Tracking U.S., Japan And German 10-Year Bond Yields

Published 05/13/2013, 12:24 AM
Updated 07/09/2023, 06:31 AM

This Great Graphic was created on Bloomberg and shows the movement of 10-year bond yields in the US (white), Germany (green) and Japan (yellow) over the past six months.

Over this period, JGB yields peaked first, in early January, followed by bunds late in the month. US 10-year Treasury yields did not peak until early March.
bond yields
On the other hand, JGB yields bottomed within days of the BOJ's announcement, detailing what it calls "quantitative and qualitative easing" in early April. The US Treasury yield bottomed on May 1, just above 1.61%, and at least one money manager proclaimed this was the end of the bull market. Bund yields bottomed the next day after dipping to almost 1.15%.

While the pace of moves may vary and the timing of bottoms and tops differ, the general trends, while not identical are similar and speak to the a global market for long-term capital, despite the emergence of other forces sparking a return of home-bias and the fragmentation of the capital markets.

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