10-Year Japan JGB Yield

Yield on 10-year Japanese government bonds (JGBs). Japan's bond market has been the global laboratory for ultra-low interest rate policy — yields held near zero for 25+ years. The Bank of Japan's Yield Curve Control (YCC) policy officially capped 10Y JGBs at various levels before being abandoned in 2024. The normalization of Japanese interest rates after three decades near zero is one of the defining macro stories of the current decade.