Japan Yield Curve Slope, 10-Year minus 2-Year JGB (Daily)

## What this measures

The slope of Japan's government bond curve: the 10-year JGB yield minus the 2-year JGB yield, in percentage points, daily. Both come from the Ministry of Finance's daily table.

## Why it matters

The slope shows whether markets expect the Bank of Japan to keep raising rates (a flatter curve as 2-year yields rise) or worry about Japan's long-run debt and inflation (a steeper curve as 10-year yields rise).

## How to read it

Positive means the 10-year pays more than the 2-year, the normal shape. A falling spread means a flattening curve and a rising one a steepening curve. Look at which leg moved.

## What it does not say

It says nothing about the level of rates on its own, and it is a difference of two constant-maturity readings, not a traded spread.

## Source

Computed by Palanor from Ministry of Finance Japan, Interest Rate (JGB yields by term), mof.go.jp. Public Data License (Version 1.0), commercial use permitted with attribution. Attribution: Source: Ministry of Finance Japan, Interest Rate (edited by Palanor). Refreshed daily by /api/cron/global-yields-sync.