The Bank of Japan’s ETF endgame: how it could gratify small investors

(Dec 2020) Published in the Nikkei Asia within which he considers the Bank of Japan’s longstanding purchases of public equities, the crescendo that took place this past spring and the long-term implications of the central bank’s ownership of such equities both from a market perspective as well as its own.


  • The Bank of Japan has been buying public equities for a decade
  • Its portfolio of equities has reached JPY 45 trillion
  • How will it offload such an enormous holding and how will doing so impact the market?