Reading indicators: the line-up of JGB yields by maturity does not always slope upwardEven on the same day, the rate differs depending on how long you borrow for
The Ministry of Finance publishes JGB interest rate information showing yields for maturities from 1 year to 40 years for each reference date. For the reference date of November 5, 2026 (Reiwa 8), the 1-year yield was 1.658%, the 10-year 2.806%, the 20-year 3.640%, the 25-year 3.949%, the 30-year 3.915% and the 40-year 3.929%. Longer maturities do tend to carry higher yields, but on this date the 25-year was the highest and the 30-year came in below it.
Key points
- Yields are published for maturities of 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 15, 20, 25, 30 and 40 years, in percent to three decimal places. One row is added for each reference date
- For the reference date of November 5, 2026, the figures were 1 year 1.658%, 2 years 1.860%, 5 years 2.210%, 10 years 2.806%, 15 years 3.336%, 20 years 3.640%, 25 years 3.949%, 30 years 3.915% and 40 years 3.929%
- The gap between short and long maturities: subtracting the 2-year 1.860% from the 10-year 2.806% gives 0.946 percentage points. Even on the same day, yields differ this much across maturities
- A longer maturity does not always mean a higher yield. On this date the highest was the 25-year at 3.949%, while the 30-year was 3.915% and the 40-year 3.929%, both below the 25-year
- Yields for the same maturity also move day to day. The 10-year yield was 2.817% on November 2, 2.855% on November 4 and 2.806% on November 5, moving up and down over three business days
What to do in practice
- Put your own borrowing rate side by side with the JGB yield for the same maturity at the same time, to see how much of a spread is being added
- When considering long-term borrowing, look at several maturities together, such as 1, 10 and 20 years, to confirm how much the maturity itself changes the rate
The rate at which the government borrows money changes with the number of years it borrows for. In the table published by the Ministry of Finance, the figures for November 5, 2026 show 1.658% for one year, 2.806% for ten years and 3.640% for twenty years. Normally the longer the period the higher the rate, but on this day the 25-year was the highest at 3.949%, while the 30-year was lower at 3.915%.
- 10-year rate
- 2.806%
- Less the 2-year rate
- 1.860%
- Gap
- 0.946 percentage points
Points
- Even on the same day, the rate differs depending on how many years you borrow for
- Longer periods often carry a higher rate
- But the longer period is not always the higher one
What the words mean
- Government bond
- The certificate the government issues when it borrows money
- Interest rate
- The percentage paid each year on the money borrowed
- Reference date
- The date that tells you the point in time a figure refers to
- Ministry of Finance: Ministry of Finance, Interest Rate Information on Japanese Government Bonds
- Ministry of Finance: Ministry of Finance, Interest Rate Information on Japanese Government Bonds (data file)
Economic news presents published statistics and outlooks. It is not investment solicitation or trading advice. Figures are as of publication and may be revised.
This article summarizes and explains materials published by government agencies and is not advice on any individual case. Rules can change, so for actual procedures and decisions always check the latest original materials and consult professionals such as tax accountants or labor and social security attorneys. English, Simplified Chinese and Traditional Chinese versions are translations prepared from the Japanese articles for convenience. If anything differs, the Japanese text and the original source take precedence.