--- title: "在 20 年期拍賣測試市場之前，日本國債收益率保持在數十年來的高位附近" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/286984387.md" description: "日本政府債券（JGB）收益率在即將進行的 20 年期債券拍賣前仍接近歷史高位，10 年期收益率為 2.795%，40 年期收益率達到 4.395%。持續的通脹擔憂和潛在的 JGB 發行增加給市場帶來壓力。分析師預計，由於期限溢價上升，拍賣結果將疲軟。日本銀行的鷹派立場引發了加息的猜測，而日本 2.1% 的 GDP 增長則表明其在面對更高借貸成本時的韌性" 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 年期拍賣測試市場之前，日本國債收益率保持在數十年來的高位附近 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) ### 相關股票 - [YCS.US](https://longbridge.com/zh-HK/quote/YCS.US.md) - [FXY.US](https://longbridge.com/zh-HK/quote/FXY.US.md) - [EWJ.US](https://longbridge.com/zh-HK/quote/EWJ.US.md) - [YCL.US](https://longbridge.com/zh-HK/quote/YCL.US.md) - [BARC.UK](https://longbridge.com/zh-HK/quote/BARC.UK.md) - [BCS.US](https://longbridge.com/zh-HK/quote/BCS.US.md) ## 相關資訊與研究 - [日元迎轉機？美銀：最壞階段可能已過](https://longbridge.com/zh-HK/news/287010760.md) - [日本第一季經濟成長超預期 但中東局勢恐打亂央行政策正常化之路](https://longbridge.com/zh-HK/news/286861648.md) - [日本財務省高官質疑賣美債挺日圓 稱可能適得其反](https://longbridge.com/zh-HK/news/286838496.md) - [財報後，華爾街大行集體調高鎧俠目標價，平均上調 44%](https://longbridge.com/zh-HK/news/286738270.md) - [日圓走勢丨大摩：或升回至 140 央行加息至關重要](https://longbridge.com/zh-HK/news/286995350.md)