TREE NEWS update: Bank of Japan Deputy Governor Ryozo Himino said it is generally difficult to forecast the central bank’s earnings, and that ETF sales have so far had no significant impact on markets. The BOJ does not currently plan to make new adjustments to its ETF sale program, Himino said.
BOJ Deputy Governor Himino: Hard to Forecast BOJ Earnings; No New ETF Sale Adjustments Planned
AI take
The signal here is continuity, not change: the BOJ is signalling that its ETF unwind will proceed without fresh tinkering, which matters most for market participants who had been positioning around the risk of a policy shift on disposal pace. Himino's admission that earnings are hard to forecast also quietly decouples the sale programme from any profit motive, framing it as a technical exercise rather than a policy lever. Whether the absence of market impact holds as sales accumulate is the open question, particularly for liquidity in the underlying exposures.
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