Yields on long-term government bonds rose slightly to nearly 1.9 percent from the middle of to late November reflecting improved confidence in the economy, but then fell back due to the yen’s appreciation and other factors, and are presently ranging between 1.70-1.75 percent.
The yield spread between private bonds (bank debentures and corporate bonds) and government bonds continues narrowing, primarily that between private bonds with relatively low credit ratings and government bonds.