BoJ plans ¥2.3 trillion of JGB purchases for October, down from ¥2.5 trillion
Victoria Shinder1 min readThe Bank of Japan published its schedule of outright purchases of Japanese government bonds for October to December on 30 September. For October it plans a monthly total of ¥2.3 trillion across maturities, according to the schedule. The July-September schedule, as last updated on 31 August, set a monthly total of ¥2.5 trillion, so October's plan is ¥200 billion lower.
The October purchases are spread across the curve. By residual maturity, the schedule sets ¥100 billion per auction for bonds up to one year; ¥330 billion per auction for one to three years; ¥290 billion for three to five years; ¥305 billion for five to ten years; ¥85 billion for ten to 25 years; and ¥75 billion for more than 25 years, with separate small purchases of inflation-indexed bonds. Auctions are scheduled on 7, 16, 21 and 28 October depending on the segment. Japan Climate Transition Bonds are included; inflation-indexed and floating-rate bonds are excluded from the coupon-bond buckets.
The bank notes that sizes are approximate, that it may change the frequency depending on market conditions, and that it will in principle not offer purchases in a maturity segment on days when the Ministry of Finance auctions bonds in that segment. November's dates will be announced on 30 October at 5 p.m., and the schedule for January to March 2027 on 25 December.
The earlier schedule is at https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2026/mpr260831a.pdf.
Why it matters
A smaller monthly purchase total means the BoJ is absorbing less of the JGB supply the market must otherwise take. With government bond yields high around the world, each step down in the schedule leaves more duration for private investors, which is why the quarterly table matters for the yen and for yields beyond Japan.