Bank of Japan set to reduce JGB purchases, stands pat on interest rate

The BOJ said in its statement it could reduce its purchases of Japanese government bonds after the next monetary policy meeting, scheduled to be held on July 30 and 31.

The Bank of Japan kept its benchmark interest rate unchanged on Friday, but indicated it's considering the reduction of its purchase of Japanese government bonds.The central bank left short-term rates unchanged at between 0% to 0.1% at the end of its two-day policy meeting, as widely expected. While the large scale purchases of JGBs achieved the effect of stabilizing 10-year JGB yields at around the 1% level, it indirectly put additional downward pressure on the weak yen, according to a note by advisory firm Teneo published on June 13.

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