Relative Value | JGB Information

overview yields news curve bonds auctions calendar T-Bill pd supply boj policy cpi debt holders rv strips swap world annual

rv: curve-based relative value

Carry & Rolldown (1y, bp)

Tenor	Yield (%)	Carry	Roll	Total
2Y	1.872	65	23	88
3Y	1.979	75	11	86
4Y	2.121	89	14	104
5Y	2.238	101	12	113
6Y	2.325	110	9	119
7Y	2.428	120	10	130
8Y	2.580	135	15	151
9Y	2.708	148	13	161
10Y	2.837	161	13	174
15Y	3.373	215	11	225
20Y	3.645	242	5	247
25Y	3.939	271	6	277
30Y	3.904	268	-1	267
40Y	3.911	268	0	268

Unit: bp per year.

Spread / Fly Rich-Cheap (1y window)

	Now (bp)	1y mean	Z	%ile	Range
2s5s10s fly	-23.3	-16.3	-1.38	10	-28〜-7
5s10s20s fly	-20.9	-29.7	+0.62	60	-57〜-7
20s30s40s fly	25.2	26.6	-0.34	44	18〜39
10s20s30s fly	54.9	55.9	-0.19	51	46〜74
10s20s	80.8	90.0	-1.76	3	79〜103
10s30s	106.7	124.0	-1.32	9	103〜155
5s20s	140.7	150.2	-1.03	16	133〜176
20s30s	25.9	34.0	-0.95	23	20〜52
2s5s	36.6	43.9	-0.93	18	29〜61
30s40s	0.7	7.4	-0.64	38	-11〜27
2s10s	96.5	104.2	-0.42	37	70〜143
5s10s	59.9	60.3	-0.03	53	42〜83

Auction Concession (last 12, coupon JGBs)

Auction Date	Issue	Auct. yield	Curve interp	Concession (bp)
2026-10-20	JGB (20-Year) No. 198	3.723	3.719	+0.4
2026-10-14	JGB (5-Year) No. 188	2.379	2.370	+0.9
2026-10-08	JGB (30-Year) No. 92	4.109	4.136	-2.7
2026-10-06	JGB (10-Year) No. 384	3.101	3.097	+0.4
2026-09-30	JGB (2-Year) No. 489	1.964	1.953	+1.1
2026-09-15	JGB (20-Year) No. 197	3.856	3.851	+0.5
2026-09-08	JGB (5-Year) No. 187	2.239	2.232	+0.7
2026-09-03	JGB (30-Year) No. 91	4.079	4.053	+2.6
2026-09-01	JGB (10-Year) No. 383	2.995	2.959	+3.6
2026-08-28	JGB (2-Year) No. 488	1.708	1.721	-1.3
2026-08-20	JGB (20-Year) No. 197	3.698	3.709	-1.1
2026-08-18	JGB (5-Year) No. 187	2.163	2.154	+0.9

Unit: bp. Source: Ministry of Finance.