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

January 5, 2004
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                  
12/1 Bills-purchases-All 12/1 * 2004/6/15 10,000 21,305 10,001 0.003 0.007 4.4
2 CP-purchases 12/4 2004/1/29 4,000 8,586 3,952 0.008 0.009 59.2
2 Bills-purchases-Head 12/4 2004/4/6 8,000 21,857 8,007 0.003 0.004 79.4
4 Bills-purchases-All 12/8 2004/6/22 8,000 23,855 8,004 0.005 0.006 94.5
8 CP-purchases 12/10 2004/2/5 4,000 7,857 3,922 0.009 0.009 90.9
10 Bills-purchases-Head 12/12 2004/4/8 6,000 27,656 6,002 0.004 0.004 66.0
11 Bills-sales 12/12 12/25 5,000 24,700 5,008 0.001 0.001 21.4
11 Bills-sales 12/15 12/25 10,000 50,000 10,001 0.001 0.001 20.7
12 Bills-sales 12/15 12/25 10,000 54,536 10,007 0.001 0.001 18.5
15 CP-purchases 12/17 2004/2/13 4,000 7,240 3,956 0.009 0.010 72.2
15 Bills-sales 12/16 12/26 10,000 54,688 10,004 0.001 0.001 18.4
16 Bills-sales 12/17 12/29 8,000 36,506 8,005 0.001 0.001 22.6
17 Bills-purchases-All 12/19 2004/7/7 6,000 23,386 6,150 0.009* 0.009 -
22 Bills-purchases-Head 12/25 2004/4/15 6,000 20,239 6,002 0.006 0.008 4.4
26 Bills-sales 2004/1/5 2004/1/13 8,000 36,200 8,006 0.001 0.001 22.7
29 Bills-sales 2004/1/5 2004/1/21 4,000 18,886 4,004 0.001 0.001 21.7

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                
12/4 Outright purchases 12/9 6,000 21,492 6,008 0.000 0.001 27.8
11 Outright purchases 12/16 6,000 23,257 6,004 0.001 0.002 32.9
18 Outright purchases 12/24 6,000 15,958 6,002 -0.001 0.000 49.5
25 Outright purchases 12/30 6,000 18,303 6,005 0.000 0.001 45.5

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              
12/12 12/16 500 620 480 0.000 0.011 38.0

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on December 1, 300.0 billion yen on December 8, 300.0 billion yen on December 17 and 300.0 billion yen on December 24. The purchases were exercised at 314.1 billion yen on December 4, 291.0 billion yen on December 11, 291.8 billion yen on December 22 and 300.5 billion yen on December 29, respectively.

(Memo2)

Outright purchases of asset-backed bonds
The Bank of Japan decided to purchase asset-backed bonds worth 0.1billion yen on December 19.

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.