Fails in October
Overview
The Bank of Japan’s Financial Markets Department published fail statistics for October 2026. There were 157 fail cases, with a total face value of 453.2 billion yen. The average fail duration was 1.18 business days, the longest was 6 business days, and there were 0 buy-ins. The survey was based on a monthly questionnaire sent to recipients of Japanese government bonds, covering 244 institutions as of the end of September 2026. For reference, the release also includes the number and total face value of Japanese government bond DVP (book-entry transfer) transactions.
Key points
- There were 157 fails in October 2026, with a total face value of 453.2 billion yen.
- The average fail duration was 1.18 business days, and the longest was 6 business days.
- There were 0 buy-ins.
- The survey population comprised 244 institutions as of the end of September 2026.
Overview
The Bank of Japan’s Financial Markets Department published the monthly statistics “Basic Figures on Fails (October 2026).” The release also lists “Japanese Government Bond DVP (Book-Entry Transfer)” as a reference item.
The table shows annual figures for 2023 through 2025 and monthly figures from October 2025 through October 2026. For fails, it reports the number of cases, total face value, average duration, longest duration, and number of buy-ins; for Japanese government bond DVP, it reports the number of transactions and total face value.
Details
The counts of fail cases and total face value cover fails that occurred during the month. Average and longest durations and buy-in cases cover fails resolved during the month. The figures are based on a questionnaire survey on the occurrence of failed Japanese government bond settlements, sent to institutions that received fails.
The survey covers financial institutions and others that are direct participants in the Japanese government bond book-entry transfer system and use the BOJ-NET Japanese Government Bond DVP System. It includes settlement data for proprietary, custody, and trust accounts. The survey population was 244 institutions as of the end of September 2026.
A fail occurs when, in a Japanese government bond DVP transaction, the receiving party cannot receive the relevant securities by the scheduled settlement date. A buy-in refers to purchasing the relevant securities or equivalent securities at market prices under the applicable rules to resolve a fail, or to a Japanese Securities Clearing Corporation or clearing participant purchasing Japanese government bonds in accordance with the rules.
The reference figures for Japanese government bond DVP (book-entry transfer) are counted on a one-way basis, with each payment instruction counted once.