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MNI POLICY: BOJ Ups Upper End of May Mid-, Long-Term JGB Buys

MNI (London)
     TOKYO (MNI) - The Bank of Japan will increase the upper end of a range of
medium- and long-term bond buying in May as the board decided to increase the
scale of its purchases of government bonds.
     The BOJ kept the frequency of purchases of Japanese government bonds except
for except adding one to the bucket of bonds with a remaining life of 3 to 5
years.
     The BOJ's schedule sees it refrain from conducting JGB buying operations on
days when the Ministry of Finance holds auctions for JGBs or the BOJ board holds
policy meetings.
     --CALENDAR
     The planned JGB purchase operations in May:
     The zones (amounts to be purchased in ranges)
     --1 to 3 years (JPY200-JPY500 bln in May vs. JPY200-JPY450 bln in April)
     --3 to 5 years (JPY200-JPY500 bln in May vs. JPY150-JPY400 bln in April)
     --5 to 10 years (JPY200-JPY550 bln in May vs. JPY200-JPY500 bln in April)
     --10 to 25 years (JPY50-JPY200 bln in May vs. JPY50-JPY200 bln in April)
     --More than 25 years (zero-JPY50 bln in May vs. zero-JPY50 bln in April)
     The frequencies of operations in each zone in May plans vs April plans
excluding unscheduled operations.
     --1 to 3 years: 6 times (6 times)
     --3 to 5 years: 5 times (6 times)
     --5 to 10 years: 5 times (5 times)
     --10 to 25 years: 2 times (2 times)
     --More than 25 years: 2 times (2 times)
     The dates of operations
     May 7: 1 to 3 years, 5 to 10 years.
     May 11: 1 to 3 years, 3 to 5 years, more than 25 years.
     May 13: 1 to 3 years, 3 to 5 years, 10 to 25 years.
     May 15: 5 to 10 years.
     May 19: 1 to 3 years, 5 to 10 years, more than 25 years.
     May 21: 1 to 3 years, 3 to 5 years.
     May 25: 1 to 3 years, 3 to 5 years, 5 to 10 years.
     May 29: 3 to 5 years, 5 to 10 years, 10 to 25 years.
--MNI Tokyo Bureau; tel: +81 90-2175-0040; email: hiroshi.inoue@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MMJBJ$,M$A$$$,M$J$$$,M$$FI$,MN$FI$]
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com

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