Japanese Real Estate / Construction Corporate Bond Yields (JPY)
Fitted spot curve as of 2026-09-11
https://bondscovery.com/yield-curve/jpy-corporate-real-estate-construction
Japanese Real Estate / Construction Corporate Bond Yields (JPY) as of 2026-09-11: 10Y at 3.54%, fitted curve 1M–30Y (1.62%–4.58%), 633 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 1M | 1.62% | — |
| 3M | 1.68% | 1.72% |
| 6M | 1.80% | 1.93% |
| 9M | 1.93% | 2.30% |
| 12M | 2.04% | 2.30% |
| 18M | 2.20% | 2.54% |
| 2Y | 2.32% | 2.69% |
| 3Y | 2.51% | 2.94% |
| 4Y | 2.67% | 3.21% |
| 5Y | 2.81% | 3.45% |
| 6Y | 2.94% | 3.69% |
| 7Y | 3.07% | 4.00% |
| 8Y | 3.22% | 4.46% |
| 9Y | 3.38% | 4.99% |
| 10Y | 3.54% | 5.35% |
| 15Y | 4.04% | 5.54% |
| 20Y | 4.30% | 5.69% |
| 25Y | 4.51% | 6.29% |
| 30Y | 4.58% | 5.58% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 2.32% and the 10-year 3.54%, a 10Y−2Y spread of +122 bp — positively sloped — as of 2026-09-11. 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 | Latest2026-09-11 | 1m ago2026-08-12 | 2m ago2026-07-13 | 3m ago2026-06-12 | 4m ago2026-05-14 | 5m ago2026-04-14 | 6m ago2026-03-16 |
|---|---|---|---|---|---|---|---|
| 2Y | 2.32% | 2.12% | 1.90% | 1.92% | 1.91% | 1.90% | 1.78% |
| 10Y | 3.54% | 3.43% | 3.39% | 3.34% | 3.22% | 3.10% | 2.91% |
| 10Y − 2Y | +122 bp | +131 bp | +149 bp | +142 bp | +132 bp | +120 bp | +113 bp |
Yields by rating group
The same curve split by credit quality: 92 rated bonds across 2 rating bands, all maturities pooled. Median yield by band: A+ to BBB- 2.67%, Speculative 2.72%.
Bonds in this curve
A selection of 30 of the 633 bonds behind this curve, spread across maturities.
| Issuer | Yield | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| Global ONE Real Estate Investment Corporation | 1.73% | 2026-10-16 | 0.47% | JP304452AGA7 |
| United Urban Investment Corporation | 1.61% | 2026-10-16 | 0.46% | JP304554APA1 |
| Japan Hotel Reit Investment Corporation | 2.09% | 2026-11-27 | 0.60% | JP304640AGB5 |
| Japan Hotel Reit Investment Corporation | 2.09% | 2026-11-27 | 0.60% | JP304640BGB3 |
| Mori Hills Reit Investment Corporation | 1.68% | 2027-01-29 | 0.49% | JP304647AH12 |
| Activia Properties INC. | 1.74% | 2027-02-02 | 0.48% | JP304749BH26 |
| Aeon Mall CO., LTD. | 1.92% | 2027-04-28 | 0.49% | JP313143AN48 |
| Mori Building CO., LTD. | 1.72% | 2027-04-30 | 1.00% | JP392690AF56 |
| Tokyu Fudosan Holdings Corporation | 1.82% | 2027-07-30 | 0.41% | JP356920AH77 |
| Aeon Mall CO., LTD. | 2.03% | 2027-08-12 | 0.58% | JP313143BN88 |
| Samty Residential Investment Corporation | 2.41% | 2027-12-15 | 0.85% | JP304796ANC9 |
| Daiwa House Reit Investment Corporation | 2.13% | 2027-12-16 | 0.24% | JP304639AMC3 |
| Mitsubishi Estate Company Limited | 2.04% | 2028-06-21 | 0.16% | JP389960AM64 |
| Aeon Mall CO., LTD. | 2.35% | 2028-07-03 | 0.50% | JP313143CJ75 |
| Mitsui Fudosan CO., LTD. | 2.19% | 2029-04-13 | 0.38% | JP389320DK35 |
| Hulic CO., LTD. | 2.30% | 2029-04-18 | 0.81% | JP336080BQ40 |
| Japan Retail Fund Investment Corporation | 2.50% | 2030-03-15 | 0.85% | JP303971AP36 |
| Invincible Investment Corporation | 3.49% | 2030-03-13 | 0.85% | JP304619AL36 |
| Takamatsu Construction Group CO., LTD. | 2.77% | 2031-03-19 | 0.56% | JP345790AM39 |
| Daiwa House Reit Investment Corporation | 2.78% | 2031-04-15 | 0.50% | JP304639AM49 |
| Seibu Holdings INC. | 2.85% | 2032-03-17 | 0.76% | JP341720AH30 |
| Japan Excellent, INC. | 2.97% | 2032-03-30 | 0.95% | JP304642AP33 |
| Japan Excellent, INC. | 3.12% | 2033-04-20 | 0.95% | JP304642BJ48 |
| GLP J-Reit | 3.24% | 2034-05-26 | 1.58% | JP304751AQ54 |
| Mitsui Fudosan CO., LTD. | 3.14% | 2035-03-16 | 0.52% | JP389320AL37 |
| Japan Prime Realty Investment Corporation | 3.52% | 2036-03-14 | 0.76% | JP304089AM36 |
| Aeon Mall CO., LTD. | 4.26% | 2039-07-01 | 0.90% | JP313143DK71 |
| Tokyo Metropolitan Housing Supply Corporation | 3.96% | 2044-06-20 | 1.78% | JP358680AQ98 |
| Tokyo Metropolitan Housing Supply Corporation | 4.26% | 2049-06-18 | 0.64% | JP358680CK92 |
| Mitsubishi Estate Company Limited | 4.56% | 2056-06-27 | 0.79% | JP389960AG62 |