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2023

2022

  • Daiwa's View

    Daiwa's View

    9 February 2022 792 KB PDF
    • JGB yields have reached threshold levels.
    • Looking a little further into the future, estimated returns on investments based on current levels will very likely improve.
  • Daiwa's View

    Daiwa's View

    8 February 2022 997 KB PDF
    • Bond market remains very volatile, but...
    • It may be time for bond market to gradually find opportunities to lower volatility?
  • Daiwa's View

    Daiwa's View

    4 February 2022 922 KB PDF
    • Hawkish shift by ECB brings abrupt changes in Japan and overseas.
    • Rise in hedging cost may accelerate return to investment in yen bonds.
  • Daiwa's View

    Daiwa's View

    3 February 2022 810 KB PDF
    • Pandemic-led change in banks’ balance sheets and JGB market.
  • Daiwa's View

    Daiwa's View

    2 February 2022 707 KB PDF
    • High chance of implementation of fixed-rate purchase operations in the 2-year sector.
    • Simple linear interpolation suggests implementation in the 2-year zone is not far off.
  • Daiwa's View

    Daiwa's View

    1 February 2022 899 KB PDF
    • JGB yields moving in line with US and European yields.
    • Their movements are correlated to a certain degree, but are the economic environments really that similar?
  • Daiwa's View

    Daiwa's View

    28 January 2022 685 KB PDF
    • True implications of Jan FOMC meeting becoming apparent.
    • Rapid tightening will cool down (inflation and) macro economy.
  • Daiwa's View

    Daiwa's View

    26 January 2022 576 KB PDF
    • Does the corporate bond market suggest additional hawkish surprises?
    • Fed is unlikely to switch to dovish stance with the current overheated corporate bond market.