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2023

  • Daiwa's View

    Daiwa's View

    28 June 2023 976 KB PDF
    • Increasing stock effects due to rise in BOJ's share of JGB holdings
    • The effects may have pushed down 10-year JGB yield by 10bp
    • Substantial cut in scale of purchases in Rinban operations remains unlikely

     

  • Daiwa's View

    Daiwa's View

    27 June 2023 824 KB PDF
    • The Fed’s “dividing line between safety and destruction”
    • Federal funds rate of 6%?
  • Daiwa's View

    Daiwa's View

    26 June 2023 605 KB PDF
    • Risk-off emanating from Europe
    • Strong pressure to sell the yen seen amid lower yields and stronger dollar
  • Daiwa's View

    Daiwa's View

    22 June 2023 1048 KB PDF
    • US yield outlook for FY23 (revised on 22 Jun)
    • We forecast US 10-year yield of 3.5% at end-2023 and 3.25% at endMar 2024
    • Now may be the last buying opportunity
  • Daiwa's View

    Daiwa's View

    22 June 2023 467 KB PDF
    • Kishidanomics after downgrading coronavirus to “Class 5” is Abenomics with beefed up “third arrow”; stressing growth strategies with long-term view to stimulate private investment even more than Abenomics
    • Right prescription for overcoming economic stagnation; major financial market transformation if realized
  • Daiwa's View

    Daiwa's View

    19 June 2023 1086 KB PDF
    • BOJ’s cautious stance unchanged even at Jun meeting
  • Daiwa's View

    Daiwa's View

    19 June 2023 696 KB PDF
    • BOJ Governor Kazuo Ueda kept saying “highly uncertain”
    • BOJ has cautious stance, despite changes in companies’ price and wage setting behaviors
  • Daiwa's View

    Daiwa's View

    15 June 2023 615 KB PDF
    • Yen short positions are at their highest level since outbreak of COVID-19 pandemic