Recently, Japan’s long-term government bond yields have repeatedly hit record highs, drawing significant attention from global markets. In 2024, the yield on 10-year Japanese Government Bonds (JGBs) briefly surpassed 1%, reaching its highest level since the 2008 global financial crisis. This shift is driven by multiple factors: first, after years of ultra-loose monetary policy, the Bank of Japan has begun signaling a potential normalization of policy, fueling market expectations of an end to negative interest rates. Second, persistent global inflationary pressures, combined with major central banks like the U.S. Federal Reserve maintaining high rates, have reduced the appeal of yen-denominated assets and accelerated capital outflows. Additionally, Japan’s high fiscal deficits and increased government bond issuance have added upward pressure on yields. Notably, rising JGB yields not only affect domestic borrowing costs and government expenditures but also threaten the foundation of the global carry trade—where investors borrow cheap yen to invest in higher-yielding assets. Sustained yield increases could reshape global capital flows and potentially challenge financial market stability. As such, movements in Japan’s bond market have become a critical barometer for shifts in global monetary policy and investor risk appetite.
近期，日本长期国债收益率连续突破历史高点，引发全球市场广泛关注。2024年，10年期日本国债（JGB）收益率一度升破1%，创下自2008年全球金融危机以来的最高水平。这一变化主要受到多重因素推动：首先，日本央行在维持超宽松货币政策多年后，逐步释放政策正常化信号，市场预期其可能结束负利率政策；其次，全球通胀压力持续，叠加美联储等主要央行维持高利率，导致日元资产吸引力下降，资金外流加剧；此外，日本政府财政赤字高企、国债供给增加，也对收益率构成上行压力。值得注意的是，日本国债收益率的上升不仅影响国内借贷成本和财政支出，还可能动摇全球套利交易（carry trade）的基础——长期以来，投资者借入低息日元投资于高收益资产。若收益率持续走高，或将引发全球资本流动格局的调整，甚至对金融市场稳定性构成挑战。因此，日本国债市场的动向正成为观察全球货币政策转向与风险偏好变化的重要窗口。
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