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

June 2, 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 SuccessfulBid Rate Allocation on a Pro-rata Basis Rate
2003                  
5/1 JGSs-purchases 5/6 6/26 4,000 12,968 4,002 0.007 0.007 58.0
2 CP-purchases 5/7 6/20 4,000 10,470 3,984 0.015 0.015 49.8
6 Bills-sales 5/7 5/23 6,000 23,110 6,001 0.006 0.005 37.8
7 Bills-sales 5/8 5/26 5,000 18,440 5,004 0.004 0.003 44.2
7 Bills-purchases-All 5/9 11/7 6,000 27,187 6,070 0.011* 0.013 -
8 JGSs-purchases 5/12 7/24 4,000 14,560 4,002 0.007 0.070 91.4
8 Bills-sales 5/9 5/26 6,000 21,080 6,004 0.003 0.003 74.6
12 Bills-sales 5/13 5/30 10,000 31,500 10,003 0.004 0.003 62.7
13 CP-purchases 5/15 6/27 4,000 10,898 4,173 0.016* 0.016 -
13 Bills-sales 5/14 5/30 10,000 30,670 10,006 0.005 0.004 26.6
14 Bills-sales 5/15 6/2 9,000 23,040 9,003 0.006 0.005 18.7
14 Bills-purchases-Head 5/16 7/29 5,000 16,835 5,001 0.007 0.009 70.0
16 JGSs-purchases 5/20 7/29 4,000 11,860 4,003 0.005 0.006 57.0
16 Bills-sales 5/19 6/2 6,000 18,100 6,004 0.005 0.005 82.2
19 Bills-purchases-Head 5/19* 6/13 10,000 25,400 10,002 0.005 0.006 53.6
19 CP-purchases 5/21 7/3 4,000 8,517 3,857 0.016* 0.017 -
20 Bills-purchases-All 5/22 11/14 8,000 29,555 8,007 0.010 0.011 46.9
20 Bills-sales 5/21 6/4 8,000 26,190 8,009 0.004 0.004 69.2
21 JGSs-purchases 5/23 8/7 4,000 13,195 4,007 0.003 0.004 10.8
22 Bills-purchases-Head 5/26 7/29 6,000 14,586 6,003 0.003 0.004 19.6
26 CP-purchases 5/28 7/9 4,000 6,173 3,966 0.010 0.015 53.1
27 JGSs-purchases 5/29 8/12 4,000 12,931 4,005 0.003 0.003 35.4
27 Bills-purchases-All 5/29 11/21 8,000 23,680 8,002 0.009 0.010 47.9
28 CP-purchases 5/30 7/7 4,000 5,095 3,965 0.001 0.003 31.3
28 Bills-sales 5/29 6/4 6,000 24,475 6,004 0.001 0.001 91.9
28 Bills-purchases-Head 5/30 8/15 8,000 26,700 8,002 0.004 0.004 31.4
29 Bills-purchases-All 6/2 11/27 8,000 26,700 8,006 0.009 0.010 77.6
30 JGSs-purchases 6/3 8/27 4,000 15,687 4,002 0.004 0.004 77.7

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                
5/2 Outright purchases 5/8 6,000 18,394 6,009 -0.002 -0.001 21.3
8 Outright purchases 5/13 6,000 28,465 5,940 0.000* 0.000 -
15 Outright purchases 5/20 6,000 21,488 6,014 0.000 0.001 22.5
22 Outright purchases 5/27 6,000 36,350 6,011 0.001 0.002 7.7
29 Outright purchases 6/3 6,000 25,202 6,007 0.002 0.003 6.8
30 Outright purchases 6/4 6,000 17,305 6,006 -0.002 -0.002 63.3

(Memo)

Outright purchase and sales operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on May 1, 300.0 billion yen on May 9, 300.0 billion yen on May 16 and 300.0 billion yen on May 23. The purchases were exercised at 301.2 billion yen on May 7, 301.4 billion yen on May 14, 301.3 billion yen on May 21 and 301.0 billion yen on May 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.