The Bank of Japan has announced its intention to release a plan on winding down its purchases of Japanese government bonds (JGBs), sending the yen down over what the market saw as dithering on the reduction of its massive balance sheet.

After a two-day policy meeting that ended Friday, the central bank said it will wait until after the next meeting is concluded in July before it announces its proposed timetable for the winding down of government bond purchases.

Until then, the bank will maintain its purchases of bonds at a pace of about ¥6 trillion a month, the central bank said.