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2024

2023

  • Daiwa's View

    Daiwa's View

    28 September 2023 760 KB PDF
    • Issues on the liability side due to ongoing reduction in Fed’s balance sheet
    • Burden on financial system caused by expansionary fiscal policy
  • Daiwa's View

    Daiwa's View

    26 September 2023 680 KB PDF
    • High crude oil price contributing to yen, euro depreciation
    • Watch for higher crude oil price, further currency depreciation over short term
  • Daiwa's View

    Daiwa's View

    26 September 2023 826 KB PDF
    • Sep MPM: Dampens the idea that decisions have already been made
    • A reminder that the BOJ manages policy untied to specific events, including Shunto
  • Daiwa's View

    Daiwa's View

    25 September 2023 1090 KB PDF
    • US yield outlook (revised on 22 Sep 2023)
    • Assume US 10-year yield range centering on 3~5% (need to look at wider than usual range)
    • Gradually approaching point where balancing “near-term upward yield bias” and “subsequent yield declining bias (fat downward shift)” necessary
  • Daiwa's View

    Daiwa's View

    21 September 2023 1233 KB PDF
    • Daiwa ESG Conference 2023: for investors and bond issuers
    • Diverse topics including academic reports, GX policy, major investor ESG investment stances
    • This report provides seminar overview and key points
  • Daiwa's View

    Daiwa's View

    15 September 2023 796 KB PDF
    • JGB yield outlook
    • 10-year JGB yield is expected to be at about 0.80% at end-1H FY24
  • Daiwa's View

    Daiwa's View

    13 September 2023 713 KB PDF
    • Fair value of JGB yields from the standpoint of fundamentals
    • 10-year yield is likely to move at or below 0.8% in the near term, but rise to about 1% when negative interest rates are eliminated
    • We have little grounds to think that superlong forward yields will continue to rise
  • Daiwa's View

    Daiwa's View

    12 September 2023 673 KB PDF
    • BOJ is marching in step with government
    • They are working together to prevent depreciation of the yen