Japanese Non-Callable Corporate Bond Yields (JPY)
Fitted spot curve as of 2026-07-27
https://bondscovery.com/yield-curve/jpy-corporate-non-callable
Japanese Non-Callable Corporate Bond Yields (JPY) as of 2026-07-27: 10Y at 3.35%, fitted curve 1M–40Y (1.34%–4.34%), 4210 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 1M | 1.34% | — |
| 3M | 1.38% | 1.40% |
| 6M | 1.45% | 1.52% |
| 9M | 1.53% | 1.68% |
| 12M | 1.60% | 1.83% |
| 18M | 1.73% | 1.99% |
| 2Y | 1.84% | 2.18% |
| 3Y | 2.06% | 2.50% |
| 4Y | 2.28% | 2.92% |
| 5Y | 2.49% | 3.33% |
| 6Y | 2.69% | 3.69% |
| 7Y | 2.87% | 4.01% |
| 8Y | 3.05% | 4.28% |
| 9Y | 3.21% | 4.49% |
| 10Y | 3.35% | 4.66% |
| 15Y | 3.87% | 4.92% |
| 20Y | 4.15% | 5.00% |
| 25Y | 4.28% | 4.77% |
| 30Y | 4.32% | 4.55% |
| 40Y | 4.34% | 4.38% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 1.84% and the 10-year 3.35%, a 10Y−2Y spread of +151 bp — positively sloped — as of 2026-07-27. The chart and table below track how they have moved.
Fitted 2Y and 10Y yields and their spread, sampled one build date per month. See all inverted curves today →
| Tenor | Latest2026-07-27 | 1m ago2026-06-26 | 2m ago2026-05-28 | 3m ago2026-04-28 | 4m ago2026-03-30 | 5m ago2026-02-27 |
|---|---|---|---|---|---|---|
| 2Y | 1.84% | 1.72% | 1.69% | 1.70% | 1.75% | 1.55% |
| 10Y | 3.35% | 3.16% | 3.20% | 2.99% | 2.92% | 2.68% |
| 10Y − 2Y | +151 bp | +144 bp | +151 bp | +129 bp | +117 bp | +113 bp |
Yields by rating group
The same curve split by credit quality: 1922 rated bonds across 3 rating bands, all maturities pooled. Median yield by band: AAA to AA- 2.00%, A+ to BBB- 2.29%, Speculative 2.37%.
Bonds in this curve
A selection of 30 of the 4211 bonds behind this curve, spread across maturities.
| Issuer | Yield | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| Narita International Airport Corporation | 1.28% | 2026-08-21 | 0.10% | JP365190AG80 |
| Sumitomo Mitsui Financial Group INC | 1.38% | 2026-08-25 | 0.35% | JP340035AP81 |
| Isuzu Motors Limited | 1.26% | 2026-09-29 | 0.11% | JP313720AM99 |
| CLP Power Hong Kong Financing Limited | 1.29% | 2026-10-13 | 2.50% | XS0683069818 |
| Japan Prime Realty Investment Corporation | 1.51% | 2026-12-14 | 2.90% | JP304089A6C0 |
| Aeon Mall CO., LTD. | 1.53% | 2026-12-14 | 0.48% | JP313143APC8 |
| Japan Exchange Group, INC. | 1.44% | 2027-03-16 | 0.35% | JP318320AHF7 |
| Credit Saison CO LTD | 1.50% | 2027-03-15 | 0.24% | JP327140AM34 |
| Nippon Prologis Reit INC | 1.76% | 2027-06-15 | 0.50% | JP304755CH67 |
| Okamura Corporation | 1.62% | 2027-06-16 | 0.39% | JP319240AN62 |
| Kenedix Retail Reit Corporation | 1.92% | 2027-10-29 | 0.50% | JP304790AN68 |
| Ichigo INC. | 2.60% | 2027-10-29 | 1.65% | JP312001AQA1 |
| Heiwa Real Estate Reit, INC. | 2.29% | 2028-05-02 | 0.70% | JP304622AJ50 |
| Mitsui Fudosan CO., LTD. | 1.75% | 2028-05-02 | 0.30% | JP389320AJ56 |
| Xymax Reit Investment Corporation | 2.41% | 2029-01-31 | 1.00% | JP304869AQ12 |
| Credit Saison CO LTD | 2.04% | 2029-01-31 | 0.48% | JP327140AK10 |
| Healthcare & Medical Investment Corporation | 2.50% | 2030-01-30 | 0.78% | JP304791AL10 |
| Credit Saison CO LTD | 2.23% | 2030-01-30 | 1.21% | JP327140BR12 |
| Credit Saison CO LTD | 2.43% | 2031-01-30 | 2.04% | JP327140BS11 |
| Softbank Group Corp | 2.69% | 2031-01-31 | 1.24% | JP373200AQ15 |
| Sotetsu Holdings, INC. | 2.57% | 2032-01-30 | 0.70% | JP331640AH12 |
| Keio Corporation | 2.62% | 2033-02-02 | 1.00% | JP327780AP28 |
| East Japan Railway Company | 2.77% | 2034-01-30 | 1.62% | JP378360CE12 |
| East Japan Railway Company | 2.92% | 2035-01-29 | 0.98% | JP378360CF11 |
| Hikari Tsushin, INC. | 4.65% | 2036-02-01 | 1.38% | JP378342CM23 |
| Hiroshima Expressway Public Corporation | 3.39% | 2039-02-21 | 0.47% | JP379760BK27 |
| East Japan Railway Company | 3.88% | 2044-01-29 | 1.98% | JP378360DE11 |
| Tokyo Metro CO., LTD. | 4.25% | 2049-01-29 | 0.88% | JP358390BK11 |
| Tohoku Electric Power Company, Incorporated | 4.60% | 2054-04-24 | 2.10% | JP360540BQ44 |
| Tokyo Metro CO., LTD. | 4.33% | 2061-10-14 | 1.05% | JP358390CMA8 |