日本今年已发行第五只气候转型债券，尽管自伊朗战争爆发以来日本对化石燃料的依赖日益加深，它仍是唯一使用这一 designated 类别的政府。
Japan sold its fifth climate transition bond of the year, remaining the only government to use the designation despite the country’s increasing reliance on fossil fuels since the start of the war in Iran.
此次发行规模为2500亿日元（合16亿美元），需求稳定，认购倍数为3.84倍，而5月份为4.62倍，自2024年2月开始发行以来的平均认购倍数为3.79倍。最高中标收益率为2.2%。
The 250 billion-yen ($1.6 billion) issuance attracted steady demand with a bid-to-cover ratio of 3.84, compared with 4.62 in May, and an average of 3.79 since issuance began in February 2024. The highest yield accepted was 2.2%.
此次发行之际，更广泛的国内债券市场背景正在走强。最近几周，随着科技板块的动荡令投资者不安，日本国债与其他所谓的避险资产一道上涨。这标志着与今年早些时候的逆转，当时对日本财政支出和通胀的担忧，加之全球债券抛售，将收益率推至数十年来的高点。
The sale comes against a strengthening backdrop for the broader domestic bond market. Japanese government bonds have rallied alongside other so-called safe-haven assets in recent weeks as technology-sector jitters unsettled investors. That marks a reversal from earlier this year, when concerns about the nation’s fiscal spending and inflation, coupled with a global bond selloff, sent yields to multi-decade highs.
这是日本政府第11次发行转型债券，属于一项到2033年规模达150万亿日元的计划的一部分，该计划旨在将资本引导至特定的减排项目。数据显示，自2024年以来，日本发行方仍然是气候转型债券背后的主导力量，占该市场约90%的份额。
The latest issuance of transition bonds is the 11th by the Japanese government, part of a 150 trillion-yen program through 2033 to channel capital to specific emissions reduction programs. Issuers in the country remain the dominant force behind climate-transition bonds, accounting for about 90% of the market since 2024, according to data .
日本政府迄今已发行超过300亿美元的此类债券，其中大部分由日本央行和其他本地机构投资者购买。韩国和中国的实体也是发行转型债券的其他发行方之一。
The Japanese government has issued more than $30 billion of the debt so far, most of it purchased by the Bank of Japan and other local institutional investors. South Korean and Chinese entities are among other issuers that have sold transition bonds.
环保智库批评日本在目标是到2035财年将温室气体排放量较2013年水平减少60%的情况下，仍加强了对化石燃料进口的依赖。随着伊朗战争威胁供应，政府进一步加码石油，释放战略储备，并制定了一项新计划，旨在实现供应来源多元化、摆脱对中东的依赖，同时投资于新的供应。
Environmental think-tanks have criticized Japan for reinforcing its reliance on fossil-fuel imports despite a goal of reducing greenhouse gas emissions by 60% by fiscal 2035 from 2013 levels. With the Iran war threatening supplies, the government has doubled down on oil, releasing strategic reserves and creating a new plan aimed at diversifying sources away from the Middle East while also investing in new supply.
该国仍是全球第五大二氧化碳排放国，国际能源署称，去年其能源供应中煤炭、石油和天然气占比超过80%。
The country remains the world’s fifth-largest CO2 emitter, with coal, oil and gas accounting for more than 80% of its energy supply last year, according to the International Energy Agency.
日本信用评级机构表示，本财政年度发行的转型债券所得将用于人工智能、半导体、机器人以及核技术（如聚变能源）等符合条件的项目。仅有4%的资金将用于将可再生能源打造为“主要能源”，包括建设供应链和推广钙钛矿太阳能电池的努力。
Proceeds from this fiscal year’s transition bond sales are earmarked for eligible projects in artificial intelligence, semiconductors, robotics and nuclear technologies such as fusion energy, according to Japan Credit Rating Agency. Only 4% will go toward making renewable energy “a major power source,” including efforts to build supply chains and promote the use of perovskite solar cells.