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2019

  • Daiwa's View

    Daiwa's View

    6 August 2019 420 KB PDF
    • China shock causing further decline in US and European yields
  • Market again demanding rate cuts

    Market again demanding rate cuts

    2 August 2019 666 KB PDF
    • Short-term and long-term interest rates again inverted
  • Forex Market View

    Forex Market View

    1 August 2019 541 KB PDF
    • USD/JPY market after FOMC meeting
  • BOJ MPM and Outlook report

    BOJ MPM and Outlook report

    31 July 2019 715 KB PDF
    • BOJ to move in line with global trends of further easing
  • Outlook for 10Y JGB Auction

    Outlook for 10Y JGB Auction

    31 July 2019 661 KB PDF
    • BOJ goes 'a step further', but optimism unlikely to grow about tomorrow's primary sale
  • Supplementary Budget and JGB Issuance

    Supplementary Budget and JGB Issuance

    29 July 2019 198 KB PDF
    • With the October consumption tax hike a done deal, there is growing speculation on a large-scale supplementary budget
    • The front-loading issuance for FY19 refunding bonds is a record high of around Y52.5tn.
  • Summertime for the central banks

    Summertime for the central banks

    29 July 2019 606 KB PDF
    • BoJ likely to take no action amid stable exchange rates, tenacious policy and economic assessment as expected
  • Forex Market View - Manufacturing PMIs affect the strength of currencies

    Forex Market View - Manufacturing PMIs affect the strength of currencies

    26 July 2019 499 KB PDF
    • The trend in manufacturing PMIs varies across countries, but no signs of recovery
    • Positive correlation between PMI level and currency fluctuation
    • Positive correlation between PMI change and currency fluctuation