Japan Government Bond Yields & Inflation Indicators
This dataset tracks Japan's most critical macro indicators across two update frequencies and three official sources. The daily Japan 10-year government bond yield comes directly from the Ministry of Finance (MOF). Monthly CPI, core CPI, and consumer price index figures are sourced from Japan's official e-Stat statistical database. A monthly long-term yield reference from FRED (IRLTLT01JPM156N) is included for cross-market comparison. Together, these series make Japan's bond market and inflation dynamics accessible in one structured, API-ready dataset.
Daily JGB yield - Ministry of Finance official reference
This block tracks the official daily Japan 10-year government bond reference yield from the Ministry of Finance. It is separated from the monthly macro reference table below.
| Indicator | Value | Change vs Previous | Frequency | Observation Date | Source Code |
|---|---|---|---|---|---|
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Daily source: official Japan Ministry of Finance JGB constant-maturity reference yield data.
Monthly macro indicators - CPI, core CPI, and long-term yield
| Series | Value | Change vs Previous | Frequency | Observation Date | Source Code |
|---|---|---|---|---|---|
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Source: official Japan CPI observations from e-Stat together with Japan yield reference series from MOF and FRED.
Interpretation note: the Japan CPI rows are official monthly statistics. For CPI index rows, the change column shows the move versus the previous monthly observation in index points. The Japan 10Y row in the reference table remains a monthly long-term government bond yield series from FRED, separate from the daily MOF indicator above.
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
Macro context: Global Liquidity and Bond Yields Explained
What This Means
Japan's bond yields and inflation data are among the most closely watched macro signals in global markets - not just for Japan, but for risk assets worldwide.
The Japan 10-year government bond yield (JGB) serves as a benchmark for global long-term borrowing costs. When JGB yields rise, Japanese institutional investors - among the world's largest holders of foreign bonds - face incentives to repatriate capital back to Japan. This dynamic puts pressure on US Treasuries, European bonds, and emerging market debt simultaneously.
Japan's inflation trajectory matters because the Bank of Japan (BOJ) spent decades in a deflationary environment. The return of sustained CPI and core CPI readings above zero signals a structural shift in BOJ policy, with direct implications for the yen carry trade - one of the most widely used strategies in global FX markets.
The daily MOF yield reading on this page reflects the official constant-maturity reference rate published each business day by Japan's Ministry of Finance. The monthly FRED series (IRLTLT01JPM156N) provides a longer time-series view used in cross-country macro comparisons.
For analysts and developers building macro dashboards, risk models, or FX strategies, this dataset provides the core Japan indicators in one structured, regularly updated feed.
FAQ
The daily Japan 10-year government bond yield comes from Japan's Ministry of Finance (MOF) official constant-maturity reference yield series (jgbcm:10y). This is the official daily benchmark published by the Japanese government and is separate from the monthly FRED series shown in the macro table below.
The daily yield (from MOF) and the monthly yield (from FRED, series IRLTLT01JPM156N) serve different purposes. The MOF daily figure reflects the most recent official market reference rate. The FRED monthly figure is an OECD-based long-term series used for macro comparison across countries and time. They will differ because of their different observation frequencies and methodologies.
Japan CPI, core CPI, and consumer price index figures are sourced from e-Stat, Japan's official government statistics portal operated by the Ministry of Internal Affairs and Communications. These are the same official figures referenced by the Bank of Japan and international institutions in policy analysis.
Japan is one of the world's largest holders of foreign debt. When Japanese bond yields rise, domestic investors earn more from holding JGBs, creating incentive to sell foreign bonds and repatriate capital to Japan. This can pressure US Treasury yields, European sovereign bonds, and equity markets globally - making the JGB yield one of the most consequential macro indicators outside of the Federal Reserve.
Yes. This dataset is available through Masadir's API plans. Developers can pull the daily MOF yield, monthly CPI series, and FRED-backed yield reference in structured JSON format. See the Pricing page for access tiers and rate limits.
Related Links
compare with US Treasury yield data
global capital flow implications of JGB moves