Japanese shares are trading lower again on Monday following the BOJ ETF decision on Friday

The Bank of Japan policy review post is here from Friday:

• BOJ policy review: Drops 6 tln yen ETF buy target, maintains 12tln yen ceiling

The ETF bombshell was thoroughly expected, we'd flagged it weeks ago and the Nikkei all but confirmed it the day before the announcement.

However... as Justin followed up:

• future ETF purchases will track the Topix index only

This morning in Tokyo the Nikkei 225 is losing ground, and the Topix is joining in, giving back some of its gains. Both indexes are down in opening trade