Kuroda says BOJ ready to buy ETFs 'boldly,' drops no hints on when

May 14, 2021 | News On Japan

May 14, 2021 (Reuters) - Bank of Japan Governor Haruhiko Kuroda said on Thursday the central bank was ready to buy exchange-traded funds (ETF) "boldly" when necessary, but did not offer any hints on whether it would step in to stem the current market rout.

The central bank held off from buying ETFs this month even as Japanese share prices sank on worries over rising global input costs and a tech sell-off on Wall Street. read more

Kuroda said the BOJ's purchases were not intended to prop up stock prices at a certain level, adding that when to step in was an operational decision based on market moves at the time.

"We don't have any automatic, set rule in buying ETFs, such as doing so when stock prices fall by a certain amount in several days," Kuroda told parliament.

"There's absolutely no change to our stance of buying ETFs boldly when necessary," he added.

As part of efforts to make its massive stimulus sustainable, the BOJ in March ditched a pledge to buy ETFs at a set annual pace and now promises to step in only when necessary.

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