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2021

2020

  • Daiwa's View

    Daiwa's View

    20 July 2021 812 KB PDF
    • Structural reasons why long-term rates are not rising.
    • Deposits continue to grow in Japan, the US, and Europe.
    • Are changes in corporate behavior keeping rates from rising?
  • Daiwa's View

    Daiwa's View

    20 July 2021 847 KB PDF
    • US yield fell below 1.2% due to supply/demand and risk-off factors.
    • I. Risk-off scenario is troubling.
    • II. 10-year JGB yield finally testing 0%.
  • Daiwa's View

    Daiwa's View

    19 July 2021 853 KB PDF
    • Points of BOJ measures related to climate change.
    • BOJ doing what it can within its mandate.
  • Daiwa's View

    Daiwa's View

    12 July 2021 942 KB PDF
    • 20-year JGB auction: Little concern about the auction itself
  • Daiwa's View

    Daiwa's View

    9 July 2021 757 KB PDF
    • Quite excessive - Current yield declines approaching an end
  • Daiwa's View

    Daiwa's View

    7 July 2021 935 KB PDF
    • Is the Japan/US rate spread too small?
  • Daiwa's View

    Daiwa's View

    7 July 2021 683 KB PDF
    • Net surplus of Y4.5tn appears to have been booked in FY20 general account
  • Daiwa's View

    Daiwa's View

    2 July 2021 970 KB PDF
    • Yield curve may flatten further depending on jobs report and strong dollar