The yield on a foreign bond after paying for currency protection. If hedging costs 2%, a 5% Treasury yields only 3% to a yen investor.
汇率对冲后收益率
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| — | Japan's 20-year bond sale sees strongest demand on record 汇率对冲后收益率 · 第 7 张术语卡 | The 10-year JGB yield has now surpassed the FX-hedged 10-year Treasury yield — the crossover that makes home bonds competitive. 这是整篇文章的技术核心。日本机构买美债，要把美元收益换回日元，就得买远期外汇对冲；日美利差越大，对冲成本越高。过去美债收益率高、对冲成本低，套利空间丰厚；如今日本利率上来、对冲成本又高，两边一减，日债反而更划算。所以「回流」不是情绪，是一道算术题。 |