日央行抛售ETF持仓惹争议！投资者担忧股市将受冲击

Core Viewpoint - The Bank of Japan (BOJ) has decided to maintain its benchmark interest rate at 0.5% for the fifth consecutive meeting, aligning with market expectations, while announcing plans to sell its holdings in exchange-traded funds (ETFs) and Japanese real estate investment trusts (J-REITs) [1][4]. Group 1: BOJ's ETF and J-REITs Sale Plan - The BOJ will sell ETFs at an annual rate of approximately 3.3 trillion yen (book value) and J-REITs at about 5 billion yen annually, marking the first time the BOJ has detailed its plan for disposing of ETF holdings [1][4]. - As of March 2025, the BOJ's ETF holdings have a book value of 37 trillion yen and a market value of 70 trillion yen, with an estimated unrealized gain of 4.38 trillion yen as of mid-September [1][4]. Group 2: Implications of the Sale - The sale of ETFs is seen as a step towards normalizing the BOJ's operations after years of unconventional monetary policy, which included purchasing ETFs to stimulate the economy and combat deflation [5][7]. - The BOJ's ETF holdings account for approximately 7% of the total market capitalization of the Japanese stock market, raising concerns that the sale could undermine investor confidence, especially as the Japanese stock market reaches historical highs [5][7]. Group 3: Historical Context of ETF Purchases - The BOJ began purchasing ETFs in 2010 to revitalize the corporate sector and encourage risk investment by increasing the supply of funds and lowering capital costs [7][8]. - The BOJ's ETF purchases significantly increased after Haruhiko Kuroda became governor in 2013, leading to a 57% rise in the Nikkei index that year, although the effectiveness of these purchases has diminished over time [7][8]. Group 4: Criticism of BOJ's ETF Holdings - The BOJ's initial purchase of Nikkei 225 index ETFs faced criticism for favoring a few high-weighted stocks, distorting the market and leading to excessive volatility during policy adjustments [8]. - The large ETF holdings have reduced the availability of tradable shares in the market and weakened shareholder influence on corporate governance [8].