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REPEAT: MNI: BOJ Eyes JGB Functioning; Should Not Disturb Mkts

MNI (London)
Repeats Story Initially Transmitted at 04:35 GMT Oct 23/00:35 EST Oct 23
--Changes In BOJ JGB Operations Not Signal Of Monetary Policy
By Hiroshi Inoue
     TOKYO (MNI) - There will be no significant improvement in the functioning
of the Japanese Government Bond market, Bank of Japan officials think, unless
the central bank abandons its large-scale bond purchases, MNI understands.
     Those officials are considering if improved flexibility for outright JGB
buying operations will help boost market functionality, but they see a limit as
to how great the improvement can be all the time the BOJ maintains such a
dominant presence in the market.
     BOJ officials who run the daily market operations and monitor JGB market
functioning will hold their regular meeting with JGB market players later
Tuesday to exchange the view on developments in the bond market and on its
outlook. 
     --HIGH JGB HOLDING
     The outstanding balance of JGBs held by the central bank accounted for
42.30% of the total issuance as of the end of June, up from 41.84% at the end of
March, the latest BOJ data showed.
     Even if the BOJ reduces the scale of its JGB purchase, the proportion of
central bank bond holdings would increase, as overall JGB issuance by the
Ministry of Finance is expected to fall as the economic recovery boosts tax
revenues.
     Under the current framework, the BOJ has been trying to stabilize the
10-year JGB yield, the benchmark for long-term borrowing costs, at around zero
percent and keep the overnight interest rate at -0.1%. The bank has strengthened
the framework in late July, allowing a wider trading range of +0.2% to -0.2% for
the 10-year bond yield, double the previous, unofficial range of +0.1% to -0.1%.
     --NOT UNWIND SIGNAL
     Reducing both the scale of BOJ JGB buying per operation and the frequency
of monthly operations are possible options for the central bank, as is dropping
the fixed schedule for conducting operations.
     BOJ officials believe any change to the format of JGB buying operations
will not be interpreted by market players as meaning the central bank is
considering unwinding its easy policy.
     --YEN IMPACT
     The same officials also believe reducing the scale of its bond buying will
not trigger a stronger yen, as market players understand daily JGB operation do
not imply the outlook for monetary policy.
     However, they are are cautious that increased uncertainties regarding BOJ
operations, which in turn will disturb market players.
     Dropping the schedule of conducting its outright JGB purchase would remove
transparency over operations, and could see market players refrain from trading
bonds until 1010 JST (0110 GMT), when the BOJ usually announces any operation.
     As for the conduct of monetary policy, the BOJ has been making the efforts
to increase the transparency and accountability of policy decisions. Officials
think the BOJ should keep step with policy decisions regarding transparency of
JGB buying operations.
--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
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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