Global Rates & Yen Carry
What money costs outside the US, and the trade that borrows where it is cheapest: yields in the four largest bond markets, the gaps between them, and the yen.
Headline figure
$0.00T
+$00.0B over 1 week
Sep 25, 2026
Headline figure
$0.00T
+$00.0B over 1 week
Sep 25, 2026
Headline figure
$0.00T
+$00.0B over 1 week
Sep 25, 2026
Headline figure
$0.00T
+$00.0B over 1 week
Sep 25, 2026
Headline figure
$0.00T
+$00.0B over 1 week
Sep 25, 2026
Headline figure
$0.00T
+$00.0B over 1 week
Sep 25, 2026
Headline figure
$0.00T
+$00.0B over 1 week
Sep 25, 2026
Headline figure
$0.00T
+$00.0B over 1 week
Sep 25, 2026
Yields
Government bonds, daily
10-year government bond yields
US Treasuries, euro area AAA, UK gilts and Japanese government bonds, percent, daily
Source: Federal Reserve H.15; ECB; Bank of England; Ministry of Finance, Japan
2-year government bond yields
US Treasuries, euro area AAA and Japanese government bonds, percent, daily
Source: Federal Reserve H.15; ECB; Ministry of Finance, Japan
The carry trade
Daily; positioning weekly
The yen carry trade
Yen per dollar (left) and the US–Japan 2-year yield gap (right, basis points), daily
Source: Federal Reserve H.10 and H.15; Ministry of Finance, Japan; BlockPhi calculation
Rate gaps with the US
US 2-year yield minus Japan’s and minus the euro area’s, basis points, daily
Source: Federal Reserve H.15; ECB; Ministry of Finance, Japan; BlockPhi calculation
Who is short the yen
Net positions in CME yen futures, leveraged funds and asset managers, contracts, weekly
Source: CFTC Commitments of Traders
Curve slopes
10-year minus 2-year yields: US, euro area AAA and Japan, basis points, daily
Source: Federal Reserve H.15; ECB; Ministry of Finance, Japan; BlockPhi calculation
Japan
Ministry of Finance, daily
Japan’s yield curve, then and now
JGB yields from 1 to 40 years, percent: latest, a year ago and three years ago
Source: Ministry of Finance, Japan