日本央行“精准缩表” 超长期日债跌势恐加剧

Group 1 - The Bank of Japan is reducing its monthly purchases of 10 to 25-year government bonds from 405 billion yen (approximately 2.3 billion USD) to 345 billion yen (approximately 2.3 billion USD) for the next quarter, while maintaining the purchase of bonds over 25 years at 150 billion yen [1][5] - The total monthly purchase of all maturities will decrease from 3.705 trillion yen to 3.3 trillion yen, indicating a gradual shift away from loose monetary policy [5] - The losses on long-term Japanese government bonds have been significant, with a decline of 9% this year, which is more than double the losses of bonds with shorter maturities [2][5] Group 2 - The reduction in bond purchases is seen as a slight negative factor for the bond market, as indicated by the comments from a senior strategist at Sumitomo Mitsui Trust Asset Management [2] - The decision to keep the purchase volume of bonds over 25 years unchanged is viewed positively, as it signals the Bank of Japan's cautious approach to avoid instability in the ultra-long-term bond market [6] - Market participants are increasingly expecting another interest rate hike in October, reflecting the Bank of Japan's gradual tightening stance [5]