Japanese Government Bond Yields (JPY)
Fitted spot curve as of 2026-10-26
https://bondscovery.com/yield-curve/jpy-government
Japanese Government Bond Yields (JPY) as of 2026-10-26: 10Y at 2.85%, fitted curve 1M–40Y (1.27%–3.93%), 385 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 1M | 1.27% | — |
| 3M | 1.33% | 1.36% |
| 6M | 1.45% | 1.57% |
| 9M | 1.56% | 1.88% |
| 12M | 1.66% | 1.88% |
| 18M | 1.77% | 2.00% |
| 2Y | 1.85% | 2.10% |
| 3Y | 1.99% | 2.29% |
| 4Y | 2.11% | 2.52% |
| 5Y | 2.22% | 2.71% |
| 6Y | 2.33% | 2.92% |
| 7Y | 2.44% | 3.21% |
| 8Y | 2.57% | 3.62% |
| 9Y | 2.71% | 4.06% |
| 10Y | 2.85% | 4.38% |
| 15Y | 3.36% | 4.80% |
| 20Y | 3.68% | 5.24% |
| 25Y | 3.93% | 5.90% |
| 30Y | 3.90% | 3.59% |
| 40Y | 3.88% | 3.78% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 1.85% and the 10-year 2.85%, a 10Y−2Y spread of +100 bp — positively sloped — as of 2026-10-26. 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 | Latest2026-10-26 | 1m ago2026-09-25 | 2m ago2026-08-27 | 3m ago2026-07-28 | 4m ago2026-06-29 | 5m ago2026-05-29 | 6m ago2026-04-29 |
|---|---|---|---|---|---|---|---|
| 2Y | 1.85% | 1.88% | 1.68% | 1.50% | 1.39% | 1.33% | 1.35% |
| 10Y | 2.85% | 3.07% | 2.90% | 2.78% | 2.62% | 2.70% | 2.48% |
| 10Y − 2Y | +100 bp | +120 bp | +122 bp | +128 bp | +123 bp | +136 bp | +113 bp |
Yields by rating group
The same curve split by credit quality: 385 rated bonds across 2 rating bands, all maturities pooled. Median yield by band: AAA to AA- 2.38%, A+ to BBB- 2.58%.
Bonds in this curve
A selection of 30 of the 385 bonds behind this curve, spread across maturities.
| Issuer | Yield | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| Poland | 1.81% | 2026-11-20 | 0.93% | JP561600APB8 |
| Japan | 1.31% | 2026-12-01 | 0.60% | JP1024671QC8 |
| Japan | 1.32% | 2027-01-01 | 0.60% | JP1024681R19 |
| Japan | 1.34% | 2027-02-01 | 0.70% | JP1024691R25 |
| Japan | 1.39% | 2027-03-20 | 0.01% | JP1051511N46 |
| Japan | 1.38% | 2027-03-20 | 0.10% | JP1051521N69 |
| Japan | 1.52% | 2027-06-20 | 0.01% | JP1051531N75 |
| Japan | 1.53% | 2027-06-20 | 0.10% | JP1103471H66 |
| Hungary | 2.31% | 2027-09-17 | 1.03% | JP534800CL92 |
| Japan | 1.63% | 2027-09-20 | 0.10% | JP1051541NA0 |
| Japan | 1.73% | 2028-02-01 | 1.30% | JP1024811S29 |
| Japan | 1.75% | 2028-03-01 | 1.30% | JP1024821S35 |
| Philippines | 2.41% | 2028-08-15 | 0.99% | JP560800CJ83 |
| South Korea | 2.02% | 2028-09-14 | 0.75% | JP541000BP92 |
| Indonesia | 2.71% | 2029-05-25 | 1.33% | JP536000BQ59 |
| Indonesia | 2.73% | 2029-06-08 | 1.27% | JP536000CN69 |
| Japan | 2.07% | 2030-05-20 | 2.30% | JP1300031000 |
| Indonesia | 2.96% | 2030-05-24 | 1.20% | JP536000CP59 |
| Japan | 2.19% | 2031-05-20 | 2.20% | JP1300051156 |
| Indonesia | 3.20% | 2031-05-27 | 0.89% | JP536000DM51 |
| Japan | 2.28% | 2032-05-20 | 2.30% | JP1300071253 |
| Indonesia | 3.44% | 2033-04-28 | 2.89% | JP536000CS49 |
| Japan | 2.53% | 2034-06-20 | 1.10% | JP1103751Q74 |
| Indonesia | 3.87% | 2035-06-01 | 2.35% | JP536000DR64 |
| Indonesia | 3.90% | 2036-04-30 | 3.23% | JP536000DS48 |
| Japan | 3.16% | 2039-06-20 | 0.30% | JP1201691K75 |
| Indonesia | 4.82% | 2044-05-27 | 2.55% | JP536000GQ54 |
| Japan | 3.82% | 2049-06-20 | 0.40% | JP1300631K78 |
| Japan | 3.96% | 2054-06-20 | 2.20% | JP1300831Q70 |
| Japan | 3.83% | 2062-03-20 | 1.00% | JP1400151N57 |