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2023

2022

  • Daiwa's View

    Daiwa's View

    4 January 2022 805 KB PDF
    • Risk factors in 2022
    • Inflation, China, BOJ/ECB, fallacy of composition, and valuations.
  • JGB Issuance plan

    JGB Issuance plan

    4 January 2022 920 KB PDF
    • FY22 JGB issuance plan.
  • Daiwa's View

    Daiwa's View

    27 December 2021 1054 KB PDF
    • US yield outlook for 2022
    • With uncertainties high, we recommend preparing for various possibilities, with no specific scenario in mind.
  • Daiwa's View

    Daiwa's View

    23 December 2021 1034 KB PDF
    • Forecast for JGB issuance plan and speculative media reports.
    • An increase in issuance of 10-year JGBs wouldn't be surprising, but impact on market is likely to depend on the BOJ’s operations.
  • Daiwa's View

    Daiwa's View

    20 December 2021 734 KB PDF
    • Looking back on the BOJ in 2021
    • Things are looking slightly better regarding normalization of Japan’s economy, but 2% inflation target is still far off.
  • Daiwa's View

    Daiwa's View

    17 December 2021 646 KB PDF
    • Is Fed Chair Jerome Powell facing a conundrum?
    • Chair Powell referred to overseas supply/demand factors and the neutral interest rate when explaining reasons for decline in long-term yields.
  • Outlook for 20Y JGB auction

    Outlook for 20Y JGB auction

    15 December 2021 743 KB PDF
    • Absolute levels are a concern, but relative value should make this an easy buy.
    • Shrinkage of special pandemic support programs may be a positive for long-term and superlong JGBs.
  • Daiwa's View

    Daiwa's View

    15 December 2021 957 KB PDF
    • Unexpected decline in inflation expectations.
    • Could be a reflection of the Fed’s hawkish stance or faster tapering?