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Bank of Japan’s Hoard of Assets Is Now Bigger Than the Economy

  • There is a sense of unease about the BOJ’s dominance in Japan
  • The Fed and ECB holdings are much smaller relative to GDP
The Bank of Japan headquarters in Tokyo, Japan.

The Bank of Japan headquarters in Tokyo, Japan.

Photographer: Kiyoshi Ota/Bloomberg
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The Bank of Japan’s massive asset purchase program has taken it into uncharted territory, with its ballooning holdings now larger than the country’s annual economic output.

Its hoard reached a staggering 553.6 trillion yen ($4.9 trillion), figures released Tuesday show, compared with nominal gross domestic product of 552.8 trillion yen at the end of June. Data due Wednesday is expected to show the economy contracted in the quarter through September, widening the gap.