日本央行据悉最早将于1月开始减持ETF，这一过程预计要耗时数十年才能完成

Core Viewpoint - The Bank of Japan is expected to begin selling a significant amount of its exchange-traded funds (ETFs) as early as next month, a process that may take decades to complete [1][3]. Group 1: Asset Management Strategy - The central bank plans to gradually reduce its ETF holdings according to the decision made in the September policy committee meeting to avoid market disruption [3]. - As of the end of September, the market value of the relevant holdings reached 83 trillion yen (approximately 534 billion USD), with a book value of 37.1 trillion yen [3]. - The plan established in the September meeting outlines an annual sale of 330 billion yen worth of ETFs based on book value, indicating that at this pace, the entire process could take about 112 years [3]. Group 2: Market Impact Considerations - The Bank of Japan aims for the sale to have minimal market impact, similar to the reduction of troubled assets purchased in the 2000s, which was completed in July after nearly ten years without disturbing the financial markets [3]. - The central bank is expected to maintain a steady monthly reduction rate while striving to minimize market volatility [3]. - However, it is noted that if a situation akin to the 2008 global financial crisis occurs, the central bank may halt the ETF sales [3].