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Yen Carry

Risk and liquidity

US - Japan 10Y
212bps
3M 6M 1Y 5Y 10Y ALL
History
FirstLast
US - Japan 2Y bps404269
US - Japan 10Y bps291212
USD/JPY JPY118.01160.00
History bps JPY US - Japan 2Y: 404 to 269 bps US - Japan 10Y: 291 to 212 bps USD/JPY: 118.01 to 160.00 JPY Jan 2, 06 Nov 13, 26

Yen carry: yield gaps narrowing, dollar-yen near 160

In plain words

The gap between US and Japanese government bond yields has shrunk over the past month, while the dollar buys about 160 yen. People watch this gap because it helps decide where investors choose to park money.

Where it sits

US - Japan 2Y Low 211Now 269High 296
US - Japan 10Y Low 166Now 212High 249
USD/JPY Low 152.63Now 160.00High 163.91

One-year low to high. Drawn from the data, not by AI.

There is more in this note

What it means if this rises or falls, cause and effect, how it works, the words to know and what to watch next.

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Written by AI from the numbers on this page. Not advice.

US - Japan 2Y - 2026-10-30

US - Japan 2Y 269bps -
One-month change -24bps -
One-year change 0bps -

US - Japan 10Y - 2026-10-30

US - Japan 10Y 212bps -
One-month change -11bps -
One-year change -33bps -

USD/JPY - 2026-11-13

USD/JPY 160.00JPY -
One-month change 1.18% -
One-year change 3.53% -

Leads to

Yen Carry

1 / 5

Yield gaps and yen

How do US minus Japan two-year and ten-year government yields compare with the yen exchange rate?

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