The Bank of Japan’s two-day June meeting (which concludes on Tuesday) is unlikely to result in any major policy changes. The Board will probably discuss tweaks to its money market operations and asset purchases in response to the recent market volatility. Options include lengthening the maturity of the Bank’s low interest rate lending, relaxing the terms of the Securities Lending Facility, and bringing forward planned purchases of equity ETFs or J-REITS. However, none of these steps would be game-changers and the latter in particular would probably be too controversial to win the Board’s approval.
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