- year 1. 0 10 - year 5 - year 0. 8 transaction volume in jgb markets 6 - months backward moving average " high " - " low ", % points improve - 10 0. 6 0. 4 market functioning ( bond market survey ) transaction volume in jgb markets cy 2016 - 2017 average - 20 - 30 - 40 0. 2 0. 0 cy13 14 15 16 17 18 19 20 21 cy 13 14 15 16 17 18 19 20 21 notes : 1. in the left - hand chart, figures are maximum minus minimum values in jgb yields within the past 6 months. 2. in the middle chart, figures are the gross amount of outright purchases by banks, investors, and bond dealers. sources : bloomberg ; japan securities dealers association ; bank of japan. - 50 - 60 cy15 chart 11 ii. motivation and thinking behind the assessment flexible purchases of etfs and j - reits 2. 0 tril. yen bil. yen 50 covid - 19 etfs ( left scale ) 1. 6 j - reits ( right scale ) 1. 2 0. 8 0. 4 0. 0 jan. mar. may. may jul. july sep. sept. nov. jan. source : bank of japan. 11■

common. let us now look at how households save. households save either in the form of fixed investment, mainly their own homes, or in the form of financial investments. this chart shows how households distribute their total wealth. the value of housing wealth is very uncertain. by our estimates, households ’ total housing wealth was around nok 2000 billion at the end of 2004. housing wealth accounted for a little more than half of total gross household wealth at this time. the picture was about the same in the mid - 1990s. if we look more closely at household financial wealth, we find that it is spread over various assets, with insurance claims the most important at the end of 2004. by paying premiums into various insurance schemes, mainly life and pension insurance, households earn the right to future disbursements from the insurance companies. these premiums accounted for more than a third of household financial wealth at the end of 2004. the investment instruments perhaps most commonly referred to, securities and bank deposits, accounted for less than a quarter of total wealth. household gross financial wealth must be seen in the context of the debt accumulated by households as a group. even when this is taken into account, the household sector as a whole has positive net financial wealth. as a share of disposable income, household net financial wealth increased from the end of the 1980s to the mid - 1990s. in relation to disposable income, debt was reduced, while household wealth increased. from the end of the 1990s, household debt and wealth have risen in tandem. net wealth has remained fairly stable at around 50 per cent of disposable income. the rise in household debt must be seen in the context of the strong rise in house prices. from oil to financial wealth household saving is part of the country ’ s total saving. as a nation, we can save by investing in fixed assets in norway or by making financial investments abroad. domestic fixed 2 / 7 investment provides a return in the form of higher production capacity in the future. building up financial assets abroad allows us to pay for more imports in the years ahead. in the past few years, there has been a sharp increase in norway ’ s saving, as conventionally measured in the national accounts. as a share of gdp, norway ’ s saving after the turn of this century has been almost double the average for the 1980s and 1990s. the explanation for these figures lies in the government petroleum fund. norway ’ s petroleum resources are in principle part of our