BANK OF YAN · MONETARY PRIMER · 通貨基礎資料
How money moves
Why U.S. Treasuries, Japanese interest rates and the yen move together, and why YAN was designed differently.
THE THREE NUMBERS
U.S. 10Y TREASURY
4.94%
FRED DGS10 · 2026-09-17 · DAILY
BOJ POLICY RATE
1.00%
BANK OF JAPAN · 2026-06-16 · OFFICIAL
USD / JPY
156.92
XYZ ORACLE · LIVE
If you understand these three numbers, you understand much of the ¥EN story.
Sources · FRED · Bank of Japan (日本語) · xyz:JPY
CHAPTER 01
What is a bond?
A bond is an IOU. The U.S. government says: lend me $100, I will pay you interest, and at the end I give the $100 back.
YOU
↓ $100
U.S. GOVERNMENT
↓ INTEREST
↓ $100 AT MATURITY
YOU
U.S. TREASURY SECURITIES ARE DEBT ISSUED BY THE U.S. GOVERNMENT.
