Skip to main content

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

April 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                  
3/1 JGSs-purchases 3/3 5/18 4,000 8,337 4,001 0.002 0.002 75.5
1 Bills-purchases-Head 3/3 6/15 8,000 32,664 8,007 0.002 0.002 41.1
1 Bills-purchases-All 3/3 9/24 8,000 31,026 8,006 0.002 0.002 23.6
2 CP-purchases 3/4 4/23 4,000 5,462 3,934 0.002 0.003 64.1
3 Bills-purchases-Head 3/5 6/18 8,000 33,445 8,005 0.002 0.003 10.4
8 CP-purchases 3/10 5/10 4,000 5,144 3,924 0.002 0.002 83.2
9 Bills-sales 3/10 3/22 8,000 44,300 8,004 0.001 0.001 18.2
9 Bills-purchases-All 3/11 8/17 8,000 35,111 8,003 0.003 0.003 69.0
10 Bills-sales 3/11 3/22 8,000 44,400 8,004 0.001 0.001 18.4
15 JGSs-sales 3/17 3/25 8,000 27,360 8,000 0.001 0.001 40.0
15 CP-purchases 3/17 5/13 4,000 4,755 4,200 0.005* 0.007 -
16 Bills-purchases-Head 3/18 5/18 8,000 34,322 8,004 0.004 0.006 5.8
17 Bills-sales 3/18 3/24 8,000 39,508 8,006 0.001 0.001 20.6
19 Bills-sales 3/22 3/29 6,000 33,495 6,007 0.001 0.001 18.4
23 Bills-purchases-All 3/25 4/15 4,000 21,523 4,002 0.009 0.011 48.4
25 JGSs-purchases 3/29 4/15 4,000 10,980 4,002 0.005 0.010 61.8
25 Bills-sales 3/26 4/7 4,000 17,370 3,900 0.004* 0.002 -
25 Bills-sales 3/26 4/20 4,000 13,600 4,001 0.005 0.004 54.8
26 Bills-sales 3/29 4/19 5,000 11,260 5,003 0.005 0.004 69.3
26 Bills-sales 3/30 4/7 5,000 13,880 5,002 0.004 0.003 25.7
29 Bills-sales 3/30 4/12 4,000 10,550 3,800 0.004* 0.004 -
29 Bills-sales 3/30 4/20 4,000 8,880 4,002 0.005 0.004 18.0
31 Bills-sales 4/1 4/20 10,000 41,200 10,005 0.001 0.001 34.6
31 Bills-sales 4/2 4/12 8,000 33,800 8,003 0.001 0.001 28.6

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                
3/4 Outright purchases 3/9 6,000 21,600 6,010 0.002 0.002 40.8
5 Outright purchases 3/10 6,000 22,163 6,010 0.002 0.002 66.0
11 Outright purchases 3/16 6,000 29,353 6,011 0.002 0.003 13.9
18 Outright purchases 3/23 6,000 17,022 6,008 0.002 0.002 63.3
19 Outright purchases 3/24 6,000 19,280 6,005 -0.001 -0.001 85.8
25 Outright purchases 3/30 6,000 9,183 6,001 -0.005 -0.002 24.2

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              
3/5 3/9 500 587 469 0.000 0.001 49.1
12 3/16 500 1,554 490 0.012 0.019 20.0
19 3/23 500 808 499 0.001 0.006 92.9

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on March 1, 300.0 billion yen on March 10, 300.0 billion yen on March 17 and 300.0 billion yen on March 24. The purchases were exercised at 285.5 billion yen on March 4, 300.3 billion yen on March 15, 300.9 billion yen on March 22 and 300.2 billion yen on March 29, respectively.

(Memo2)

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