--- title: "在 20 年期拍卖测试市场之前，日本国债收益率保持在数十年来的高位附近" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/286984387.md" description: "日本政府债券（JGB）收益率在即将进行的 20 年期债券拍卖前仍接近历史高位，10 年期收益率为 2.795%，40 年期收益率达到 4.395%。持续的通胀担忧和潜在的 JGB 发行增加给市场带来压力。分析师预计，由于期限溢价上升，拍卖结果将疲软。日本银行的鹰派立场引发了加息的猜测，而日本 2.1% 的 GDP 增长则表明其在面对更高借贷成本时的韧性" datetime: "2026-05-20T00:45:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286984387.md) - [en](https://longbridge.com/en/news/286984387.md) - [zh-HK](https://longbridge.com/zh-HK/news/286984387.md) --- # 在 20 年期拍卖测试市场之前，日本国债收益率保持在数十年来的高位附近 TOKYO, May 20 (Reuters) - Japanese government bond (JGB) yields held near multi-decade and record highs on Wednesday before a sale of 20-year securities tests a nervous debt market. The benchmark 10-year JGB yield edged 0.5 basis point (bp) lower to 2.795% after rising for seven straight days to a 29-year peak on Tuesday. The yield on the 40-year JGB, Japan's longest tenor, reached a record high of 4.395% in the prior session. Yields move inversely to bond prices. Persistent inflation fears tied to elevated oil prices and the Iran war have been the key driver of a selloff in global bonds. U.S. Treasuries and German bunds extended falls overnight. Japan's Ministry of Finance will sell about 700 billion yen ($4.40 billion) in 20-year bonds later in the day. The yield on the 20-year JGB climbed to 3.8% on Tuesday, the highest since August 1996. "The sharp rise in the JGB term premium has coincided with an increase in the inflation risk premium," Barclays analysts Ayao Ehara and Shinichiro Kadota said in a report. "We expect weak auction results as our baseline scenario." Japan's fiscal outlook also added pressure, with expectations for increased JGB issuance tied to the government's planned extra budget. The Bank of Japan's hawkish messaging has fuelled speculation of a rate hike at the June meeting. Governor Kazuo Ueda on Tuesday acknowledged the rapid rise in long-term rates and pledged to monitor the JGB market closely. Meanwhile, Japan's stronger-than-expected first-quarter gross domestic product growth of 2.1% annualised has reinforced views that the economy may withstand higher borrowing costs. The two-year yield, the one most sensitive to BOJ policy rates, stood at 1.44%, the highest since May 1995. The five-year yield was steady at 2.025% after reaching an all-time high on Monday. ($1 = 159.0400 yen) (Reporting by Rocky Swift in Tokyo; Editing by Subhranshu Sahu) ### 相关股票 - [YCS.US](https://longbridge.com/zh-CN/quote/YCS.US.md) - [FXY.US](https://longbridge.com/zh-CN/quote/FXY.US.md) - [EWJ.US](https://longbridge.com/zh-CN/quote/EWJ.US.md) - [YCL.US](https://longbridge.com/zh-CN/quote/YCL.US.md) - [BARC.UK](https://longbridge.com/zh-CN/quote/BARC.UK.md) - [BCS.US](https://longbridge.com/zh-CN/quote/BCS.US.md) ## 相关资讯与研究 - [日本央行下月将审议购债计划 机构对未来购债规模现分歧](https://longbridge.com/zh-CN/news/287177469.md) - [又一多数派委员倒向加息！日本央行委员小枝淳子 “放鹰” 6 月加息概率已飙至 80%](https://longbridge.com/zh-CN/news/287165552.md) - [通胀压力叠加财政隐忧 日本超长期国债 2024 年来首现海外资金净流出](https://longbridge.com/zh-CN/news/287020858.md) - [日本又要被阻击了？](https://longbridge.com/zh-CN/news/286692648.md) - [日本 PMI 动能放缓但成本压力持续攀升，日本央行 6 月加息预期升温支撑日元](https://longbridge.com/zh-CN/news/287183032.md)