Tokyo Research

FILTER DOCUMENTS

Category Clear

FILTER DOCUMENTS

Archive Reset

2024

2023

  • Daiwa's View

    Daiwa's View

    11 September 2023 688 KB PDF
    • BOJ Governor Ueda interview
    • Change to more balanced data-dependent stance
  • Daiwa's View

    Daiwa's View

    8 September 2023 846 KB PDF
    • 10-year JGB yield when YCC and negative interest rates are eliminated
    • Around 1.15% in a scenario with US yields at current levels
  • Daiwa's View

    Daiwa's View

    7 September 2023 575 KB PDF
    • Good news is bad news
    • FCI-G index indicates insufficient tightness
  • The Boeing Company (BA US)

    The Boeing Company (BA US)

    7 September 2023 1322 KB PDF
    • Maintains annual delivery guidance
    • 2Q23 Revenues increased 18% y/y to $19.8bn due to higher volume of commercial aircrafts; Operating income was $(99)m driven by losses at Commercial Airplanes and Defense segments
  • Daiwa's View

    Daiwa's View

    6 September 2023 708 KB PDF
    • Convergence of actual USD/JPY rate and purchasing power parity
  • Microsoft Corporation (MSFT US)

    Microsoft Corporation (MSFT US)

    14 August 2023 1173 KB PDF
    • Maintains a strong balance sheet
    • FY23 revenues up 7% y/y to $211.9bn; Operating income up 6% y/y to $88.5bn driven by Microsoft Office and cloud services
    • Generated $59.5bn of free cash flows in FY23 and the net cash position was $64bn
    • Outlook positive given the large revenues and a diversified product portfolio, a healthy balance sheet and the proven ability to generate strong free cash flows
  • Daiwa's View

    Daiwa's View

    10 August 2023 1053 KB PDF
    • JGB yield outlook (as of 10 Aug)
    • Anticipating 10-year JGB yield of 0.45% and 20-year yield of 1.10% at end-FY23
  • Daiwa's View

    Daiwa's View

    8 August 2023 739 KB PDF
    • Update on basic supply/demand factors for the yen
    • Leeway for further Improvement seems limited