The Bank of Japan published its December 2025 update on Japanese government bond (JGB) settlement fails, providing monthly “Failure Occurrence Status” and “Basic Figures on Fails” covering the incidence of fails in JGB delivery-versus-payment (DVP) transactions and the use of buy-ins to resolve failed settlements. The statistics are drawn from a monthly questionnaire survey of recipients in failed JGB transactions among institutions that are direct participants in the JGB book-entry system and users of the BOJ-NET JGB DVP services, with a survey population of 246 institutions (as of end-November 2025). A fail is defined as a case where the recipient does not receive the JGB on the scheduled settlement date, while buy-ins are described as market purchases under Japan Securities Dealers Association rules or purchases by the Japan Securities Clearing Corporation or its participants under its rules. Methodological notes explain that DVP settlement of JGB book-entry transfers is counted per payment instruction, Government Bond DVP (Direct Debit) data are compiled on a one-way basis, and revised figures are flagged.

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