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Bank of Japan Operations in the Money Markets (February 2003)

March 3, 2003
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
2003                  
2/4 JGSs-purchases 2/6 5/9 4,000 10,828 4,003 0.003 0.004 26.1
4 CP-purchases 2/6 4/17 4,000 3,891 3,891 0.001 * 0.001 -
5 JGSs-purchases 2/7 5/13 4,000 9,295 4,002 0.003 0.003 41.5
5 Bills-purchases-Head 2/6 7/9 7,000 24,126 7,006 0.010 0.011 6.5
6 JGSs-purchases 2/10 5/14 4,000 8,378 4,003 0.003 0.003 52.4
6 Bills-purchases-All 2/7 9/24 9,000 22,483 9,008 0.010 0.011 37.2
7 JGSs-sales 2/12 2/24 8,000 26,560 8,100 0.001 * 0.001 -
7 Bills-purchases-All 2/10 8/22 8,000 18,772 8,005 0.010 0.010 88.9
10 CP-purchases 2/13 4/21 4,000 1,940 1,940 0.001 * 0.001 -
10 Bills-sales 2/14 2/24 11,000 46,680 11,004 0.001 0.001 57.6
12 JGSs-sales 2/14 2/25 7,000 20,550 7,002 0.001 0.001 53.0
12 Bills-sales 2/14 2/27 7,000 23,400 7,006 0.001 0.001 35.7
13 JGSs-purchases 2/17 5/21 4,000 12,784 4,005 0.004 0.004 47.6
13 Bills-sales 2/14 2/25 8,000 14,220 8,004 0.001 0.001 71.8
13 Bills-sales 2/17 2/25 7,000 17,120 7,001 0.002 0.001 31.8
14 Bills-purchases-All 2/17 8/8 10,000 27,375 10,007 0.010 0.011 67.6
14 Bills-sales 2/18 3/3 6,000 18,030 6,003 0.002 0.001 15.6
17 JGSs-sales 2/19 3/3 7,000 16,750 7,001 0.002 0.002 29.6
17 CP-purchases 2/19 4/23 4,000 2,152 2,152 0.001 * 0.001 -
18 JGSs-purchases 2/20 5/22 4,000 10,910 4,004 0.005 0.005 93.1
18 Bills-purchases-Head 2/19 7/16 7,000 19,150 7,003 0.011 0.011 68.2
19 CP-purchases 2/21 3/20 4,000 5,550 4,087 0.006 * 0.008 -
19 Bills-purchases-All 2/20 8/15 9,000 22,374 9,007 0.010 0.011 41.9
20 JGSs-purchases 2/24 5/28 4,000 8,252 4,004 0.004 0.005 42.4
20 Bills-purchases-Head 2/21 7/18 7,000 19,389 7,007 0.010 0.011 50.5
20 Bills-sales 2/24 3/4 5,000 14,900 5,002 0.001 0.001 61.0
21 JGSs-purchases 2/25 5/29 4,000 6,218 4,001 0.004 0.004 80.0
21 Bills-purchases-All 2/24 9/9 10,000 21,020 10,005 0.009 0.010 24.3
21 Bills-sales 2/25 3/4 8,000 26,150 8,001 0.001 0.001 44.7
24 CP-purchases 2/26 4/28 4,000 3,276 3,276 0.001 * 0.002 -
24 Bills-purchases-Head 2/25 7/23 7,000 16,550 7,001 0.009 0.009 71.0
24 Bills-sales 2/26 3/4 7,000 27,100 7,004 0.001 0.001 43.5
25 Bills-sales 2/27 3/4 11,000 32,900 11,004 0.001 0.001 78.0
26 JGSs-sales 2/28 3/7 7,000 17,300 7,003 0.001 0.001 88.6
26 CP-purchases 2/28 3/28 4,000 728 728 0.001 * 0.001 -
26 Bills-purchases-Head 2/27 7/28 6,000 15,020 6,003 0.009 0.009 62.4
26 Bills-sales 2/28 3/10 7,000 13,400 7,003 0.002 0.001 10.8
27 JGSs-purchases 3/3 6/5 4,000 8,386 4,002 0.002 0.003 46.5
27 Bills-purchases-All 2/28 9/19 10,000 20,645 10,000 0.007 0.009 90.0
28 Bills-purchases-Head 3/3 4/15 7,000 20,215 7,004 0.005 0.006 36.4

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
2003                
2/6 Outright purchases 2/12 6,000 20,185 6,019 0.000 0.001 9.4
7 Outright purchases 2/13 6,000 16,419 6,020 0.000 0.000 35.9
13 Outright purchases 2/18 6,000 26,432 6,006 0.001 0.001 86.0
14 Outright purchases 2/19 6,000 17,190 6,022 0.000 0.000 33.8
20 Outright purchases 2/25 6,000 24,691 6,021 0.000 0.001 8.1
21 Outright purchases 2/26 6,000 18,729 6,020 0.000 0.000 28.3
27 Outright purchases 3/4 6,000 31,464 6,013 0.001 0.001 30.3
28 Outright purchases 3/5 6,000 29,448 6,012 0.001 0.001 32.2

(Memo)

Outright purchase and sales operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on February 3, 300.0 billion yen on February 10, 300.0 billion yen on February 17 and 300.0 billion yen on February 25. The purchases were exercised at 291.7 billion yen on February 6, 300.2 billion yen on February 14, 302.0 billion yen on February 20 and 300.0 billion yen on February 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 : Purchasdes 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.