BOJ Deputy Governor Himino: Hard to Forecast BOJ Earnings; No New ETF Sale Adjustments Planned

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.