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

August 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                  
7/1 JGSs-purchases 7/3 10/8 4,000 11,055 4,003 0.005 0.007 22.4
1 CP-purchases 7/3 8/21 4,000 9,724 3,883 0.010* 0.011 -
2 Bills-sales 7/3 7/14 8,000 30,897 8,004 0.001 0.001 28.1
2 Bills-purchases-Head 7/4 10/15 8,000 20,236 8,002 0.009 0.009 72.0
3 JGSs-purchases 7/7 10/17 4,000 6,303 4,001 0.005 0.006 75.1
3 CP-purchases 7/7 8/28 4,000 7,649 3,959 0.009 0.010 81.5
4 Bills-sales 7/7 7/22 8,000 22,971 8,004 0.001 0.001 37.9
4 Bills-purchases-All 7/8 2004/1/14 8,000 31,445 8,005 0.011 0.013 13.5
7 CP-purchases 7/9 9/2 4,000 7,103 4,091 0.007* 0.008 -
7 Bills-sales 7/8 7/22 10,000 30,079 10,003 0.001 0.001 55.0
7 Bills-purchases-Head 7/9 10/22 8,000 20,390 8,004 0.008 0.009 52.9
8 JGSs-purchases 7/10 10/24 4,000 6,740 4,002 0.003 0.004 58.9
8 Bills-sales 7/9 7/22 8,000 27,689 8,007 0.001 0.001 31.8
9 Bills-purchases-All 7/11 2004/1/21 8,000 28,755 8,006 0.011 0.012 18.9
10 Bills-sales 7/11 7/22 8,000 26,313 8,003 0.001 0.001 33.6
10 Bills-purchases-Head 7/14 10/28 8,000 18,710 8,001 0.006 0.008 6.6
14 Bills-sales 7/15 7/22 5,000 18,917 5,006 0.001 0.001 30.1
15 CP-purchases 7/17 9/5 4,000 4,273 3,911 0.005* 0.006 -
15 Bills-purchases-All 7/17 2004/1/27 8,000 27,541 8,005 0.012 0.012 46.4
16 Bills-sales 7/17 7/22 10,000 34,080 10,005 0.001 0.001 36.0
17 JGSs-purchases 7/22 10/27 4,000 9,162 4,002 0.003 0.004 32.1
17 Bills-purchases-Head 7/22 11/12 8,000 23,532 8,004 0.006 0.008 4.8
22 Bills-purchases-All 7/24 2004/2/5 8,000 21,397 8,006 0.012 0.012 55.8
23 Bills-sales 7/24 8/4 4,000 18,700 4,002 0.001 0.001 22.1
24 JGSs-purchases 7/28 11/6 4,000 10,077 4,004 0.003 0.004 84.3
25 CP-purchases 7/29 9/10 4,000 3,725 3,725 0.001* 0.004 -
25 Bills-sales 7/29 8/4 10,000 36,150 10,005 0.001 0.001 29.0
28 Bills-sales 7/29 8/4 6,000 27,050 6,007 0.001 0.001 22.7
29 Bills-sales 7/30 8/4 8,000 22,490 8,004 0.001 0.001 40.1
30 Bills-purchases-Head 8/1 11/19 8,000 13,100 8,002 0.005 0.006 31.7
31 JGSs-purchases 8/4 11/11 4,000 4,802 4,002 0.001 0.002 45.2

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                
7/3 Outright purchases 7/8 6,000 25,040 6,005 0.001 0.003 22.0
10 Outright purchases 7/15 6,000 24,359 6,004 0.002 0.002 50.6
11 Outright purchases 7/16 6,000 18,803 6,057 0.001* 0.001 -
17 Outright purchases 7/23 6,000 19,361 6,001 0.000 0.000 51.5
18 Outright purchases 7/24 6,000 18,917 6,011 -0.001 -0.001 46.3
25 Outright purchases 7/30 6,000 12,013 6,005 -0.002 -0.001 31.2
31 Outright purchases 8/5 6,000 16,354 6,004 -0.001 -0.001 52.7

(Memo)

Outright purchase and sales operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on July 2, 300.0 billion yen on July 9, 300.0 billion yen on July 16 and 300.0 billion yen on July 23. The purchases were exercised at 308.0 billion yen on July 7, 300.8 billion yen on July 14, 300.7 billion yen on July 22 and 301.0 billion yen on July 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.