Japan Non-Callable Banks Corporate Bond Yields (USD)
Fitted spot curve as of 2026-07-27
https://bondscovery.com/yield-curve/usd-corporate-banks-japan-non-callable
Japan Non-Callable Banks Corporate Bond Yields (USD) as of 2026-07-27: 10Y at 5.38%, fitted curve 1M–10Y (4.26%–5.38%), 33 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 1M | 4.26% | — |
| 3M | 4.31% | 4.33% |
| 6M | 4.38% | 4.44% |
| 12M | 4.51% | 4.64% |
| 18M | 4.63% | 4.88% |
| 2Y | 4.75% | 5.09% |
| 3Y | 4.94% | 5.34% |
| 4Y | 5.09% | 5.54% |
| 5Y | 5.20% | 5.62% |
| 6Y | 5.27% | 5.63% |
| 7Y | 5.32% | 5.60% |
| 8Y | 5.35% | 5.56% |
| 9Y | 5.37% | 5.52% |
| 10Y | 5.38% | 5.49% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 4.75% and the 10-year 5.38%, a 10Y−2Y spread of +63 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 ago2026-03-12 |
|---|---|---|---|---|---|---|
| 2Y | 4.75% | 4.47% | 4.55% | 4.29% | 4.43% | 4.13% |
| 10Y | 5.38% | 5.16% | — | 5.18% | 5.21% | 5.06% |
| 10Y − 2Y | +63 bp | +69 bp | — | +89 bp | +78 bp | +92 bp |
Bonds in this curve
A selection of 30 of the 36 bonds behind this curve, spread across maturities.
| Issuer | Yield | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| Development Bank of Japan | 3.94% | 2026-09-01 | 1.88% | XS1482752380 |
| Mizuho Financial Group | 4.20% | 2026-09-13 | 2.84% | US60687YAG44 |
| Sumitomo Mitsui Trust Bank | 4.16% | 2026-09-16 | 1.35% | US86563VAY56 |
| Sumitomo Mitsui Trust Bank | 3.86% | 2026-09-16 | 1.35% | USJ7771YLJ49 |
| Sumitomo Mitsui Financial Group INC | 4.15% | 2026-10-19 | 3.01% | US86562MAK62 |
| Nomura Holdings INC | 5.35% | 2027-01-22 | 2.33% | US65535HAZ29 |
| Mitsubishi UFJ Financial Group (Mufg) | 3.91% | 2027-02-22 | 3.68% | US606822AN45 |
| Sumitomo Mitsui Trust Bank | 5.09% | 2027-03-10 | 2.80% | USJ7771YLR64 |
| Development Bank of Japan | 5.18% | 2027-09-01 | 2.62% | XS1668899104 |
| Mizuho Financial Group | 4.60% | 2027-09-11 | 3.17% | US60687YAM12 |
| Sumitomo Mitsui Financial Group INC | 4.64% | 2028-01-17 | 3.54% | US86562MAY66 |
| Nomura Holdings INC | 4.84% | 2028-01-18 | 5.84% | US65535HBH12 |
| Mizuho Financial Group | 4.65% | 2028-03-05 | 4.02% | US60687YAR09 |
| Sumitomo Mitsui Trust Bank | 4.95% | 2028-03-13 | 4.50% | USJ7771YTX50 |
| Nomura Holdings INC | 5.14% | 2028-07-12 | 6.07% | US65535HBM07 |
| Development Bank of Japan | 4.57% | 2028-08-28 | 3.88% | XS3148234944 |
| Development Bank of Japan | 4.53% | 2028-09-06 | 3.25% | XS1865126343 |
| Mitsubishi UFJ Financial Group (Mufg) | 4.67% | 2028-09-11 | 4.05% | US606822BC70 |
| Development Bank of Japan | 4.67% | 2029-08-28 | 1.88% | XS2045822462 |
| Nomura Holdings INC | 5.21% | 2030-01-16 | 3.10% | US65535HAQ20 |
| Sumitomo Mitsui Trust Bank | 4.94% | 2030-03-13 | 4.70% | USJ7771YTZ09 |
| Development Bank of Japan | 4.66% | 2030-08-27 | 1.00% | XS2216812581 |
| Development Bank of Japan | 4.67% | 2031-01-28 | 1.25% | XS2292953069 |
| Sumitomo Mitsui Financial Group INC | 5.28% | 2032-01-15 | 5.45% | US86562MDT45 |
| Nomura Holdings INC | 5.38% | 2032-01-22 | 3.00% | US65535HBA68 |
| Nomura Holdings INC | 5.45% | 2033-01-18 | 6.18% | US65535HBK41 |
| Nomura Holdings INC | 5.46% | 2033-07-12 | 6.09% | US65535HBP38 |
| Sumitomo Mitsui Financial Group INC | 5.48% | 2035-01-15 | 5.63% | US86562MDU18 |
| Sumitomo Mitsui Trust Bank | 5.43% | 2035-03-13 | 5.05% | USJ7771YUB12 |
| Mitsubishi UFJ Financial Group (Mufg) | 5.32% | 2038-07-26 | 4.29% | US606822BB97 |