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2024

2023

  • Daiwa's View

    Daiwa's View

    4 August 2023 674 KB PDF
    • BOJ, exchange rates, and MOF
    • Will BOJ take action once again because of forex factors?
  • Daiwa's View

    Daiwa's View

    3 August 2023 644 KB PDF
    • Wake-up call sounded by downgrading of US Treasuries
    • Will this trigger move towards tighter fiscal policy?
  • Daiwa's View

    Daiwa's View

    2 August 2023 635 KB PDF
    • For the time being, we should carefully watch how BOJ will follow its new guidance
    • Key will be whether market gains a deeper understanding about July MPM via today’s Rinban operations and press conference by Deputy Governor Uchida
  • General Electric Company (GE US)

    General Electric Company (GE US)

    2 August 2023 701 KB PDF
    • Raised financial guidance for FY23
    • 2Q23 Revenues increased 18% y/y driven by Aerospace and Renewable Energy; Adjusted profit increased 37% y/y to $1.4bn driven by Aerospace and Power
    • GE is on track to spin off GE Vernova in early 2024 as an independent investment-grade company
    • We maintain our positive outlook given the strong performance in the quarter, continuous debt reduction and the strong liquidity profile
  • Daiwa's View

    Daiwa's View

    1 August 2023 1320 KB PDF
    • True YCC revision reflecting higher inflation expectations
    • Implication at this juncture is 0.75% 10yr JGB yield cap, but change to 1.0% cap possible depending on future inflation expectations
  • Daiwa's View

    Daiwa's View

    31 July 2023 607 KB PDF
    • Greater flexibility with YCC will have limited impact on yen appreciation
    • A shift towards yen appreciation would require a shift towards easing by overseas central banks
  • Daiwa's View

    Daiwa's View

    26 July 2023 848 KB PDF
    • YCC and foreign exchange rate (USD/JPY)
    • Is YCC causing excessive depreciation of the yen?
  • Daiwa's View

    Daiwa's View

    25 July 2023 981 KB PDF
    • BOJ’s narrative unchanged despite persistent policy revision speculation
    • Underlying inflation rate expected to fall below 2% from FY24