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2024

2023

  • Daiwa's View

    Daiwa's View

    23 August 2024 424 KB PDF
    • JPY weakness not justified by real demand
  • Daiwa's Economic View

    Daiwa's Economic View

    23 August 2024 432 KB PDF
    • Prospects for general election, budget compilation after LDP presidential election and implications for monetary policy
  • Daiwa's Economic View

    Daiwa's Economic View

    19 August 2024 501 KB PDF
    • Apr-Jun 2024 real GDP improves, but weak underlying trend for private consumption
    • Economy expected to grow only moderately in FY24 as consumers remain thrifty, but inflation likely to hold near BoJ’s 2% price stability target
    • Next rate hike expected in Mar 2025, after assessing domestic/international economic conditions and results of 2025 spring labor-management wage negotiations
  • Daiwa's View

    Daiwa's View

    13 August 2024 461 KB PDF
    • Revising FX forecasts: Yen carry trade collapses
  • Daiwa's View

    Daiwa's View

    8 August 2024 443 KB PDF
    • Fed to begin cutting rates in Sep; expect 5 - 10 cuts through end-Mar 2025 
    • Changes/caveats have emerged for BoJ’s "on track"/"upside risk" assumptions that drove July rate hike; further hike in 2024 now less likely
  • Politics Watch

    Politics Watch

    8 August 2024 327 KB PDF
    • Future trends for LDP presidential election
  • Iwashita’s Economic & Market Watch

    Iwashita’s Economic & Market Watch

    2 August 2024 404 KB PDF
    • Ueda-led BOJ likely to enter gradual rate-hiking phase
  • Euro wrap-up

    Euro wrap-up

    31 July 2024 676 KB PDF
    • BoJ opted to hike again at July MPM, in line with prior media reports; consistent with Outlook Report, reflects BoJ’s call that time was right to scale back easing; plans to cut JGB purchases to around Y3tn per month in Jan-Mar 2026 as expected
    • July Outlook Report forecasts sustained trend inflation of around 2%; BoJ to monitor service prices, consumer spending trends in gauging need for next rate hike; explanation of policy conduct, hawkish tone signal intent to continue normalizing