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2021

2020

  • Daiwa's View

    Daiwa's View

    11 August 2021 671 KB PDF
    • Government bonds held by central banks and stock effects
  • Daiwa's View

    Daiwa's View

    6 August 2021 636 KB PDF
    • Lingering impact from Clarida’s comments
  • Daiwa's View

    Daiwa's View

    5 August 2021 642 KB PDF
    • 10-year JGB yield of 0%
  • Daiwa's View

    Daiwa's View

    4 August 2021 938 KB PDF
    • Probably a realistic response to economic peak.
    • Supply/demand conditions for bonds are likely to remain solid.
  • Daiwa's View

    Daiwa's View

    2 August 2021 544 KB PDF
    • Two supplementary budgets—one for economic/COVID-19 measures and one for the regular budget in Dec—may be unified in Nov?
    • If compiled in Nov, only one supplementary budget may be formed in which factors that increase and decrease JGB issuance cancel each other out.
  • Daiwa's View

    Daiwa's View

    30 July 2021 1131 KB PDF
    • Factors behind decline in real yields.
    • Probable causes are decline in term premium and technical factors.
  • Daiwa's View

    Daiwa's View

    28 July 2021 859 KB PDF
    • US yields staying at lower limit, while JGB yields remain inert.
    • I. US yields must be close to lower limit, but
    • II. Buy-on-dips recommended for JGBs.
  • Daiwa's View

    Daiwa's View

    20 July 2021 812 KB PDF
    • Structural reasons why long-term rates are not rising.
    • Deposits continue to grow in Japan, the US, and Europe.
    • Are changes in corporate behavior keeping rates from rising?