Why the interest and bond price will verify the basis whether it moves conversely
Bond generally is the fixed interest, because (for the Japanese individual the government bond is the special financial products, please refer to the supplemental explanation of end).Vis-a-vis that, because the interest of city everyday is moving, it is the fluctuation interest.The fact that the gap of the fixed interest of bond and the fluctuation interest of city is cancelled, is price fluctuation of the already-issued bond ticket.
In other words, it means that the bond where the interest is fixed, the city which fluctuates (the distribution sector) with in order to keep circulating, keeps changing bond itself value.Bond is issued for 100 Yen, but after being issued, until expiration comes, between, it reaches 99 Yen, reaches 101 Yen.There is a law characteristic in the price movements coming.
To tell the truth, bond price is to move conversely vis-a-vis the city interest.
The interest and bond price move conversely?
It moves conversely with in intuition the so [gu] trap to be, perhaps with it is thought.As expected why it probably is to be?
After the issuing the fact that it is bought and sold freely vis-a-vis the financing market where bond price is issued in evenness, is the distribution sector.The mechanism to which bond price receives the influence of the interest in the distribution sector will be explained simply.
For example, buying the bond of interest rate 1% at capital 100 Yen, it had.It is the bond which is redeemed in 5 years after.there are circumstances、please try to imagine that must be sold immediately without waiting for the redemption。
at that time、new bonds in the market is rising interest rates2％suppose you had been published in。the new buyer of the bond issues、5if the principal years100circular5years’ worth of interest10circle（2X5）is not able to receive。issue in the market even though there is such good condition、purposely1％people who want to make you buy a bond of not only the interest rate would not。at least、if you do not to the same conditions、clearly disadvantageous because it。
to the same conditions as the new issue of high interest rates、must drop the price of the body。5same income year and new bond after10acquisition required to obtain a circle95is ¥。
100interest rate of the yen1％of interest5redemption of the principal plus years and105yen、10in order to obtain the income of the circle、purchase is95is because you need is a circle。
in that、bond prices were falling because interest rates went up。the exact、sale price determined in the secondary market is not only the impact of market interest rates、coupon、length of the remaining period、will change under the influence of the creditworthiness of bond issuers, such as。and、i have not seen a discount rate for the previous estimates is clarity。reality、although affected by a more complex、that interest rates move in the opposite direction and there is no doubt。
bonds rise after earthquake
look back at the changes in long-term prime rate and bond futures price of east japan since the earthquake。
japanese government bond yield of the last earthquake is a new1.255％（newly issued10year government bond yield）was。it、in turn, decreases after earthquake。
1.255（3month） → 1.20 → 1.15 → 1.13 → 1.08 → 1.03％（8month）
when interest rates go down like this、futures price of long-term government bonds has remained as follows:。
n/a （4month） → 140.10 → 140.54 → 140.95 → 141.78 → 142.52circle(８month）
definitely、that the bond goes up when interest rates go down、shows the movement in the opposite direction。
jgbs for individual investors is exceptional items
by the way、people who are familiar with that of government bonds for individuals、may be uncomfortable with the discussion so far。jgbs for individual investors and financial products it is quite unusual。
there is also a fixed-、there is also a variable interest rate。
• after a certain period of time、purchased in the country takes care of the issue price。
so、need to worry about interest rate trends in the market if you have a variable interest rate type it does not have、but also provides a mechanism of cash during the first place、do not have to worry about a loss of principal to redeem prior to maturity。
these、to make it easier for ordinary people to buy government bonds、is an exception-friendly。financial markets with the law of the practices described in this paper, we put a disclaimer at the end to be specially protected world of unrelated。
Category: Finance – Stock Market And Stock Markets • Author: • Views: 1
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