Addressing the post-policy meeting press conference on Friday, Bank of Japan (BoJ) Governor Kazuo Ueda said that the Bank “decided to reduce JGB purchases to ensure long-term yields are formed more freely in markets.”

The BoJ kept the interest rate steady at 0% for the second meeting in a row in June.

Additional quotes

Important to reduce JGB purchases in a foreseeable manner, while ensuring flexibility to be mindful of stability in bond market