BOJ cuts maximum limit of JGB purchase amount after major policy shift [Reuters]
SUMITOMO MITSUI TR S/ADR (SUTNY)
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Source: Reuters
Tuesday, after ending its radical stimulus policies of negative interest rates and yield curve control (YCC). The BOJ has been an aggressive bond buyer to defend its ultra-low rate policy. That has pushed its ownership to more than half the market, putting a squeeze on liquidity and impairing market function In its monetary policy statement, the bank said it will continue its JGB purchases at broadly the same amount as before. However, it also made cuts to the stated maximum limit of bond purchase amounts. The changes will apply to all bond maturities and for the April-June period. For 5-10 year JGBs, the BOJ will purchase up to 550 billion yen, from 900 billion yen previously. For 3-5 year bonds, it will purchase up to 500 billion yen, compared with 750 billion yen previously. These "drastic cuts" at the maximum end signals the BOJ will gradually step down its involvement in the market through bond-buying operations, said Katsutoshi Inadome, senior strategist at Sumitomo Mi
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