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Fixed Income Commentary

Intriguing RV graphs: JGBs as viewed by overseas investors

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Intriguing RV graphs: JGBs as viewed by overseas investors

Key points
  • Looking at USD-denominated JGB yields, super-long yields clearly reluctant to decline since former PM Ishiba announced his resignation
  • Among major countries, spread between USD-denominated 30-year yields and UST yield (risk premium) widened significantly only for Japan, France since last summer
  • Current order of spread vs UST yield is Germany < UK < Japan < Spain < France < Italy; spread levels for Spain, Italy narrowed significantly since this spring, but Japan's spread level still lower
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