At its October policy meeting, the BOJ decided to accelerate the pace of ETF sales from January 2027. The scale of its holdings and unrealized gains accumulated during the long period of monetary easing are said to be behind the decision.
At its monetary policy meeting on 30 October, the BOJ decided to accelerate the pace of selling exchange-traded funds, or ETFs, from January 2027. Market participants viewed the decision as a surprise, and the focus is now on what lay behind it.
The BOJ purchased huge amounts of ETFs under its large-scale monetary easing policy over many years and indirectly holds shares equivalent to approximately 8% of the market capitalization of the TSE Prime Market. This has made the BOJ's holdings an unusual presence in the market.
The market value of its shareholdings has reached approximately ¥94 trillion, with unrealized gains estimated at approximately ¥57 trillion. These figures are presented as estimates as of the end of March 2026 and are cited as part of the background to the decision.