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2024

2023

  • Economic Commentary - Is December BoJ meeting outcome already determined?

    Economic Commentary - Is December BoJ meeting outcome already determined?

    10 December 2024 471 KB PDF
    • Sharp decline in market expectations for Dec rate hike (direction BOJ wanted) More information from BOJ by time of Jan 2025 meeting (incl. speech by BOJ Deputy Governor Himino) BOJ may even postpone rate hike until Mar 2025 if it wants to avoid hasty decisions about “Trump risks”
    • Japan’s GDP revised, “recovery centered on domestic demand” assessment unchanged Focus points for Dec Tankan: Price-setting behaviors and recurring profit forecasts FICC Research Dept. Mari Iwashita 81-3-5555-8852 mari.iwashita@daiwa.co.jp Kento Minami 81-3-5555-8789 kento.minami@daiwa.co.jp Daiwa Securities Co. Ltd. K
  • Economic Commentary - Analysing Governor Ueda's interview

    Economic Commentary - Analysing Governor Ueda's interview

    2 December 2024 486 KB PDF
    • BOJ communicating carefully ahead of Dec MPM
    • BOJ to publish broad-based review in Dec; no fixed relationship between forex and policy; hopes for economic momentum under 2% inflation regime
  • Public Finance Watch

    Public Finance Watch

    2 December 2024 420 KB PDF
    • Supplementary budget for FY24 approved by Cabinet and JGB issuance plan was revised
    • Once overall image is set, breakdown of calendar-based market issuance amount will be significantly revised from April 2025
  • Daiwa's Economic View - Outlook for Japan's economy, policy rate

    Daiwa's Economic View - Outlook for Japan's economy, policy rate

    26 November 2024 522 KB PDF
    • Japan’s economy continues to gradually recover, due in large part to domestic demand 
    • Expect gradual passing on of wage hikes to goods prices
    • BoJ’s phase for assessing overseas economies continues; expect next rate hike in Jan-Mar 2025 provided US economy remains strong
  • Daiwa’s Economic View

    Daiwa’s Economic View

    1 November 2024 461 KB PDF
    • Ueda’s Oct press conference: No longer using “enough time” phrase
  • Daiwa's Economic View

    Daiwa's Economic View

    31 October 2024 554 KB PDF
    • BoJ carefully charting its own path amid Japan’s political confusion
  • Daiwa's Economic View

    Daiwa's Economic View

    28 October 2024 561 KB PDF
    • What’s next for Japan? How will BoJ respond?
  • Daiwa's View

    Daiwa's View

    25 October 2024 603 KB PDF
    • Impact of Lower House election on JGB market