Japanese 5-year government bond futures track a dated, deliverable JGB contract. The displayed points are prices, not yields: falling yields generally lift prices. The series follows successive front contracts. Day and night sessions are shown separately; sparse trading can leave few plotted observations.
History and development
The 5-year JGB futures contract began trading on February 16, 1996. Its standardized underlying is a 5-year government bond with a 3% coupon. Deliverable bonds have a defined remaining-maturity range and conversion factors adjust for their coupon and maturity differences.
Standardized futures transfer interest-rate exposure without trading each cash bond separately. Financial institutions use them for hedging, while prices reflect expectations about monetary policy. March, June, September and December expiries form the contract cycle. This chart follows successive front contracts; contract-roll gaps are distinct from changes within one contract.
References: JPX: JGB futures specifications
Comparing charts on this board
Compare JP 5Y futures with Japanese government bond yields to identify rising yields and falling prices. Yield percentage changes and price percentage changes measure different quantities. Longer maturity exposure usually brings greater price sensitivity.
Compare 5-, 10- and 20-year futures to separate near-term policy expectations from long-run inflation and bond supply. Add US 10Y futures, USD/JPY and the Nikkei 225 to distinguish Japanese moves from global bond trading. For thinly traded contracts, inspect quote timestamps rather than interpreting unchanged stale prices as a simultaneous reaction.
Related charts: Japan 5Y · US 10Y Futures · USD / JPY · Nikkei 225
Official references: JPX: JGB futures specifications