Japan Government Bond Yields Rise Across the Curve, Led by 5- and 10-Year

A parallel shift of this size, led by the belly of the curve, points to a repricing of the term premium rather than a growth story, since the 5- and 10-year moved in lockstep while the long end lagged. That matters for yen-funded carry trades and for any RWA or tokenized Treasury product priced off JGB benchmarks, where hedging costs adjust quickly. Whether the 10-year holds above 3% — and whether the 2-year, still well below the belly, catches up — is the open question.