货币政策转向信号？日本央行下季度将减少购买超长债券，购买量环比下降15%

Core Viewpoint - The Bank of Japan announced a reduction in its ultra-long-term bond purchase scale for the next quarter, indicating a shift away from its accommodative monetary policy, with expectations of further interest rate hikes in October [1][2]. Group 1: Bond Purchase Adjustments - The Bank of Japan will reduce its monthly purchases of 10 to 25-year bonds from 405 billion yen (approximately 27 billion USD) to 345 billion yen (approximately 23 billion USD), a decrease of 15% [1]. - The total monthly bond purchase across all maturities is expected to decline from 3.705 trillion yen to 3.3 trillion yen [1]. - The purchase scale for bonds with maturities over 25 years will remain unchanged at 150 billion yen [2]. Group 2: Market Reactions and Implications - The reduction in bond purchases is anticipated to have a slight negative impact on the bond market, as noted by a senior strategist at Sumitomo Mitsui Trust Asset Management [1]. - The stability of the ultra-long-term Japanese government bond market is supported by maintaining the purchase scale for bonds over 25 years, which is seen as a cautious approach to avoid instability risks [2]. - Year-to-date, 10-year and longer bonds have experienced a decline of over 9%, more than double the drop of other maturities, driven by persistent inflation and reduced demand from life insurance companies [2].