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2024

2023

  • Public Finance Watch

    Public Finance Watch

    15 April 2024 323 KB PDF
    • Ascertained amount of GX Economy Transition Bonds issued with other 10yr JGBs in March
  • Daiwa's View

    Daiwa's View

    10 April 2024 625 KB PDF
    • Factors supporting strong dollar are prominent
  • Daiwa's View

    Daiwa's View

    5 April 2024 348 KB PDF
    • April is a time when we see selling of the yen
  • Politics Watch

    Politics Watch

    3 April 2024 346 KB PDF
    • Punishing LDP Diet members for political funds scandal could impact break from deflation
  • Daiwa's View

    Daiwa's View

    26 March 2024 375 KB PDF
    • Key differences between the yen and euro
    • Corporate price setting behavior determines major difference between the two currencies
  • Daiwa's View

    Daiwa's View

    21 March 2024 997 KB PDF
    • Past quantitative easing and its effects
    • JGB purchases by BOJ effective in lowering long-term JGB yields
    • These purchases exerted downward pressure of about -1% on average
    • Stronger effect when purchasing JGBs with longer maturities
  • Daiwa's View

    Daiwa's View

    21 March 2024 758 KB PDF
    • BOJ's March policy meeting: Decision to exit NIRP
    • Yields declined in reaction to the first rate hike in 17 years
    • This change in framework has serious longer-term implications and we should not overemphasize the initial decline in yields supported by generous transition measures
  • Daiwa's View

    Daiwa's View

    18 March 2024 435 KB PDF
    • Cherry blossoms blooming: BOJ prepares to end NIRP
    • Environment for policy normalization in place after BOJ confirms big wage hikes RENGO’s first tally shows average wage increase of 5.28%
    • Five questions to answer at BOJ’s March meeting Market stability maintained via JGB purchases even if YCC eliminated Market’s main concern is future of interest rates (= rate hiking path)
    • Expect Ueda to provide some hints about future at post-meeting press conference