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  "domain": "derivatives",
  "title": "Japan inflation swap market (JPY CPI-linked)",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "Japan inflation swap market (JPY CPI-linked)",
    "aliases": [
      "japan-inflation-swap",
      "JPY inflation swap",
      "CPI swap Japan",
      "yen inflation swap",
      "zero coupon inflation swap JPY",
      "ZCIS JPY",
      "year-on-year inflation swap JPY",
      "breakeven inflation JPY",
      "BoJ 2% inflation target derivatives"
    ],
    "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",
      "inflation-swap",
      "CPI",
      "JPY",
      "breakeven-inflation",
      "JGBi",
      "ZCIS",
      "YoY",
      "BoJ-2pct"
    ],
    "status": "active",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "Statistics Bureau CPI — https://www.stat.go.jp/english/data/cpi/index.html",
      "MOF inflation-indexed bonds — https://www.mof.go.jp/english/policy/jgbs/topics/bond/10year_inflation/index.htm",
      "BOJ price-stability target — https://www.boj.or.jp/en/mopo/outline/target.htm",
      "BOJ monetary-policy framework — https://www.boj.or.jp/en/mopo/outline/index.htm",
      "ISDA inflation derivatives definitions — https://www.isda.org/book/2008-isda-inflation-derivatives-definitions/"
    ]
  },
  "summary": "A JPY inflation swap is an OTC derivative in which one party pays a fixed rate and the other party pays a floating rate indexed to a Japanese Consumer Price Index (CPI) measure — most commonly the Statistics Bureau's CPI ex-fresh-food index (生鮮食品除く). The two principal structural forms are zero-coupo",
  "headings": [
    "Japan inflation swap market (JPY CPI-linked)",
    "TL;DR",
    "Wiki route",
    "Instrument Mechanics",
    "Zero-Coupon Inflation Swap (ZCIS)",
    "Year-on-Year Inflation Swap (YoY)",
    "CPI Reference Index",
    "Breakeven Inflation Signal",
    "BoJ 2%-Target Era Dynamics",
    "Pension-Fund and Insurer Demand"
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