Shocking stat of the day: The Bank of Japan currently holds 250 billion worth of Japanese ETFs at book value, meaning what it originally paid. At market value, or what they are worth today, these ETFs are worth over 508 billion. As a result, the Bank of Japan owns ~7% of all Japanese stocks through these ETFs. This makes the BoJ one of the largest single investors in Japan's equity market. On Friday, the Bank of Japan announced it would start selling its holdings at a pace of 4.2 billion per year. At that rate, it would take over 100 years to sell everything. Truly unprecedented.(The Kobeissi Letter)