The yield on the 10-year JGB consolidated around 0.3%, close to the levels of December when the Bank of Japan unexpectedly widened the upper band on its yield curve control policy. The instability of the global financial system following the collapse of Credit Suisse and Silicon Valley Bank drove investors worldwide to flee to the safety of government debt. Domestically, the BoJ Summary of Opinions showed that policymakers unanimously supported the central bank's ultra-loose monetary policy, delaying expectations of an eventual pivot. Meanwhile, the Japanese parliament has confirmed Ueda's appointment as the new BoJ Governor starting April 9th. During earlier hearings, Ueda supported the central bank's stance, stating tighter policy was inadequate to counter supply-driven inflation.
Historically, the Japan Government Bond 10Y reached an all time high of 7.59 in June of 1984. Japan Government Bond 10Y - data, forecasts, historical chart - was last updated on March of 2023.
The Japan Government Bond 10Y is expected to trade at 0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 0.38 in 12 months time.