耗时112年清仓？日本央行或最早1月开启ETF减持，每年仅卖3300亿日元

Group 1 - The Bank of Japan (BOJ) is planning to start selling its exchange-traded funds (ETFs) as early as January, marking a significant shift in its long-standing aggressive asset purchase strategy [1][3] - As of September, the market value of the BOJ's ETF holdings reached 83 trillion yen (approximately 534 billion USD), with an annual selling plan of only 3.3 trillion yen, indicating that it would take about 112 years to fully liquidate its holdings at this pace [1][2] - The BOJ aims to minimize market disruption during the selling process, reflecting a cautious approach similar to its past handling of problematic bank stocks [2][3] Group 2 - The BOJ's ETF purchasing history began in 2010 as a response to the global financial crisis, with initial purchases being relatively small, but significantly increasing over the years, especially during the COVID-19 pandemic [3][4] - The central bank's role as a major player in the Japanese stock market has raised concerns about market efficiency and the challenges of exiting its positions without causing market disturbances [3][4] - The mechanism of purchasing ETFs allows the BOJ to avoid the operational costs of buying individual stocks, but it also introduces potential moral hazards and fairness issues for private sector investors [4]