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2024

2023

  • 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
  • Daiwa's View

    Daiwa's View

    30 June 2023 689 KB PDF
    • Forex market intervention again this year?
    • Macro environment different from last year
  • Daiwa's View

    Daiwa's View

    28 June 2023 976 KB PDF
    • Increasing stock effects due to rise in BOJ's share of JGB holdings
    • The effects may have pushed down 10-year JGB yield by 10bp
    • Substantial cut in scale of purchases in Rinban operations remains unlikely

     

  • Daiwa's View

    Daiwa's View

    27 June 2023 824 KB PDF
    • The Fed’s “dividing line between safety and destruction”
    • Federal funds rate of 6%?
  • Daiwa's View

    Daiwa's View

    26 June 2023 605 KB PDF
    • Risk-off emanating from Europe
    • Strong pressure to sell the yen seen amid lower yields and stronger dollar
  • Daiwa's View

    Daiwa's View

    22 June 2023 1048 KB PDF
    • US yield outlook for FY23 (revised on 22 Jun)
    • We forecast US 10-year yield of 3.5% at end-2023 and 3.25% at endMar 2024
    • Now may be the last buying opportunity