Japan Government Bond (JGB) 1-Year Yield (Daily)

## What this measures

The 1-year yield on Japanese government bonds, in percent per year, daily from 24 September 1974, as published by Japan's Ministry of Finance in its JGB interest rate table (constant-maturity yields by term). It read 1.665% on 7 October 2026. It was below zero on most days from December 2014 to February 2024, with a low of −0.371% on 27 July 2016, and peaked at 11.237% on 12 February 1975.

## Why it matters

The one-year JGB is the market's read on where the Bank of Japan's policy rate will average over the coming year. After nine years mostly below zero it is the tenor that shows normalisation most directly.

## How to read it

Higher means the market expects a higher BoJ policy rate, or asks more to hold yen debt for a year. Compare with the 2-year (rates.jgb.2y) and 10-year (rates.jgb.10y): the slope between them is the term premium plus the expected path beyond a year.

## What it does not say

Constant-maturity yields from the MOF table, not the quoted yield of one bond. Nominal. The MOF publishes the current month in one file and history in another; the current-month file wins where they overlap.

## Source

Ministry of Finance Japan, "Interest Rate" (JGB yields by term), mof.go.jp/english/policy/jgbs/reference/interest_rate/ (jgbcme.csv and historical/jgbcme_all.csv). Content on the MOF site is provided under the Public Data License (Version 1.0), which permits commercial use and is compatible with CC BY 4.0 (mof.go.jp/about_mof/notice/). Attribution: Source: Ministry of Finance Japan, Interest Rate (edited by Palanor). Refreshed daily by /api/cron/global-yields-sync.