TOKYO -- The average maturity of long-term Japanese government bonds the Bank of Japan buys as part of its monetary easing program has been on the decline, falling to about 6.6 years for purchases in July.
Aiming to apply downward pressure to the entire yield curve, the BOJ has been purchasing long-term JGBs in great quantity. The bank says it aims for an average maturity of around seven years in the purchases, but longer averages have been common. This is because bonds that don't mature for as long as 40 years often found their way into the BOJ's coffers.
