MNI BRIEF: BOJ Cuts Scale Of 5-10 Year JGB Buying By JPY50 Bln
The Bank of Japan on Monday revealed it had lowered the scale of Japanese government bond buying with a remaining life of five to 10 years to JPY425 billion from April 24's similar JPY475 billion operation.
The 10-year JGB yield rose to 0.935% for the highest level since November 2023 as the reduction increased speculation over a further JGB buying cut.
BOJ board members saw the need to lower the scale of bond buying at the April 25-26 meeting, the summary of opinions showed.
The scale of JGB buying with a remaining life of one to three years and 10 to 25 years was left at JPY375 billion and JPY150 billion.
The BOJ is expected to consider whether to lower the scale of JGB buying, judging from bond supply-demand conditions and the scale of government bond issuance. (See MNI POLICY: BOJ Aims To Cut JGB Bond Buying Level In July)