---
title: "JGB yields edge lower with investors cautious before Trump tariffs"
description: "Japanese government bond yields fell as investors sought safety ahead of U.S. President Trump's tariff announcement, dubbed \"Liberation Day.\" The 10-year JGB yield dropped to 1.475%, the lowest in a m"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/234163539.md"
published_at: "2025-04-02T06:14:56.000Z"
---

# JGB yields edge lower with investors cautious before Trump tariffs

> Japanese government bond yields fell as investors sought safety ahead of U.S. President Trump's tariff announcement, dubbed "Liberation Day." The 10-year JGB yield dropped to 1.475%, the lowest in a month, while other yields also declined. Bank of Japan Governor Kazuo Ueda plans to discuss the implications of Trump's tariffs at an upcoming G20 meeting. Goldman Sachs revised its year-end forecast for the 10-year JGB yield down to 1.5%, citing increased recession risks due to the tariffs.

By Kevin Buckland

TOKYO, April 2 (Reuters) - Japanese government bond yields edged lower on Wednesday as investors shifted to the safety of bonds before the announcement of the latest round of U.S. President Donald Trump’s tariffs.

Trump has billed April 2 as “Liberation Day,” which will see dramatic new duties that could upend the global trade system. A White House Rose Garden announcement is scheduled for 2000 GMT, which will be very early on Thursday morning in Japan.

JGB traders were additionally cautious as Japan’s finance ministry is scheduled to auction 10-year bonds on Thursday.

The 10-year JGB yield (JP10YTN=JBTC) fell 2.5 basis points (bps) to 1.475% as of 0556 GMT, the lowest level in about a month. Yields fall when bond prices rise.

Benchmark 10-year JGB futures (2JGBv1) rose 0.2 yen to 138.47.

The five-year JGB yield (JP5YTN=JBTC) lost 1.5 bps to 1.09%, a two-week low.

The two-year yield (JP2YTN=JBTC) declined 1 bp to 0.845%.

The 20-year JGB yield (JP20YTN=JBTC) retreated 2 bps to 2.210%, and the 30-year yield (JP30YTN=JBTC) sank 4.5 bps to 2.495%.

Bank of Japan Governor Kazuo Ueda told parliament on Wednesday that he hopes to exchange views on the fallout from Trump’s global trade barriers at a meeting of G20 finance ministers and central bankers later this month in Washington.

Goldman Sachs cut its year-end forecast for the 10-year JGB yield to 1.5% from 1.6%, “reflecting the elevated risk of U.S. recession” owing to Trump’s tariffs.

“The rising risk of such an outcome is likely to impact market pricing of the BOJ, as tighter global financial conditions weigh on the perceived likelihood of continued tightening,” Goldman Sachs analysts wrote in a research note dated April 1.

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.