Japanese Government Bond Yields (JPY)
Fitted spot curve as of 2026-10-05
https://bondscovery.com/yield-curve/jpy-government-2
Japanese Government Bond Yields (JPY) as of 2026-10-05: 10Y at 3.10%, fitted curve 1M–40Y (1.26%–4.16%), 311 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 1M | 1.26% | — |
| 3M | 1.32% | 1.35% |
| 6M | 1.44% | 1.56% |
| 9M | 1.56% | 1.89% |
| 12M | 1.66% | 1.89% |
| 18M | 1.79% | 2.08% |
| 2Y | 1.90% | 2.23% |
| 3Y | 2.08% | 2.48% |
| 4Y | 2.24% | 2.78% |
| 5Y | 2.39% | 3.05% |
| 6Y | 2.53% | 3.33% |
| 7Y | 2.67% | 3.63% |
| 8Y | 2.81% | 3.97% |
| 9Y | 2.96% | 4.36% |
| 10Y | 3.10% | 4.70% |
| 15Y | 3.62% | 5.14% |
| 20Y | 3.93% | 5.46% |
| 25Y | 4.16% | 6.06% |
| 30Y | 4.14% | 3.91% |
| 40Y | 4.12% | 4.07% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 1.90% and the 10-year 3.10%, a 10Y−2Y spread of +120 bp — positively sloped — as of 2026-10-05. 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 | Latest2026-10-05 |
|---|---|
| 2Y | 1.90% |
| 10Y | 3.10% |
| 10Y − 2Y | +120 bp |
Bonds in this curve
A selection of 30 of the 311 bonds behind this curve, spread across maturities.
| Issuer | Yield | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| Japan | 1.32% | 2026-11-01 | 0.50% | JP1024661QB1 |
| Japan | 1.31% | 2026-12-01 | 0.60% | JP1024671QC8 |
| Japan | 1.31% | 2026-12-20 | 0.01% | JP1051501N14 |
| Japan | 1.31% | 2026-12-20 | 0.10% | JP1103451GC0 |
| Japan | 1.37% | 2027-03-01 | 0.80% | JP1024701R31 |
| Japan | 1.41% | 2027-03-20 | 0.01% | JP1051511N46 |
| Japan | 1.51% | 2027-06-01 | 0.80% | JP1024731R68 |
| Japan | 1.56% | 2027-06-20 | 0.01% | JP1051531N75 |
| Japan | 1.62% | 2027-09-01 | 0.90% | JP1024761R95 |
| Japan | 1.65% | 2027-09-20 | 0.10% | JP1051541NA0 |
| Japan | 1.76% | 2028-02-01 | 1.30% | JP1024811S29 |
| Japan | 1.78% | 2028-03-01 | 1.30% | JP1024821S35 |
| Japan | 1.91% | 2028-09-20 | 0.30% | JP1051621PA5 |
| Japan | 1.91% | 2028-09-20 | 0.40% | JP1051631PB2 |
| Japan | 2.00% | 2029-06-20 | 0.60% | JP1051701Q76 |
| Japan | 2.00% | 2029-06-20 | 0.40% | JP1051711Q82 |
| Japan | 2.20% | 2030-05-20 | 2.30% | JP1300031000 |
| Japan | 2.22% | 2030-06-20 | 1.00% | JP1051791R76 |
| Japan | 2.34% | 2031-05-20 | 2.20% | JP1300051156 |
| Japan | 2.36% | 2031-06-20 | 0.10% | JP1103631M74 |
| Japan | 2.48% | 2032-05-20 | 2.30% | JP1300071253 |
| Japan | 2.62% | 2033-06-20 | 0.40% | JP1103711P74 |
| Japan | 2.78% | 2034-06-20 | 1.10% | JP1103751Q74 |
| Japan | 2.92% | 2035-06-20 | 1.50% | JP1103791R75 |
| Japan | 3.06% | 2036-06-20 | 0.20% | JP1201571G68 |
| Japan | 3.42% | 2039-06-20 | 0.30% | JP1201691K75 |
| Japan | 3.82% | 2044-06-20 | 1.90% | JP1201891Q77 |
| Japan | 4.05% | 2049-06-20 | 0.40% | JP1300631K78 |
| Japan | 4.20% | 2054-06-20 | 2.20% | JP1300831Q70 |
| Japan | 4.07% | 2062-03-20 | 1.00% | JP1400151N57 |