日本央行：放缓缩减购债规模

Group 1 - The Bank of Japan decided to maintain its policy interest rate at around 0.5% and will begin to reduce its bond purchasing scale starting from summer 2024, with a quarterly reduction of approximately 400 billion yen [1] - The reduction pace will slow down to 200 billion yen per quarter starting from the fiscal year 2026, indicating a cautious approach towards interest rate hikes amid geopolitical risks and economic uncertainties [1] - Concerns over US-Japan trade negotiations and potential tariffs on Japanese automobiles have heightened market worries regarding Japan's export outlook [1] Group 2 - Prior to the June meeting, economists widely expected the Bank of Japan to keep its policies unchanged, with two-thirds anticipating a slowdown in bond purchase reductions [2] - The Japanese government is facing challenges in stabilizing the national debt market, as investor concerns over long-term bond yields continue to rise [2] - The Bank of Japan, as the largest holder of Japanese government bonds, has seen demand for bonds weaken due to its reduction in purchasing scale, leading to poor auction results for long-term bonds [2] Group 3 - The auction for 20-year Japanese government bonds on May 20 faced a decline in bid-to-cover ratio, raising market concerns and causing a spike in 30-year bond yields [3] - The bid-to-cover ratio for the 30-year bond auction on June 5 dropped to 2.92, the lowest level in 2023, indicating weakening demand [3] - The Bank of Japan's bond holdings decreased by 6.2 trillion yen in the first quarter, marking a record decline, which has intensified fears of a "debt hangover" in the market [3]