10-Year Japanese Government Bond Futures Contract Specifications (JGB)
Interest rate futures quote in price points that map to a fixed dollar value per contract. Small quote increments matter here more than in most markets, because a rate move of a few basis points translates into a meaningful P/L swing on a full-size contract.
Specifications
| Contract unit | ¥100,000,000 |
| Exchange | Osaka - Japan (JPX) |
| Symbol | JGB |
| Tick size | ¥0.01 |
| Tick value | ¥10,000 |
| Point value | ¥1,000,000 |
| Delivery months | H,M,U,Z |
| Sector | Financials |
| Quote currency | ¥ |
Margin is not listed here on purpose — the exchange revises it and every broker adds its own buffer. Check your broker's platform for the live figure. Use the margin calculator to estimate what a position will tie up.
Doing the tick math
One tick is ¥0.01 in the quoted price, which is ¥10,000 per contract. A move of one full point (1.00 in the quoted price) is worth ¥1,000,000, so there are 100 ticks in a point. Get those two numbers wrong and every risk calculation downstream is wrong, which is the point of the tick value guide.
Enter your own prices in the tick value and P/L calculator to see the dollar result for this contract without doing the arithmetic by hand.
Delivery months
H,M,U,Z — March, June, September, December. Liquidity concentrates in the nearest active month; open interest migrates over a few weeks before expiry, which is what the roll mechanics guide walks through.
What one tick is worth at different position sizes
The per-tick figure scales linearly, which is the part most traders get wrong when they add contracts without re-checking risk.
| Position | Value of 1 tick | Value of 10 ticks |
|---|---|---|
| 1 contract | ¥10,000 | ¥100,000 |
| 2 contracts | ¥20,000 | ¥200,000 |
| 5 contracts | ¥50,000 | ¥500,000 |
| 10 contracts | ¥100,000 | ¥1,000,000 |
Ten ticks on a JGB contract is a move of ¥0.01 × 10 in the quoted price. If you want the P/L for a specific entry and exit rather than a tick multiple, put the prices into the tick value calculator.
Converting your stop into a dollar risk
Stops are set in price terms but risk is booked in dollars. Multiply the stop distance in ticks by the tick value — and then add commission, which is charged per contract per side and is not in the numbers below.
| Stop distance | 1 contract | 5 contracts |
|---|---|---|
| 5 ticks | ¥50,000 | ¥250,000 |
| 10 ticks | ¥100,000 | ¥500,000 |
| 20 ticks | ¥200,000 | ¥1,000,000 |
| 40 ticks | ¥400,000 | ¥2,000,000 |
On a ¥100,000,000 contract, a 20-tick stop at one contract ties up ¥200,000 of risk before costs. At five contracts it is ¥1,000,000. This is why position size should follow the stop, not the other way round — the arithmetic is laid out in choosing a futures contract.
How margin is set on 10-Year Japanese Government Bond futures
Margin is not a property of the contract spec — it is a risk parameter the exchange recalculates periodically and that your broker then marks up. Two consequences follow:
- The figure moves when volatility moves, so a margin number copied from a blog post is usually stale.
- Two brokers can require different amounts for the same JGB contract.
What is fixed by the spec is the notional exposure: ¥100,000,000 multiplied by the price. Margin is a percentage of that notional, which is why a higher price or a wider exchange buffer raises the cash requirement without the contract itself changing. The margin calculator takes your broker's number and converts it into "how many contracts can I hold"; the mechanics are in how futures margin works.
Where these numbers come from
Contract unit, tick size and delivery months are taken from the contract specifications published by Osaka - Japan (JPX). Exchanges occasionally change tick sizes and listing months, so before relying on this page for a live position, check the current spec sheet on the exchange's own product page or on your broker's platform. This page was last rebuilt on 15 November 2026.
What moves 10-Year Japanese Government Bond prices
- The policy rate path — expectations for central bank decisions drive the front end
- Inflation prints — the main input to that path
- Supply and auctions — issuance calendars move the long end
- Flight to quality — risk-off flows bid the complex regardless of fundamentals
This is context, not a recommendation. Nothing here tells you which way the market is going.
More financials contracts
- SGX 10-Year Mini JGB (JB) — ¥10,000,000, ¥100 per tick
- ASX 10-Year Aus Treasury Bond (XT) — A$100,000, $47 per tick
- Ultra U.S. Treasury Bond (UB) — $100K bond, $31.25 per tick
- U.S. Treasury Bond (ZB) — $100K bond, $31.25 per tick
- ASX 3-Year Aus Interest Rate Swap (YT) — A$100,000, $30 per tick
- Eurodollar (GE) — $1 mil, $25 per tick
Full list: all 135 contract specifications. Sizing maths: tick value calculator, margin calculator.
Frequently asked
What is the contract size of 10-Year Japanese Government Bond futures?
One JGB contract represents ¥100,000,000. Every tick value and point value on this page follows from that quantity.
How much is one tick worth in JGB futures?
One tick is a price move of ¥0.01, worth ¥10,000 per contract. A full point move (1.00 in the quoted price) is worth ¥1,000,000.
Which delivery months does JGB trade?
H,M,U,Z — March, June, September, December. The front month carries most of the liquidity and open interest migrates a few weeks before expiry.