Japan's zero-rate era ends (1995–2026)
After the 1990s asset bust, Japan's 10-year government bond yield stayed below 3% for roughly three decades, hitting zero and then negative territory after 2016. Household savers earned almost nothing on deposits.
In 2026 the 10-year JGB yield crossed 3% for the first time in about 30 years, and yen retail corporate bond issuance hit a record ¥2.88 trillion by early September.
Higher yields are pulling savings out of deposits and into corporate debt.
Rising yields are what let SoftBank price a 4.75% retail coupon and what is drawing households into corporate bonds. The deal is a direct product of this regime change.
