Rates & Yields
10-year JGB yield & yield curve
The yield on 10-year Japanese Government Bonds over time, plus a snapshot of yields across maturities.
Yield curve — latest
What this shows
This page shows interest rates on Japanese Government Bonds (JGBs), the debt the government issues to borrow money. The main chart tracks the 10-year yield — the most-watched maturity and a benchmark interest rate for the whole economy.
The second chart is the yield curve: the yield at each maturity (from 1 year out to 40 years) on the latest available day. Its shape summarises how short-term and long-term interest rates compare right now. These are the Ministry of Finance’s constant-maturity reference yields, not the price of any single traded bond.
How to read it: On the time chart, a rising line means the 10-year borrowing rate is increasing. On the curve, an upward slope means longer maturities yield more than shorter ones.
Terms on this page
- JGB (Japanese Government Bond)
- Japanese Government Bonds are debt securities issued by the Ministry of Finance. The yield on a JGB is the annual return an investor earns if they hold it to maturity, and it serves as a benchmark for interest rates across the economy. The 10-year JGB yield is the most-watched maturity.
- Yield curve
- The yield curve plots the yield of bonds (here, JGBs) against their time to maturity. Its shape — upward sloping, flat, or inverted — summarises the relationship between short- and long-term interest rates at a point in time.
- Constant-maturity yield
- Because individual bonds age over time, the Ministry of Finance publishes "constant-maturity" reference yields for standard maturities (1, 2, 5, 10, 20, 30, 40 years, etc.). These are reference rates, not the price of any single traded bond.