Asexpected, the Bank of Japan kept the policy rate unchanged at Friday's meeting. However, it announced that it would start reducing its Japan ese Government Bond purchases after its July monetary policy meeting and that it would lay out the details of its reduction plan for the next one to two years at that meeting, says Jin Kenzaki, Head of Research for Japan at Societe Generale.
Until this announcement, we had predicted that the purchase amount would decrease to JPY4tn by the end of this year and JPY3tn by next spring, but given the pressure from the government to address the weak yen, we now think the most likely scenario will be a reduction starting in August, with purchases declining by JPY1tn every three months and reaching zero by November of next year.
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