year more than
1 year
and up to
3 years
more than
3 years
and up to
5 years
more than
5 years
and up to
7 years
more than
7 years
and up to
10 years1
Self-Assessed
Loans on Deeds 8382% 7068% 5753% 4842% 3529%
Outstanding
principal
balance
Loans on Deeds
to Companies
other than
Self-Assessed
Loans on Deeds
9695% 8886% 7974% 7265% 6252%
Outstanding
principal
balance
Electronically
Recorded
Monetary Claims
on Municipal
Governments
87% 8381% 7772% 7265% 6454%
Outstanding
principal
balance
Loans on Deeds
to Municipal
Governments
87% 8381% 7772% 7265% 6454%
Outstanding
principal
balance
(No change)
• Paragraph 4. shall be amended as follows.
4. Eligible Collateral Stipulated in "Temporary Rules regarding the Eligibility
Standards for Loans on Deeds to Companies Denominated in the U.S. Dollar"
(Policy Board Decision on January 29, 2016)
(No change)
Residual Maturity
up to 1 year more than
1 year
and up to
3 years
more than
3 years
and up to
5 years
more than
5 years
and up to
7 years
more than
7 years
and up to
10 years1
8685% 7573% 6160% 5150% 3938%
(No change)
• Paragraph 5. shall be amended as follows.
5. Eligible Collateral Stipulated in "Collateral Guidelines on Eligible Beneficial
Interest of a Trust in Housing Loans " (Policy Board Decision on March 15,
2016)
The price of collateral shall be calculated by multiplying the sum of the total
amount of outstanding principal and repaid principal of housing loans in the
trust property by 5951%.
Attachment 2
Amendment to "Margin Ratios for the Purchase/Sale of Japanese
Government Securities with Repurchase Agreements"
• Paragraph 1. shall be amended as follows.
1. Margin Ratios Stipulated in 7. (2) in "Principal Terms and Conditions for the
Purchase/Sale of Japanese Government Securities with Repurchase
Agreements" (Policy Board Decision on September 18, 2002)
(1) Securities Purchased by the Bank
Categories of
Japanese
Government
Securities
Residual Maturity
up to
1 year
more than
1 year
and up to
5 years
more than
5 years
and up to
10 years
more than
10 years
and up to
20 years
more than
20 years
and up to
30 years
more than
30 years
Government
Bonds1 and
Treasury
Discount Bills2
1.002 1.004 1.009 1.016
1.017 1.031 1.041
(No change)
(No change)
(2) Securities Sold by the Bank
Categories of
Japanese
Government
Securities
Residual Maturity
up to
1 year
more than
1 year
and up to
5 years
more than
5 years
and up to
10 years
more than
10 years
and up to
20 years
more than
20 years
and up to
30 years
more than
30 years
Government
Bonds and
Treasury
Discount Bills
0.999 0.997 0.992 0.985
0.984 0.970 0.962
Categories of
Japanese
Government
Securities
Residual Maturity
up to
1 year
more than
1 year
and up to
5 years
more than
5 years
and up to
10 years
more than
10 years
and up to
20 years
more than
20 years
and up to
30 years
more than
30 years
(No change)
• Paragraph 2. shall be amended as follows.
2. Margin Ratios Stipulated in 8. (2) in "Principal Terms and Conditions for the
Sale of Japanese Government Securities with Repurchase Agreements to
Provide the Markets with a Secondary Source of Japanese Government
Securities" (Policy Board Decision on April 9, 2004)
Categories of
Japanese
Government
Securities
Residual Maturity
up to
1 year
more than
1 year
and up to
5 years
more than
5 years
and up to
10 years
more than
10 years
and up to
20 years
more than
20 years
and up to
30 years
more than
30 years
Government
Bonds and
Treasury
Discount Bills
0.999 0.997 0.992 0.985
0.984 0.970 0.962
(No change)