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

December 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                  
11/4 JGSs-purchases 11/6 2004/2/6 4,000 9,122 4,004 0.002 0.003 65.2
5 CP-purchases 11/7 2004/1/8 4,000 6,042 3,977 0.007 0.010 16.5
5 Bills-sales 11/6 11/19 8,000 35,300 8,004 0.001 0.001 23.0
5 Bills-purchases-All 11/7 2004/4/22 8,000 23,982 8,001 0.016 0.020 63.2
6 Bills-sales 11/7 11/20 10,000 38,960 10,002 0.001 0.001 25.8
7 JGSs-purchases 11/11 2004/2/12 4,000 8,331 4,005 0.001 0.002 17.2
7 Bills-sales 11/10 11/21 10,000 48,100 10,007 0.001 0.001 21.1
7 Bills-purchases-Head 11/11 2004/2/24 8,000 19,922 8,001 0.003 0.006 34.0
10 Bills-sales 11/11 11/25 8,000 49,960 8,008 0.001 0.001 16.1
10 Bills-purchases-All 11/12 2004/4/28 8,000 27,600 8,002 0.013 0.015 51.1
11 JGSs-purchases 11/13 2004/2/18 4,000 4,954 4,006 0.001 0.001 75.4
11 CP-purchases 11/13 2004/1/14 4,000 5,318 3,997 0.004 0.005 83.8
11 Bills-sales 11/12 11/25 5,000 32,217 5,010 0.001 0.001 15.6
12 JGSs-sales 11/14 11/25 8,000 30,410 8,003 0.001 0.001 53.4
12 Bills-sales 11/13 11/25 5,000 24,080 5,006 0.001 0.001 21.1
12 Bills-purchases-Head 11/14 2004/3/9 8,000 22,101 8,151 0.002 * 0.002 -
13 JGSs-purchases 11/17 2004/2/26 4,000 7,026 4,005 0.001 0.001 56.8
14 JGSs-sales 11/18 11/25 6,000 26,070 6,007 0.001 0.001 24.5
14 Bills-sales 11/17 11/27 10,000 38,430 10,007 0.001 0.001 26.4
14 Bills-purchases-All 11/18 2004/5/6 8,000 26,940 8,004 0.010 0.012 67.9
18 Bills-sales 11/19 12/1 8,000 37,620 8,008 0.001 0.001 21.6
18 Bills-purchases-Head 11/20 2004/3/18 6,000 19,809 6,003 0.002 0.002 83.6
18 Bills-purchases-All 11/20 2004/5/26 6,000 21,224 6,004 0.009 0.010 72.0
19 JGSs-purchases 11/21 2004/3/4 4,000 1,895 1,895 0.001 * 0.001 -
19 CP-purchases 11/21 2004/1/19 4,000 6,594 3,897 0.003 0.003 76.6
20 Bills-sales 11/21 12/3 8,000 33,900 8,003 0.001 0.001 24.0
21 Bills-purchases-Head 11/26 2004/3/16 8,000 21,012 8,005 0.002 0.003 38.3
25 CP-purchases 11/27 2004/1/23 4,000 6,136 3,981 0.005 * 0.005 -
25 Bills-sales 11/26 12/3 10,000 29,740 10,005 0.001 0.001 35.4
25 Bills-sales 11/28 12/3 6,000 16,860 6,003 0.001 0.001 38.6
26 Bills-sales 11/28 12/3 6,000 21,730 6,006 0.001 0.001 28.8
27 JGSs-purchases 12/1 2004/3/15 4,000 3,051 3,051 0.001 * 0.001 -
27 Bills-sales 11/28 12/3 6,000 22,130 6,002 0.001 0.001 32.0
27 Bills-purchases-All 12/1 2004/6/9 8,000 23,959 8,003 0.009 0.011 59.9
28 Bills-purchases-Head 12/2 2004/3/24 8,000 15,731 8,006 0.002 0.002 54.9

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                
11/6 Outright purchases 11/11 6,000 25,359 6,008 0.001 0.002 17.2
13 Outright purchases 11/18 6,000 9,356 6,001 0.001 0.001 95.7
20 Outright purchases 11/26 6,000 21,958 6,047 0.002 * 0.002 -
21 Outright purchases 11/27 6,000 18,859 6,006 0.001 0.001 43.0
27 Outright purchases 12/2 6,000 25,636 6,006 0.001 0.002 13.2
28 Outright purchases 12/3 6,000 19,992 6,010 0.001 0.001 39.4

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              
11/6 11/10 500 164 130 0.008 0.010 62.0
26 11/28 500 500 400 0.000 0.000 80.0

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on November 5, 300.0 billion yen on November 10, 300.0 billion yen on November 17 and 300.0 billion yen on November 25. The purchases were exercised at 302.2 billion yen on November 10, 300.4 billion yen on November 13, 300.6 billion yen on November 20 and 298.8 billion yen on November 28, respectively.

(Memo2)

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

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.