My understanding is that, since the introduction of yield curve control in September 2016, given that the Bank has temporarily reduced the pace of purchases of super-long-term JGBs, for example, market participants widely share the view that the Bank might proceed with the reduction in the pace of its JGB purchases as long as circumstances permit.
It should be noted that one of the reasons why financial markets have stayed relatively calm despite such a view is that market participants are to some degree accepting the stock view — that is, the idea that the reduction in long-term interest rates and resultant monetary easing effects depend on a central bank’s holdings of government bonds (stock) rather than the pace of bond purchases (flow).