Monday, July 22, 2024
HomeBusinessJapanese mega banks to drastically cut BOJ bond purchases

Japanese mega banks to drastically cut BOJ bond purchases

Japan’s major banks called on the Bank of Japan (BOJ) to sharply cut its monthly bond purchases during hearings with market participants at the central bank, people present said.

One megabank said the BOJ should act early to make sharp cuts to bond purchases, while another major bank recommended an eventual reduction in monthly purchases of ¥1 trillion ($6.2 billion), the sources said. A third megabank said purchases should be halved from the current monthly level to ¥3 trillion, the sources added.

Regional banks’ views on the size of bond cuts were more cautious, the people said. Some brokers called for the BOJ to reduce its purchases to ¥3 trillion starting in August, while others recommended reaching that limit after a year, the people added.



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