Market backdrop
The 10-year JGB yield rose to 3.06% on 30 September 2026, from 2.94% on 31 August, according to the Ministry of Finance.
The Bank of Japan's overnight call rate, the rate banks charge each other for overnight loans, was 1.23% on 7 October 2026.
The yen strengthened to ¥156.91 per dollar on 30 September 2026, from ¥159.57 on 31 August.
Interest rates and the yen
Show data table
| Date | 10-year JGB par yield (monthly) |
|---|---|
| 2015-01-30 | 0.288% |
| 2015-02-27 | 0.349% |
| 2015-03-31 | 0.398% |
| 2015-04-30 | 0.336% |
| 2015-05-29 | 0.406% |
| 2015-06-30 | 0.451% |
| 2015-07-31 | 0.414% |
| 2015-08-31 | 0.392% |
| 2015-09-30 | 0.348% |
| 2015-10-30 | 0.306% |
| 2015-11-30 | 0.317% |
| 2015-12-30 | 0.267% |
| 2016-01-29 | 0.104% |
| 2016-02-29 | −0.055% |
| 2016-03-31 | −0.049% |
| 2016-04-28 | −0.082% |
| 2016-05-31 | −0.112% |
| 2016-06-30 | −0.237% |
| 2016-07-29 | −0.178% |
| 2016-08-31 | −0.058% |
| 2016-09-30 | −0.084% |
| 2016-10-31 | −0.049% |
| 2016-11-30 | 0.021% |
| 2016-12-30 | 0.043% |
| 2017-01-31 | 0.087% |
| 2017-02-28 | 0.059% |
| 2017-03-31 | 0.067% |
| 2017-04-28 | 0.016% |
| 2017-05-31 | 0.05% |
| 2017-06-30 | 0.086% |
| 2017-07-31 | 0.078% |
| 2017-08-31 | 0.008% |
| 2017-09-29 | 0.062% |
| 2017-10-31 | 0.071% |
| 2017-11-30 | 0.04% |
| 2017-12-29 | 0.047% |
| 2018-01-31 | 0.085% |
| 2018-02-28 | 0.054% |
| 2018-03-30 | 0.043% |
| 2018-04-27 | 0.055% |
| 2018-05-31 | 0.039% |
| 2018-06-29 | 0.04% |
| 2018-07-31 | 0.05% |
| 2018-08-31 | 0.11% |
| 2018-09-28 | 0.134% |
| 2018-10-31 | 0.127% |
| 2018-11-30 | 0.097% |
| 2018-12-28 | 0.013% |
| 2019-01-31 | 0.006% |
| 2019-02-28 | −0.019% |
| 2019-03-29 | −0.082% |
| 2019-04-26 | −0.045% |
| 2019-05-31 | −0.092% |
| 2019-06-28 | −0.156% |
| 2019-07-31 | −0.157% |
| 2019-08-30 | −0.275% |
| 2019-09-30 | −0.206% |
| 2019-10-31 | −0.139% |
| 2019-11-29 | −0.075% |
| 2019-12-30 | −0.015% |
| 2020-01-31 | −0.061% |
| 2020-02-28 | −0.153% |
| 2020-03-31 | 0.031% |
| 2020-04-30 | −0.036% |
| 2020-05-29 | 0.009% |
| 2020-06-30 | 0.042% |
| 2020-07-31 | 0.018% |
| 2020-08-31 | 0.056% |
| 2020-09-30 | 0.027% |
| 2020-10-30 | 0.041% |
| 2020-11-30 | 0.034% |
| 2020-12-30 | 0.035% |
| 2021-01-29 | 0.056% |
| 2021-02-26 | 0.168% |
| 2021-03-31 | 0.104% |
| 2021-04-30 | 0.095% |
| 2021-05-31 | 0.084% |
| 2021-06-30 | 0.07% |
| 2021-07-30 | 0.022% |
| 2021-08-31 | 0.03% |
| 2021-09-30 | 0.081% |
| 2021-10-29 | 0.101% |
| 2021-11-30 | 0.067% |
| 2021-12-30 | 0.089% |
| 2022-01-31 | 0.177% |
| 2022-02-28 | 0.191% |
| 2022-03-31 | 0.218% |
| 2022-04-28 | 0.22% |
| 2022-05-31 | 0.246% |
| 2022-06-30 | 0.242% |
| 2022-07-29 | 0.185% |
| 2022-08-31 | 0.235% |
| 2022-09-30 | 0.277% |
| 2022-10-31 | 0.253% |
| 2022-11-30 | 0.276% |
| 2022-12-30 | 0.454% |
| 2023-01-31 | 0.511% |
| 2023-02-28 | 0.524% |
| 2023-03-31 | 0.389% |
| 2023-04-28 | 0.403% |
| 2023-05-31 | 0.448% |
| 2023-06-30 | 0.426% |
| 2023-07-31 | 0.605% |
| 2023-08-31 | 0.657% |
| 2023-09-29 | 0.774% |
| 2023-10-31 | 0.952% |
| 2023-11-30 | 0.691% |
| 2023-12-29 | 0.647% |
| 2024-01-31 | 0.737% |
| 2024-02-29 | 0.724% |
| 2024-03-29 | 0.75% |
| 2024-04-30 | 0.879% |
| 2024-05-31 | 1.08% |
| 2024-06-28 | 1.062% |
| 2024-07-31 | 1.07% |
| 2024-08-30 | 0.922% |
| 2024-09-30 | 0.894% |
| 2024-10-31 | 0.947% |
| 2024-11-29 | 1.064% |
| 2024-12-30 | 1.111% |
| 2025-01-31 | 1.25% |
| 2025-02-28 | 1.378% |
| 2025-03-31 | 1.497% |
| 2025-04-30 | 1.33% |
| 2025-05-30 | 1.518% |
| 2025-06-30 | 1.462% |
| 2025-07-31 | 1.559% |
| 2025-08-29 | 1.613% |
| 2025-09-30 | 1.662% |
| 2025-10-31 | 1.67% |
| 2025-11-28 | 1.812% |
| 2025-12-30 | 2.066% |
| 2026-01-30 | 2.247% |
| 2026-02-27 | 2.132% |
| 2026-03-31 | 2.366% |
| 2026-04-30 | 2.52% |
| 2026-05-29 | 2.657% |
| 2026-06-30 | 2.69% |
| 2026-07-31 | 2.801% |
| 2026-08-31 | 2.943% |
| 2026-09-30 | 3.057% |
Show data table
| Date | Call rate, daily average (monthly) |
|---|---|
| 2015-01-30 | 0.071% |
| 2015-02-27 | 0.074% |
| 2015-03-31 | 0.015% |
| 2015-04-30 | 0.063% |
| 2015-05-29 | 0.073% |
| 2015-06-30 | 0.011% |
| 2015-07-31 | 0.064% |
| 2015-08-31 | 0.071% |
| 2015-09-30 | 0.01% |
| 2015-10-30 | 0.074% |
| 2015-11-30 | 0.076% |
| 2015-12-30 | 0.038% |
| 2016-01-29 | 0.066% |
| 2016-02-29 | −0.001% |
| 2016-03-31 | −0.002% |
| 2016-04-28 | −0.056% |
| 2016-05-31 | −0.054% |
| 2016-06-30 | −0.064% |
| 2016-07-29 | −0.046% |
| 2016-08-31 | −0.048% |
| 2016-09-30 | −0.06% |
| 2016-10-31 | −0.047% |
| 2016-11-30 | −0.054% |
| 2016-12-30 | −0.058% |
| 2017-01-31 | −0.058% |
| 2017-02-28 | −0.048% |
| 2017-03-31 | −0.06% |
| 2017-04-28 | −0.074% |
| 2017-05-31 | −0.065% |
| 2017-06-30 | −0.069% |
| 2017-07-31 | −0.064% |
| 2017-08-31 | −0.066% |
| 2017-09-29 | −0.063% |
| 2017-10-31 | −0.046% |
| 2017-11-30 | −0.055% |
| 2017-12-29 | −0.062% |
| 2018-01-31 | −0.05% |
| 2018-02-28 | −0.053% |
| 2018-03-30 | −0.068% |
| 2018-04-27 | −0.067% |
| 2018-05-31 | −0.065% |
| 2018-06-29 | −0.069% |
| 2018-07-31 | −0.065% |
| 2018-08-31 | −0.055% |
| 2018-09-28 | −0.064% |
| 2018-10-31 | −0.068% |
| 2018-11-30 | −0.062% |
| 2018-12-28 | −0.055% |
| 2019-01-31 | −0.06% |
| 2019-02-28 | −0.054% |
| 2019-03-29 | −0.06% |
| 2019-04-26 | −0.073% |
| 2019-05-31 | −0.059% |
| 2019-06-28 | −0.076% |
| 2019-07-31 | −0.071% |
| 2019-08-30 | −0.061% |
| 2019-09-30 | −0.064% |
| 2019-10-31 | −0.03% |
| 2019-11-29 | −0.034% |
| 2019-12-30 | −0.068% |
| 2020-01-31 | −0.039% |
| 2020-02-28 | −0.025% |
| 2020-03-31 | −0.07% |
| 2020-04-30 | −0.06% |
| 2020-05-29 | −0.073% |
| 2020-06-30 | −0.068% |
| 2020-07-31 | −0.021% |
| 2020-08-31 | −0.057% |
| 2020-09-30 | −0.061% |
| 2020-10-30 | −0.029% |
| 2020-11-30 | −0.032% |
| 2020-12-30 | −0.033% |
| 2021-01-29 | −0.012% |
| 2021-02-26 | −0.022% |
| 2021-03-31 | −0.044% |
| 2021-04-30 | −0.017% |
| 2021-05-31 | −0.034% |
| 2021-06-30 | −0.05% |
| 2021-07-30 | −0.044% |
| 2021-08-31 | −0.036% |
| 2021-09-30 | −0.049% |
| 2021-10-29 | −0.027% |
| 2021-11-30 | −0.048% |
| 2021-12-30 | −0.018% |
| 2022-01-31 | −0.021% |
| 2022-02-28 | −0.012% |
| 2022-03-31 | −0.02% |
| 2022-04-28 | −0.021% |
| 2022-05-31 | −0.026% |
| 2022-06-30 | −0.04% |
| 2022-07-29 | −0.01% |
| 2022-08-31 | −0.041% |
| 2022-09-30 | −0.073% |
| 2022-10-31 | −0.062% |
| 2022-11-30 | −0.079% |
| 2022-12-30 | −0.022% |
| 2023-01-31 | −0.014% |
| 2023-02-28 | −0.011% |
| 2023-03-31 | −0.03% |
| 2023-04-28 | −0.073% |
| 2023-05-31 | −0.071% |
| 2023-06-30 | −0.077% |
| 2023-07-31 | −0.061% |
| 2023-08-31 | −0.056% |
| 2023-09-29 | −0.062% |
| 2023-10-31 | −0.02% |
| 2023-11-30 | −0.022% |
| 2023-12-29 | −0.039% |
| 2024-01-31 | −0.011% |
| 2024-02-29 | −0.005% |
| 2024-03-29 | 0.074% |
| 2024-04-30 | 0.076% |
| 2024-05-31 | 0.077% |
| 2024-06-28 | 0.076% |
| 2024-07-31 | 0.079% |
| 2024-08-30 | 0.227% |
| 2024-09-30 | 0.225% |
| 2024-10-31 | 0.227% |
| 2024-11-29 | 0.227% |
| 2024-12-30 | 0.227% |
| 2025-01-31 | 0.477% |
| 2025-02-28 | 0.477% |
| 2025-03-31 | 0.476% |
| 2025-04-30 | 0.476% |
| 2025-05-30 | 0.476% |
| 2025-06-30 | 0.477% |
| 2025-07-31 | 0.478% |
| 2025-08-29 | 0.477% |
| 2025-09-30 | 0.477% |
| 2025-10-31 | 0.477% |
| 2025-11-28 | 0.477% |
| 2025-12-30 | 0.727% |
| 2026-01-30 | 0.727% |
| 2026-02-27 | 0.727% |
| 2026-03-31 | 0.727% |
| 2026-04-30 | 0.727% |
| 2026-05-29 | 0.727% |
| 2026-06-30 | 0.976% |
| 2026-07-31 | 0.977% |
| 2026-08-31 | 0.977% |
| 2026-09-30 | 1.226% |
| 2026-10-07 | 1.227% |
Show data table
| Date | Tokyo market USD/JPY spot, 17:00 month-end |
|---|---|
| 2015-01-31 | ¥117.9 |
| 2015-02-28 | ¥119.29 |
| 2015-03-31 | ¥120.21 |
| 2015-04-30 | ¥118.91 |
| 2015-05-31 | ¥123.75 |
| 2015-06-30 | ¥122.25 |
| 2015-07-31 | ¥124.22 |
| 2015-08-31 | ¥121.19 |
| 2015-09-30 | ¥120.03 |
| 2015-10-31 | ¥120.74 |
| 2015-11-30 | ¥122.83 |
| 2015-12-31 | ¥120.42 |
| 2016-01-31 | ¥120.63 |
| 2016-02-29 | ¥112.99 |
| 2016-03-31 | ¥112.43 |
| 2016-04-30 | ¥108.4 |
| 2016-05-31 | ¥111.14 |
| 2016-06-30 | ¥102.7 |
| 2016-07-31 | ¥103.63 |
| 2016-08-31 | ¥103.28 |
| 2016-09-30 | ¥100.9 |
| 2016-10-31 | ¥104.92 |
| 2016-11-30 | ¥112.73 |
| 2016-12-31 | ¥117.11 |
| 2017-01-31 | ¥113.53 |
| 2017-02-28 | ¥112.31 |
| 2017-03-31 | ¥111.8 |
| 2017-04-30 | ¥111.29 |
| 2017-05-31 | ¥110.96 |
| 2017-06-30 | ¥112.06 |
| 2017-07-31 | ¥110.63 |
| 2017-08-31 | ¥110.49 |
| 2017-09-30 | ¥112.46 |
| 2017-10-31 | ¥113.09 |
| 2017-11-30 | ¥112.29 |
| 2017-12-31 | ¥112.65 |
| 2018-01-31 | ¥108.7 |
| 2018-02-28 | ¥107.08 |
| 2018-03-31 | ¥106.19 |
| 2018-04-30 | ¥109.4 |
| 2018-05-31 | ¥108.77 |
| 2018-06-30 | ¥110.64 |
| 2018-07-31 | ¥111.4 |
| 2018-08-31 | ¥110.81 |
| 2018-09-30 | ¥113.44 |
| 2018-10-31 | ¥113.2 |
| 2018-11-30 | ¥113.47 |
| 2018-12-31 | ¥110.4 |
| 2019-01-31 | ¥108.73 |
| 2019-02-28 | ¥110.76 |
| 2019-03-31 | ¥110.75 |
| 2019-04-30 | ¥111.68 |
| 2019-05-31 | ¥108.78 |
| 2019-06-30 | ¥107.64 |
| 2019-07-31 | ¥108.56 |
| 2019-08-31 | ¥106.52 |
| 2019-09-30 | ¥107.86 |
| 2019-10-31 | ¥108.61 |
| 2019-11-30 | ¥109.5 |
| 2019-12-31 | ¥109.15 |
| 2020-01-31 | ¥109.04 |
| 2020-02-29 | ¥108.84 |
| 2020-03-31 | ¥108.42 |
| 2020-04-30 | ¥106.6 |
| 2020-05-31 | ¥107.21 |
| 2020-06-30 | ¥107.73 |
| 2020-07-31 | ¥104.45 |
| 2020-08-31 | ¥105.83 |
| 2020-09-30 | ¥105.62 |
| 2020-10-31 | ¥104.36 |
| 2020-11-30 | ¥104.03 |
| 2020-12-31 | ¥103.33 |
| 2021-01-31 | ¥104.55 |
| 2021-02-28 | ¥106.09 |
| 2021-03-31 | ¥110.74 |
| 2021-04-30 | ¥108.89 |
| 2021-05-31 | ¥109.72 |
| 2021-06-30 | ¥110.55 |
| 2021-07-31 | ¥109.53 |
| 2021-08-31 | ¥109.82 |
| 2021-09-30 | ¥111.88 |
| 2021-10-31 | ¥113.61 |
| 2021-11-30 | ¥113.19 |
| 2021-12-31 | ¥115.12 |
| 2022-01-31 | ¥115.43 |
| 2022-02-28 | ¥115.5 |
| 2022-03-31 | ¥121.64 |
| 2022-04-30 | ¥130.6 |
| 2022-05-31 | ¥127.76 |
| 2022-06-30 | ¥136.2 |
| 2022-07-31 | ¥132.78 |
| 2022-08-31 | ¥138.6 |
| 2022-09-30 | ¥144.32 |
| 2022-10-31 | ¥148.01 |
| 2022-11-30 | ¥138.53 |
| 2022-12-31 | ¥132.14 |
| 2023-01-31 | ¥130.15 |
| 2023-02-28 | ¥136.76 |
| 2023-03-31 | ¥133.13 |
| 2023-04-30 | ¥135.73 |
| 2023-05-31 | ¥139.75 |
| 2023-06-30 | ¥144.85 |
| 2023-07-31 | ¥142.18 |
| 2023-08-31 | ¥145.91 |
| 2023-09-30 | ¥148.77 |
| 2023-10-31 | ¥150.29 |
| 2023-11-30 | ¥147.06 |
| 2023-12-31 | ¥141.4 |
| 2024-01-31 | ¥147.66 |
| 2024-02-29 | ¥149.68 |
| 2024-03-31 | ¥151.34 |
| 2024-04-30 | ¥156.86 |
| 2024-05-31 | ¥157.15 |
| 2024-06-30 | ¥160.93 |
| 2024-07-31 | ¥150.91 |
| 2024-08-31 | ¥144.94 |
| 2024-09-30 | ¥142.38 |
| 2024-10-31 | ¥152.25 |
| 2024-11-30 | ¥149.99 |
| 2024-12-31 | ¥157.89 |
| 2025-01-31 | ¥154.66 |
| 2025-02-28 | ¥150.44 |
| 2025-03-31 | ¥149.14 |
| 2025-04-30 | ¥142.81 |
| 2025-05-31 | ¥144.04 |
| 2025-06-30 | ¥144.13 |
| 2025-07-31 | ¥149.39 |
| 2025-08-31 | ¥147.01 |
| 2025-09-30 | ¥148.07 |
| 2025-10-31 | ¥154.31 |
| 2025-11-30 | ¥156.32 |
| 2025-12-31 | ¥155.98 |
| 2026-01-31 | ¥153.8 |
| 2026-02-28 | ¥156.09 |
| 2026-03-31 | ¥159.63 |
| 2026-04-30 | ¥160.14 |
| 2026-05-31 | ¥159.27 |
| 2026-06-30 | ¥162.26 |
| 2026-07-31 | ¥160.21 |
| 2026-08-31 | ¥159.57 |
| 2026-09-30 | ¥156.91 |
The JGB yield and the call rate are daily series, drawn and exported as one point per month. USD/JPY is the Bank of Japan's monthly Tokyo-market series.
The 100 at a glance
The four charts show the median of the 100 companies for each fiscal year, each on its own % scale:
- ROE: profit as a share of shareholders' equity
- ROA: profit as a share of total assets
- FCF margin: free cash flow per yen of sales, banks and insurers excluded
- Equity ratio: equity as a share of total assets
KabuFacts 100: median ROE by fiscal year
Notes
- Median ROE (of the 100, calendar-year bucket) (2026-12-31): median of 86 of the 100 companies with a usable fiscal year ending in calendar 2026
Show data table
| Date | Median ROE (of the 100, calendar-year bucket) |
|---|---|
| 2017-12-31 | 9.95% |
| 2018-12-31 | 11.7% |
| 2019-12-31 | 10.33% |
| 2020-12-31 | 8.3% |
| 2021-12-31 | 8.94% |
| 2022-12-31 | 11.5% |
| 2023-12-31 | 10.47% |
| 2024-12-31 | 9.95% |
| 2025-12-31 | 9.995% |
| 2026-12-31 | 10.75% |
KabuFacts 100: median ROA by fiscal year
Notes
- Median ROA (of the 100, calendar-year bucket) (2026-12-31): median of 87 of the 100 companies with a usable fiscal year ending in calendar 2026
Show data table
| Date | Median ROA (of the 100, calendar-year bucket) |
|---|---|
| 2017-12-31 | 3.739% |
| 2018-12-31 | 4.44% |
| 2019-12-31 | 3.802% |
| 2020-12-31 | 3.092% |
| 2021-12-31 | 3.643% |
| 2022-12-31 | 4.342% |
| 2023-12-31 | 4.449% |
| 2024-12-31 | 4.271% |
| 2025-12-31 | 4.432% |
| 2026-12-31 | 4.599% |
KabuFacts 100: median FCF margin by fiscal year
Notes
- Median FCF margin (non-financial companies, calendar-year bucket) (2017-12-31): median of 85 of the 100 companies with a usable fiscal year ending in calendar 2017
- Median FCF margin (non-financial companies, calendar-year bucket) (2018-12-31): median of 86 of the 100 companies with a usable fiscal year ending in calendar 2018
- Median FCF margin (non-financial companies, calendar-year bucket) (2019-12-31): median of 86 of the 100 companies with a usable fiscal year ending in calendar 2019
- Median FCF margin (non-financial companies, calendar-year bucket) (2020-12-31): median of 87 of the 100 companies with a usable fiscal year ending in calendar 2020
- Median FCF margin (non-financial companies, calendar-year bucket) (2021-12-31): median of 87 of the 100 companies with a usable fiscal year ending in calendar 2021
- Median FCF margin (non-financial companies, calendar-year bucket) (2022-12-31): median of 88 of the 100 companies with a usable fiscal year ending in calendar 2022
- Median FCF margin (non-financial companies, calendar-year bucket) (2023-12-31): median of 89 of the 100 companies with a usable fiscal year ending in calendar 2023
- Median FCF margin (non-financial companies, calendar-year bucket) (2024-12-31): median of 89 of the 100 companies with a usable fiscal year ending in calendar 2024
- Median FCF margin (non-financial companies, calendar-year bucket) (2026-12-31): median of 77 of the 100 companies with a usable fiscal year ending in calendar 2026
Show data table
| Date | Median FCF margin (non-financial companies, calendar-year bucket) |
|---|---|
| 2017-12-31 | 4.38% |
| 2018-12-31 | 4.316% |
| 2019-12-31 | 2.768% |
| 2020-12-31 | 4.296% |
| 2021-12-31 | 6.585% |
| 2022-12-31 | 6.476% |
| 2023-12-31 | 4.205% |
| 2024-12-31 | 5.161% |
| 2025-12-31 | 5.789% |
| 2026-12-31 | 5.05% |
KabuFacts 100: median equity ratio by fiscal year
Notes
- Median equity ratio (of the 100, calendar-year bucket) (2026-12-31): median of 87 of the 100 companies with a usable fiscal year ending in calendar 2026
Show data table
| Date | Median equity ratio (of the 100, calendar-year bucket) |
|---|---|
| 2017-12-31 | 43% |
| 2018-12-31 | 43.3% |
| 2019-12-31 | 41.6% |
| 2020-12-31 | 39.7% |
| 2021-12-31 | 41.8% |
| 2022-12-31 | 42.8% |
| 2023-12-31 | 44.3% |
| 2024-12-31 | 45.15% |
| 2025-12-31 | 45.825% |
| 2026-12-31 | 45.2% |
Earnings yield of the 100 next to the 10-year JGB
Earnings yield is earnings per share divided by the share price, the inverse of PER. It reads in the same unit as a bond yield. Company earnings can fall as well as rise; a bond's coupon is fixed.
How the medians are built
Each company's fiscal year end is grouped by calendar year, so a December and a March year end in the same year share one point. The 100 companies do not share a fiscal calendar. A year appears once at least half of them have a figure for it.
| Figure | Value | Companies |
|---|---|---|
| Median PBR (this week only) | 1.87x | 96 of 100 |
| Median dividend yield, trailing (this week only) | 1.93% | 95 of 100 |
PBR and trailing dividend yield use the reference close for the week ending 9 October 2026. Per-company figures are in the CSV of the 100 companies.
Sources: publishers and terms
BOJ overnight call rate 1.227%, the highest in data back to 2015