By Noriyuki Hirata, Makiko Yamazaki and Takahiko Wada
由平依德、山崎真希子和和田隆彥撰寫
Tokyo, July 2 (Reuters) - Japan Bond Market Participants Expect the Central Bank to Trim Bond Purchases by Roughly $100 Billion In the First Year Under a Quantitative Tightening (Qt) Plan Set for Release This Month, According to a Survey Conducted by Reuters.
據路透社調查，日本債券市場參與者預計，根據一份本月發佈的量化緊縮（Qt）計劃，央行將在第一年削減約1000億美元的債券購買。
A Reuters Survey of 19 Banks, Brokerages, Insurers and Asset Managers Showed They Expect the Bank of Japan to Trim Bond Buying by an Average 16.1 Trillion Yen ($99.7 Billion) in the First Year.
路透社對19家銀行業、券商、保險公司和資產管理公司進行的一項調查顯示，他們預計日本銀行在第一年削減161萬億日元（997億美元）的債券購買。
That Would Translate Into Monthly Purchases of 4.65 Trillion Yen, Down From the Current Pace of Around 6 Trillion Yen. in the Second Year, the Respondents Expect the Purchase Amount to Fall to an Average 3.55 Trillion Yen, the Survey Showed.
這將導致每月購買量從目前的約6萬億日元降至4.65萬億日元。根據該調查，受訪者預計在第二年購買額將平均降至3.55萬億日元。
Combined, It Would Amount to a Reduction of Roughly 45 Trillion Yen During the Two-Year Period.
總的來說，在這兩年期間，將減少約45萬億日元。
Respondents of the Reuters Survey Were Divided on How Long the BOJ Will Keep Tapering With Nine Projecting It to Last for Two Years, While Two Thought It Will End in an Year. Several Others Thought the BOJ Will Keep Tapering Beyond Two Years.
對於日本銀行將持續縮減多長時間，路透社的調查結果並不一致，其中有九位受訪者預計將持續兩年，而有兩位認爲將在一年內結束。其他幾位則認爲日本銀行將在兩年以後繼續縮減。
A Slight Majority Expected the BOJ to Adjust the Pace of Tapering Once a Month or Once Every Quarter, While Others Bet the Change Will Happen Less Frequently or on an Ad Hoc Basis.
稍微多數受訪者預計，日本銀行每個月或每個季度會調整縮減的速度，而其他人則認爲這種變化會發生的非常少或是基於特殊情況。
The Survey Was Conducted June 25-July 1.
本調查於6月25日至7月1日期間進行。
At a Policy Meeting Last Month, the BOJ Decided to Announce in July a Detailed Plan on How It Plans to Reduce Its Huge Bond Buying and Scale Back Its Nearly $5 Trillion Balance Sheet.
上個月的政策會議上，日本銀行決定將在7月份公佈詳細計劃，計劃削減其巨額債券購買並縮減其5萬億美元左右的餘額表。
The BOJ Said It Will Come up With a Taper Plan That Kicks off in August, and Covers a Period of "Around One to Two Years."
日本銀行表示，它將制定一個將在8月啓動併爲期“大約一到兩年”的緊縮計劃。
Governor Kazuo Ueda Has Said the Amount Of Taper Will Be "Sizeable," Without Offering Details. the BOJ Will Hold a Meeting With Bond Market Participants on July 9-10 to Collect Their Views, Before Deciding on the Plan at Its July 30-31 Policy Meeting.
日本銀行行長上田和夫曾表示，緊縮規模將是“相當大的”，但沒有提供細節。在7月9日至10日舉行的債券市場參與者會議上，日本銀行將收集他們的意見，然後在7月30日至31日的政策會議上決定該計劃。
After Buying Bonds Aggressively for a Decade to Reflate Growth, the BOJ Has Seen Its Holding of Japanese Government Bonds (JGB) Balloon to 576 Trillion Yen - Roughly Half of Total Jgbs Sold in the Market.
爲了推動經濟增長，日本銀行在過去10年中積極購買債券，導致其日本政府債券（JGB）持有量膨脹至576萬億日元，約佔市場上出售JGB的一半。
Reducing the Holdings Is Part of the BOJ's Ongoing Efforts to Phase Out Its Massive Monetary Stimulus, Which Also Led to an End in March to Eight Years of Negative Interest Rates.
縮減持倉是日本銀行推出的大規模貨幣刺激計劃的一部分，該計劃也導致了長達八年的負利率的結束。
($1 = 161.5700 Yen)
（1美元=161.5700日元）
(Reporting by Makiko Yamazaki, Noriyuki Hirata and Takahiko Wada; Additional Reporting by Leika Kihara; Editing by Lincoln Feast.)
（Makiko.yamazaki@thomsonreuters.com；+81-3-4563-2805；）
((Makiko.yamazaki@Thomsonreuters.com; +81-3-4563-2805;))
((Makiko.yamazaki@thomsonreuters.com; +81-3-4563-2805;))