JPY Rates Weekly Charts

This weekly chartbook provides a detailed technical overview of the JPY rates market, highlighting a significant upward shift in the JGB yield curve and OIS pricing as of early February 2026.

Key Takeaways

• 1.JGB yields saw a significant broad-based increase across the curve between January 30 and February 6, 2026, with the 10Y yield rising 18bps to 2.22%.
• 2.Swap spreads (OIS) generally widened, particularly in the longer end of the curve, with the 40Y spread moving -12.33 bps to -78.00 bps.
• 3.BoJ rate hike expectations are actively priced into the OIS curve, with forward swap rates showing steady increases from spot levels.

Table of Contents

• CURRENT CURVE
• JPY MARKET OVERVIEW
• YIELD CURVE MOVE IN DEC (JAN 30 VS FEB 6)
• YIELD CURVE COMPARISON (JAN 30 VS FEB 6)
• BOJ RATES PRICING
• JGB CURVES & FLIES
• JGB CURVES & FLIES WITH BOLLINGER BANDS
• SWAP CURVES & FLIES
• SWAP CURVES & FLIES WITH BOLLINGER BANDS
• ASW BOX & FLIES
• ASW BOX & FLIES WITH BOLLINGER BANDS
• FX HEDGE COST AND HEDGED FOREIGN BONDS
• XCCY BASIS
• OIS OVERVIEW
• SWAPTION MATRIX
• IMPLIED VOLATILITY (ATMF)
• VOL SKEW
• BILLS VS OIS
• HIGH VS LOW COUPON - NSS SPREAD
• APPENDIX 1
• APPENDIX 2
• APPENDIX 3

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