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TOKYO (MNI)

The Bank of Japan on Tuesday lowered the scale of its purchases of short-term government bonds to JPY450 billion from JPY500 billion at the last similar operation on Dec. 21.

The cut was widely expected by bond players and JGBs were little influenced by the move.

The reduction was consistent with the bank's decision to lower the range of JGB purchases with a remaining life of one to three years to between JPY300 billion and JPY600 billion. The December range was JPY350 billion to JPY650 billion.