When will the February retail JGB coupons be announced?

The Ministry of Finance releases monthly terms at the start of the subscription window. For February, the announcement is on February 4. New coupons will apply to the variable 10-year, fixed 5-year, and fixed 3-year offerings, with sales handled through banks and brokers nationwide.

Which should I pick: variable 10-year or fixed 5-year JGB?

Choose variable if you think long yields will stay firm or rise, since coupons reset. Choose fixed 5-year JGB if you want certainty today. Many investors split funds across both to balance flexibility and predictability, then adjust allocations as monthly terms change.

How do retail JGBs compare with online deposits?

Retail JGBs offer government backing and semiannual coupons. In some months, coupons can exceed 1-year online deposits, making them appealing for a bank deposit comparison. Deposits remain more liquid. Compare after-tax yields, your cash needs over 12 months, and whether you value fixed or adjustable income.

Can I redeem retail JGBs early if I need cash?

Yes, but not immediately. Early redemption is typically allowed after one year, with a small adjustment cost. That means these bonds suit funds you can set aside beyond 12 months. If you need full flexibility, a savings account or a short-term time deposit may be a better fit.

Global Market Insights

February 4: Japan Retail JGB Rates Announcement – What to Expect

ByHuzaifa Zahoor February 4, 2026February 4, 2026

Japan retail JGB rates will be announced on February 4, drawing strong interest after recent BoJ policy tweaks. Demand is near a six-year high, with the variable 10-year series leading sales. We explain how coupons are set, what could change this month, and how these bonds stack up against popular online deposits in yen. Our aim is to help savers decide if shifting cash into government-backed income now makes sense.