According to The Kobeissi Letter, the Bank of Japan holds Japanese equity ETFs worth $250 billion at book value and over $508 billion at current market value, representing roughly 7% ownership of Japan’s stock market (source: The Kobeissi Letter, Sep 21, 2025). According to the same source, the BoJ announced it will begin selling these ETF holdings at a pace of about $4.2 billion per year (source: The Kobeissi Letter, Sep 21, 2025). Based on these figures, that pace equals roughly 0.83% of the market-value portfolio per year and implies a full exit would take around 121 years, aligning with the source’s "over 100 years" estimate (source: The Kobeissi Letter, Sep 21, 2025). For traders, this selling cadence indicates a very gradual, long-dated supply overhang in Japanese equities rather than a near-term liquidity shock, given the scale versus the annual disposal rate (source: The Kobeissi Letter, Sep 21, 2025).