Tokyo Research


Category Clear


Archive Reset



  • Daiwa's View

    Daiwa's View

    11 March 2024 380 KB PDF
    • Japan/US central banks dialing-back, Feb US jobs data: Fading concerns that jobs market is too strong
    • “Gangbusters” Jan jobs data revised significantly lower
    • Gap between establishment survey and household survey has widened to point investors can no longer overlook; household survey suggests further jobs market easing (qualitative deterioration)
    • BOJ’s easing framework change from YCC/negative rates to quantitative easing = dialing back one step?
  • Daiwa's View

    Daiwa's View

    8 March 2024 406 KB PDF
    • Follow-up: Update on new NISA-induced yen selling
    • New NISA increased investment in cumulative investments by about Y300bn
    • Investments made via growth investment quota have not increased substantially
  • Public Finance Watch

    Public Finance Watch

    7 March 2024 330 KB PDF
    • Portion of GX Economy Transition Bonds not issued as Climate Transition JGBs
    • Not all GX Economy Transition Bonds are issued as Climate Transition JGBs
    • Climate Transition JGBs have acquired third-party certification and are issued separately from other JGBs
  • The Boeing Company (BA US)

    The Boeing Company (BA US)

    7 March 2024 434 KB PDF
    • Operating income turned positive
    • 4Q23 Revenues increased 10% y/y to $22bn with growth across all business segments; Operating income turned positive due to improved performance at BCA and BGS
  • Daiwa's View

    Daiwa's View

    7 March 2024 472 KB PDF
    • Narrowing of Japanese and European swap spreads: Signaling end of yield uptrend?
    • Japanese and European swap spreads regressing toward prepandemic mean
    • May signal end of yield uptrend for Japan and Europe, which have weaker growth potential compared to US
  • Daiwa's View

    Daiwa's View

    6 March 2024 352 KB PDF
    • With release of ISM Services Index, yield uptrend seems to have played out
    • Employment index suggests actual conditions weak, despite steady demand in service sector
    • Uptrend in long-term yield has very likely stopped temporarily, without exceeding 4.5%
  • Daiwa's View

    Daiwa's View

    26 February 2024 721 KB PDF
    • Remarks by Fed officials after release of FOMC minutes, and implications for market
    • Disinflationary process has been bumpy, and rate cuts require patience, but January inflation data has not actually changed the outlook
    • If main direction of rate cuts were unchanged (despite slight delay in rate cuts), 10-year real yield of above 2% and 2-year yield of around 5% would appear attractive
  • AT & T Inc.

    AT & T Inc.

    21 February 2024 392 KB PDF
    • Generating rich cash flows
    • 4Q23 Revenues increased 2.2% y/y to $32bn; Adjusted EBITDA increased 3.2% y/y to $10.6bn driven by higher Mobility, Consumer Wireline and Mexico, partially offset by lower Business Wireline