Reuters report

  • BOJ likely to debate policy changes at this month's meeting

  • BOJ may discuss tweaking way it buys JGBs and ETFs to mitigate market distortions

  • Would portray any change as step for policy sustainability, not tightening

  • May consider changes to interest rate targets

  • Moves will depend on fresh inflation forecasts, expectation is they will trim inflation forecast

  • Aim is to make massive stimulus program more sustainable

  • Reuters cites sources familiar

More USD/JPY selling on these headlines. The next meeting is July 31.

This isn't as hawkish as the headlines look. The BOJ is still in a battle against low inflation and is desperate to get it higher, they're just running out of things to buy.