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

March 1, 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                  
2/2 JGSs-purchases 2/4 4/21 4,000 2,637 2,637 0.001* 0.001 -
3 CP-purchases 2/5 4/7 4,000 6,631 3,975 0.004 0.007 13.4
3 Bills-purchases-All 2/5 8/13 8,000 19,860 8,007 0.002 0.003 87.8
5 Bills-purchases-Head 2/9 5/21 8,000 24,490 8,010 0.001 0.002 8.1
9 Bills-sales 2/10 2/20 10,000 46,600 10,008 0.001 0.001 21.5
9 Bills-purchases-All 2/12 8/26 8,000 24,770 8,007 0.001 0.002 9.9
10 JGSs-sales 2/13 2/20 10,000 39,850 10,004 0.001 0.001 31.3
10 CP-purchases 2/13 4/13 4,000 4,854 3,951 0.001 0.002 60.7
12 Bills-sales 2/13 2/23 10,000 61,100 10,007 0.001 0.001 16.5
12 Bills-purchases-Head 2/16 5/27 8,000 32,520 8,010 0.001 0.001 22.2
13 Bills-sales 2/16 2/25 10,000 53,600 10,009 0.001 0.001 18.9
16 Bills-sales 2/17 3/1 10,000 48,800 10,005 0.001 0.001 20.5
16 Bills-purchases-All 2/18 9/8 8,000 27,091 8,008 0.001 0.002 15.3
17 JGSs-sales 2/19 3/3 8,000 39,450 8,008 0.001 0.001 21.1
17 CP-purchases 2/19 4/19 4,000 3,483 3,483 0.001* 0.001 -
17 Bills-sales 2/18 3/3 8,000 49,218 8,004 0.001 0.001 16.3
19 Bills-purchases-Head 2/23 6/8 8,000 30,750 8,005 0.001 0.002 11.7
23 JGSs-purchases 2/25 4/28 4,000 4,834 4,002 0.001 0.001 81.0
23 Bills-purchases-All 2/25 9/14 8,000 34,010 8,003 0.002 0.002 57.0
24 CP-purchases 2/26 4/5 4,000 3,554 3,554 0.001* 0.001 -
25 Bills-purchases-Head 2/27 6/15 8,000 33,867 8,003 0.002 0.002 33.9
26 JGSs-purchases 3/1 5/14 4,000 9,780 4,006 0.001 0.001 36.8
26 Bills-purchases-All 3/1 9/17 8,000 28,857 8,006 0.002 0.002 22.0

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                
2/5 Outright purchases 2/10 6,000 16,762 6,012 -0.001 -0.001 52.4
12 Outright purchases 2/17 6,000 19,237 6,015 0.000 0.000 35.4
19 Outright purchases 2/24 6,000 29,827 6,012 0.001 0.002 10.3
20 Outright purchases 2/25 6,000 23,602 6,015 0.001 0.001 32.0
26 Outright purchases 3/2 6,000 28,033 6,009 0.001 0.001 37.3

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              
2/9 2/12 500 589 471 0.000 0.001 68.2
16 2/18 500 263 190 0.001 0.001 84.0

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on February 2, 300.0 billion yen on February 9, 300.0 billion yen on February 18 and 300.0 billion yen on February 23. The purchases were exercised at 294.6 billion yen on February 5, 300.2 billion yen on February 13, 300.2 billion yen on February 23 and 301.3 billion yen on February 26, respectively.

(Memo2)

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

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.