BOJ to Adjust Annual ETF Sales to About ¥860 Billion from January

The headline number matters less than the fact that a firm pace is now set: the BOJ is converting a vague unwinding intention into a calendar-based disposal program, which gives market participants something to price around rather than speculate about. The direct effect falls on Japanese equity ETF holders and the broader liquidity picture, since steady official selling adds a known supply overhang. What is missing is the schedule detail, and whether the disclosed pace is treated as a ceiling or a fixed target remains the open question.