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2025-12-17 17:15:41
[Yield Spread Overview: High Yields for USD and AUD Assets, Deep Negative Yield Spread for JPY] ⑴ Among major global government bond markets, the 2-year US Treasury yield is 3.514%, significantly higher than most developed countries, only lower than the Reserve Bank of Australia's 4.046% and the UK's 3.717%. ⑵ Based on US Treasuries, 2-year yield spreads show divergence: Australian and British pound assets enjoy positive yield spreads of 53.2 and 20.3 basis points respectively, while Eurozone and Japanese yen assets generally have negative yield spreads exceeding 117 basis points, with the Japanese yen having the largest negative spread at -243.5 basis points. ⑶ The 10-year US Treasury yield is 4.171%, with a similar yield spread pattern to the short term. Australian and UK government bonds still maintain positive yield spreads of 58.9 and 29.8 basis points respectively, while the negative yield spreads of core Eurozone countries such as Germany and France, as well as Japanese government bonds, remain above 60 to 220 basis points. (4) Taking German bonds as a benchmark, the yield on 2-year German bonds is 2.138%, with particularly prominent positive interest rate differentials with Australian dollars, British pounds, and US dollar assets, reaching 190.8, 157.9, and 137.6 basis points respectively. (5) At the 10-year level, the yield on German bonds is 2.849%, with its positive interest rate differentials with high-yield currencies (Australian dollar and British pound) and US dollar assets continuing to widen, while the negative interest rate differential with the Japanese yen remains at -86.5 basis points, highlighting the extreme divergence between global funding currencies and high-yield assets.
