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(Update) BOJ to Reduce Govt Bond Purchases

(Update) BOJ to Reduce Govt Bond Purchases

   Tokyo, June 14 (Jiji Press)--Bank of Japan policymakers Friday voted to reduce the central bank's purchase amount of Japanese government bonds as part of efforts to normalize its monetary policy.
   The reduction is designed to "ensure that long-term interest rates would be formed more freely in financial markets," the BOJ said in a statement after its two-day monetary policy meeting.
   The BOJ's board voted 8-1 to reduce the purchase amount. It will decide on a detailed plan for the reduction over the next one to two years at its next policy meeting in July, the BOJ said.
   The central bank currently buys government bonds at a monthly pace of some 6 trillion yen. It holds as much as about 600 trillion yen's worth of government bonds as a result of its massive monetary easing policy launched in 2013.
   Some have said that a reduction in the BOJ's bond purchases would help stem a rapid depreciation of the yen by putting upward pressure on Japanese long-term interest rates.

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AFP-JIJI PRESS NEWS JOURNAL


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