As the interest rates on ultra-long-term government bonds have risen, making them more attractive as an investment, I have compiled a list of available financial products.

Recently, news about rising interest rates on Japanese government bonds has become frequent.
Therefore, I have researched investment methods for Japanese government bonds other than those for individuals.

Based on data from the Ministry of Finance, I have compiled the average annual interest rates for major Japanese government bonds (as of 9/24, 2026).

Reference: Government Bond Interest Rate Information (Ministry of Finance)

As of 9/24, the 25-year, 30-year, and 40-year bonds had almost the same interest rate (approximately 4.1%). Therefore, I researched financial products that allow for investment in government bonds with maturities exceeding 20 years.

Interest-bearing government bonds

SBI-handled interest-bearing government bonds (in descending order of remaining maturity) (as of 9/24/2026)

SBI-handled interest-bearing government bonds (in descending order of yield) (as of 9/24/2026)

With a remaining maturity of 23 years and 9 months, the 67th series of interest-bearing government bonds (30-year) has a yield of 5.721%, which is very attractive.

Although it is a long period of 23 years and 9 months until redemption, if the economy worsens, market interest rates will fall, causing bond prices to rise. It is possible to sell them at that time.

Major funds that invest exclusively in Japanese government bonds with maturities exceeding 20 years (as of September 2026)

Against the backdrop of a transition to a world with interest rates, multiple products specializing in ultra-long-term government bonds (issued with 20 years or more, or with more than 20 years remaining) have appeared. In principle, these invest only in Japanese government bonds and have no currency risk. Eligible for NISA growth investment quota Many of these have relatively low trust fees. The main ones are summarized below.

1. ETF (Exchange Traded Fund)

iShares 20+ Year Japanese Government Bond ETF (Code: 573A)

• Investment Manager: BlackRock Japan

• Tracking Index: FTSE Japan Government Bond 20+ Year Select Index (Japanese government bonds with more than 20 years remaining, excluding 20-year benchmark issues, market capitalization weighted)

• Inception Date: May 25, 2026

• Trust Fee: Approximately 0.077% per annum (tax included)

• Features: Diversified ultra-long-term government bond portfolio (approximately 59 holdings, weighted average remaining maturity of approximately 27.4 years, effective duration of approximately 19.7 years). Easy to trade as it is listed on the Tokyo Stock Exchange. Net assets are approximately 1.6 billion yen (as of September 2026).

• Distribution: 4 times per year (scheduled)

2. Active Investment Trusts (Maintaining Average Remaining Maturity)

Continuously hold 30-year bonds, aiming for price fluctuations + roll-down effect.

Tracers Japanese Government Bond Ultra-Long (30-year average) Quarterly Distribution Type

• Investment Manager: Amova Asset Management (formerly Nikko Asset Management)

• Investment Target: Primarily Japanese government bonds with a remaining maturity of 27 to 33 years. Replacements are conducted as needed to maintain an average remaining maturity of approximately 29 to 31 years.

• Inception Date: November 26, 2025

• Trust Period: Indefinite

• Trust Fee: Approximately 0.176% per annum (including tax)

• Features: Seeks ultra-long-term income and capital gains during periods of falling interest rates. Distributes 4 times a year (March, June, September, December). No-load (no purchase fees). Eligible for the NISA growth investment quota. Net assets are in the scale of several hundred million yen.

• Reference: In the portfolio example, it is centered on 30-year bonds with an average remaining maturity of about 29.7 years and a direct yield in the 3.7% range.

3. Limited Addition Type / Single Issue Holding Type (Hold until Redemption)

These are types that, in principle, hold a single specific government bond issue with a remaining maturity of about 20 years at the time of inception until redemption. A feature is that it is easy to estimate the approximate yield at the time of purchase.

Ultra-Long-Term Japanese Government Bond Fund (2046 Maturity / Limited Addition Type)

• Investment Manager: Mitsubishi UFJ Asset Management

• Investment Target: One Japanese government bond issue with a remaining maturity of approximately 20 years at the time of inception that will reach redemption within the trust period (held in principle)

• Inception Date: September 24, 2026

• Trust Period: Until September 28, 2046

• Trust Fee: Approximately 0.2068% per annum (including tax)

• Features: Limited addition type. The purchase application period is initially limited. Potential eligibility for the NISA growth investment quota.

iFreeHOLD Japanese Government Bond 2045 (March/September Periodic Distribution Type)

• Investment Manager: Daiwa Asset Management

• Investment Target: In principle, holds one fixed-rate government bond with approximately 20 years remaining at the time of inception until maturity.

• Inception Date: January 9, 2026

• Trust Period: Until January 10, 2046

• Trust Fee: 0.1265% per annum (tax included)

• Features: Aims for distributions every March and September using interest income as the source. No purchase fees. Eligible for the NISA Growth Investment Quota. Available at SBI Securities, Rakuten Securities, etc.

(As a series, iFreeHOLD Japanese Government Bonds (JGB2056) and other similar products also exist)

Points of Caution and Common Risks

• High Interest Rate Risk: Due to the long remaining maturity, prices are prone to significant declines during periods of rising interest rates (long duration). If interest rates move by 1%, the price of 20-30 year bonds can move by 10-20%.

• Low Credit Risk: Relatively safe as it consists only of Japanese government bonds, but it is not principal-protected. If held until maturity, the value will converge to par.

• Liquidity and Net Asset Size: ETFs are listed and easy to trade, but some investment trusts may have small net assets.

• Costs: In addition to trust fees, trading commissions or trust property retention fees may apply. Please check each prospectus for details.

• Distributions: May include a return of principal (special distribution).

• Past performance is for reference only and does not guarantee future results. Performance will fluctuate significantly depending on the interest rate environment.

[Notes on Investment Decisions]
This document organizes and analyzes information regarding stocks, bonds, investment trusts, ETFs, and other financial products, and does not recommend or solicit investment in specific issues or products.
Past market data and analysis results do not guarantee future prices, interest rates, earnings, or investment performance. Financial products may incur losses due to price fluctuations, etc.
When investing, please check the latest prospectus, pre-contract documents, and other official materials for each financial product, and consider them based on your own judgment and responsibility.