BoJ selling ETFs is a very Japanese-style balance sheet de-risking engineering. The key is not 'whether to sell or not'; decades of averaging out, avoiding price discovery shocks, with a book value of 370 trillion vs a market value of 830 trillion, which itself is an implicit buffer. The shift from unconventional monetary policy to long-term asset management marks a return for central banks to institutional stabilizers. Who will catch this part of non-economic motivation supply in the coming decades, and how will the Japanese capital market complete re-pricing under 'no central bank support'? #ETF