Historical Year Data · 2003

10Y-2Y Yield Spread in 2003

10Y-2Y Yield Spread opened 2003 at 227 bps and closed at 243 bps, a +7.05% move for the year. The high of 275 bps was reached on July 29, and the low of 196 bps on May 23.

Open

227 bps

2003-01

243 bps

250 data points

High

275 bps

Jul 29

Low

196 bps

May 23

Full Year Change

+7.05%

2002 Change

+12.12%

Monthly Breakdown

Month	Open	Close	High	Low	Change
Jan	227 bps	228 bps	237 bps	225 bps	+0.44%
Feb	229 bps	218 bps	233 bps	218 bps	-4.80%
Mar	216 bps	232 bps	236 bps	215 bps	+7.41%
Apr	234 bps	238 bps	241 bps	227 bps	+1.71%
May	238 bps	204 bps	239 bps	196 bps	-14.29%
Jun	210 bps	222 bps	222 bps	200 bps	+5.71%
Jul	226 bps	269 bps	275 bps	226 bps	+19.03%
Aug	259 bps	250 bps	272 bps	249 bps	-3.47%
Sep	257 bps	246 bps	266 bps	244 bps	-4.28%
Oct	249 bps	248 bps	264 bps	247 bps	-0.40%
Nov	250 bps	228 bps	250 bps	228 bps	-8.80%
Dec	228 bps	243 bps	244 bps	228 bps	+6.58%

Events During 2003

1990 Japanese Bubble Collapse

Deflation

January 1990 – 2003

The Nikkei 225 peaked at 38,957 on December 29, 1989, then fell 82% over 13 years. Japan entered its "lost decades" of deflation, zero rates, and structural stagnation that still shapes global markets today.

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