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2024

2023

  • Daiwa's View

    Daiwa's View

    6 October 2023 499 KB PDF
    • USD/JPY hedging costs have finally reached 6%
    • USD/JPY basis has started worsening
  • Daiwa's View

    Daiwa's View

    6 October 2023 489 KB PDF
    • Current position in this 10yr UST yield cycle largely coming into view
  • Daiwa's View

    Daiwa's View

    5 October 2023 389 KB PDF
    • Understanding of joint bond system may encourage joint green bond investment
    • Joint municipal green bond issuance planned for FY23
    • Basic structure same as joint bonds, except for “green” aspect
    • Plans for 42 organizations to participate in joint green bond initiative with total issuance of about Y100bn in FY23; 10-year maturity (same as joint bonds)
  • Daiwa's View

    Daiwa's View

    5 October 2023 226 KB PDF
    • Currency intervention was not implemented
    • There was probably no “rate check” either
  • Daiwa's View

    Daiwa's View

    5 October 2023 331 KB PDF
    • How new economic measures may impact JGB issuance
  • Daiwa's View

    Daiwa's View

    4 October 2023 607 KB PDF
    • Sensitivity of JGB yields to US yields
    • Levels depend on short-term yield trends
  • Daiwa's View

    Daiwa's View

    3 October 2023 853 KB PDF
    • Ongoing rise in US Treasury yields led by term premium
    • As long as a sense of caution about intervention in USD/JPY rate lingers, we cannot feel relieved that it is peaking out
  • Daiwa's View

    Daiwa's View

    2 October 2023 552 KB PDF
    • US yields: Clearing up misinterpretation of current situation, pessimism about future
    • Current US yield levels viewed as appropriate (short-term perspective)
    • Attractive investment opportunities from real policy rate path (longterm perspective)
    • Corporate bond yields suggest only limited additional upside for UST yields