Investors are bracing for further increases in yields and volatility in Japan’s sovereign bond market as central bank officials consider reducing their massive debt holdings.

The Bank of Japan (BOJ) bought only ¥4.5 trillion ($29 billion) of government bonds last month, the lowest amount since March 2013, data released last week showed.

A majority of BOJ watchers forecast that the monetary authority will decide on June 14 to cut the amount of sovereign notes it buys, while people familiar with the matter have said such a shift is being considered.