According to @KobeissiLetter, the Bank of Japan’s total assets fell by $148 billion in Q3 2025 to $4.62 trillion, the lowest since mid-2022 and the largest quarterly decline since QT began in 2024 (source: @KobeissiLetter). The same source reports that since the March 2024 peak, BoJ assets have declined by $407 billion, or 8.1% (source: @KobeissiLetter). @KobeissiLetter adds that the BoJ’s total assets to GDP ratio remains above 110%, underscoring the still-large balance sheet despite ongoing QT (source: @KobeissiLetter). According to @KobeissiLetter, the BoJ also announced in late September it will gradually sell ETF and REIT holdings at a pace of $4.2 billion per year, signaling a shift away from ultra-loose policy (source: @KobeissiLetter).