TOKYO -Bank of Japan Governor Haruhiko Kuroda said on Thursday the central bank was ready to buy exchange-traded funds "boldly" when necessary, but did not offer any hints on whether it would step in to stem the current market rout.
"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.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.Since then, it has bought ETFs on three days in March, once in April and not at all so far in May.
Kuroda said the BOJ's basic stance was to buy ETFs in huge amounts when market fluctuations are large, based on its findings that doing so was most effective in maximising the effect.
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