Japanese Secured Corporate Bond Yields (JPY)
Fitted spot curve as of 2026-07-27
https://bondscovery.com/yield-curve/jpy-corporate-secured
Japanese Secured Corporate Bond Yields (JPY) as of 2026-07-27: 10Y at 3.40%, fitted curve 1M–40Y (1.22%–4.46%), 674 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 1M | 1.22% | — |
| 3M | 1.27% | 1.30% |
| 6M | 1.36% | 1.45% |
| 9M | 1.45% | 1.64% |
| 12M | 1.54% | 1.80% |
| 18M | 1.69% | 1.99% |
| 2Y | 1.82% | 2.21% |
| 3Y | 2.05% | 2.50% |
| 4Y | 2.27% | 2.93% |
| 5Y | 2.49% | 3.39% |
| 6Y | 2.71% | 3.79% |
| 7Y | 2.91% | 4.11% |
| 8Y | 3.09% | 4.38% |
| 9Y | 3.26% | 4.59% |
| 10Y | 3.40% | 4.76% |
| 15Y | 3.93% | 4.98% |
| 20Y | 4.22% | 5.09% |
| 25Y | 4.46% | 5.44% |
| 30Y | 4.46% | 4.47% |
| 40Y | 4.28% | 3.75% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 1.82% and the 10-year 3.40%, a 10Y−2Y spread of +158 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 | 1.82% | 1.71% | 1.69% | 1.66% | 1.69% | 1.54% |
| 10Y | 3.40% | 3.24% | 3.27% | 3.08% | 2.98% | 2.71% |
| 10Y − 2Y | +158 bp | +153 bp | +158 bp | +142 bp | +129 bp | +118 bp |
Yields by rating group
The same curve split by credit quality: 195 rated bonds across 2 rating bands, all maturities pooled. Median yield by band: A+ to BBB- 2.52%, Speculative 1.94%.
Bonds in this curve
A selection of 30 of the 674 bonds behind this curve, spread across maturities.
| Issuer | Yield | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| Narita International Airport Corporation | 1.28% | 2026-08-21 | 0.10% | JP365190AG80 |
| Shoko Chukin Bank | 1.26% | 2026-08-27 | 0.08% | JP336220AM87 |
| Tepco Power Grid, Incorporated | 1.41% | 2026-10-08 | 0.64% | JP358581ALA8 |
| The Kansai Electric Power Company, Incorporated | 1.30% | 2026-10-23 | 0.33% | JP322860AGA9 |
| Narita International Airport Corporation | 1.24% | 2026-12-16 | 0.23% | JP365190AGC5 |
| The Kansai Electric Power Company, Incorporated | 1.32% | 2026-12-18 | 0.17% | JP322860AMC3 |
| Hanshin Expressway Company Limited | 1.32% | 2027-03-19 | 0.27% | JP377530ANA8 |
| Fukuoka-Kitakyushu Expressway Public Corporation | 1.37% | 2027-03-19 | 0.24% | JP380390AH37 |
| Tokyo Metro CO., LTD. | 1.46% | 2027-06-21 | 0.21% | JP358390AH66 |
| The Okinawa Electric Power Company, Incorporated | 1.48% | 2027-06-25 | 0.25% | JP319470AH61 |
| Kyushu Electric Power Company, Incorporated | 1.66% | 2027-11-25 | 0.41% | JP324640AHB9 |
| Shikoku Electric Power Company, Incorporated | 1.66% | 2027-11-25 | 0.39% | JP335080AHB5 |
| The Chugoku Electric Power Company, Incorporated | 1.80% | 2028-05-25 | 0.46% | JP352220AP65 |
| Tokyo Metro CO., LTD. | 1.74% | 2028-05-24 | 0.25% | JP358390AJ56 |
| Tokyo Metro CO., LTD. | 1.87% | 2029-01-31 | 0.22% | JP358390AK12 |
| Narita International Airport Corporation | 1.84% | 2029-01-29 | 0.22% | JP365190BK18 |
| Narita International Airport Corporation | 2.02% | 2030-01-29 | 0.20% | JP365190AL18 |
| Central Japan International Airport CO., LTD. | 2.04% | 2030-02-25 | 1.13% | JP352480AR27 |
| Hanshin Expressway Company Limited | 2.20% | 2031-01-31 | 1.45% | JP377530ARA9 |
| Hanshin Expressway Company Limited | 2.19% | 2031-02-13 | 1.83% | JP377530AS23 |
| Narita International Airport Corporation | 2.40% | 2032-02-10 | 0.30% | JP365190BN23 |
| Narita International Airport Corporation | 2.56% | 2033-02-02 | 0.90% | JP365190CP20 |
| Fukuoka-Kitakyushu Expressway Public Corporation | 2.75% | 2034-03-15 | 0.38% | JP380390BK31 |
| Tohoku Electric Power Company, Incorporated | 3.19% | 2035-02-22 | 1.71% | JP360540AR28 |
| Tokyo Metro CO., LTD. | 3.07% | 2036-03-11 | 0.78% | JP358390AG34 |
| Hiroshima Expressway Public Corporation | 3.39% | 2039-02-21 | 0.47% | JP379760BK27 |
| The Chugoku Electric Power Company, Incorporated | 4.11% | 2044-02-25 | 0.67% | JP352220AM35 |
| 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 |