BOJ to nearly double monthly JGB purchases from May

TOKYO, April 4 Thu Apr 4, 2013 5:49am EDT

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TOKYO, April 4 (Reuters) - The Bank of Japan said on Thursday that it will begin buying around 7.5 trillion yen ($81 billion) of Japanese government bonds per month from May as part of an array of monetary easing steps it unveiled in a bid to defeat deflation.

The central bank currently buys about 3.8 trillion yen of JGBs per month.

The BOJ shocked markets earlier on Thursday with a radical overhaul of its policymaking, adopting a new balance sheet target and pledging to double its government bond holdings in two years as it seeks to end nearly two decades of deflation.

The purchases of government debt will include floating-rate bonds and inflation-linked bonds, the BOJ said in a statement.

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