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MNI POLICY:BOJ Cuts JGB Buying Frequency; Ups Upper End in Sep

     TOKYO (MNI) - The Bank of Japan said Friday it will reduce the frequency of
its purchases of Japanese government bonds with a remaining life of 1 to 10
years in September, but it increased the upper end of its buying range.
     The decisions are based on there being fewer business days in September
compared with August and reflected the BOJ stance of conducting bond buying
operations in a flexible manner.
     The BOJ refrains from conducting JGB buying operations on days when the
Ministry of Finance auctions JGBs and the BOJ board holds policy meetings.
     Following are planned JGB purchase operations in September:
     Zones (amounts to be purchased in ranges)
     1 to 3 years (Y200-Y400 bln in September vs. Y200-Y300 bln in August)
     3 to 5 years (Y250-Y450 bln in September vs. Y250-Y350 bln in August)
     5 to 10 years (Y300-Y600 bln in September vs. Y300-Y500 bln in August)
     10 to 25 years (Y150-Y250 bln in September vs. Y150-250 bln in August)
     More than 25 years (Y50-Y150 bln in September vs. Y50-Y150 bln in August)
     Frequencies of operations in each zone in September (vs. plans and actuals
in August).
     1 to 3 years: 5 times (6 times)
     3 to 5 years: 5 times (6 times)
     5 to 10 years: 5 times (6 times)
     10 to 25 years: 5 times (5 times)
     More than 25 years: 5 times (5 times)
     Dates of operations
     Sept. 4: 1 to 3 years, 3 to 5 years, 10 to 25 year and more than 25 years.
     Sept. 6: 5 to 10 years.
     Sept. 10: 1 to 3 years, 3 to 5 years, 5 to 10 years
     Sept. 12: 5 to 10 year, 10 to 25 years, more than 25 years.
     Sept. 14: 1 to 3 years, 3 to 5 years.
     Sept. 18: 5 to 10 years, 10 to 25 years, more than 25 years.
     Sept. 21: 1 to 3 years, 3 to 5 years, 10 to 25 years, more than 25 years.
     Sept. 25: 5 to 10 years.
     Sept. 27: 1 to 3 years, 3 to 5 years, 10 to 25 years, more than 25 years.
--MNI Tokyo Bureau; tel: +81 90-2175-0040; email: hiroshi.inoue@marketnews.com
--MNI London Bureau; +44208-865-3829; email: Jason.Webb@marketnews.com
[TOPICS: MMJBJ$,M$A$$$,M$J$$$,M$$FI$,MN$FI$]

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