[B]The BoJ kept rates on hold at 0.1% but raised government bond buying by 29%[/B][B],[/B] which was both more than expected and announced earlier than anticipated in an effort to “smooth market operations” ahead of more Japanese government spending. The central bank increased the value of its JGB purchases buy to Y1.8 tln a month from the current level of 1.4 tln yen. The process is an effective monetization of government debt (though the BoJ said that this is not the direct intention). The 10-year JGB yield edged down from a one-month high of 1.320% to near 1.300%, though the BoJ has said that it is not aiming directly at pushing down bond yields.