Group 1 - The core viewpoint is that some members of the Bank of Japan have indicated an improvement in the functionality of the Japanese government bond market due to the central bank's reduction in bond purchasing scale [1]

Group 1 - The Bank of Japan indicates an improving trend in the functionality of the Japanese government bond market due to a reduction in bond purchases [1] - Some market participants express concerns about the diminishing liquidity in the ultra-long-term Japanese government bond market, leading to distortions between ultra-long-term yields and yields of other maturities [1] - There are mixed opinions among participants regarding the pace of bond purchase reductions, with some advocating for a faster reduction starting from the fiscal year 2026, while others suggest maintaining or slowing down the reduction pace [1]