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Consolidating

--Also Leaves Unchanged Buying Plans for Each JGB Maturity Zone
     TOKYO (MNI) - The Bank of Japan said Friday it has decided to leave the
frequency of its Japanese government bond purchases in April unchanged from
March, indicating there is no need to guide any particular bond yields higher or
lower.
     The BOJ also left unchanged its purchase plans for each JGB maturity zone.
     Under its yield curve control policy framework, the BOJ is seeking to
stabilize the 10-year government bond yield, the benchmark for long-term
borrowing costs, "around zero percent" and keep the overnight interest rate at
-0.1%.
     The BOJ also said that it may announce additional JGB buying operations,
depending on market conditions.
     The BOJ refrains from conducting JGB buying operations on days when the
Ministry of Finance auctions JGBs and the BOJ board holds policy meetings.
     The planned JGB purchase operations in April:
     The zones (amounts to be purchased in ranges)
     1 to 3 years (Y200-Y300 bln in April vs. Y200-Y300 bln in March)
     3 to 5 years (Y250-Y350 bln in April vs. Y250-Y350 bln in March)
     5 to 10 years (Y300-Y500 bln in April vs. Y300-Y500 bln in March)
     10 to 25 years (Y150-Y250 bln in April vs. Y150-250 bln in March)
     More than 25 years (Y50-Y150 bln in April vs. Y50-Y150 bln in March)
     The frequencies of operations in each zone in April (vs. plans and actuals
in March).
     1 to 3 years: 6 times (6 times)
     3 to 5 years: 6 times (6 times)
     5 to 10 years: 6 times (6 times)
     10 to 25 years: 5 times (5 times)
     More than 25 years: 5 times (5 times)
     The dates of operations
     April 2: 10 to 25 years, more than 25 years.
     April 4: 1 to 3 years, 3 to 5 years, 5 to 10 years.
     April 6: 1 to 3 years, 3 to 5 years.
     April 9: 5 to 10 years, 10 to 25 years, more than 25 years
     April 11: 1 to 3 years, 3 to 5 years, 5 to 10 years.
     April 13: 1 to 3 years, 3 to 5 years, 10 to 25 years, more than 25 years.
     April 18: 1 to 3 years, 3 to 5 years, 5 to 10 years.
     April 20: 5 to 10 years, 10 to 25 years, more than 25 years.
     April 23: 1 to 3 years, 3 to 5 years.
     April 25: 5 to 10 years, 10 to 25 years, more than 25 years.
--MNI Tokyo Bureau; tel: +81 90-4670-5309; email: max.sato@marketnews.com