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  "raw_markdown_url": "https://finwiki.zksc.io/derivatives/japan-cms-constant-maturity-swap.md",
  "domain": "derivatives",
  "title": "Japan CMS (constant maturity swap) market",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "Japan CMS (constant maturity swap) market",
    "aliases": [
      "japan-cms-constant-maturity-swap",
      "CMS JPY",
      "constant maturity swap Japan",
      "JPY CMS",
      "CMS spread option",
      "CMS-linked note",
      "CMS cap floor",
      "コンスタント・マチュリティ・スワップ"
    ],
    "domain": "derivatives",
    "type": null,
    "created": "2026-05-25",
    "last_updated": "2026-07-29",
    "last_tended": "2026-07-29",
    "review_by": "2027-01-29",
    "confidence": "likely",
    "tags": [
      "derivatives",
      "CMS",
      "constant-maturity-swap",
      "JPY",
      "structured-products",
      "CMS-spread",
      "convexity",
      "vol-grid"
    ],
    "status": "active",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "ISDA disclosure annex for interest-rate transactions — https://www.isda.org/a/ORiDE/isda-rates.pdf",
      "ISDA RFR conventions and fallbacks product table — https://www.isda.org/a/bdigE/RFR-Conventions-and-IBOR-Fallbacks-Product-Table-October-2021.pdf",
      "JSCC IRS product eligibility — https://www.jpx.co.jp/jscc/en/cash/irs/product.html"
    ]
  },
  "summary": "A constant maturity swap (CMS) is an OTC interest-rate derivative in which one leg pays a fixed reference (or a floating short-rate reference) and the other leg pays a periodically reset long-tenor swap rate — most commonly the 10Y or 5Y JPY swap rate at each reset date. The CMS leg's defining featu",
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    "Japan CMS (constant maturity swap) market",
    "TL;DR",
    "Wiki route",
    "Instrument Mechanics",
    "Why a Convexity Adjustment Is Needed",
    "JPY Use Cases",
    "Pricing Inputs",
    "Public-data boundary",
    "Liquidity and Market Depth",
    "Clearing"
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