# The long-dated yield rose more than five basis points to 4%, the highest level since the 40-year maturity was introduced.

*business · news · 2026-01-20 · CNBC*

## Key points

- Japan's 40-year government bond yield reached a record 4% after a bond market selloff.
- Proposed cuts to food sales tax prompted investor concerns about Japan's fiscal outlook.
- Prime Minister Sanae Takaichi's plan for a snap election increased market focus on fiscal policy.
- Analysts warn markets are pricing in a durable shift toward aggressive fiscal policy under Takaichi.
- Yield curve steepness is expected to persist until mid-year before stabilizing with renewed bank buying.

**Companies:** State Street Investment Management, Crédit Agricole Corporate and Investment Bank
**Countries:** Japan

[Read the full story on CNBC](https://www.cnbc.com/2026/01/20/japan-40-year-jgb-government-bond-yield-record-fiscal-jitters-snap-election-call-takaichi.html)

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