TOKYO (REUTERS) - Financial institutions asked the Bank of Japan (BOJ) if it would consider buying debt in smaller amounts as each scheduled purchase is too large, a senior BOJ offical said on Thursday.

The central bank would consider whether it needs to change the allocation of its debt purchases, the offical also told reporters after the BOJ met with primary dealers of Japan government bond and other market participants to explain the radical changes to its monetary policy.

The central bank also has no plans to lower its purchases of short-term debt, the official said.

Last week, the BOJ agreed to double the amount of Japan government bonds it holds and the monetary base over the next two years in a bold move to end years of deflation and achieve its 2 per cent inflation target.