日本央行继续减少国债购买额，季度减幅缩小

Core Viewpoint - The Bank of Japan is gradually reducing its bond purchases, transitioning from an ultra-loose monetary policy to a more market-driven approach, while maintaining a policy interest rate of 0.5% [1][2]. Group 1: Monetary Policy Adjustments - The Bank of Japan decided to continue reducing its purchases of Japanese government bonds, decreasing the quarterly reduction from 4 trillion yen to 2 trillion yen starting in April 2026 [1]. - By March 2026, the monthly bond purchase amount will decrease from 5.7 trillion yen to 2.9 trillion yen, with further reductions planned for 2027 [1][2]. - The central bank will retain the flexibility to increase bond purchases if there is a surge in interest rates, with evaluations scheduled for June 2026 [1]. Group 2: Bond Holdings and Market Impact - Since the initiation of the ultra-loose monetary policy in 2013, the Bank of Japan has accumulated approximately 560 trillion yen in government bonds, representing 52% of the issuance balance [2]. - The central bank plans to phase out bond purchases to avoid market disruption, with expectations that bond holdings will decrease by 16-17% by March 2027 compared to June 2024 [2]. - To enhance liquidity in the bond market, the Bank of Japan has relaxed conditions for financial institutions to purchase bonds directly without returning them [2]. Group 3: Economic Considerations - The impact of U.S. tariff policies has not yet shown significant negative effects on Japan's economic statistics, but the Bank of Japan is closely monitoring potential adverse effects on wage growth and capital investment [3].