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2022

2021

  • Daiwa's View

    Daiwa's View

    14 January 2022 1060 KB PDF
    • What's the BOJ to do? Blueprint for 2022.
    • Price assessment in January Outlook Report is unlikely to lead to policy change.
  • Daiwa's View

    Daiwa's View

    12 January 2022 867 KB PDF
    • Good opportunity to buy on dips.
    • Buying on dips recommended for both JGB and UST yields.
  • Daiwa's View

    Daiwa's View

    7 January 2022 896 KB PDF
    • Removal of bulwark against tapering of easing.
    • FOMC minutes included discussion of possible decline in longer run.
    • Change in BOJ’s wording regarding risk assessment a ‘first step’ with long-term significance.
  • Daiwa's View

    Daiwa's View

    5 January 2022 742 KB PDF
    • Rise in US yield led by term premium, and weak yen.
    • Correction to excessive decline in forward yield levels.
    • Yen bond market also needs to carefully watch yen weakening lower than Y116/$.
  • Daiwa's View

    Daiwa's View

    4 January 2022 805 KB PDF
    • Risk factors in 2022
    • Inflation, China, BOJ/ECB, fallacy of composition, and valuations.
  • JGB Issuance plan

    JGB Issuance plan

    4 January 2022 920 KB PDF
    • FY22 JGB issuance plan.
  • Daiwa's View

    Daiwa's View

    27 December 2021 1054 KB PDF
    • US yield outlook for 2022
    • With uncertainties high, we recommend preparing for various possibilities, with no specific scenario in mind.
  • Daiwa's View

    Daiwa's View

    23 December 2021 1034 KB PDF
    • Forecast for JGB issuance plan and speculative media reports.
    • An increase in issuance of 10-year JGBs wouldn't be surprising, but impact on market is likely to depend on the BOJ’s operations.