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JGB 2s10s spread

The Japanese curve slope, computed exactly as the Treasury 2s10s. For a quarter of a century the Bank of Japan held the front end at or below zero and, from 2016, the ten-year as well, so this slope was a policy setting more than a market price. Its steepening as that control was withdrawn is the clearest single measure of Japan leaving the zero bound, and it is the domestic half of every story about Japanese money coming home.

Latest
115.30 bp
As of
1 Oct 2026
Standard deviations
0.64
Percentile
68th percentile

30 days to 4 Oct 2026 · 104.80 bp to 116.70 bp

The archive behind this

This page shows the last 30 days. JGB 2s10s spread has 6,553 readings in the warehouse, back to 4 Jan 2000. A plan opens the rest of it, with CSV export and the analyst.

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Source

QuantNow Derived Research

Ten-year JGB constant maturity yield less the two-year, in basis points. Oriented exactly as the Treasury 2s10s: negative means inverted. Japan held the front end at or below zero for a quarter of a century, so this slope carried the Bank of Japan's policy rather than the market's view of it for most of its history.

Informational research only. Nothing here is personalised investment advice.