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

November 4, 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                  
10/1 Bills-sales 10/1 * 10/10 10,000 39,050 10,006 0.001 0.001 29.9
1 Bills-sales 10/1 * 10/17 10,000 27,580 10,005 0.001 0.001 37.1
3 CP-purchases 10/7 11/21 4,000 7,340 3,931 0.010 0.013 70.0
3 Bills-sales 10/6 10/20 6,000 18,100 6,004 0.001 0.001 40.6
3 Bills-purchases-All 10/7 2004/3/23 8,000 28,302 7,907 0.027 * 0.034 -
6 Bills-sales 10/7 10/22 8,000 21,900 8,004 0.001 0.001 45.5
7 Bills-sales 10/8 10/23 8,000 21,150 8,005 0.001 0.001 48.5
8 CP-purchases 10/10 11/27 4,000 6,817 4,197 0.008 * 0.009 -
9 Bills-sales 10/10 10/24 5,000 14,000 5,002 0.001 0.001 48.6
9 Bills-sales 10/15 10/27 10,000 21,500 10,002 0.001 0.001 88.5
10 JGSs-sales 10/15 10/27 8,000 15,980 8,001 0.003 0.002 27.3
10 Bills-sales 10/14 10/20 5,000 11,970 5,003 0.001 0.001 64.4
15 CP-purchases 10/17 12/4 4,000 7,225 3,906 0.006 0.007 69.2
15 Bills-sales 10/16 10/23 10,000 24,000 10,003 0.001 0.001 54.1
15 Bills-sales 10/16 10/28 5,000 15,001 5,004 0.001 0.001 51.1
16 Bills-sales 10/17 10/31 8,000 23,808 8,004 0.001 0.001 41.2
17 Bills-sales 10/20 11/4 8,000 25,500 8,002 0.001 0.001 53.7
20 JGSs-sales 10/22 11/5 8,000 21,750 8,002 0.002 0.002 77.0
21 CP-purchases 10/23 12/10 4,000 6,611 3,977 0.004 0.005 23.9
21 Bills-purchases-Head 10/23 2004/1/23 8,000 22,437 8,040 0.023 * 0.026 -
22 JGSs-purchases 10/24 2004/1/16 4,000 8,495 4,000 0.011 0.013 30.0
22 Bills-sales 10/23 11/6 8,000 26,210 8,005 0.001 0.001 31.5
23 Bills-sales 10/24 11/10 8,000 24,740 8,004 0.001 0.001 33.4
27 JGSs-purchases 10/29 2004/1/22 4,000 8,307 4,001 0.005 0.008 14.8
27 CP-purchases 10/29 12/17 4,000 5,813 4,049 0.004 * 0.006 -
28 Bills-sales 10/29 11/12 8,000 31,967 8,005 0.001 0.001 25.4
28 Bills-purchases-All 10/30 2004/4/15 8,000 26,109 8,000 0.028 0.033 74.0
29 JGSs-purchases 10/31 2004/1/28 4,000 7,800 4,003 0.003 0.003 60.3
29 Bills-sales 10/30 11/13 4,000 18,770 4,002 0.001 0.001 21.6
30 Bills-sales 10/31 11/14 5,000 24,759 5,008 0.001 0.001 20.6
30 Bills-purchases-Head 11/4 2004/2/13 8,000 20,145 8,145 0.009 * 0.014 -

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                
10/2 Outright purchases 10/7 6,000 21,808 5,948 -0.004 * -0.002 -
10 Outright purchases 10/16 6,000 14,939 6,005 0.001 0.002 44.8
16 Outright purchases 10/21 6,000 20,420 5,995 -0.001 * 0.000 -
23 Outright purchases 10/28 6,000 14,119 6,006 -0.005 -0.003 9.7
30 Outright purchases 11/5 6,000 14,130 6,000 0.000 * 0.000 -

Outright Purchase Operations of ABCP

Table: (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              
10/9 10/14 500 942 500 0.011 0.028 58.3

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on October 1, 300.0 billion yen on October 8, 300.0 billion yen on October 15 and 300.0 billion yen on October 22. The purchases were exercised at 282.8 billion yen on October 6, 300.7 billion yen on October 14, 298.2 billion yen on October 20 and 303.3 billion yen on October 27, respectively.

(Memo2)

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

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.