瑞穗：日本央行QT终局目标成谜，超长期日债供需获短期支撑

Group 1 - The Bank of Japan has not specified the extent to which it plans to advance quantitative tightening (QT) in its June monetary policy meeting, indicating a long way to go before the next interest rate hike [1] - The central bank's mid-term review of its bond purchasing plan aligns with market expectations, but no plans for the period after April 2027 have been proposed, leaving the scale of bond purchase reductions unclear [1] - The Ministry of Finance's anticipated adjustments to Japan's government bond issuance plan may significantly impact supply and demand, despite the expected reduction in ultra-long-term government bond supply being largely in line with market expectations [1] Group 2 - The Bank of Japan has not provided any information regarding the scale of bond purchase reductions for the period after April 2027, and a policy committee member has opposed slowing the reduction pace, suggesting that cuts may continue beyond this date [2] - The potential for monthly purchase levels to drop significantly below 2 trillion yen could have a slight negative impact on bond supply and demand [2] - The Bank of Japan's bond purchase schedule for July to September 2025 shows no reduction in planned purchases of 10 to 25-year maturity bonds, indicating a cautious approach to reducing ultra-long-term bond purchases [1]