In January 2020, prior to the onset of the global coronavirus (COVID-19) pandemic, three of the seven largest economies by GDP had negative yields for two-year government bonds (Japan, Germany and France). With the onset of the pandemic, two-year bond yields in these countries actually rose slightly - in contrast to the other major economies, where yields fell over this period.
As of December 2024, yields for two-year government bonds exhibited fluctuations across all countries. Notably, Japan showed a slight upward trend, while China experienced a modest decline.
Negative yields assume that investors lack confidence in economic growth, meaning many investments (such as stocks) may lose value. Therefore, it is preferable to take a small loss on government debt that carries almost no risk to the investor, than risk a larger loss on other investments. As both the yen and euro are considered very safe assets, Japanese, German and French bonds were already being held by many investors prior to the pandemic as a hedge against economic downturn. Therefore, with the announcement of fiscal responses to the pandemic by many governments around March 2020, the value of these assets rose as confidence increased (slightly) that the worst case may be avoided. At the same time, yields on bonds with a higher return fell, as investors sought out investments with a higher return that were still considered safe.
Yields on two-year government bonds in the seven largest economies worldwide from January 2020 to December 2024, by country
Characteristic
United States
China
Japan
Germany
India
United Kingdom
France
Dec 2024
4.25%
1.11%
0.6%
2.07%
6.84%
4.47%
2.26%
Nov 2024
4.16%
1.37%
0.59%
1.95%
6.67%
4.23%
2.16%
Oct 2024
4.17%
1.47%
0.44%
2.32%
6.69%
4.44%
2.43%
Sep 2024
3.65%
1.43%
0.38%
2.07%
6.66%
3.99%
2.31%
Aug 2024
3.92%
1.54%
0.36%
2.38%
6.75%
4.11%
2.64%
Jul 2024
4.26%
1.52%
0.46%
2.53%
6.82%
3.81%
2.79%
Jun 2024
4.75%
1.65%
0.36%
2.83%
6.95%
4.22%
3.14%
May 2024
4.88%
1.78%
0.41%
3.11%
7%
4.42%
3.19%
Apr 2024
5.04%
1.93%
0.28%
3.03%
7.14%
4.51%
3.15%
Mar 2024
4.63%
1.9%
0.18%
2.82%
7.03%
4.16%
2.94%
Feb 2024
4.62%
2.04%
0.18%
2.89%
7.03%
4.31%
2.97%
Jan 2024
4.21%
2.11%
0.09%
2.41%
7%
4.23%
2.66%
Dec 2023
4.25%
2.2%
0.05%
2.4%
7.08%
3.98%
2.46%
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Investing.com. (December 30, 2024). Yields on two-year government bonds in the seven largest economies worldwide from January 2020 to December 2024, by country [Graph]. In Statista. Retrieved January 08, 2025, from https://www.statista.com/statistics/1254178/two-year-government-bond-yields-largest-economies/
Investing.com. "Yields on two-year government bonds in the seven largest economies worldwide from January 2020 to December 2024, by country." Chart. December 30, 2024. Statista. Accessed January 08, 2025. https://www.statista.com/statistics/1254178/two-year-government-bond-yields-largest-economies/
Investing.com. (2024). Yields on two-year government bonds in the seven largest economies worldwide from January 2020 to December 2024, by country. Statista. Statista Inc.. Accessed: January 08, 2025. https://www.statista.com/statistics/1254178/two-year-government-bond-yields-largest-economies/
Investing.com. "Yields on Two-year Government Bonds in The Seven Largest Economies Worldwide from January 2020 to December 2024, by Country." Statista, Statista Inc., 30 Dec 2024, https://www.statista.com/statistics/1254178/two-year-government-bond-yields-largest-economies/
Investing.com, Yields on two-year government bonds in the seven largest economies worldwide from January 2020 to December 2024, by country Statista, https://www.statista.com/statistics/1254178/two-year-government-bond-yields-largest-economies/ (last visited January 08, 2025)
Yields on two-year government bonds in the seven largest economies worldwide from January 2020 to December 2024, by country [Graph], Investing.com, December 30, 2024. [Online]. Available: https://www.statista.com/statistics/1254178/two-year-government-bond-yields-largest-economies/
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