Here's our summary of key economic events overnight that affect New Zealand, with news of an interesting spike in Australian long term bond yields, coming as Japanese long term bond yields rose even though most observers thought they had priced in the widely anticipated Japanese rate rise. Markets took these signals to be slightly more hawkish than expected and pushed the Japanese 10 year bond yield higher, to a twenty year high. The China 10 year bond rate is up +4 bps at 1.83% but down -2 bps from last week. The Australian 10 year bond yield starts today at 4.80%, up +8 bps from yesterday, up +4 bps from a week ago. That all means our TWI-5 starts today just under 61.8, and down -20 bps from yesterday, down -30 bps from a week ago.

Source: Stuff December 20, 2025 11:21 UTC