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


April 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
3/1
1
1
2
3
8
9
9
10
15
15
16
17
19
23
25
25
25
26
26
29
29
31
31

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

3/3
3/3
3/3
3/4
3/5
3/10
3/10
3/11
3/11
3/17
3/17
3/18
3/18
3/22
3/25
3/29
3/26
3/26
3/29
3/30
3/30
3/30
4/1
4/2

5/18
6/15
9/24
4/23
6/18
5/10
3/22
8/17
3/22
3/25
5/13
5/18
3/24
3/29
4/15
4/15
4/7
4/20
4/19
4/7
4/12
4/20
4/20
4/12

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

8,337
32,664
31,026
5,462
33,445
5,144
44,300
35,111
44,400
27,360
4,755
34,322
39,508
33,495
21,523
10,980
17,370
13,600
11,260
13,880
10,550
8,880
41,200
33,800

4,001
8,007
8,006
3,934
8,005
3,924
8,004
8,003
8,004
8,000
4,200
8,004
8,006
6,007
4,002
4,002
3,900
4,001
5,003
5,002
3,800
4,002
10,005
8,003

0.002 
0.002 
0.002 
0.002 
0.002 
0.002 
0.001 
0.003 
0.001 
0.001 
0.005*
0.004 
0.001 
0.001 
0.009 
0.005 
0.004*
0.005 
0.005 
0.004 
0.004*
0.005 
0.001 
0.001 

0.002
0.002
0.002
0.003
0.003
0.002
0.001
0.003
0.001
0.001
0.007
0.006
0.001
0.001
0.011
0.010
0.002
0.004
0.004
0.003
0.004
0.004
0.001
0.001

75.5
41.1
23.6
64.1
10.4
83.2
18.2
69.0
18.4
40.0
-
5.8
20.6
18.4
48.4
61.8
-
54.8
69.3
25.7
-
18.0
34.6
28.6


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
3/4
5
11
18
19
25

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

3/9
3/10
3/16
3/23
3/24
3/30

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

21,600
22,163
29,353
17,022
19,280
9,183

6,010
6,010
6,011
6,008
6,005
6,001

0.002
0.002
0.002
0.002
-0.001
-0.005

0.002
0.002
0.003
0.002
-0.001
-0.002

40.8
66.0
13.9
63.3
85.8
24.2


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
3/5
12
19

3/9
3/16
3/23

500
500
500

587
1,554
808

469
490
499

0.000
0.012
0.001

0.001
0.019
0.006

49.1
20.0
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.

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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