Japan 10 Year Yield Update 19 November 2025

Higher still

This seems to be a talking point. “JGB yields crash global markets” or similar. It’s everywhere, particularly on X.

We’re taking a different view. Ministry of Finance and Bank of Japan, also new Prime Minister, are taking the view that yields are too low, they are, and that they need to rise to the point at which the currency is supported by yields. Doing anything else is pointless.

Currency has been falling, and there is now some commentary by MoF, trying to manage the decline. 10 year at 2.5% and USD/YEN at 160.00 look good to us. Depends how it get’s there, of course.