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2024

2023

  • Daiwa's View

    Daiwa's View

    13 February 2024 580 KB PDF
    • Buying of Japanese stocks and selling of yen by overseas players
    • Increase in yen-selling hedging due to rally with Japanese stocks
  • Daiwa's View

    Daiwa's View

    9 February 2024 731 KB PDF
    • BOJ Deputy Governor Uchida’s speech confirms BOJ is pricing in moderate rate hikes
    • Speech is strong indication of stance of maintaining interest rates at low levels, in terms of both short term and long term
    • Goldilocks market environment expected
  • Daiwa's View

    Daiwa's View

    7 February 2024 772 KB PDF
    • Structure of current accounts when ending NIRP: Additional considerations
    • Is single-tier structure with +0.1% interest rate possible?
  • General Electric Company (GE US)

    General Electric Company (GE US)

    7 February 2024 456 KB PDF
    • Outperformed the market in 2023
    • 4Q23 Revenues increased 15% y/y with double-digits growth in all segments; Segment profit increased 20%
  • Politics Watch

    Politics Watch

    6 February 2024 335 KB PDF
    • Further headwinds for LDP from local elections over weekend; snap general election still far away
  • Daiwa's View

    Daiwa's View

    2 February 2024 381 KB PDF
    • New anomaly in new NISA era?
    • Yen selling towards Tokyo middle rate on second business day of every month
  • Daiwa's View

    Daiwa's View

    31 January 2024 687 KB PDF
    • Dec JOLTS report / Quarterly Refunding stabilized term premium
    • US yields are continuing to face downward pressure on term premium in line with downward revisions to borrowing estimates in Quarterly Refunding
  • Daiwa's View

    Daiwa's View

    30 January 2024 614 KB PDF
    • USD/JPY hedging costs are likely to enter downtrend
    • USD/JPY basis tends to narrow in line with loosening of US financial conditions
    • Slowdown in pace of QT is expected to contribute to loosening of financial conditions
    • Rate hikes by BOJ would also contribute to a decline in hedging costs, but pace of Fed rate cuts is more important