Onji, KazukiKameda, KeigoAkai, Nobuo2015-12-100922-1425http://hdl.handle.net/1885/62668The Japanese government is heavily indebted but the yield on the Japanese government bond (JBG) remains low to date. We hypothesize that the presence of the Japanese government as a large stable investor of JGBs exerted a stabilizing influence on privateKeywords: Public debt management; Sovereign debt; VARMA201210.1016/j.japwor.2012.03.0012016-02-24