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Nikkei Piece Reiterates Potential BOJ Plan to Cut Government Bond Purchases

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  • The latest piece from the Nikkei here: https://asia.nikkei.com/Economy/Bank-of-Japan/BOJ-...
    • "The Bank of Japan will consider gradually reducing its Japanese government bond holdings at a two-day policy meeting that starts Thursday, taking a step toward normalizing not just interest rates, but the quantitative side as well."
    • "Some within the BOJ are now discussing adjustments to this approach. They are believed to be looking to lower the target range in stages, with the aim of slowly reducing JGB holdings to prevent market turmoil."
  • Nothing too out of line here. Earlier in the week, MNI noted that the BOJ could act this week to reduce its monthly government bond purchases from around JPY6 trillion.
  • Additionally, we said the BOJ is concerned that some investors are staying away from longer-dated JGBs amid uncertainty over the outlook for its bond-buying. Any reduction in purchases will be accompanied by a pledge to stay in the market and to ensure there is no spike in long-end yields, which in effect could equate to yield-curve control.
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  • The latest piece from the Nikkei here: https://asia.nikkei.com/Economy/Bank-of-Japan/BOJ-...
    • "The Bank of Japan will consider gradually reducing its Japanese government bond holdings at a two-day policy meeting that starts Thursday, taking a step toward normalizing not just interest rates, but the quantitative side as well."
    • "Some within the BOJ are now discussing adjustments to this approach. They are believed to be looking to lower the target range in stages, with the aim of slowly reducing JGB holdings to prevent market turmoil."
  • Nothing too out of line here. Earlier in the week, MNI noted that the BOJ could act this week to reduce its monthly government bond purchases from around JPY6 trillion.
  • Additionally, we said the BOJ is concerned that some investors are staying away from longer-dated JGBs amid uncertainty over the outlook for its bond-buying. Any reduction in purchases will be accompanied by a pledge to stay in the market and to ensure there is no spike in long-end yields, which in effect could equate to yield-curve control.