BOJ(日銀)& GPIF(年金積立金管理運用独立行政法人)

December 26, 2016

BOJは、2016年に2年連続でETFの最大の買い手になる予定。

今年のBOJのETFの買い値は、2015年から40%増の4.3兆円を突破した。(昨年は3兆円以上のETFを購入)

さらに、GPIFは3.5兆円の株式を買い取った。外国人投資家は12月16日までに3兆5000億円以上の日本株を売却したが、GPIFが十分にカバーしたことになる。

 

今年7月、BOJはETFの年間目標を2倍にして、“円印刷のペダル”を強く踏んだ。中央銀行の究極の目標は、お金を市場に流出し、、物価が再び予想通り上昇するということです(日銀は2%のインフレ率を目標としている)。

 

GPIFの目的は、我々の年金資金を確保することであるが、副次的にというより意図的に日本の株価を押し上げるのがミッションであるかの様な気もする。

 

外国人投資家は、ドナルド・トランプ氏が大統領選を制した11月以来、2兆円以上の日本株を買収したが、2016年上半期の売却額を上回らない。

 

外国人投資家が日本株市場の動きを握っていたことを思えば、この二つの巨大組織が市場をコントロールしているのは喜ばしいことかもしれないが、日本市場の国際化がまたまた、遅れるのではないかと危惧する次第である。

 

以下、Asian Review からの引用】

BOJ the top buyer of Japanese equities

Bank's ETF purchases up 40% in 2016, hiding foreign investors' selling

 

Businessmen walk past the Bank of Japan headquarters in Tokyo. © AP

TOKYO -- The Bank of Japan is set to become the biggest buyer of exchange-traded funds in 2016 for the second straight year.

According to data through Thursday, the value of the BOJ's ETF purchases this year has topped 4.3 trillion yen ($36.5 billion), up 40% from 2015. Last year, the central bank bought more than 3 trillion yen worth of ETFs.

The data was released by the BOJ and compiled by the Tokyo Stock Exchange.

While foreign investors sold more than a net 3.5 trillion yen worth of Japanese shares through Dec. 16, trust banks, including those commissioned by the Government Pension Investment Fund, bought a net 3.5 or so trillion yen worth of shares, the data shows.

 

 

The figure for trust banks was below that for the BOJ, which "will become the largest buyer of ETFs this year," said Masatoshi Kikuchi of Mizuho Securities.

This year, the central bank increased its buying after doubling its annual ETF goal to purchase 3 trillion yen worth of the instruments. The decision came in July as the bank stepped harder on its yen-printing pedal.

The central bank's ultimate goal is to flood the economy with so much money that prices get moving predictably upward again; the BOJ is targeting a 2% inflation rate.

The value of the bank's ETF holdings, based on purchase prices, is 11 trillion yen. However, unrealized gains send the market value to 14 trillion yen, according to an estimate by Mitsubishi UFJ Kokusai Asset Management.

Although foreigners have bought more than a net 2 trillion yen of Japanese shares since November -- Donald Trump was elected president early that month -- the amount does not offset their selling in the first half of 2016.

The BOJ's ETF program has propped up share prices but distorted "the formation of stock prices," said Shingo Ide of NLI Research Institute.

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