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Daiwa's View - How far will superlong JGB yields fall?
28 May 2025
865 KB
PDF
MOF's cut to superlong issuance could drive down 30-year yield to 2.5-2.7%
Review of issuance midway through fiscal year unusual; likely game-changer for superlong JGB market
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Daiwa's View - What lies ahead regarding a reduction to the consumption tax?: Impact on Japan's sovereign ratings
22 May 2025
333 KB
PDF
If consumption tax were cut, downward pressure would likely be exerted on Japan’s sovereign ratings
Whether it would actually lead to downgrade depends on scale and period of tax cut; S&P would likely emphasize balance with fundamentals
Full-fledged debate expected from autumn until year-end; our main scenario is that a downgrade would be avoided
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Daiwa's View - BOJ's Bond Market Group meetings (Day 1)
21 May 2025
641 KB
PDF
JGB purchasing reduction plan through Mar 2026 likely to maintain current pace
Sense somewhat strong possibility of JGB purchases slowing to around Y200bn from Apr 2026
In order to proceed with “reduced JGB purchasing operations” while ensuring that market participants maintain predictability, must have broad-view discussions on “excess reserves to target over long term” (equivalent to appropriate balance sheet size)
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Daiwa's View - Outlook for JGB yields
20 May 2025
694 KB
PDF
We have raised our 10-year yield forecast for end-FY25 to 1.65% due to progress with US-China trade talks
Yields are likely to be pushed up by the expected terminal rate and widening of term premium
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Daiwa's View - Moody’s downgraded US credit rating to Aa1
19 May 2025
739 KB
PDF
We need to carefully watch for possible wide-ranging impact, because, while the downgrade may tend to lead us to think about a higher term premium, the impact of a sovereign downgrade is not as simple as a corporate bond downgrade
Impact on short-term/intermediate JGB zone will probably be limited
Market valuation of Japan is currently higher than that of France, but if Japan’s valuation were to fall to the same level as France, yields could rise by about 15bp in superlong zone
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Daiwa's Economic View - Jan-Mar 2025 GDP
16 May 2025
495 KB
PDF
Economy shrank on worsening external demand
Currently see moderate recovery, but economy not particularly strong before tariffs and significant downside risk going forward
Virtuous cycle of “higher wages to higher prices” stalling for now due to Trump tariffs
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Daiwa's View - The desirable rejuvenation of superlong JGB futures
15 May 2025
342 KB
PDF
The bifurcation of the JGB market and reduced liquidity of superlong JGBs is still a crisis
However, with the BOJ in the process of gradually reducing its market presence, some bifurcation of the market is inevitable
The key is not for the authorities to be quick to intervene, but rather to restore the functionality of hedges by rejuvenating superlong JGB futures to improve market liquidity
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Daiwa's Economic View - Summary of Opinions from April BoJ meeting: Entering "wait-and-see" mode
14 May 2025
495 KB
PDF
Stressed downside risks for economy, prices
Focus on possible long-term inflation impacts
Consensus calls for wait-and-see stance, but rate hiking policy remains in place
US/China tariff agreement to have limited impact on Japan’s economy
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