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2023

2022

  • Daiwa's View

    Daiwa's View

    10 December 2021 928 KB PDF
    • Have JGBs started to outperform US Treasuries?
    • Possibility of more active investment in bonds in Japan and Europe, where monetary policy stance differs from the Fed’s.
  • Daiwa's View

    Daiwa's View

    8 December 2021 619 KB PDF
    • ‘Kiss of the Devil’ and reduction of balance sheet ahead of rate hikes.
    • Looks correct theoretically, but entails substantial downside risk.
  • Daiwa's View

    Daiwa's View

    7 December 2021 879 KB PDF
    • Flattening is led by term premium.
    • Constraints on forward yields may persist into next year.
  • Daiwa's View

    Daiwa's View

    2 December 2021 861 KB PDF
    • Back to intense bull flattening.
    • Forward yields would probably remain low in the near term.
  • Daiwa's View

    Daiwa's View

    1 December 2021 619 KB PDF
    • Implications of Meeting of JGB Market Special Participants and Meeting of JGB Investors.
    • Increase in issuance of 40-year JGBs gained considerable support.
  • Daiwa's View

    Daiwa's View

    29 November 2021 694 KB PDF
    • A new variant is not the only reason behind the market dive.
  • Daiwa's View

    Daiwa's View

    26 November 2021 719 KB PDF
    • An underlying theme in the market in 2022.
    • Expansion of the Fed’s balance sheet is likely to stop at around $8.96tn.
  • Daiwa's View

    Daiwa's View

    24 November 2021 967 KB PDF
    • Are we about to see a surge in real yields?
    • I. If real yields continue to rise, the rise will be led by the 5-year yield.
    • II. The ball is in the credit market’s court.