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2021

2020

  • 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.
  • Daiwa's View

    Daiwa's View

    2 April 2021 1228 KB PDF
    • US Treasuries are flattening, but the right answer for JGBs would be a dip-buying stance.
    • Signs of a fourth COVID wave bring early supplementary budget a step closer.
  • Daiwa's View

    Daiwa's View

    1 April 2021 936 KB PDF
    • Change in BOJ’s monthly operation schedule ≠promotion of rise in yields.
  • JGB Insight

    JGB Insight

    1 April 2021 638 KB PDF
    • BOJ aggressively reducing outright purchases of JGBs in April.
  • Outlook for 40Y JGB auction

    Outlook for 40Y JGB auction

    24 March 2021 966 KB PDF
    • With yields having dropped significantly in March, there is considerable uncertainty over the strength of investor demand at the current 40Y JGB yield level.
  • Daiwa's View

    Daiwa's View

    17 March 2021 694 KB PDF
    • BOJ’s assessment of monetary easing: Hoping the Bank finds good measures to improve market functionality II.