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Japanese Government Bonds (JGBs) are generally the stronger choice for payment security, while Rakuten corporate bonds may offer higher income in exchange for issuer, structural and liquidity risks. The right comparison depends on the exact issue: a senior unsecured Rakuten bond is not equivalent to an undated subordinated bond, and a marketable JGB is not the same as a retail JGB with a one-year redemption rule.
Coupons are only the starting point. Compare yield to maturity or yield to call, currency, maturity, seniority, call provisions, tax and the price at which you can actually sell.
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What you are comparing
“Rakuten bonds” refers to several different securities issued by Rakuten Group. Their legal ranking, maturity, currency and interest terms can differ substantially. Japanese Government Bonds are obligations of the Japanese government, but JGBs also come in different forms, including ordinary marketable bonds and retail JGB products.
Rakuten corporate bonds
A senior unsecured bond is an unsecured claim on Rakuten Group that ranks ahead of subordinated debt but still depends on the company’s ability to pay. A sustainability label describes the intended use or framework for proceeds; it does not, by itself, turn the bond into a government obligation or remove credit risk. Foreign-currency issues add exchange-rate risk for an investor whose spending and savings are in yen.
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An undated subordinated bond is a different risk class. It has no contractual maturity date, can generally be redeemed only if the issuer exercises an optional redemption provision, may defer interest, and ranks behind senior obligations if the issuer is wound up. Rakuten says its first series of undated subordinated bonds was designed to receive 50% equity credit from rating agencies because of those equity-like features.
Japanese Government Bonds
The Ministry of Finance describes JGBs as bonds issued by the Japanese government, which is responsible for interest and principal payments. That statement addresses the government’s payment obligation; it does not mean every JGB can be sold at the original purchase price at any time.
Ordinary marketable JGBs trade in the market. Retail JGBs have a separate design: the current product page states a ¥10,000 minimum purchase, a 0.05% annual minimum rate and redemption from one year after purchase, subject to an adjustment based on the previous two interest payments.
Current Rakuten examples and why the details matter
The following examples were issued or described by Rakuten in 2024 and 2025. Availability, quoted prices and broker inventory can change, so treat the dates as part of each security’s identity rather than as a current offer.
| Issue | Issue and maturity | Coupon or rate stated by Rakuten | Structural point |
|---|---|---|---|
| 25th unsecured bond | Issued 4 August 2025; matures 4 August 2028 | 2.336%; ¥130 billion outstanding | Domestic unsecured corporate debt; check the prospectus for ranking, covenants and trading terms. |
| 24th sustainability bond | Issued 29 July 2025; matures 29 July 2030 | 3.260%; ¥15 billion outstanding | Longer maturity means greater sensitivity to market yields and credit spreads than a shorter bond, all else equal. |
| 23rd sustainability bond | Issued 29 July 2025; matures 28 July 2028 | 2.336%; ¥15 billion outstanding | Similar stated coupon to the 25th unsecured bond, but issue size, documentation and trading conditions differ. |
| Yen-denominated unsecured bond due 2029 | Five-year issue dated 24 April 2024; matures in 2029 | 6.00% | A high coupon does not establish a high expected return if the bond was bought above par, called early or exposed to issuer deterioration. |
| 2027 dollar-denominated unsecured bond | Maturity in 2027 | 7.21712% | Interest and principal are in dollars; a yen investor bears foreign-exchange risk in addition to credit and market risk. |
| 2029 dollar-denominated unsecured bond | Maturity in 2029 | 6.03930% | Dollar exposure can increase or reduce the yen value of both coupons and principal. |
| First series undated subordinated bond | ¥82 billion; no maturity date; optional redemption | 4.691% through 23 October 2030 | Subordinated to senior obligations; interest may be deferred and redemption is at the issuer’s option, not an investor’s guaranteed maturity date. |
These securities should not be collapsed into one “Rakuten yield.” A 6.00% 2024 yen bond, a 3.260% 2030 sustainability bond and a 4.691% undated subordinated bond compensate investors for different combinations of duration, credit, liquidity and structural risk.
Which is safer: Rakuten bonds or JGBs?
For payment security, a JGB is the more direct instrument: the Japanese government is the stated payment source. A Rakuten bond is a corporate claim whose outcome depends on Rakuten Group’s solvency and the bond’s position in the creditor hierarchy.
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Senior unsecured Rakuten debt
Senior unsecured debt has no collateral pledged specifically to the bondholder. “Senior” means it ranks ahead of subordinated obligations, not that repayment is guaranteed. The issuer must continue generating cash, refinancing maturing debt and maintaining market access.
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Undated subordinated debt
Subordination increases loss-severity risk because senior creditors are paid first. The absence of a maturity date means an investor cannot rely on a fixed date for principal repayment. Optional redemption is controlled by the issuer, and a decision not to redeem can extend the investment indefinitely. If the terms permit interest deferral, missed or postponed coupons cannot be treated like an ordinary payment default without reading the specific documentation.
JGB payment obligation versus price risk
Holding a marketable JGB to its scheduled maturity is a different question from selling it tomorrow. The Ministry of Finance states that marketable JGBs trade in the market and do not require waiting until maturity to sell. Its investor guidance also warns that the sale price can be higher or lower than the original purchase price, depending on market conditions.
Thus, JGBs can have low issuer-credit risk while still exposing a seller to an interim capital gain or loss. A fixed-rate corporate bond has the same interest-rate mechanism, plus changes in the issuer’s credit spread.
Do Rakuten bonds pay more than JGBs?
Often, but the comparison must use a matched yield rather than a headline coupon. In a 2025 presentation, Rakuten showed domestic unsecured-bond yields ranging from 5.591% to 3.116% between April 2024 and July 2025. Over the same chart period, it showed an interpolated 3.9-year JGB yield range of 0.280% to 0.911%. The gap narrowed as Rakuten described its credit profile as improving.
That documented spread is consistent with investors demanding a corporate credit and liquidity premium. It is not a promise that every Rakuten issue will outperform a JGB, nor does it measure your return if you buy at a premium or sell before maturity. The spread can widen when credit concerns or market stress increase, pushing an existing corporate bond’s price down even if its coupon is unchanged.
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Coupon, current yield and yield to maturity
- Coupon rate: the contractual interest rate applied to the bond’s face value. It does not include the price you pay.
- Current yield: annual coupon divided by the market price. It ignores the gain or loss from buying above or below face value.
- Yield to maturity: the annualized return implied by purchase price, coupons and scheduled principal repayment, assuming the issuer pays and you hold to maturity.
- Yield to call: relevant when the issuer can redeem before the stated maturity. It may be the more realistic outcome for a callable bond.
For example, the 6.00% coupon on the 2029 yen bond does not tell you whether a new buyer will earn 6.00% per year. The answer changes with the secondary-market price, accrued interest, taxes, any call terms and the probability that the issuer pays in full.
How market interest rates affect both types of bond
When market yields rise, prices of existing fixed-rate bonds generally fall so that new buyers receive a competitive yield. When market yields fall, existing fixed-rate prices generally rise. The longer the bond’s duration, the more its price tends to react to a given yield move.
A corporate bond’s price also responds to changes in its credit spread. If investors demand a larger premium over a comparable JGB, the corporate bond can fall even when Japanese government yields are unchanged. Conversely, a narrowing spread can support the price.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchRetail JGBs soften the need to sell in a volatile market by offering a government redemption route after one year. That route is not the same as a guaranteed sale at par: the prescribed adjustment to the previous two interest payments reduces the redemption amount relative to simply receiving all accrued interest.
Which is more liquid?
Liquidity depends on the exact instrument, account and market conditions. “Can be sold” does not mean “can be sold immediately at par.”
Marketable JGBs
Ordinary marketable JGBs are sold through the market at the available bid price. Large, actively traded issues generally offer a clearer exit than a small corporate issue, but the price remains market-determined. A sale during a rate spike can crystallize a loss.
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Retail JGBs
Retail JGBs use a product rule rather than a normal exchange-style secondary-market sale. They can be redeemed from ¥10,000 after one year, with the adjustment specified by the Ministry of Finance. The one-year lock-up and interest adjustment are the trade-off for a simple government-backed exit mechanism.
Rakuten corporate bonds
A Rakuten bond’s practical liquidity depends on issue size, whether a broker has inventory, the number of willing buyers and the quoted bid/ask spread. Before purchasing, ask the broker for a live secondary-market quote and the minimum tradable unit. Rakuten Securities listings for a domestic issue have included ¥1 million units, which can make position sizing and partial sales less flexible than a ¥10,000 retail JGB.
Do not assume that an advertised coupon, an original issue size or a listing on a brokerage platform guarantees a buyer later. A quote can disappear, widen materially or be available only for a limited amount.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Structural risks beyond ordinary credit risk
Refinancing risk
A company must repay or refinance maturing debt. Market access can become more expensive or less available when rates rise, earnings weaken or credit spreads widen. This risk matters more for an issuer with substantial near-term maturities and for bonds bought mainly for their coupon.
Call and extension risk
If a bond is callable, the issuer may redeem it when doing so is economically attractive to the company. You may receive principal earlier than expected and have to reinvest at lower rates. For an undated issue, failure to call extends the investment rather than triggering a maturity payment.
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Terms for subordinated securities can permit the issuer to defer interest. Read whether deferred amounts accumulate, whether they can be paid while dividends are made, and what events trigger deferral. The 4.691% figure for the first series undated subordinated bond applies through 23 October 2030; it does not eliminate the issue’s deferral and subordination features.
Currency risk
A dollar coupon can look high in yen terms while the yen strengthens against the dollar. The exchange rate affects every coupon and the principal returned at maturity. Compare a dollar bond with a dollar-denominated liability or explicitly include a hedging cost; do not compare its percentage coupon directly with a yen JGB.
A like-for-like comparison checklist
Use the following sequence before deciding between an issue and a JGB:
- Match currency. Compare yen with yen unless you intentionally want foreign-exchange exposure.
- Match maturity and duration. A 2028 corporate bond is not a fair benchmark for a 2030 JGB; a long-duration bond can move much more when yields change.
- Identify ranking. Confirm whether the Rakuten issue is senior unsecured, subordinated or subject to special loss-absorption terms.
- Check coupon type and call provisions. Record fixed, floating, step-up, callable, puttable and undated features.
- Calculate yield from the actual purchase price. Include accrued interest, commissions, taxes and the principal repayment assumption.
- Check credit information and covenants. Use the issue’s current documents and rating information; do not infer safety from the coupon alone.
- Measure the exit. Ask for the current bid, ask, available quantity and likely settlement date. For retail JGBs, confirm the one-year rule and interest adjustment instead.
- Test a stress case. Consider a 1-percentage-point rise in yields, a wider corporate spread, a delayed call and, for dollar debt, a material yen appreciation.
- Confirm minimum investment. Rakuten domestic issues can use ¥1 million units, while retail JGBs start at ¥10,000; the difference affects diversification and emergency access.
- Review tax treatment. Compare the after-tax yield under the rules that apply to your account and residence, rather than ranking securities by their gross coupon.
Which product fits which objective?
Capital preservation and a defined yen liability
A JGB held to maturity is the more direct match when your priority is government payment responsibility and you can accept the maturity date. If you may need the money earlier, choose between marketable-JGB price risk and the retail JGB’s one-year lock-up and redemption adjustment.
Higher income with a tolerance for corporate risk
A senior Rakuten bond can be considered only after you quantify the credit spread, maturity, purchase price and exit conditions. The extra yield is compensation for risks that a JGB does not carry to the same extent; it is not a free enhancement.
Yield-seeking investors considering subordinated debt
An undated subordinated bond should be analyzed more like a hybrid security than a conventional savings bond. Ask whether you can tolerate indefinite extension, deferred interest and a lower recovery position. If the answer is no, the headline coupon is not an adequate reason to buy it.
Investors seeking diversification through dollars
Dollar-denominated Rakuten bonds may diversify currency exposure, but they do not provide a straightforward yen return. Decide first whether you want the dollar exposure; only then compare the bond’s credit and duration characteristics.
Practical questions to ask a broker before buying
- What is the all-in purchase price, including accrued interest and fees?
- What are the current bid and ask, and how much can be bought or sold at those prices?
- Is the quote firm, indicative or subject to inventory confirmation?
- What are the exact maturity, call, put, coupon-deferral and subordination terms?
- What is the yield to maturity and, where relevant, yield to call at this price?
- Can the position be sold in partial units, or only in the original minimum denomination?
- For a foreign-currency issue, will settlement and coupons be paid in dollars, and what conversion spread applies?
Bottom line for a yen investor
JGBs are generally the safer choice on issuer payment risk because the Japanese government is responsible for interest and principal. Rakuten corporate bonds can offer materially higher coupons or yields, but that premium reflects corporate credit, refinancing, spread, liquidity and—on some issues—subordination, call, interest-deferral or currency risk.
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Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →Choose by matching the security to your objective: use a marketable JGB when you accept market pricing for a flexible exit, a retail JGB when its one-year redemption design fits your cash needs, and a Rakuten issue only after checking the exact ranking, duration, yield, price and live liquidity. Never treat the 6.00%, 3.260%, 2.336% or 4.691% figures as interchangeable measures of expected return.
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Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
