Tokyo Research

FILTER DOCUMENTS

Category Clear

FILTER DOCUMENTS

Archive Reset

2024

2023

  • Daiwa's View

    Daiwa's View

    25 July 2023 981 KB PDF
    • BOJ’s narrative unchanged despite persistent policy revision speculation
    • Underlying inflation rate expected to fall below 2% from FY24
  • Daiwa's View

    Daiwa's View

    20 July 2023 980 KB PDF
    • Is tide turning for Japan’s “30 years of economic stagnation”
  • Daiwa's View

    Daiwa's View

    19 July 2023 896 KB PDF
    • Will USD/JPY hedging costs reach 6%, as expected?
    • Temporary easing of basis in Goldilocks market
  • Daiwa's View

    Daiwa's View

    13 July 2023 941 KB PDF
    • Trial calculations in the case of YCC revisions in July
    • 10yr JGB yield expected to become constricted to around 0.45-0.55% after temporarily rising to 0.7% level
  • Daiwa's View

    Daiwa's View

    11 July 2023 709 KB PDF
    • Corrections to USD/JPY rate appear to have let up
    • With market having significantly priced in policy revisions at July BOJ MPM, their postponement would create depreciation pressure on the yen
  • Daiwa's View

    Daiwa's View

    10 July 2023 632 KB PDF
    • Rise in long-term yield does not mean risk-on movement
    • Inconsistent price movements may warn of market irregularities
  • Daiwa's View

    Daiwa's View

    5 July 2023 714 KB PDF
    • ECB unlikely to suspend rate hikes until autumn
    • Stress on European financial system warrants attention
  • Japan Credit

    Japan Credit

    3 July 2023 620 KB PDF
    • JGB market focus on Y12tn reduction in new JGBs rather than fiscal surplus
    • Bloomberg reports FY22 general account settlement includes Y12tn reduction in new JGBs; apparently allowed MOF to issue reasonable amount of front-loaded JGBs
    • Room for increased utilization of front-loaded JGBs in FY23 supplementary budget expected to curb calendar-based JGB market issuance