Hong Kong–JGB 10Y Spread

This is the spread between the Hong Kong 10-year government-bond yield and the Japanese 10-year government-bond (JGB) yield. It represents the carry-funding differential: because the yen is a primary global funding currency, a wider spread makes Hong Kong a more attractive target for yen carry trades, while a narrowing spread or a Bank of Japan tightening move can trigger carry unwinds.