日本央行维持利率不变 将出售资产缩减宽松规模

Core Points - The Bank of Japan (BOJ) has decided to maintain its current interest rate at around 0.5% after a two-day monetary policy meeting, indicating a future intention to sell financial assets to reduce the scale of monetary easing and normalize monetary policy [1] - The BOJ plans to sell approximately 3.3 trillion yen worth of ETFs and 5 billion yen worth of REITs annually, with the specific timing of these sales yet to be determined [1] - As of March 31, the BOJ's total ETF book value was 37 trillion yen, with a market value of approximately 70 trillion yen, indicating a significant asset holding that could impact market dynamics upon sale [1] Monetary Policy - The BOJ's decision to maintain the interest rate reflects a cautious approach to monetary policy normalization following extensive easing measures during the COVID-19 pandemic [1] - The central bank's asset purchase program was significantly expanded during the pandemic to support the economy, leading to the current large holdings of ETFs and REITs [1] Future Actions - The BOJ is actively seeking opportunities to sell its holdings of ETFs and REITs, marking a shift from its previous stance of asset accumulation to potential market impact through asset liquidation [1] - The planned annual sales of 3.3 trillion yen in ETFs, which currently have a market value of about 6.2 trillion yen, suggest a strategic move to gradually unwind its balance sheet [1]