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Bank of Japan Operations in the Money Markets (November 2002)

December 2, 2002
Bank of Japan
Financial Markets Department

Operations by Transactions Under or Similar to Repurchase Agreements (Borrowing of Securities)

Table: Operations by Transactions Under or Similar to Repurchase Agreements (Borrowing of Securities)(100 million yen, percent per annum)
Date of Offer Instrument Date of Exercise Date of
Resale or
Repurchase		 (a)
Amounts Offered		 Amounts of Competitive Bid Amounts of Successful Bid (b)
Pro-rata or Non-pro-rata Rate		 Average Successful Bid Rate Allocation on a Pro-rata Basis Rate
2002                  
11/1 CP-purchases 11/6 2003/1/9 4,000 7,618 3,970 0.003 0.006 71.6
5 Bills-purchases-All 11/7 2003/5/16 8,000 31,396 8,005 0.005 0.007 9.6
6 Bills-sales 11/7 11/20 8,000 33,860 8,003 0.003 0.002 94.4
6 Bills-purchases-All 11/8 2003/5/23 6,000 30,995 6,003 0.005 0.006 58.6
7 Bills-sales 11/8 11/20 5,000 12,045 5,002 0.003 0.002 25.9
8 CP-purchases 11/12 2003/1/16 4,000 7,160 3,945 0.003 0.004 87.6
8 Bills-purchases-Head 11/12 2003/3/7 7,000 31,216 7,006 0.004 0.004 75.5
11 JGSs-purchases 11/13 12/13 4,000 11,852 3,963 0.003* 0.005 -
11 Bills-sales 11/12 11/21 8,000 22,270 8,006 0.003 0.002 22.7
11 Bills-purchases-Head 11/13 2003/3/19 5,000 23,135 5,003 0.005 0.006 24.5
12 JGSs-purchases 11/14 12/16 4,000 14,968 4,004 0.003 0.004 78.7
12 Bills-sales 11/13 11/22 9,000 29,670 9,008 0.003 0.002 49.8
13 CP-purchases 11/15 2003/1/24 4,000 4,340 3,980 0.001 0.002 81.2
13 Bills-purchases-Head 11/14 2003/4/11 5,000 30,028 5,000 0.007 0.008 50.0
14 JGSs-purchases 11/18 2003/1/22 4,000 13,053 4,002 0.005 0.008 27.0
14 Bills-purchases-All 11/15 2003/5/27 5,000 29,887 5,000 0.016* 0.016 -
15 JGSs-purchases 11/18 2003/1/24 4,000 16,000 4,002 0.012 0.014 27.7
18 JGSs-purchases 11/20 12/13 5,000 16,982 5,180 0.010* 0.013 -
18 Bills-sales 11/19 11/29 8,000 24,750 8,003 0.005 0.004 74.7
18 Bills-purchases-All 11/19 2003/6/12 6,000 29,960 6,200 0.022* 0.023 -
19 Bills-purchases-All 11/20 2003/6/13 12,000 38,910 12,005 0.018 0.022 47.5
20 JGSs-purchases 11/22 11/28 4,000 7,285 4,000 0.005 0.008 42.0
20 CP-purchases 11/22 2003/1/30 4,000 5,109 3,839 0.003* 0.005 -
21 Bills-purchases-Head 11/22 2003/4/15 5,000 28,150 5,000 0.061* 0.063 -
22 Bills-sales 11/25 12/2 8,000 23,730 8,005 0.003 0.002 81.2
25 Bills-purchases-All 11/27 2003/6/18 10,000 39,362 10,002 0.022 0.030 46.9
25 Bills-sales 11/28 12/4 12,000 26,790 12,002 0.004 0.003 38.6
26 Bills-sales 11/27 12/3 9,000 22,940 9,003 0.007 0.005 48.7
26 Bills-sales 11/28 12/4 12,000 28,790 12,010 0.006* 0.004 -
27 CP-purchases 11/29 2003/2/6 4,000 5,407 3,987 0.003 0.005 33.9
27 Bills-sales 11/28 12/4 13,000 23,865 13,004 0.010 0.007 47.2
28 JGSs-purchases 12/2 2003/1/29 4,000 14,029 4,001 0.022 0.023 77.5
28 Bills-sales 11/29 12/4 5,000 17,150 5,001 0.005 0.004 30.8
29 JGSs-purchases 12/3 2003/2/6 4,000 11,063 4,002 0.018 0.020 39.0

Outright Purchases and Sales Operation of TBs and FBs

Table: Outright Purchases and Sales Operation of TBs and FBs(100 million yen, percent per annum)
Date
of
Offer		 Instrument Date of Exercise (a)
Amounts Offered		 Amounts of Competitive Bid Amounts of Successful Bid (c)
Pro-rata or Non-pro-rata Yield Spread		 Average Successful Yield Spread Allocation on a Pro-rata Basis Rate
2002                
11/1 Outright purchases 11/7 5,000 13,435 5,011 -0.002 -0.001 8.2
7 Outright purchases 11/12 5,000 24,609 5,002 0.001 0.001 79.4
14 Outright purchases 11/19 5,000 27,629 5,002 0.003 0.003 51.9
18 Outright purchases 11/20 5,000 8,631 5,005 0.002 0.003 80.2
21 Outright purchases 11/26 5,000 12,809 5,004 -0.003 -0.002 15.4
22 Outright purchases 11/27 5,000 19,672 5,006 -0.003 -0.002 6.4
28 Outright purchases 12/3 5,000 21,036 5,005 0.003 0.003 63.7
29 Outright purchases 12/4 5,000 15,123 5,008 0.001 0.001 40.7

(Memo)

Outright purchase and sales operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on November 6, 300.0 billion yen on November 15, 300.0 billion yen on November 20 and 300.0 billion yen on November 25. The purchases were exercised at 305.2 billion yen on November 11, 300.8 billion yen on November 20, 301.6 billion yen on November 25 and 300.6 billion yen on November 28, respectively.

NOTES:

  1. Bills-sales : Outright Sales of Bills Drawn by BOJ
    Bills-purchases-Head : Outright Purchases of Bills at Head Office
    Bills-purchases-All : Outright Purchases of Bills at All Offices
    CP-purchases : Purchases of CP under Repurchase Agreements
    JGSs-purchases : Purchases of JGSs under Repurchase Agreements
    JGSs-sales : Sales of JGSs under Repurchase Agreements
    Outright Purchases : Outright Purchases of TBs/FBs
    Outright Sales : Outright Sales of TBs/FBs
  2. * denotes dates when offers and transactions were exercised on the same day.
    1. (a) Planned amounts on offer days.
    2. (b) * denotes non-pro-rata rates; otherwise the figures denote pro-rata rates.
    3. (c) The difference between the yield at which operation counterparts want to sell (purchase) and the corresponding yield determined by the Bank of Japan with the prevailing market yield (the "yield spread") taken into account for auctions.
      *denotes non-pro-rata yield spreads; otherwise the figures denote pro-rata yield spreads.