Japan government bonds
Japan's bonds as US funds mark them in their filings (SEC Form N-PORT), by currency. Fund marks as of Jul 2026; they lag the market by about two months.
By currency
| Bonds | Measured against | Count | Spread | 10-year spread | Priced-in 5y odds | 1-month change | Median yield | Held by US funds |
|---|---|---|---|---|---|---|---|---|
| JPY Own-currency bonds | own currency: yield only, no default number | 370 | — | — | — | — | — | $31.05B |
Priced-in odds = spread ÷ (1 − 40% recovery) over five years; it includes a risk premium and overstates actual defaults. Own-currency bonds get a yield and no odds: a government can print its own currency.
Japan's EUR curve
Yield to maturity of each EUR bond US funds hold (5 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Japan's USD curve
Yield to maturity of each USD bond US funds hold (37 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds Japan's debt
Fund series holding Japan's government and government-related bonds in their latest quarterly report: 306 now, 306 a quarter earlier. Names as reported in the filings.
| Fund series | Report | Bonds | Face value | Value |
|---|---|---|---|---|
| VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND | 2026-07-31 | 431 | $2.99T | $15.26B |
| VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 435 | $2.44T | $12.49B |
| PIMCO Income Fund | 2026-06-30 | 10 | $507.79B | $2.64B |
| Fidelity Series International Developed Markets Bond Index Fund | 2026-06-30 | 79 | $383.30B | $1.96B |
| Six Circles Global Bond Fund | 2026-06-30 | 143 | $288.26B | $1.47B |
| iShares Core International Aggregate Bond ETF | 2026-07-31 | 246 | $227.63B | $1.21B |
| T. Rowe Price International Bond Fund (USD Hedged) | 2026-06-30 | 21 | $195.08B | $1.10B |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 2026-06-30 | 27 | $157.47B | $701.7M |
| Nuveen International Aggregate Bond ETF | 2026-06-30 | 140 | $105.76B | $578.3M |
| American Funds Global Balanced Fund | 2026-07-31 | 21 | $107.49B | $562.8M |
| PIMCO Total Return Fund | 2026-06-30 | 9 | $107.20B | $531.2M |
| AB GLOBAL BOND FUND, INC. | 2026-06-30 | 23 | $77.22B | $452.9M |
| Capital World Bond Fund | 2026-06-30 | 32 | $96.46B | $450.9M |
| American Funds Strategic Bond Fund | 2026-06-30 | 4 | $84.33B | $421.2M |
| iShares Global Government Bond USD Hedged Active ETF | 2026-07-31 | 65 | $67.22B | $389.9M |
| VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 24 | $329.4M | $319.1M |
| State Street(R) SPDR(R) Bloomberg International Treasury Bond ETF | 2026-06-30 | 254 | $57.72B | $306.4M |
| Dimensional International Core Fixed Income ETF | 2026-07-31 | 20 | $56.09B | $304.8M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND | 2026-06-30 | 23 | $292.2M | $283.4M |
| PIMCO Real Return Fund | 2026-06-30 | 4 | $35.67B | $214.4M |
ETFs holding Japan's bonds
From each ETF's own latest N-PORT report, as a share of its net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Value | % of net assets |
|---|---|---|---|---|
| BNDX VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 435 | $12.49B | 10.19% |
| IAGG iShares Core International Aggregate Bond ETF | 2026-07-31 | 246 | $1.21B | 10.83% |
| NXUS Nuveen International Aggregate Bond ETF | 2026-06-30 | 140 | $578.3M | 14.93% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 24 | $319.1M | 0.08% |
| BWX State Street(R) SPDR(R) Bloomberg International Treasury Bond ETF | 2026-06-30 | 254 | $306.4M | 22.76% |
| DFGX Dimensional International Core Fixed Income ETF | 2026-07-31 | 20 | $304.8M | 17.70% |
| DFGP Dimensional Global Core Plus Fixed Income ETF | 2026-07-31 | 11 | $179.1M | 5.31% |
| IGOV iShares International Treasury Bond ETF | 2026-07-31 | 272 | $169.2M | 11.07% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 17 | $119.2M | 0.17% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 23 | $72.3M | 0.05% |
| FLIA Franklin International Aggregate Bond ETF | 2026-06-30 | 5 | $71.0M | 9.25% |
| ISHG iShares 1-3 Year International Treasury Bond ETF | 2026-07-31 | 44 | $69.0M | 8.35% |
| BWZ State Street(R) SPDR(R) Bloomberg Short Term International Treasury Bond ETF | 2026-06-30 | 45 | $67.0M | 22.75% |
| DFCF Dimensional Core Fixed Income ETF | 2026-07-31 | 3 | $52.4M | 0.48% |
| DFSB Dimensional Global Sustainability Fixed Income ETF | 2026-07-31 | 20 | $43.6M | 6.04% |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.