A Bank of Japan training document calls the change in present value when the rates for all maturities rise by 1bp BPV (basis point value) and computes it as the present value after raising the rates for all maturities by 1bp minus the current present value. That document describes BPV as the "decrease in present value" (our translation), while its worked example shows BPV as a negative number. When comparing figures, check the direction of the sign and which rates were moved (the fixed rates of market swaps or spot rates).
DV01
- Japanese
- DV01
- Also known as
- BPV, Basis point value
- Last reviewed
- September 24, 2026
This is a draft, shown for review before publication.
DV01 is the change in the present value of a trade or asset when all market interest rates rise by 1bp (0.01%). It shows how much the value moves when rates move, and is used to measure the size of interest rate risk.