Historical Year Data · 2003

10Y-3M Yield Spread in 2003

10Y-3M Yield Spread opened 2003 at 285 bps and closed at 332 bps, a +16.49% move for the year. The high of 363 bps was reached on September 2, and the low of 223 bps on June 10.

Open

285 bps

2003-01

332 bps

250 data points

High

363 bps

Sep 2

Low

223 bps

Jun 10

Full Year Change

+16.49%

2002 Change

-24.57%

Monthly Breakdown

Month	Open	Close	High	Low	Change
Jan	285 bps	282 bps	299 bps	278 bps	-1.05%
Feb	283 bps	251 bps	284 bps	251 bps	-11.31%
Mar	248 bps	269 bps	293 bps	245 bps	+8.47%
Apr	272 bps	276 bps	286 bps	272 bps	+1.47%
May	278 bps	226 bps	282 bps	224 bps	-18.71%
Jun	229 bps	264 bps	271 bps	223 bps	+15.28%
Jul	267 bps	353 bps	353 bps	267 bps	+32.21%
Aug	349 bps	347 bps	362 bps	331 bps	-0.57%
Sep	363 bps	301 bps	363 bps	301 bps	-17.08%
Oct	301 bps	337 bps	354 bps	301 bps	+11.96%
Nov	344 bps	341 bps	352 bps	321 bps	-0.87%
Dec	345 bps	332 bps	347 bps	327 bps	-3.77%

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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