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2024

2023

  • Daiwa's View

    Daiwa's View

    13 December 2023 523 KB PDF
    • US November CPI: No downside surprise, but no upside surprise either
    • Steady progress for disinflation process with some “bumps” along the way
    • Largely neutral impact on UST yields, monitoring impact on JGB yields
    • Narrowing LCH-JSCC spread suggests JGB short covering by foreign investors
  • Daiwa's View

    Daiwa's View

    13 December 2023 662 KB PDF
    • Hedging costs in 2024
    • Major change on the US economy and Fed monetary policy outlooks
    • Could there be a significant decline in hedging costs from 2025?
  • Daiwa's View

    Daiwa's View

    12 December 2023 505 KB PDF
    • Market insufficiently factoring in end of BOJ’s negative rate at this stage
    • Rate hikes were implemented in past after first factoring in hike of 0.5% or more
    • Insufficient factoring in at this stage makes surprise more likely
    • Is “assessment meeting” an option?
  • Apple Inc. (AAPL US)

    Apple Inc. (AAPL US)

    11 December 2023 400 KB PDF
    • Maintaining a strong financial position
  • JGB Issuance

    JGB Issuance

    8 December 2023 352 KB PDF
    • Envisioning FY24 JGB issuance plan: Total JGB issuance in FY24 may decrease by around Y20tn (mainly refunding bonds)
  • Daiwa's View

    Daiwa's View

    7 December 2023 803 KB PDF
    • Expect more lively Dec meeting following Deputy BOJ Governor Himino’s speech
    • Himino’s first speech since taking office viewed as relatively hawkish
    • Forward OIS rose in response to speech; now expect more lively Dec meeting
  • Daiwa's View

    Daiwa's View

    27 November 2023 929 KB PDF
    • Decline in US Economic Surprise Index
    • Risks are loosening financial conditions and raising BEI in Japan
  • Daiwa's View

    Daiwa's View

    24 November 2023 472 KB PDF
    • Term premium has declined once more into negative territory