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2023

  • 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.
  • 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.