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2021

2020

  • Daiwa's View

    Daiwa's View

    20 April 2021 1018 KB PDF
    • European-version “Happy yield increase” and 20-year JGB auction.
  • Daiwa's View

    Daiwa's View

    19 April 2021 1248 KB PDF
    • Implications of correlation between copper prices and US long-term yields.
  • Daiwa's View

    Daiwa's View

    16 April 2021 826 KB PDF
    • Short-cover rally pushed down yield to below 1.6%.
  • Daiwa's View

    Daiwa's View

    14 April 2021 726 KB PDF
    • Fateful August?
    • Two trend lines expected to cross again.
  • Daiwa's View

    Daiwa's View

    12 April 2021 1092 KB PDF
    • Impact of Logan speech: 20-year sector, TIPS to normalize due to correction.
  • Daiwa's View

    Daiwa's View

    9 April 2021 1108 KB PDF
    • If rise in yields led by term premium...
    • Investment in US Treasuries may become more attractive.
  • Outlook for 5Y JGB auction

    Outlook for 5Y JGB auction

    7 April 2021 851 KB PDF
    • We expect a certain level of demand for new 5Y JGBs carrying a 0.005%, JS147, from investors, who may want to switch from off-the-run JSs with higher book value to secure profits.
  • Daiwa's View

    Daiwa's View

    6 April 2021 1021 KB PDF
    • JGB yields have not fluctuated even after surprising cut in purchase amount in BOJ ops.
    • Forward yields imply confidence, stability.