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2024

2023

  • Daiwa's View

    Daiwa's View

    18 November 2021 908 KB PDF
    • The market phase has changed.
    • Country-specific factors becoming more pronounced.
    • Risks appear to lie with emerging nations, rather than US.
  • Outlook for 20Y JGB auction

    Outlook for 20Y JGB auction

    17 November 2021 756 KB PDF
    • 20-year JGB auction: Buy.
    • Will revision to regional bank-related facility lead to additional demand?
  • Daiwa's View

    Daiwa's View

    15 November 2021 523 KB PDF
    • Reasons behind the lack of an increase in JGB issuance despite economic measures worth Y40tn.
    • Discussion about FY22 COVID-19 contingency reserves has finally begun.
  • Daiwa's View

    Daiwa's View

    12 November 2021 578 KB PDF
    • How will supplementary budget change maturities of JGB issuances?
    • If issuance amount is increased, increase will be with maturities desired by market.
  • Daiwa's View

    Daiwa's View

    11 November 2021 879 KB PDF
    • Will flattening spread to JGBs?
    • I. Flattening of US yields during rate hikes does not spread to JGBs.
    • II. From an economic cycle standpoint, now is the time to buy JGBs.
  • Daiwa's View

    Daiwa's View

    5 November 2021 941 KB PDF
    • ‘Rate-hike frenzy’ to let up.
    • Yields likely to temporarily post bull-steepening in the absence of excessive pricing of rate hikes.
  • Daiwa's View

    Daiwa's View

    2 November 2021 838 KB PDF
    • Minor revision to our US yield forecasts / Two changes in JPY swap market
  • Daiwa's View

    Daiwa's View

    25 October 2021 961 KB PDF
    • BOJ likely to focus on reviewing financial and economic conditions and put policy on hold