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Bank of Japan Operations in the Money Markets (January 2004)

February 2, 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
2004                  
1/5 Bills-sales 1/6 1/23 8,000 34,780 8,004 0.001 0.001 23.1
5 Bills-purchases-All 1/7 7/15 8,000 22,225 8,005 0.005 0.008 7.8
6 CP-purchases 1/8 2/19 4,000 7,358 3,940 0.008 0.010 76.5
7 Bills-sales 1/8 1/21 5,000 14,650 5,004 0.001 0.001 35.1
7 Bills-sales 1/8 1/26 10,000 32,420 10,006 0.001 0.001 31.5
8 Bills-sales 1/9 1/26 10,000 24,860 10,005 0.001 0.001 40.4
9 CP-purchases 1/14 2/26 4,000 6,363 3,937 0.006 0.008 22.3
9 Bills-sales 1/13 1/22 10,000 24,950 10,005 0.001 0.001 40.4
13 JGSs-sales 1/15 1/26 8,000 29,660 8,003 0.001 0.001 36.4
13 Bills-sales 1/14 1/28 8,000 20,540 8,002 0.001 0.001 39.5
13 Bills-purchases-Head 1/15 4/15 6,000 27,555 6,000 0.006* 0.007 -
14 Bills-sales 1/15 1/30 6,000 17,610 6,004 0.001 0.001 34.5
15 CP-purchases 1/19 3/4 4,000 5,180 3,954 0.004 0.005 54.5
16 Bills-sales 1/19 1/30 10,000 33,180 10,004 0.001 0.001 36.6
19 JGSs-sales 1/21 2/2 8,000 23,110 8,003 0.001 0.001 45.7
19 Bills-sales 1/20 1/30 8,000 15,190 8,004 0.001 0.001 55.4
19 Bills-purchases-All 1/21 7/28 8,000 23,501 8,002 0.007 0.009 32.0
21 JGSs-purchases 1/23 4/7 4,000 6,284 4,049 0.002* 0.003 -
21 CP-purchases 1/23 3/10 4,000 4,764 3,964 0.001 0.003 39.1
21 Bills-purchases-Head 1/23 4/28 8,000 24,870 8,003 0.004 0.005 45.8
22 Bills-purchases-All 1/26 8/13 8,000 19,428 8,004 0.003 0.005 5.6
27 CP-purchases 1/29 3/17 4,000 3,244 3,244 0.001* 0.001 -
28 Bills-purchases-Head 1/30 5/11 8,000 20,519 8,005 0.002 0.003 67.8

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
2004                
1/8 Outright purchases 1/14 6,000 37,545 6,003 0.002 0.002 70.3
15 Outright purchases 1/20 6,000 26,090 6,005 0.003 0.003 51.5
22 Outright purchases 1/27 6,000 23,874 6,007 0.001 0.001 62.1
23 Outright purchases 1/28 6,000 16,640 6,006 -0.001 -0.001 72.1
29 Outright purchases 2/3 6,000 12,609 6,007 -0.001 0.000 60.0
30 Outright purchases 2/4 6,000 17,021 6,004 -0.003 -0.003 32.8

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
2004              
1/14 1/16 500 550 437 0.000 0.002 68.7

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on January 7, 300.0 billion yen on January 16, 300.0 billion yen on January 21 and 300.0 billion yen on January 26. The purchases were exercised at 300.9 billion yen on January 13, 311.5 billion yen on January 21, 300.3 billion yen on January 26 and 301.0 billion yen on January 29, respectively.

(Memo2)

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

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.