The BOJ (Bank of Japan) is a unique central bank that purchases ETFs (Exchange-Traded Funds). The BOJ began purchasing ETFs in 2010. Now the amount of ETFs held by the BOJ is said to be about $430 billion, a value accounting for more than 5% of market capitalization in the Tokyo Stock Exchange. However, in March 2021, the BOJ eliminated the target for the annual purchase amount of ETFs. As a result, the market is now focusing on BOJ’s next action: how to sell ETFs. Some experts are starting to talk about the ways, even though the BOJ has not mentioned them. In this session, I will examine what risks BOJ has produced. Also, I will also present some leading ideas on how to liquidate BOJ’s ETF holdings and what risks may happen.