Japanese Market Monitor

A comprehensive data monitor of Japanese Yen-hedged fixed income indices for USD and EUR markets as of May 29, 2026.

Key Takeaways

• 1.Yields for most JPY-hedged fixed income sectors have seen a significant upward trend compared to historical year-end levels (2020-2025).
• 2.Current Option Adjusted Spreads (OAS) across many sectors like EUR Treasury and EUR Covered bonds are near multi-year lows compared to YE2020-2024 levels.
• 3.USD Corporate High Yield and Emerging Market Debt (EMD) HY Sovereign sectors currently offer the highest JPY-hedged yields in the 5-10 year maturity range.

Table of Contents

• Summary table
• Effective Yield (%) – Fixed Income sectors
• OAS (bps) – Fixed Income sectors
• Capital Adjusted Yield
• Yield to Worst – 52 weeks range
• OAS – 52 weeks range
• Yield to Worst – 10 years of history
• OAS – 10 years of history
• Yield to Worst by maturity bucket
• OAS by maturity bucket
• FX hedge adjustment – 5 years of history
• Important information

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