(Bloomberg) -- The Bank of Japan appears to be trying to let some steam out of the property market, an area where it's seen incipient financial imbalances driven by its monetary stimulus. The central bank reduced the pace of its REIT purchases to 55 billion yen ($503 million) over the 12 months through December, about 40 percent below its annual target of 90 billion. In the view of Bloomberg Economics, this isn't a signal that a bigger shift in policy may be in the works, rather it's likely more an effort to calibrate its stimulus within the current framework so it can sustain its easing for a longer period if necessary.
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