国債決済期間短縮化（Ｔ＋１）について | 株式会社日本証券クリアリング機構

This page explains the implementation of shortened Japanese government bond (JGB) settlement periods from T+1 by the Japan Securities Clearing Corporation (JSCC) since May 1, 2018. The initiative aims to reduce settlement risk following the 2008 financial crisis and involved 50 discussions from 2009 to 2018. The JSCC introduced post-trade asset allocation repo transactions and expanded clearing services to include inflation-linked JGBs. Post-implementation data shows 2019 debt assumption of approximately 170 trillion yen, with post-trade allocation repos accounting for about 50 trillion yen. The shift to outright sale-repurchase transactions gained traction, representing about 70% of repo transactions. The JSCC established six JGB baskets for efficient basket-unit transactions with subsequent individual security allocation.