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

July 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                  
6/2 Bills-purchases-Head 6/4 9/16 6,000 21,592 6,005 0.004 0.004 55.3
3 JGSs-purchases 6/5 9/4 4,000 13,141 4,004 0.003 0.004 35.4
4 JGSs-purchases 6/6 9/11 4,000 14,287 4,008 0.003 0.003 44.7
4 CP-purchases 6/6 7/17 4,000 7,234 3,989 0.006 0.009 76.4
4 Bills-purchases-All 6/5 12/15 8,000 22,401 8,006 0.008 0.009 44.7
5 Bills-purchases-Head 6/9 9/25 5,000 16,490 5,003 0.003 0.004 19.6
9 CP-purchases 6/11 7/29 4,000 7,080 3,942 0.003 0.004 58.2
9 Bills-sales 6/10 6/23 10,000 30,200 10,005 0.001 0.001 56.8
10 JGSs-purchases 6/12 9/10 4,000 12,067 4,003 0.003 0.003 53.4
10 Bills-sales 6/13 6/25 8,000 31,150 8,007 0.001 0.001 36.8
11 Bills-sales 6/13 6/25 8,000 32,400 8,004 0.001 0.001 44.3
12 Bills-sales 6/13 6/25 8,000 20,840 8,002 0.002 0.001 18.6
13 JGSs-sales 6/17 7/2 8,000 13,750 8,001 0.002 0.001 86.7
18 CP-purchases 6/20 8/6 4,000 9,081 3,926 0.004 0.004 75.8
19 Bills-sales 6/20 7/2 6,000 15,800 6,003 0.001 0.001 47.8
23 JGSs-purchases 6/25 10/3 4,000 13,694 3,819 0.006* 0.007 -
25 CP-purchases 6/27 8/14 4,000 9,527 3,971 0.007 0.007 94.0
30 Bills-sales 7/1 7/10 6,000 21,050 6,006 0.001 0.001 30.6
30 Bills-purchases-All 7/2 12/18 8,000 28,257 8,001 0.010 0.010 67.0

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
2003                
6/5 Outright purchases 6/10 6,000 21,171 6,005 0.000 0.000 56.7
12 Outright purchases 6/17 6,000 23,468 6,000 0.002* 0.002 -
19 Outright purchases 6/24 6,000 18,003 6,004 0.001 0.001 43.8
26 Outright purchases 7/1 6,000 19,513 6,012 0.000 0.000 27.3

(Memo)

Outright purchase and sales operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on June 2, 300.0 billion yen on June 11, 300.0 billion yen on June 18 and 300.0 billion yen on June 25. The purchases were exercised at 301.3 billion yen on June 5, 300.2 billion yen on June 16, 285.1 billion yen on June 23 and 300.6 billion yen on June 30, 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.