The Bank of Japan published its “Failure Occurrence Status” for January 2026, presenting monthly survey-based statistics on settlement fails in Japanese government bond (JGB) delivery-versus-payment (DVP) transactions, including fail volumes, face value, durations and buy-ins used to resolve fails. For January 2026, the report shows 558,195 fails with a total face value of 7,411,437 (in units of JPY 100 million), an average fail duration of 1.27 business days and a maximum duration of 24 business days. A fail is defined as a situation where a recipient does not receive JGBs from the delivering party on the scheduled settlement date, while a buy-in is a procedure to settle a failed transaction via market-price purchases under rules set by the Securities Dealers Association of Japan or the Japan Securities Clearing Corporation. The survey covers 246 institutions that are direct participants in the JGB book-entry system and users of BOJ-NET JGB DVP services (as of end-December 2025), and includes settlement activity via participants’ own, customer and trust accounts.
Bank of Japan 2026-02-12
Bank of Japan publishes January 2026 statistics on Japanese government bond settlement fails and buy-ins
The Bank of Japan released its "Failure Occurrence Status" for January 2026, detailing 558,195 settlement fails in Japanese government bond delivery-versus-payment transactions, with a total face value of 7,411,437 JPY 100 million units and an average fail duration of 1.27 business days. The report covers 246 institutions participating in the JGB book-entry system and BOJ-NET JGB DVP services.