That should roughly translate to monthly purchases of around ¥4.65 trillion, down from the current pace of around ¥6 trillion. As for the second year, the survey respondents expect the monthly purchases to fall further to average around ¥3.55 trillion.
Putting everything together, that should translate to a reduction of around ¥45 trillion over a two-year period once the BOJ begins the tapering process.
Just keep this in your back pocket for now as the BOJ is only set to meet with bond market participants next week in discussing further the details.
