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TOKYO (MNI) - The Bank of Japan Wednesday increased the scale of its
purchases of long-term Japanese government bonds to Y480 billion from Y430
billion at the previous comparable operation on Feb. 27.
At Y480 billion, the op is at the lower end of market expectations of
between Y480 billion and Y500 billion.
JGBs were little changed by the BOJ operation, with the 10-year bonds
traded at 0.000% after briefly rising to 0.005% in early Wednesday trade,
compared with Tuesday's close of 0.000%.
The increase followed the BOJ's decision to reduce the frequency of those
bond buying operations to four times in March from five times in February.
As a result, the total amount of buying by the BOJ in that bucket this
month is expected to fall to Y1.92 trillion (Y480 billion x 4) in March from
Y2.15 trillion in February (Y430 billion x 5) in February.
JGB players expect the BOJ to continue to buy long-term bonds Y480 billion,
while closely watching market developments.
If market condition tolerate BOJ bond buying reductions, the bank will do
so, taking advantage of the recovery in bond market functioning.
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