QUANTNOWOPEN THE TAPE

Ratesdailybp

2-year US-Japan differential (unhedged)

The front end of the same comparison, where the Federal Reserve and the Bank of Japan pricing different paths shows up first. It is the nearest thing this warehouse holds to the funding leg of a currency hedge, and it is not the hedge cost: the hedge cost is this differential plus the cross-currency basis, and the basis is missing. That matters most when it matters most, because the basis is the term that blows out when dollar funding gets scarce. Read this as the policy gap, and read nothing about a hedged return into it.

Latest
284.10 bp
As of
1 Oct 2026
Standard deviations
1.65
Percentile
96th percentile

30 days to 4 Oct 2026 · 254.00 bp to 295.80 bp

The archive behind this

This page shows the last 30 days. 2-year US-Japan differential (unhedged) has 6,316 readings in the warehouse, back to 4 Jan 2000. A plan opens the rest of it, with CSV export and the analyst.

See plans

Source

QuantNow Derived Research

Two-year US constant maturity yield less the two-year JGB constant maturity yield, in basis points, on days both markets traded. The front end of the same comparison, which prices the two policy paths against each other. Unhedged, and not a hedge cost: the hedge cost adds the cross-currency basis, which is missing.

Informational research only. Nothing here is personalised investment advice.