Japan to Send Mission to New York, London to Promote Bond Sales
Dec. 1 (Bloomberg) -- Japan next month will send officials to London and New York to promote sales of government bonds to foreign investors, Vice Finance Minister Ryotaro Tanose said.
Tanose made the comments today at a meeting of the fiscal and finance committee of the lower house of parliament in Tokyo. He didn't elaborate.
Japan wants to attract more foreign investors to its debt market as they account for just 3 percent of government bond sales, according to the Finance Ministry.
Japan's public debt, the heaviest in the industrialized world, is expected to total 719 trillion yen ($7 trillion), or equal to 144 percent of gross domestic product, by March 2005, the government has estimated.
The benchmark 1.5 percent bond due September 2014 was little changed at 100.471 at 3 p.m. in Tokyo to yield 1.445 percent, according to Japan Bond Trading Co. A basis point is 0.01 percentage point.
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