BOJ Has No Immediate Plans To Reassess Its ETF Sale Strategy, Deputy Governor Himino Says

The Bank of Japan's Deputy Governor Ryozo Himino stated that the central bank has no immediate plans to reassess its strategy for selling the exchange-traded funds it holds, signaling continuity in its gradual balance-sheet normalization. The transmission channel runs through equity risk premia and domestic capital flows: BOJ ETF holdings have effectively functioned as a passive stock-market backstop, so a firm no-change stance removes near-term uncertainty about the timing and pace of unwinding that supply overhang. Japanese equities, particularly large-cap names with heavy ETF ownership weighting and the broader TOPIX complex, are most directly exposed, since any signal of accelerated disposal would have implied incremental selling pressure on those constituents. Traders will look to the BOJ's next policy meeting and any accompanying guidance on JGB purchase reductions, along with monthly data on the central bank's ETF and J-REIT holdings, for clues on whether the unwinding pace remains unchanged.

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