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2022

2021

  • Daiwa's View

    Daiwa's View

    11 November 2021 879 KB PDF
    • Will flattening spread to JGBs?
    • I. Flattening of US yields during rate hikes does not spread to JGBs.
    • II. From an economic cycle standpoint, now is the time to buy JGBs.
  • Daiwa's View

    Daiwa's View

    5 November 2021 941 KB PDF
    • ‘Rate-hike frenzy’ to let up.
    • Yields likely to temporarily post bull-steepening in the absence of excessive pricing of rate hikes.
  • Daiwa's View

    Daiwa's View

    2 November 2021 838 KB PDF
    • Minor revision to our US yield forecasts / Two changes in JPY swap market
  • Daiwa's View

    Daiwa's View

    25 October 2021 961 KB PDF
    • BOJ likely to focus on reviewing financial and economic conditions and put policy on hold
  • Daiwa's View

    Daiwa's View

    22 October 2021 1353 KB PDF
    • BOJ Financial System Report: Structural problems predating the pandemic fortuitously highlighted by analyses positioned as extensions of April FSR.
  • Daiwa's View

    Daiwa's View

    20 October 2021 596 KB PDF
    • A 5-year/30-year spread at the 90bp level would be appropriate within the year.
  • Daiwa's View

    Daiwa's View

    19 October 2021 929 KB PDF
    • Violent flattening: Product of “stagflation-like” situation.
    • Recommendation: Long positions of superlong government bonds + Flexible delta hedging by using bond futures.
  • Monthly MBS Issue

    Monthly MBS Issue

    15 October 2021 1255 KB PDF
    • Average age of Flat 35 borrowers was 42, the highest ever.