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BOJ: MoF Provide Further Signal That Bond Buying Should be Slowed in Stages

BOJ
  • The Ministry of Finance believe that the BoJ should take into account the capacity of commercial banks to hold JGBs as part of their decision on quantitative tightening, according to Bloomberg sources.   
  • That story comes just ahead of next week's BoJ rate decision (for which markets price ~75% chance of a 10bps hike to 0.20%) at which they'll also provide clarity on their intention to half the pace of JGB bond purchases over the next few years.
  • The complexity of the bond buying program probably means that QT will happen in very gradual stages over the coming years as rates normalize given the sensitivity of the authorities to a sharp spike in Japanese yields. This latest story is a further sign that BoJ should take a careful, gradual approach to their balance sheet.
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