高盛：日本央行或选择在市场上逐步出售ETF

Core Viewpoint - Goldman Sachs suggests that the Bank of Japan (BOJ) will likely choose to gradually sell its ETF holdings in the market rather than transferring them to the government when it decides to reduce its ETF holdings [1] Group 1: Background and Context - The BOJ began purchasing ETFs in 2010 as part of its ultra-loose monetary policy aimed at revitalizing the sluggish economy, a practice that has continued for 13 years [1] - Although the BOJ stopped purchasing ETFs last year, it has not yet announced when or how it will dispose of its approximately 37 trillion yen (about 252 billion USD) in ETF assets, which have a market value of around 70 trillion yen [1] Group 2: Principles for Asset Disposal - The BOJ has stated that it will base its decision to reduce these assets on three principles: selling at an appropriate price, avoiding losses for the central bank, and minimizing market disruption during the sale [1] - Goldman Sachs indicates that a method to satisfy these three conditions may involve gradually selling small amounts of ETFs in the open market [1]