BOJ Monetary Policy Navigator

BoJ reduces bond purchases and raises rates in tandem, adopting hawkish policy guidelines

• BoJ accompanies release of detailed plan for reducing JGB purchases with surprise rate hike
• Size and pace of cuts in bond purchases did not upset market; plan enhances predictability of buying operations while maintaining flexibility
• Bank expresses view that real interest rates are at "significantly low levels" and emphasizes intention to "continue to raise the policy interest rate"