China–JGB 10Y Spread

China–JGB 10Y Spread is the China 10-year government-bond yield minus the Japanese 10-year government-bond (JGB) yield. It represents the carry-funding differential, as the Japanese yen is a primary global funding currency. A wider spread makes China a more attractive yen-carry target, while a narrowing spread or a Bank of Japan tightening move can trigger carry unwinds.