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


March 1, 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
2/2
3 
3 
5 
9 
9 
10 
10 
12 
12 
13 
16 
16 
17 
17 
17 
19 
23 
23 
24 
25 
26 
26 

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

2/4
2/5
2/5
2/9
2/10
2/12
2/13
2/13
2/13
2/16
2/16
2/17
2/18
2/19
2/19
2/18
2/23
2/25
2/25
2/26
2/27
3/1
3/1

4/21
4/7
8/13
5/21
2/20
8/26
2/20
4/13
2/23
5/27
2/25
3/1
9/8
3/3
4/19
3/3
6/8
4/28
9/14
4/5
6/15
5/14
9/17

4,000 
4,000 
8,000 
8,000 
10,000 
8,000 
10,000 
4,000 
10,000 
8,000 
10,000 
10,000 
8,000 
8,000 
4,000 
8,000 
8,000 
4,000 
8,000 
4,000 
8,000 
4,000 
8,000 

2,637 
6,631 
19,860 
24,490 
46,600 
24,770 
39,850 
4,854 
61,100 
32,520 
53,600 
48,800 
27,091 
39,450 
3,483 
49,218 
30,750 
4,834 
34,010 
3,554 
33,867 
9,780 
28,857 

2,637 
3,975 
8,007 
8,010 
10,008 
8,007 
10,004 
3,951 
10,007 
8,010 
10,009 
10,005 
8,008 
8,008 
3,483 
8,004 
8,005 
4,002 
8,003 
3,554 
8,003 
4,006 
8,006 

0.001*
0.004 
0.002 
0.001 
0.001 
0.001 
0.001 
0.001 
0.001 
0.001 
0.001 
0.001 
0.001 
0.001 
0.001*
0.001 
0.001 
0.001 
0.002 
0.001*
0.002 
0.001 
0.002 

0.001 
0.007 
0.003 
0.002 
0.001 
0.002 
0.001 
0.002 
0.001 
0.001 
0.001 
0.001 
0.002 
0.001 
0.001 
0.001 
0.002 
0.001 
0.002 
0.001 
0.002 
0.001 
0.002 

-  
13.4 
87.8 
8.1 
21.5 
9.9 
31.3 
60.7 
16.5 
22.2 
18.9 
20.5 
15.3 
21.1 
-  
16.3 
11.7 
81.0 
57.0 
-  
33.9 
36.8 
22.0


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
2/5
12 
19 
20 
26 

Outright purchases
Outright purchases
Outright purchases
Outright purchases
Outright purchases

2/10
2/17
2/24
2/25
3/2

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

16,762 
19,237 
29,827 
23,602 
28,033 

6,012 
6,015 
6,012 
6,015 
6,009 

-0.001
0.000
0.001
0.001
0.001

-0.001 
0.000 
0.002 
0.001 
0.001 

52.4 
35.4 
10.3 
32.0 
37.3


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
2/9
16 

2/12
2/18

500 
500 

589 
263 

471 
190 

0.000
0.001

0.001
0.001

68.2 
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.
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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