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2022

2021

  • Daiwa's View

    Daiwa's View

    30 September 2021 516 KB PDF
    • Fiscal policy with Fumio Kishida as the new LDP leader.
    • Keys will be size of the FY21 supplementary budget and redistribution in the initial FY22 budget.
  • Daiwa's View

    Daiwa's View

    27 September 2021 920 KB PDF
    • Forecasts for US yields in 2H FY21.
  • Daiwa's View

    Daiwa's View

    22 September 2021 879 KB PDF
    • Impact of China Evergrande Group’s debt woes on JGB market.
    • The main scenario is that JGB yields will remain low and stable, but higher volatility in overseas markets warrants attention.
  • Daiwa's View

    Daiwa's View

    21 September 2021 1078 KB PDF
    • Japan’s policy discussions, and path BOJ must take.
    • BOJ’s Sep MPM to decide to continue monetary easing due to delay in economic recovery scenario.
  • Daiwa's View

    Daiwa's View

    16 September 2021 862 KB PDF
    • Divergence of Japanese and US forward yields.
    • Risk premium = investment attractiveness.
  • Daiwa's View

    Daiwa's View

    15 September 2021 583 KB PDF
    • Sharp slide in yields after release of CPI data.
    • Bull flattening due to decline led by forward yields.
  • Monthly MBS Issue

    Monthly MBS Issue

    13 September 2021 1201 KB PDF
    • Average DTI for Flat 35 loans is rising on more low-income borrowers.
  • Daiwa's View

    Daiwa's View

    13 September 2021 515 KB PDF
    • Taro Kono’s mainstay is administrative and regulatory reforms; his fiscal policy is likely to be inclined towards austerity.