Money · Yen carry

Yen carry

Is yen funding still easy, or is the rate backdrop tightening?

Live · USD/JPY

USD/JPY — JPY=X

157.40 JPY -2.78 vs prior

Yahoo Finance chart API (JPY=X) · as of 2026-08-01. Interim Yahoo chart — not an official FX vendor feed.

Yen carry is borrowing in cheap yen to earn higher yields elsewhere. Watch USD/JPY (is the yen still weak?), the US curve (destination yields), and the US−Japan gap (more gap → more room for the trade). Sharp yen strength or a shrinking gap is the stress tell.

US Treasury curve

FRED public CSV · as of 2026-07-30 · daily

Free FRED daily prints — the “earn side” rates for USD carry. 2Y tracks the Fed path; 10Y/20Y/30Y show the long end.

US 2Y Treasury · live

4.23 %

+0.01 pts vs prior

DGS2 · as of 2026-07-30

US 10Y Treasury · live

4.68 %

+0.01 pts vs prior

DGS10 · as of 2026-07-30

US 20Y Treasury · live

5.22 %

+0.01 pts vs prior

DGS20 · as of 2026-07-30

US 30Y Treasury · live

5.21 %

+0.01 pts vs prior

DGS30 · as of 2026-07-30

Japan yield & carry gap

Free FRED · Japan is monthly (lags the daily US curve)

Japan’s free official long-rate prints once a month, not every day like US Treasuries — so June can sit next to late-July US yields (source lag, not a stale cache). The derived panel is just US 10Y minus Japan. Wider gap ≈ more room for yen-funded carry; narrower ≈ less.

Japan long-term yield · monthly

2.670 %

Funding-side rate proxy — OECD/FRED long-term, not a same-day JGB 10Y.

IRLTLT01JPM156N · as of 2026-06-01 (monthly print)

US 10Y − Japan long-term · derived

2.01 pts

Math: US 10Y minus Japan long-term (4.68 − 2.670 = 2.01).

Not a FRED series — computed on this page from DGS10 − IRLTLT01JPM156N · newest leg as of 2026-07-30

On X

Official profiles · open on X (no in-page embed)

Free X timeline embeds rate-limit too often to trust on a notebook page — so these are direct profile links. For desk announcements on-site, use Press releases below.