Japan’s 10-year government bond yield climbed to around 2.37% on Friday, reaching its highest level since 1999 as an oil-driven inflation shock linked to the Middle East conflict reinforced expectations of a near-term interest rate hike from the Bank of Japan. Hawkish bets were further supported by a sharp weakening of the yen, which has remained under pressure from rising energy costs given Japan’s reliance on oil imports from the region. Last week, the BOJ kept its policy rate unchanged but maintained a tightening bias, with Governor Ueda leaving the door open for a possible April hike. Analysts are now pricing in a potential 25 basis point increase to 1% at the central bank’s April 28 policy meeting. Oil prices stayed elevated amid conflicting signals from the US and Iran regarding diplomatic efforts to resolve the conflict.

The yield on Japan 10Y Bond Yield rose to 2.38% on March 27, 2026, marking a 0.11 percentage points increase from the previous session. Over the past month, the yield has edged up by 0.32 points and is 0.83 points higher than a year ago, according to over-the-counter interbank yield quotes for this government bond maturity. Historically, the Japan 10 Year Government Bond Yield reached an all time high of 7.59 in June of 1984. Japan 10 Year Government Bond Yield - data, forecasts, historical chart - was last updated on March 29 of 2026.

The yield on Japan 10Y Bond Yield rose to 2.38% on March 27, 2026, marking a 0.11 percentage points increase from the previous session. Over the past month, the yield has edged up by 0.32 points and is 0.83 points higher than a year ago, according to over-the-counter interbank yield quotes for this government bond maturity. The Japan 10 Year Government Bond Yield is expected to trade at 2.38 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2.12 in 12 months time.



Bonds Yield Day Month Year Date
Japan 10Y 2.38 0.106% 0.316% 0.827% Mar/27
Japan 1M 0.72 0.002% 0.002% 0.423% Mar/27
Japan 3M 0.82 0% 0.050% 0.458% Mar/27
Japan 6M 0.90 0.009% 0.069% 0.484% Mar/27
Japan 52W 1.08 0.023% 0.088% 0.460% Mar/27
Japan 2Y 1.38 0.043% 0.165% 0.507% Mar/27
Japan 3Y 1.54 0.055% 0.211% 0.618% Mar/27
Japan 5Y 1.82 0.081% 0.291% 0.664% Mar/27
Japan 7Y 2.14 0.098% 0.338% 0.833% Mar/27
Japan 20Y 3.27 0.144% 0.381% 1.009% Mar/27
Japan 30Y 3.71 0.182% 0.426% 1.173% Mar/27
Japan 40Y 3.92 0.215% 0.415% 1.134% Mar/27



Related Last Previous Unit Reference
Japan Inflation Rate 1.30 1.50 percent Feb 2026
Japan Interest Rate 0.75 0.75 percent Mar 2026
Japan Unemployment Rate 2.70 2.60 percent Jan 2026

Japan 10 Year Government Bond Yield
Generally, a government bond is issued by a national government and is denominated in the country`s own currency. Bonds issued by national governments in foreign currencies are normally referred to as sovereign bonds. The yield required by investors to loan funds to governments reflects inflation expectations and the likelihood that the debt will be repaid.
Actual Previous Highest Lowest Dates Unit Frequency
2.38 2.27 7.59 -0.29 1966 - 2026 percent Daily

News Stream
Japan 10-Year Yield Hits 27-Year High
Japan’s 10-year government bond yield climbed to around 2.37% on Friday, reaching its highest level since 1999 as an oil-driven inflation shock linked to the Middle East conflict reinforced expectations of a near-term interest rate hike from the Bank of Japan. Hawkish bets were further supported by a sharp weakening of the yen, which has remained under pressure from rising energy costs given Japan’s reliance on oil imports from the region. Last week, the BOJ kept its policy rate unchanged but maintained a tightening bias, with Governor Ueda leaving the door open for a possible April hike. Analysts are now pricing in a potential 25 basis point increase to 1% at the central bank’s April 28 policy meeting. Oil prices stayed elevated amid conflicting signals from the US and Iran regarding diplomatic efforts to resolve the conflict.
2026-03-27
Japan 10Y Bond Yield Hits 27-year High
Japan 10 Year Government Bond Yield increased to 2.36%, the highest since February 1999. Over the past 4 weeks, Japan 10Y Bond Yield gained 29.52 basis points, and in the last 12 months, it increased 80.63 basis points.
2026-03-27
Japan 10Y Bond Yield Hits 9-week High
Japan 10 Year Government Bond Yield increased to 2.35%, the highest since January 2026. Over the past 4 weeks, Japan 10Y Bond Yield gained 28.22 basis points, and in the last 12 months, it increased 79.33 basis points.
2026-03-27