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

April 1, 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
3/3	JGSs-sales	3/5	3/10	7,000	20,000	7,005	0.001	0.001	48.5
3	CP-purchases	3/5	4/3	4,000	3,073	3,073	0.001 *	0.002	-
3	Bills-sales	3/5	3/11	7,000	26,650	7,007	0.001	0.001	27.8
4	CP-purchases	3/6	5/6	4,000	4,946	3,943	0.001	0.002	71.2
4	Bills-purchases-All	3/5	10/7	8,000	24,689	8,002	0.007	0.009	77.8
10	JGSs-sales	3/12	3/24	6,000	13,950	6,000	0.001	0.001	60.0
10	Bills-sales	3/12	3/25	7,000	18,950	7,004	0.001	0.001	44.5
11	CP-purchases	3/13	4/15	4,000	4,477	3,969	0.001	0.002	75.3
11	Bills-purchases-Head	3/11 *	4/7	10,000	26,300	10,002	0.004	0.005	93.6
11	Bills-purchases-All	3/12	10/15	8,000	24,408	8,005	0.007	0.009	64.0
12	Bills-purchases-Head	3/12 *	4/8	10,000	21,170	10,002	0.003	0.004	51.3
13	CP-purchases	3/17	5/15	4,000	2,979	2,979	0.001 *	0.002	-
18	JGSs-purchases	3/20	4/4	4,000	14,668	4,002	0.006	0.009	28.7
18	CP-purchases	3/20	4/22	4,000	2,628	2,628	0.001 *	0.001	-
19	JGSs-purchases	3/24	4/4	6,000	11,742	5,848	0.015 *	0.016	-
20	JGSs-purchases	3/20 *	4/3	10,000	13,354	10,004	0.001	0.001	71.9
26	JGSs-purchases	3/28	4/4	5,000	16,523	5,060	0.026 *	0.036	-
26	CP-purchases	3/28	5/7	4,000	4,148	3,908	0.002 *	0.006	-
27	JGSs-purchases	3/31	4/4	5,000	15,639	4,806	0.080 *	0.099	-
27	Bills-purchases-All	3/31	7/15	5,000	21,832	5,002	0.013	0.016	63.4
31	Bills-sales	4/1	4/14	10,000	35,730	10,002	0.001	0.001	36.5

Table: (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
3/6	Outright purchases	3/11	6,000	31,637	6,005	0.002	0.002	76.0
7	Outright purchases	3/12	6,000	31,748	6,015	0.001	0.002	6.6
13	Outright purchases	3/18	6,000	33,004	6,004	0.003	0.003	84.8
14	Outright purchases	3/19	6,000	33,086	6,010	0.003	0.003	43.4
19	Outright purchases	3/25	8,000	28,900	8,007	0.004	0.005	39.3
20	Outright purchases	3/26	8,000	21,439	8,003	0.005	0.005	58.4
25	Outright purchases	3/27	6,000	6,789	6,004	-0.005	0.000	43.5

(Memo)

Outright purchase and sales operations of JGBs: The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on March 5, 300.0 billion yen on March 10, 300.0 billion yen on March 17 and 300.0 billion yen on March 24. The purchases were exercised at 300.2 billion yen on March 10, 300.4 billion yen on March 13, 300.1 billion yen on March 20 and 284.6 billion yen on March 27, respectively.

NOTES:

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
* 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.