Chapter 04 · The Yen Carry Bible · v1.0 Why the local curve exports risk The JGB curve is not a side market for yen traders. It is the domestic gravity well that decides how much Japanese savings must seek return abroad. When term premium is suppressed, overseas reach expands. When auctions stumble or swap spreads signal stress, the gravity field changes — often before USDJPY headlines catch up. Term premium and overseas reach When term premium is suppressed, overseas reach expands. When auctions stumble or swap spreads signal stress, the gravity field changes — often before USDJPY headlines catch up. Auctions and swap-spread tells Auction demand, curve shape, and JPY swap markets are early warning systems for
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JGB Gravity
The JGB curve is not a side market for yen traders. It is the domestic gravity well that decides how much Japanese savings must seek return abroad.
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