The Bank of Japan (BOJ) has reintroduced and is actively conducting spot (same-day) lending operations of Japanese government bonds (JGBs) through both morning and afternoon offers. These funds-supplying operations, including a recent ¥800 billion securities lending initiative, aim to ensure sufficient liquidity and stabilize the financial markets, particularly the bond market. The afternoon offer, recently reinstated, provides immediate liquidity to market participants. Market observers note that the BOJ's frequent interventions are intended to support the global financial system's stability, though there are concerns that if these operations increase to daily or multiple times a day, it could lead to unsustainable conditions, potentially causing bond yields to rise sharply and the Japanese yen to depreciate rapidly.