按计划每年 330 billion yen 的速度，处置 BOJ 帐面价值 37 trillion yen 的 ETF 部位约需 112 年，使其在日本企业界仍将是重要的间接大股东。截至 2026-01 下旬的估算显示，BOJ 在 541 家公司中的间接持股超过 5%，其中在 Advantest 与 TDK 的比例超过 20%，在 Fast Retailing、Konami Group 与 Fanuc 约为 16% 到 17%。BOJ 也持有不动产投资信托（REIT），研究指出截至 2024 年春季，其多数不动产曝险集中在东京核心 23 区，并将 BOJ 买入 REIT 与更高的办公室租金及地方银行增加不动产放款联系起来。
从表面数字看，REIT 的回收更慢：以目前速度出售帐面价值约 650 billion yen 的 REIT 总持仓，约需 130 年，意味著对可能过热的房地产市场存在长期支撑风险。历史上，BOJ 于 2010-12 开始买入 ETF，当时日经约在 10,000 点左右，约为近期水准的 1/5；之后又把每年 ETF 买入规模从 1 trillion yen 扩大到 3 trillion yen，进而到 6 trillion yen；有一种评估认为其价格支撑效果最多仅约 3 months，却会扭曲价格形成。BOJ 在 2024-03 随著政策正常化而停止新的 ETF 购买，但在 2024-08 日经出现史上最大单日跌幅后，官员曾讨论再度买入的可能性，凸显 112-year 到 130-year 的处置路径仍可能因未来冲击而进一步拉长。
The Bank of Japan has started a quiet, ultra-slow unwind of its ETF holdings totaling 95 trillion yen (about $610 billion), a move designed to avoid market disruption but likely to leave its monetary-easing footprint in place for decades. On 2026-02-03, after the Nikkei Stock Average jumped more than 2,000 points to a record close, BOJ data showed ETF sales with a book value of 5.3 billion yen over roughly the final 10 days of 2026-01. The BOJ’s plan, set out in a 2025-09 decision, targets sales of about 330 billion yen per year (book value), implying an unwinding horizon measured in generations rather than years.
At the planned 330 billion yen annual pace, disposing of the BOJ’s ETF position with a book value of 37 trillion yen would take about 112 years, keeping it a major indirect shareholder across corporate Japan. Estimates as of late 2026-01 indicate indirect stakes exceeding 5% in 541 companies, including more than 20% in Advantest and TDK and about 16% to 17% in Fast Retailing, Konami Group, and Fanuc. The BOJ also holds real estate investment trusts, with research noting that as of spring 2024 a majority of its property exposure was concentrated in Tokyo’s central 23 wards, and linking BOJ REIT buying to higher office rents and increased real-estate lending by regional banks.
The REIT unwind is even slower in headline terms: selling total REIT holdings of about 650 billion yen (book value) at the current pace would take roughly 130 years, implying persistent support risks for an overheating property market. Historically, the BOJ began ETF buying in 2010-12 when the Nikkei was around 10,000, about 1/5 of its recent level, and later expanded annual ETF buying from 1 trillion yen to 3 trillion yen and then 6 trillion yen; one assessment was that price-support effects lasted at most about 3 months while distorting price formation. The BOJ ended new ETF purchases in 2024-03 as it moved to normalize policy, yet after the Nikkei’s largest-ever single-day drop in 2024-08, officials discussed the possibility of buying again, underscoring the risk that a 112-year to 130-year disposal path could be extended further by future shocks.