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2023

  • Daiwa's View

    Daiwa's View

    1 September 2021 880 KB PDF
    • Will the ECB taper around the same time as the Fed?
    • Both the Fed and ECB may begin tapering in 4Q.
  • Daiwa's View

    Daiwa's View

    31 August 2021 614 KB PDF
    • Stuck at a dead end.
    • Found a way out of a difficult situation.
  • Daiwa's View

    Daiwa's View

    26 August 2021 774 KB PDF
    • Factors behind yield declines and consensus on ratehike path.
    • Yield declines were led by term premium, as expected.
    • Unresolved gap in perceptions is likely to cause market turbulence in the future.
  • Daiwa's View

    Daiwa's View

    25 August 2021 796 KB PDF
    • 20-year JGB auction.
    • Trouble-free auction is expected, but slightly cautious about secondary trends.
  • Daiwa's View

    Daiwa's View

    24 August 2021 827 KB PDF
    • Schedule for supplementary budget, taking into consideration Yokohama mayoral election results
    • Cabinet decision and revision to JGB issuance plan are likely in NovDec
  • Daiwa's View

    Daiwa's View

    20 August 2021 532 KB PDF
    • The ‘cushion’ is gone.
    • With the new structure going forward, risk asset prices will likely be directly hit by negative factors.
  • Daiwa's View

    Daiwa's View

    20 August 2021 588 KB PDF
    • Relationship between ESG and credit spreads.
    • Credit spreads tighten on improvement in ESG factors.
  • Monthly MBS Issue

    Monthly MBS Issue

    17 August 2021 1409 KB PDF
    • Significant subordination percentage expected on high LTV and DTI.