Alongside its policy decision, the Bank of Japan published the operating schedules that determine how much duration it still absorbs and how it supplies dollars. The updated quarterly schedule of outright JGB purchases for October to December 2026 sets a monthly purchase total of 2,300 billion yen for October and November, spread across the curve: 100 billion yen in maturities up to one year, 660 billion in one to three years, 580 billion in three to five years, 610 billion in five to ten years, 170 billion in ten to twenty five years, 150 billion in maturities over twenty five years and 30 billion yen in inflation indexed bonds. Per auction sizes run from 100 billion yen at the shortest bucket to 330 billion yen in the one to three year sector. December dates will be announced on November 30, and the January to March 2027 schedule on December 25.
The long end sizes are the tightening story in miniature. Purchases of bonds over twenty five years are set at just 75 billion yen per auction, twice in the period shown, which leaves the super long sector to clear largely on private demand at a moment when the Ministry of Finance is also selling into it, including the roughly 2,600 billion yen ten year sale set for November 5. The bank restated that it may change purchase frequency with market conditions and that it will in principle not offer purchases in a maturity segment on the day the ministry auctions that segment.
The second document keeps the dollar backstop routine. The Bank of Japan will offer US dollar funds-supplying operations roughly weekly from November 4, 2026 through March 30, 2027, each at a fixed rate, for terms of about a week, in unlimited amounts against pooled collateral, with offers announced at 10:40 Tokyo time and results published around 11:45. The next schedule, through June 2027, will be published at the end of January 2027.
Neither schedule changes policy by itself. Together they show the shape of normalisation: a domestic bond purchase programme small enough that the market, not the central bank, sets long term yields, and an offshore dollar facility kept on a regular, published rhythm so that its use in a stress episode would be a routine operation rather than an emergency signal.