Japanese Government Bond Yields (JPY)
Fitted spot curve as of 2026-09-10
https://bondscovery.com/yield-curve/jpy-government
Japanese Government Bond Yields (JPY) as of 2026-09-10: 10Y at 2.90%, fitted curve 1M–40Y (1.05%–3.97%), 292 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 1M | 1.05% | — |
| 3M | 1.15% | 1.21% |
| 6M | 1.32% | 1.50% |
| 9M | 1.46% | 1.83% |
| 12M | 1.57% | 1.83% |
| 18M | 1.71% | 1.99% |
| 2Y | 1.80% | 2.11% |
| 3Y | 1.98% | 2.34% |
| 4Y | 2.12% | 2.59% |
| 5Y | 2.24% | 2.76% |
| 6Y | 2.35% | 3.00% |
| 7Y | 2.48% | 3.34% |
| 8Y | 2.62% | 3.76% |
| 9Y | 2.76% | 4.16% |
| 10Y | 2.90% | 4.43% |
| 15Y | 3.42% | 4.86% |
| 20Y | 3.73% | 5.28% |
| 25Y | 3.97% | 5.88% |
| 30Y | 3.95% | 3.77% |
| 40Y | 3.93% | 3.89% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 1.80% and the 10-year 2.90%, a 10Y−2Y spread of +110 bp — positively sloped — as of 2026-09-10. 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 | Latest2026-09-10 | 1m ago2026-08-11 | 2m ago2026-07-13 | 3m ago2026-06-12 | 4m ago2026-05-13 | 5m ago2026-04-13 | 6m ago2026-03-13 |
|---|---|---|---|---|---|---|---|
| 2Y | 1.80% | 1.59% | 1.42% | 1.40% | 1.38% | 1.38% | 1.22% |
| 10Y | 2.90% | 2.80% | 2.77% | 2.68% | 2.55% | 2.44% | 2.20% |
| 10Y − 2Y | +110 bp | +121 bp | +135 bp | +128 bp | +117 bp | +107 bp | +98 bp |
Bonds in this curve
A selection of 30 of the 292 bonds behind this curve, spread across maturities.
| Issuer | Yield | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| Japan | 1.01% | 2026-09-20 | 2.30% | JP12009116A6 |
| Japan | 1.19% | 2026-12-20 | 2.10% | JP12009216C0 |
| Japan | 1.34% | 2027-03-20 | 0.10% | JP1051521N69 |
| Japan | 1.35% | 2027-03-20 | 2.00% | JP1200931739 |
| Japan | 1.41% | 2027-05-01 | 0.70% | JP1024721R52 |
| Japan | 1.44% | 2027-06-01 | 0.80% | JP1024731R68 |
| Japan | 1.51% | 2027-08-01 | 0.90% | JP1024751R89 |
| Japan | 1.55% | 2027-09-01 | 0.90% | JP1024761R95 |
| Japan | 1.65% | 2027-12-20 | 0.30% | JP1051551P11 |
| Japan | 1.66% | 2027-12-20 | 0.20% | JP1051561P27 |
| Japan | 1.79% | 2028-06-20 | 0.10% | JP1051591P70 |
| Japan | 1.79% | 2028-06-20 | 0.20% | JP1051601P86 |
| Japan | 1.90% | 2029-03-20 | 0.40% | JP1051671Q49 |
| Japan | 1.90% | 2029-03-20 | 0.60% | JP1051681Q54 |
| Japan | 2.06% | 2030-03-20 | 1.00% | JP1051781R45 |
| Japan | 2.06% | 2030-03-20 | 0.10% | JP1103581L42 |
| Japan | 2.19% | 2031-03-20 | 1.80% | JP1051841S42 |
| Japan | 2.19% | 2031-03-20 | 0.10% | JP1103621M43 |
| Japan | 2.29% | 2032-03-20 | 0.20% | JP1103661N43 |
| Japan | 2.29% | 2032-03-20 | 1.80% | JP1201341C38 |
| Japan | 2.40% | 2033-03-20 | 0.50% | JP1103701P43 |
| Japan | 2.40% | 2033-03-20 | 1.60% | JP1201431D38 |
| Japan | 2.56% | 2034-03-20 | 0.80% | JP1103741Q44 |
| Japan | 2.70% | 2035-03-20 | 1.40% | JP1103781R44 |
| Japan | 2.83% | 2036-03-20 | 0.40% | JP1201561G37 |
| Japan | 3.19% | 2039-03-20 | 0.40% | JP1201681K44 |
| Japan | 3.59% | 2044-03-20 | 1.60% | JP1201881Q46 |
| Japan | 3.85% | 2049-03-20 | 0.50% | JP1300621K47 |
| Japan | 4.01% | 2054-03-20 | 1.80% | JP1300821Q49 |
| Japan | 3.90% | 2062-03-20 | 1.00% | JP1400151N57 |