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2022

2021

  • Daiwa's View

    Daiwa's View

    29 November 2021 694 KB PDF
    • A new variant is not the only reason behind the market dive.
  • Daiwa's View

    Daiwa's View

    26 November 2021 719 KB PDF
    • An underlying theme in the market in 2022.
    • Expansion of the Fed’s balance sheet is likely to stop at around $8.96tn.
  • Daiwa's View

    Daiwa's View

    24 November 2021 967 KB PDF
    • Are we about to see a surge in real yields?
    • I. If real yields continue to rise, the rise will be led by the 5-year yield.
    • II. The ball is in the credit market’s court.
  • Daiwa's View

    Daiwa's View

    22 November 2021 862 KB PDF
    • Economic measures announced; issuance amount of newly issued JGBs in supplementary budget may exceed market consensus.
    • Nevertheless, amount of calendar-basis market issuance would remain largely unchanged from initial plan.
  • Daiwa's View

    Daiwa's View

    18 November 2021 908 KB PDF
    • The market phase has changed.
    • Country-specific factors becoming more pronounced.
    • Risks appear to lie with emerging nations, rather than US.
  • Outlook for 20Y JGB auction

    Outlook for 20Y JGB auction

    17 November 2021 756 KB PDF
    • 20-year JGB auction: Buy.
    • Will revision to regional bank-related facility lead to additional demand?
  • Daiwa's View

    Daiwa's View

    15 November 2021 523 KB PDF
    • Reasons behind the lack of an increase in JGB issuance despite economic measures worth Y40tn.
    • Discussion about FY22 COVID-19 contingency reserves has finally begun.
  • Daiwa's View

    Daiwa's View

    12 November 2021 578 KB PDF
    • How will supplementary budget change maturities of JGB issuances?
    • If issuance amount is increased, increase will be with maturities desired by market.