BOJ’s Unrealized Gains From ETFs Surge Before Offloading Begins

The market value of the Bank of Japan’s holdings of exchange-traded funds reached a record high at the end of September, according to its first financial statement since deciding to start offloading the assets.

The total value of the BOJ’s ETFs rose 18.5% to ¥83.2 trillion ($532 billion) from a year earlier during the first six months of fiscal 2025, according to the central bank’s financial report Wednesday. Of that total, a record ¥46 trillion came from paper gains on the holdings, thanks to a stock rally.