Bank of Japan Reduces Government Bond Purchases

Jun 14, 2024 | News On Japan

TOKYO - The Bank of Japan decided on June 14th to reduce its government bond purchases following the conclusion of its Monetary Policy Meeting. The pace of the reduction will be determined at the next meeting.

In March of this year, the Bank of Japan ended its negative interest rate policy, significantly shifting from its large-scale monetary easing measures. Despite this, the BOJ has continued to purchase approximately 6 trillion yen worth of government bonds each month to maintain an accommodative environment.

However, the BOJ has now decided to review this framework and reduce the amount of its bond purchases.

The specific scale of the reduction was not disclosed, with a plan to be decided at the next meeting at the end of July, covering the next one to two years.

The announcement to hold off on raising short-term interest rates led to the yen weakening by about 1 yen against the dollar, nearing 158 yen per dollar in the foreign exchange market.

Source: ANN

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