BNP Paribas "do not expect substantive.....>

BOJ VIEW: BNP Paribas "do not expect substantive changes to the BoJ's policy at

its meeting next week. If there are changes, they are likely to be confined to

adjustments to market operations. For JGBs, the BoJ may try to allow

super-long-term rates (above 10-year) to rise, while keeping the target for the

10-year rate unchanged. The BoJ is probably more concerned about its ETF buying,

but the hurdle for reducing purchases still looks high. A shift in the

composition of ETF buying is likely, however. Whatever the BoJ's decision next

week, with the side effects of monetary easing accumulating, speculation about

policy fine-tuning is set to continue to simmer."