Japan's median real borrowing costs continue to remain relatively low, BOJ says.

The Bank of Japan reported that median real borrowing costs in Japan remain relatively low, a reading that suggests financing conditions across the economy are still accommodative despite the central bank's gradual policy normalization. The transmission channel runs through the real rate differential: when inflation-adjusted borrowing costs stay compressed, the yen's relative carry advantage persists, supporting the case for continued cross-border capital outflows into higher-yielding foreign assets. Exposure is concentrated in the yen and in Japanese government bond yields, since a low real-rate backdrop limits upward pressure on domestic long-end yields even as nominal policy settings edge higher. Traders will watch the next Tankan survey and national CPI release for signs of whether low real borrowing costs are feeding through into corporate investment and wage-driven inflation.

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