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Japanese Government Bonds (JGBs) are generally the stronger choice for payment security, while Rakuten corporate bonds may offer a higher yield only because you accept additional risks. Those risks include Rakuten Group’s creditworthiness, refinancing needs, the ranking of a particular issue, interest-rate and credit-spread movements, and a less certain secondary-market exit. A JGB is not risk-free in market-price terms: a marketable JGB can be worth more or less than you paid if sold before maturity.
The right comparison is not a headline coupon against another headline coupon. Match currency, maturity or duration, seniority, coupon type, call terms, taxes, purchase minimums and the actual bid/ask market. Retail JGBs also use a different exit design: they start at ¥10,000, guarantee a 0.05% annual minimum rate under the current product terms, and can be redeemed after one year subject to the prescribed interest adjustment.
At a glance: which bond fits which objective?
| Question | Rakuten corporate bond | Japanese Government Bond |
|---|---|---|
| Who must pay interest and principal? | Rakuten Group, subject to its ability to pay and the issue’s ranking. | The Japanese government is responsible for interest and principal payments. |
| Why can the yield be higher? | The yield can include compensation for corporate credit, refinancing, spread and liquidity risks. | The yield reflects government borrowing conditions and the bond’s maturity and structure. |
| Can the price fall before maturity? | Yes. Fixed-rate corporate bonds move with interest rates and Rakuten credit spreads. | Yes for marketable JGBs; the Ministry of Finance warns that sale prices may be above or below the purchase price. |
| How do you exit? | Usually by asking a broker for a secondary-market quotation; a tradable bid and inventory are not guaranteed. | Sell a marketable JGB in the market, or redeem a retail JGB after one year under the government’s rules. |
| Typical minimum in the examples provided | Some domestic Rakuten issues are offered in ¥1 million units; confirm the current issue terms. | Retail JGBs start at ¥10,000. Other JGB denominations vary by issue. |
For a saver whose first priority is preserving yen principal through maturity, a JGB normally provides the clearer payment promise. For an investor willing to analyze a company and tolerate a potentially less liquid exit, a senior Rakuten bond can offer a spread over a similar JGB. An undated subordinated issue is a materially different risk and should not be treated as an ordinary fixed-term senior bond.
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What you are actually buying
Rakuten senior unsecured bonds
A senior unsecured bond is an obligation of Rakuten Group without a specific pool of collateral pledged to bondholders. Interest and principal therefore depend on the group remaining solvent and meeting the terms of that issue. The 25th unsecured bond was issued on 4 August 2025, has ¥130 billion outstanding, pays a 2.336% coupon and matures on 4 August 2028. The 2029 yen-denominated unsecured bond was a five-year issue dated 24 April 2024 with a 6.00% coupon and a 2029 maturity. These are dated instruments: if held to the stated maturity and if Rakuten pays as promised, principal is scheduled for repayment then.
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Sustainability-labelled bonds
A sustainability label describes how an issue’s proceeds are intended to be used or reported; it does not turn the debt into a government obligation or remove issuer credit risk. Rakuten’s 24th sustainability bond was issued on 29 July 2025, matures on 29 July 2030, has ¥15 billion outstanding and pays 3.260%. Its 23rd sustainability bond, also issued on 29 July 2025, matures on 28 July 2028, has ¥15 billion outstanding and pays 2.336%. The maturity, ranking and financial covenants still determine the payment risk.
Foreign-currency unsecured bonds
Rakuten also lists dollar-denominated unsecured bonds with coupons of 7.21712% and 6.03930% for 2027 and 2029 maturities. A yen-based investor cannot compare those percentages directly with a yen JGB. The coupons and principal are in dollars, so the yen value at each interest payment and at maturity depends on the exchange rate. A favorable dollar move can increase the yen return; a weaker dollar can erase the coupon advantage or create a loss even when the issuer pays every dollar on time.
Undated subordinated bonds
Rakuten’s first series undated subordinated bond has ¥82 billion outstanding and pays 4.691% through 23 October 2030. It has no maturity date and can be redeemed early only if Rakuten exercises an optional redemption right under the terms. It ranks behind senior obligations and may defer interest. Rakuten describes these characteristics—no maturity, optional deferral of interest and subordination—as similar to equity and says rating agencies may give the bonds 50% equity credit.
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Marketable and retail JGBs
JGBs are issued by the government of Japan. The Ministry of Finance states that the government is responsible for interest and principal payments. Marketable JGBs can be traded before maturity, so their quoted price changes as market yields, inflation expectations, demand and supply change.
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Retail JGBs are designed for individuals with a different minimum and exit rule. The current product information states a ¥10,000 minimum purchase and a 0.05% annual minimum rate. Redemption is available after one year, subject to the prescribed adjustment based on the previous two interest payments. That is not the same as selling at whatever price a market maker happens to quote, and the one-year holding restriction matters if you may need the money sooner.
Are Rakuten bonds safer than JGBs?
On payment security, no general statement that all Rakuten bonds are safer than JGBs is supportable. A JGB is a direct obligation of the Japanese government under the Ministry of Finance’s description. A Rakuten bond is a corporate obligation whose outcome depends on Rakuten Group’s cash flow, refinancing access and the legal priority of the specific issue.
Issuer and default risk
Rakuten must continue generating or raising enough cash to pay coupons, refinance maturing debt and repay principal. If its credit condition weakens, the market value of its bonds can fall even before any missed payment. A senior unsecured holder normally ranks ahead of subordinated debt, but remains exposed to the issuer’s overall solvency because there is no collateral dedicated to that bond.
An undated subordinated holder accepts a lower payment priority and possible interest deferral. In a restructuring or insolvency, senior claims are paid first under the applicable legal and contractual rules. The bond’s coupon alone cannot capture that loss-severity risk.
Government payment security does not mean a stable market price
Holding a JGB to maturity addresses the scheduled repayment question, assuming the government performs. Selling before maturity is a different question. The Ministry of Finance notes that JGBs are financial products traded in the market and that you do not have to wait for maturity, but the sale price can be higher or lower than the original purchase price. A rise in market yields generally pushes the price of an existing fixed-rate bond down; a fall in yields generally pushes it up.
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Do Rakuten bonds pay more than JGBs, and why?
Some Rakuten issues have paid substantially more than a comparable JGB, but the coupon is not the expected return. Coupon is the contractual interest rate on the bond’s face value. Yield to maturity incorporates the price you pay, every remaining coupon, the repayment amount and the time to maturity. If a bond is callable, yield to call may be the more relevant measure. A bond bought above or below face value can have a yield very different from its coupon.
Documented Rakuten examples
| Issue | Issue date | Maturity or call feature | Coupon | Important qualification |
|---|---|---|---|---|
| 25th unsecured bond | 4 August 2025 | 4 August 2028 | 2.336% | ¥130 billion outstanding; seniority and current trading price must be checked. |
| 24th sustainability bond | 29 July 2025 | 29 July 2030 | 3.260% | ¥15 billion outstanding; sustainability label does not remove corporate credit risk. |
| 23rd sustainability bond | 29 July 2025 | 28 July 2028 | 2.336% | ¥15 billion outstanding; compare its price and duration with the JGB benchmark. |
| Yen unsecured bond | 24 April 2024 | 2029 | 6.00% | Five-year issue; the 2024 coupon cannot be treated as a current 2026 offer. |
| Dollar unsecured bond | Not stated in the supplied issue summary | 2027 | 7.21712% | Dollar cash flows add foreign-exchange risk for yen investors. |
| Dollar unsecured bond | Not stated in the supplied issue summary | 2029 | 6.03930% | Dollar cash flows add foreign-exchange risk for yen investors. |
| First series undated subordinated bond | Not stated in the supplied issue summary | No maturity; optional redemption | 4.691% through 23 October 2030 | Interest may be deferred and the bond ranks behind senior obligations. |
What the Rakuten yield chart shows
Rakuten’s 2025 presentation displayed domestic unsecured-bond yields ranging from 5.591% to 3.116% between April 2024 and July 2025. Over the same chart period, an interpolated 3.9-year JGB yield ranged from 0.280% to 0.911%. The corporate yield remained above the comparable government reference while the gap narrowed as Rakuten described its credit profile as improving.
That gap is consistent with a credit and liquidity premium: investors demanded additional yield for lending to a company rather than to the government and for accepting a less certain exit. It is an interpretation of the documented spread and issue structures, not a guarantee that a future Rakuten bond will outperform a JGB. A spread can widen, prices can fall, and the higher coupon can be offset by default, restructuring, call or transaction costs.
How interest rates affect both investments
For a fixed-rate bond, duration measures how sensitive its price is to a change in market yields. Longer maturities and lower coupons generally create greater price sensitivity. If market yields rise after you buy, newly issued bonds offer more income, so your existing bond usually needs to trade at a discount to remain competitive. If yields fall, the existing bond can trade at a premium.
Rakuten bonds have this ordinary interest-rate exposure plus a credit-spread exposure. If investors become more concerned about Rakuten, the required spread over JGBs can widen even when government yields are unchanged. The price then falls by more than a similar-duration JGB. If perceived credit risk improves, the spread can narrow and the corporate bond price can rise relative to the government benchmark.
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A marketable JGB has duration and government-yield risk but not the same corporate-spread component. A retail JGB’s redemption rule changes the practical experience: you can use the government’s one-year redemption mechanism rather than accepting a market quote, but the prescribed interest adjustment reduces the amount received.
Which is more liquid?
Marketable JGBs
Ordinary marketable JGBs are designed for secondary-market trading. You can request a sale before maturity, but the price is determined by current market conditions. A liquid market does not guarantee a sale at face value or at the price you paid. Check the live bid, the expected settlement amount and any accrued-interest treatment shown by your broker.
Retail JGBs
Retail JGBs do not rely on the same day-to-day market exit for individual savers. After one year, the holder can request redemption under the government’s rule, with the adjustment tied to the previous two interest payments. Before one year, the product is effectively locked for this purpose. This can be more predictable than searching for a corporate-bond buyer, but it is less flexible if an emergency occurs during the first year.
Rakuten corporate bonds
A Rakuten corporate bond may be sold through a broker only when the broker can quote and transact the issue. Liquidity depends on issue size, outstanding inventory, investor demand, the dealer’s willingness to make a market and the bond’s remaining maturity. A ¥130 billion issue and a ¥15 billion issue do not automatically have the same tradability, and a large original issue can become hard to sell if few holders are offering bonds.
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Compare like with like before choosing
| Comparison axis | What to align | Why it changes the result |
|---|---|---|
| Currency | Yen with yen; dollar with dollar, or model the hedge. | Foreign-exchange gains and losses can dominate a coupon difference. |
| Seniority | Senior unsecured with senior unsecured; do not compare with subordinated debt as if it were equivalent. | Payment priority and potential loss severity differ. |
| Maturity and duration | Use a similar final maturity or interest-rate sensitivity. | A five-year bond and a three-year bond react differently to yield changes. |
| Yield measure | Yield to maturity, or yield to call when a call is economically likely. | Coupon ignores the purchase price and early redemption possibilities. |
| Coupon type | Fixed, floating, or a rate that can be deferred. | Cash-flow certainty and rate sensitivity are not the same. |
| Call and put rights | Who can redeem early, on what dates and at what price? | A call can end an attractive coupon when rates fall; no call can extend the holding period. |
| Liquidity | Current bid, ask, executable size and dealer inventory. | A theoretical price is not the same as an executable exit. |
| Purchase minimum | Rakuten issue lot versus ¥10,000 retail-JGB minimum. | Capital concentration and diversification change with the lot size. |
| Tax | Use the applicable account and after-tax cash flows for your residence and account type. | A higher pre-tax coupon may not produce a higher after-tax return. |
| Credit information | Read the latest financial disclosures and the exact bond prospectus. | Issuer condition and contractual protections can change between issues. |
A practical decision process
- Define the cash deadline. If the money may be needed within one year, a retail JGB’s first-year restriction and a corporate bond’s uncertain secondary market are both important constraints. Keep emergency cash outside a bond that may be difficult or costly to exit.
- Choose the currency. For a yen liability, start with yen-denominated instruments. Add a dollar Rakuten issue only after estimating the yen value of every coupon and the principal under several exchange-rate scenarios.
- Set the maximum acceptable loss. Decide whether a temporary market-price loss is tolerable and whether issuer default or restructuring would be unacceptable. This separates a hold-to-maturity plan from a plan that depends on selling early.
- Read the exact terms. Confirm issuer, ranking, maturity, coupon schedule, day-count convention, call or put provisions, deferral rights, minimum denomination and settlement date. A sustainability label is not a substitute for this review.
- Calculate the relevant yield. Use the price actually available to you, include accrued interest and transaction charges, and calculate yield to maturity. For a callable or undated subordinated issue, calculate the yield under each realistic redemption outcome rather than relying on the stated coupon.
- Check the exit before placing the order. Obtain a live, executable quote and ask how much can be sold. For a JGB, distinguish a market sale from retail-JGB redemption; for Rakuten, verify current dealer inventory and bid/ask spread.
- Compare after-tax cash flows and concentration. A ¥1 million domestic corporate-bond lot can create more issuer concentration than a ¥10,000 retail-JGB minimum. Use the account’s tax treatment and your total exposure to the issuer when comparing returns.
- Document a maturity plan. Record the expected coupon dates, maturity or call dates, reinvestment assumptions and what you will do if the bond price falls. This prevents an attractive coupon from becoming an accidental long-term position.
Common mistakes and how to avoid them
Calling every Rakuten bond safe
Rakuten’s product range includes senior unsecured, sustainability-labelled, foreign-currency and undated subordinated instruments. Their coupons and payment priorities are not interchangeable. Identify the exact issue before making any safety statement.
Comparing a 6.00% coupon with a current JGB yield
The 6.00% yen bond was issued in 2024 for a 2029 maturity. A current JGB with a different maturity, price or coupon is not a like-for-like benchmark. Match duration, currency and purchase price first.
Assuming a higher coupon guarantees a higher return
A coupon is paid only if the issuer pays. A bond bought above face value can have a lower yield than its coupon, and a bond sold after a spread widening can produce a loss even after several coupons.
Expecting an exit at par
Marketable JGBs and corporate bonds trade at market prices. Retail JGB redemption follows its own rule and is not available during the first year. Verify the actual exit route before investing money that has a fixed near-term use.
Ignoring call, deferral and subordination features
An undated subordinated bond can defer interest and may never reach a contractual maturity. An optional redemption is the issuer’s choice, not the investor’s right to demand repayment on the first call date. Treat these features as central risk terms.
Quick Recap
Bottom-line decision rules
- Choose a JGB when payment security and a clearly defined yen obligation matter more than maximizing the coupon.
- Consider a senior Rakuten bond only when you understand the issuer risk, can hold through price volatility, and have verified a realistic secondary-market exit.
- Treat dollar-denominated Rakuten bonds as yen-plus-currency investments, not as high-yield yen substitutes.
- Treat the undated subordinated bond as a complex, equity-like credit instrument because of its optional redemption, possible interest deferral and lower payment priority.
- Use yield to maturity or yield to call, not coupon alone, and compare every candidate with a similar JGB after currency, tax, duration and liquidity adjustments.
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.
