TOKYO (Reuters) – Japan’s government plans to issue the smallest amount of refinancing bonds in 12 years in the fiscal year beginning in April, two government sources said on Thursday.

Aside from new government bonds, Japan issues huge amounts of bonds to roll over public debt issued in the past that reach maturity. Such refinancing bonds make up roughly 70% of total debt the government issues annually.

An estimate by the Ministry of Finance (MOF) shows Japan plans to issue 94.57 trillion yen ($861.84 billion) worth of refinancing bonds in the next fiscal year, the sources said on condition of anonymity because they were not authorised to speak publicly.

That would be the lowest level since 2009 and could potentially push up bond yields by shrinking the pool of government bonds available in the market, analysts say.

Under a scenario projecting the economy will expand an annualised 1.5%, new government bond issuance in fiscal 2021 will total 33.4 trillion yen, the sources said.