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2021

2020

  • Daiwa's View

    Daiwa's View

    8 September 2021 1111 KB PDF
    • Bear steepening due to packed supply schedule.
    • Temporary normalization of excessively strong demand for bonds?
    • String of comments speculating on scaling back monetary easing in Europe.
  • Daiwa's View

    Daiwa's View

    6 September 2021 510 KB PDF
    • Prime Minister Suga decided not to run in the LDP presidential election.
    • Post-Suga outlook is still uncertain, but supplementary budget worth around Y30tn is likely to be formed in December.
  • Daiwa's View

    Daiwa's View

    3 September 2021 817 KB PDF
    • Balance sheet expansion approaching a turning point.
    • Decision on whether to extend COVID-19 operations could cause disruption.
  • Daiwa's View

    Daiwa's View

    2 September 2021 652 KB PDF
    • Dissolution of lower house in Sep is unlikely.
    • Supplementary budget is expected to be compiled by year-end, either way.
  • Daiwa's View

    Daiwa's View

    1 September 2021 880 KB PDF
    • Will the ECB taper around the same time as the Fed?
    • Both the Fed and ECB may begin tapering in 4Q.
  • Daiwa's View

    Daiwa's View

    31 August 2021 614 KB PDF
    • Stuck at a dead end.
    • Found a way out of a difficult situation.
  • Daiwa's View

    Daiwa's View

    26 August 2021 774 KB PDF
    • Factors behind yield declines and consensus on ratehike path.
    • Yield declines were led by term premium, as expected.
    • Unresolved gap in perceptions is likely to cause market turbulence in the future.
  • Daiwa's View

    Daiwa's View

    25 August 2021 796 KB PDF
    • 20-year JGB auction.
    • Trouble-free auction is expected, but slightly cautious about secondary trends.