Tokyo Research

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2023

  • Daiwa's View

    Daiwa's View

    19 October 2021 929 KB PDF
    • Violent flattening: Product of “stagflation-like” situation.
    • Recommendation: Long positions of superlong government bonds + Flexible delta hedging by using bond futures.
  • Monthly MBS Issue

    Monthly MBS Issue

    15 October 2021 1255 KB PDF
    • Average age of Flat 35 borrowers was 42, the highest ever.
  • Daiwa's View

    Daiwa's View

    15 October 2021 937 KB PDF
    • Orderly depreciation of the yen, reflecting rising 5-year US yield.
  • Daiwa's View

    Daiwa's View

    12 October 2021 879 KB PDF
    • Buying opportunity if range is maintained, but selling opportunity if range breakout occurs.
  • Daiwa's View

    Daiwa's View

    8 October 2021 790 KB PDF
    • Factors behind recent across-the-board selling.
  • Daiwa's View

    Daiwa's View

    7 October 2021 1062 KB PDF
    • US yields are not rising as much as expected.
  • Daiwa's View

    Daiwa's View

    5 October 2021 863 KB PDF
    • JGB yield outlook for 2H FY21.
  • Daiwa's View

    Daiwa's View

    5 October 2021 513 KB PDF
    • Due to general election on 31 Oct, supplementary budget likely to be passed by end of year.