Settlement Fails Status for August 2025
The Bank of Japan's Financial Markets Department published the survey results on the occurrence of settlement fails (non-settlement) in government bond settlements for August 2025 on September 10, 2025. This survey is based on monthly surveys of 245 direct participants in the government bond book-entry transfer system (as of the end of July 2025).
Fail Occurrence Results
【Number of Occurrences】: 177 cases (significant decrease from 501 cases in the previous month) 【Total Face Value】: 387.7 billion yen (72.8% decrease from 1,423.6 billion yen in the previous month) 【Average Fail Period】: 1.15 business days/case (shortened from 1.20 business days/case in the previous month) 【Maximum Fail Period】: 5 business days (significantly shortened from 15 business days in the previous month) 【Buy-in Cases】: 0 cases (also 0 cases in the previous month)
Position in Annual Trends
Monthly trends for 2025:
- January: 256 cases (913.5 billion yen)
- February: 328 cases (1,320.5 billion yen)
- March: 254 cases (910.0 billion yen)
- April: 564 cases (1,250.3 billion yen)
- May: 501 cases (1,267.3 billion yen)
- June: 260 cases (686.6 billion yen)
- July: 501 cases (1,423.6 billion yen)
- August: 177 cases (387.7 billion yen)
August recorded the lowest level in both number of cases and face value since the beginning of the year.
Proportion of Total Government Bond DVP Transactions
In August, total government bond DVP (account transfer) transactions were 580,044 cases worth 18.846.2 trillion yen, with fails occurring at a low level of 0.03% by number of cases and 0.02% by face value.
Fail Resolution Measures
While mechanisms for resolving fails include market-price purchasing in accordance with Japan Securities Dealers Association rules and purchase systems by Japan Securities Clearing Corporation, no buy-ins (forced alternative procurement) were executed in August.