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

September 1, 2003
Bank of Japan
Financial Markets Department

Operations by Transactions under Repurchase Agreements and Purchases and Sales of Bills

Table: Operations by Transactions under Repurchase Agreements and Purchases and Sales of Bills(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                  
8/4 CP-purchases 8/6 9/17 4,000 2,339 2,339 0.001* 0.004 -
4 Bills-sales 8/5 8/11 6,000 30,150 6,008 0.001 0.001 20.4
5 Bills-sales 8/6 8/11 4,000 20,800 4,009 0.001 0.001 19.6
6 Bills-purchases-Head 8/8 12/4 6,000 14,082 6,004 0.005 0.006 27.6
7 Bills-purchases-All 8/11 2004/2/13 6,000 22,660 6,001 0.012 0.013 78.0
12 CP-purchases 8/14 10/7 4,000 7,169 3,986 0.006 0.009 64.0
12 Bills-sales 8/15 8/20 10,000 50,450 10,009 0.001 0.001 20.7
13 Bills-sales 8/15 8/20 10,000 45,353 10,006 0.001 0.001 23.0
14 Bills-sales 8/15 8/25 10,000 40,850 10,009 0.001 0.001 25.3
15 Bills-sales 8/18 8/25 8,000 30,631 8,007 0.001 0.001 27.2
19 JGSs-purchases 8/21 11/7 4,000 10,546 4,000 0.006* 0.006 -
19 CP-purchases 8/21 10/10 4,000 6,598 4,066 0.004* 0.005 -
20 Bills-sales 8/21 8/25 4,000 23,150 4,001 0.001 0.001 19.1
20 Bills-purchases-Head 8/22 12/9 10,000 34,140 10,000 0.013 0.015 50.0
21 JGSs-purchases 8/25 11/13 4,000 11,277 4,002 0.008 0.011 64.6
21 Bills-purchases-All 8/25 2004/2/13 10,000 34,265 10,002 0.021 0.023 29.4
25 Bills-sales 8/26 9/3 10,000 46,700 10,008 0.001 0.001 22.1
25 Bills-purchases-Head 8/27 12/11 8,000 29,160 8,002 0.015 0.020 11.2
26 JGSs-purchases 8/28 11/18 4,000 13,746 4,001 0.012 0.014 42.0
26 CP-purchases 8/28 10/17 4,000 6,740 3,969 0.006 0.007 76.9
26 Bills-sales 8/27 9/3 10,000 48,917 10,009 0.001 0.001 21.2
27 Bills-purchases-All 8/29 2004/5/12 10,000 42,341 9,906 0.043* 0.046 -
28 Bills-sales 8/29 9/8 6,000 24,867 6,007 0.001 0.001 25.2
28 Bills-purchases-All 9/1 2004/5/18 10,000 33,946 10,001 0.043 0.045 79.0
29 JGSs-purchases 9/2 11/28 4,000 7,265 4,001 0.015 0.017 35.0
29 CP-purchases 9/2 10/23 4,000 6,101 3,983 0.008 0.009 49.8

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                
8/7 Outright purchases 8/12 6,000 25,049 6,009 0.001 0.001 54.8
15 Outright purchases 8/20 6,000 25,033 6,012 0.002 0.003 11.6
21 Outright purchases 8/26 6,000 20,281 6,003 0.002 0.005 29.6
22 Outright purchases 8/27 6,000 11,787 6,002 -0.001 0.000 41.7
28 Outright purchases 9/2 6,000 16,735 6,003 0.001 0.002 89.7
29 Outright purchases 9/3 6,000 7,260 6,001 -0.010 -0.006 83.8

Outright Purchase Operations of ABCP

Table: Outright Purchase Operations of ABCP(100 million yen, percent per annum)
Date of Offer Date of Exercise Maximum Purchase Amount Amounts of Competitive Bid Amounts of Successful Bid (d)
Pro-rata or Non-pro-rata Yield Spread		 Average Successful Yield Spread Allocation on a Pro-rata Basis Rate
2003              
8/11 8/13 500 600 470 0.000 0.001 76.0

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on August 4, 300.0 billion yen on August 11, 300.0 billion yen on August 20 and 300.0 billion yen on August 25. The purchases were exercised at 300.9 billion yen on August 7, 300.5 billion yen on August 14, 309.5 billion yen on August 25 and 318.2 billion yen on August 28, respectively.

(Memo2)

Outright purchases of asset-backed bonds
No purchases in August.

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.
    4. (d) The difference between the yield at which operation counterparts want to sell and the corresponding floor yield determined by the Bank of Japan with the maturities and 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.