Overlooked on Fri was the #BoJ decision to end its "fund provisioning program" which provides loans to banks that account for nearly $500bn or 10% of the BoJ's massive balance sheet. That's 6.5tn yen that will be sucked out of the system along with ongoing QT that will shrink its balance sheet by 15% by early 2028. 

While the balance sheet hasn't grown much the past few years, it remains to be seen at what point this drop in liquidity to the system will start to cause frictions (as the Fed encountered in 2018).
#BoJ