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


February 2, 2004
Bank of Japan
Financial Markets Department


(100 million yen, percent per annum)

Operations by Transactions under Repurchase Agreements and Purchases and Sales of Bills
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
5 
6 
7 
7 
8 
9 
9 
13 
13 
13 
14 
15 
16 
19 
19 
19 
21 
21 
21 
22 
27 
28 

Bills-sales
Bills-purchases-All
CP-purchases
Bills-sales
Bills-sales
Bills-sales
CP-purchases
Bills-sales
JGSs-sales
Bills-sales
Bills-purchases-Head
Bills-sales
CP-purchases
Bills-sales
JGSs-sales
Bills-sales
Bills-purchases-All
JGSs-purchases
CP-purchases
Bills-purchases-Head
Bills-purchases-All
CP-purchases
Bills-purchases-Head

1/6
1/7
1/8
1/8
1/8
1/9
1/14
1/13
1/15
1/14
1/15
1/15
1/19
1/19
1/21
1/20
1/21
1/23
1/23
1/23
1/26
1/29
1/30

1/23
7/15
2/19
1/21
1/26
1/26
2/26
1/22
1/26
1/28
4/15
1/30
3/4
1/30
2/2
1/30
7/28
4/7
3/10
4/28
8/13
3/17
5/11

8,000 
8,000 
4,000 
5,000 
10,000 
10,000 
4,000 
10,000 
8,000 
8,000 
6,000 
6,000 
4,000 
10,000 
8,000 
8,000 
8,000 
4,000 
4,000 
8,000 
8,000 
4,000 
8,000 

34,780 
22,225 
7,358 
14,650 
32,420 
24,860 
6,363 
24,950 
29,660 
20,540 
27,555 
17,610 
5,180 
33,180 
23,110 
15,190 
23,501 
6,284 
4,764 
24,870 
19,428 
3,244 
20,519 

8,004 
8,005 
3,940 
5,004 
10,006 
10,005 
3,937 
10,005 
8,003 
8,002 
6,000 
6,004 
3,954 
10,004 
8,003 
8,004 
8,002 
4,049 
3,964 
8,003 
8,004 
3,244 
8,005 

0.001 
0.005 
0.008 
0.001 
0.001 
0.001 
0.006 
0.001 
0.001 
0.001 
0.006*
0.001 
0.004 
0.001 
0.001 
0.001 
0.007 
0.002*
0.001 
0.004 
0.003 
0.001*
0.002 

0.001 
0.008 
0.010 
0.001 
0.001 
0.001 
0.008 
0.001 
0.001 
0.001 
0.007 
0.001 
0.005 
0.001 
0.001 
0.001 
0.009 
0.003 
0.003 
0.005 
0.005 
0.001 
0.003 

23.1 
7.8 
76.5 
35.1 
31.5 
40.4 
22.3 
40.4 
36.4 
39.5 
-  
34.5 
54.5 
36.6 
45.7 
55.4 
32.0 
-  
39.1 
45.8 
5.6 
-  
67.8


Outright Purchases and Sales Operation of TBs and FBs
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
15 
22 
23 
29 
30 

Outright purchases
Outright purchases
Outright purchases
Outright purchases
Outright purchases
Outright purchases

1/14
1/20
1/27
1/28
2/3
2/4

6,000 
6,000 
6,000 
6,000 
6,000 
6,000 

37,545 
26,090 
23,874 
16,640 
12,609 
17,021 

6,003 
6,005 
6,007 
6,006 
6,007 
6,004 

0.002
0.003
0.001
-0.001
-0.001
-0.003

0.002 
0.003 
0.001 
-0.001 
0.000 
-0.003 

70.3 
51.5 
62.1 
72.1 
60.0 
32.8


Outright Purchase Operations of ABCP
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.
3. (a) Planned amounts on offer days.
(b) * denotes non-pro-rata rates; otherwise the figures denote pro-rata rates.
(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.
(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.


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