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Possible borrowing in Japan



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TREASURER

EMBARGO

NO. 44

STATEMENT BY THE TREASURER, THE HON JOHN HOWARD, MP

POSSIBLE BORROWING IN JAPAN

E'urther to my. announcement on 6 November 1980 that the Commonwealth was

considering a public bond issue in the Tokyo capital market during the

current financial year, the Commonwealth's name has been placed in the

queue for a possible public bond issue in that market in May 1981. At \ '

the same time the Commonwealth is also exploring other possibilities for

further yen borrowings.

Further consideration of whether to proceed with any of these possible

yen borrowing operations will take account of market conditions nearer

the time and a further announcement would be made as appropriate.

The yen borrowings, if proceeded with, would be consistent with the

Government's continuing policy of raising moderate amounts overseas, when * )

appropriate, to supplement private capital inflow and hence reserves.

So far this financial year the Commonwealth's gross borrowings overseas

have amounted to $96 million compared with $472 million last financial

year. .

Any borrowing proceeded with would, of course, be subject to due process

including with the Executive Council and Loan Council and the Japanese

authorities.

CANBERRA ACT 27 March 1981