Sony Financial Group economist Takayuki Miyajima said the neutral rate is a key risk for the JGB market. If financial conditions stay loose even after rate increases take effect, market estimates of the neutral rate could rise above the 1.50–1.75% ra

2026-08-25

Sony Financial Group economist Takayuki Miyajima said the neutral rate is a key risk for the JGB market. If financial conditions stay loose even after rate increases take effect, market estimates of the neutral rate could rise above the 1.50–1.75% range cited by bond analysts, potentially pushing terminal-rate expectations above the current 2.25% and keeping the 10-year JGB yield solidly above 3%.