The Bank of Japan (BOJ) today released its Market Operations Report for fiscal year 2025, stating that at its monetary policy meeting in June 2025, the bank decided to reduce its monthly Japanese government bond (JGB) purchases by approximately JPY 400 billion per quarter, starting from January-March 2026, and by approximately JPY 200 billion per quarter starting from April-June 2026, with the goal of reaching approximately JPY 2 trillion by January-March 2027. The report indicates that the total JGB purchases for the January-March 2026 quarter will be JPY 8.7 trillion (JPY 2.9 trillion per month), which is the lowest level since the introduction of Quantitative and Qualitative Easing (QQE) in April-June 2013.