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2023

2022

  • Daiwa's View

    Daiwa's View

    24 January 2022 717 KB PDF
    • What is the true value of the US real yield?
    • Current true value is estimated at around 0%.
    • If Fed hurries to raise real yields too quickly without an early slowdown in inflation, this would cause inversion of yield curve.
  • Daiwa Bond trading trend

    Daiwa Bond trading trend

    20 January 2022 932 KB PDF
    • Overall net selling of JGBs by major banks rose to highest level since Apr 2016; contrasting results for Japan banks, foreigners.
  • Daiwa's View

    Daiwa's View

    20 January 2022 699 KB PDF
    • A level-headed perspective is required during a panic.
    • Other people’s panic provides opportunities.
  • Monthly MBS Issue

    Monthly MBS Issue

    19 January 2022 1208 KB PDF
    • Coupon of 0.4%, following rise in 10yr JGB yield.
  • Daiwa's View

    Daiwa's View

    14 January 2022 1060 KB PDF
    • What's the BOJ to do? Blueprint for 2022.
    • Price assessment in January Outlook Report is unlikely to lead to policy change.
  • Daiwa's View

    Daiwa's View

    12 January 2022 867 KB PDF
    • Good opportunity to buy on dips.
    • Buying on dips recommended for both JGB and UST yields.
  • Daiwa's View

    Daiwa's View

    7 January 2022 896 KB PDF
    • Removal of bulwark against tapering of easing.
    • FOMC minutes included discussion of possible decline in longer run.
    • Change in BOJ’s wording regarding risk assessment a ‘first step’ with long-term significance.
  • Daiwa's View

    Daiwa's View

    5 January 2022 742 KB PDF
    • Rise in US yield led by term premium, and weak yen.
    • Correction to excessive decline in forward yield levels.
    • Yen bond market also needs to carefully watch yen weakening lower than Y116/$.