TOKYO, March 11 Reuters The Bank of Japan said it made no purchases of Japanese exchangetraded funds on Monday despite local shares dropping sharply, stoking speculation that a shift away from ultrasupportive monetary policy is imminent.

It was not clear from data published by the central bank why it did not buy the listed funds even as the Topix index slid 2 a mark that generally draws a response.

However, a backdrop of a broadly soaring stock market and signs of longawaited wage and price growth is drawing bets that the Bank of Japan BOJ might back away from its ultraeasy policy settings as soon as its next meeting in a week39;s time.

With the Nikkei hitting a record high and prices seeming to be rising to meet the BOJ39;s target, no purchases of ETFs by the BOJ means supporting the stock market has probably become less of a priority, said Jun Morita, general manager of the research department at Chibagin Asset Management.

Japan has for years run negative shortterm interest rates and a massive stimulus programme including bond and asset buying to try to reflate its economy. It39;s finally bearing fruit.

Economic data released on Monday showed Japan was not, in fact, in recession after growth was revised up to an annualised 0.4 for the December quarter.

The Japanese yen rose slightly on the stock purchase data though it had already rebounded with investors wary that Japan39;s first rate hike in 17 years is around the corner.

Last week the yen climbed 2 to its…