高盛：日本国债收益率曲线不再反映国家风险溢价

Core Viewpoint - Current Japanese government bond yield curve no longer includes any "sovereign risk premium" according to Goldman Sachs analysts [1] Group 1: Yield Curve Analysis - The 10 to 30-year government bonds have returned to reasonable value, while the 2 to 10-year yield curve is only 10-15 basis points steeper than reasonable levels [1] - The elimination of uncertainty may be sufficient to remove some long-end risk premiums [1] Group 2: Market Sentiment - Recent price movements appear to have exceeded the influence of the single factor of uncertainty, leading the market to believe that the government and the Bank of Japan are capable of addressing "bad" fiscal tail risks [1]