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

May 6, 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                  
4/1 Bills-sales 4/1 * 4/20 10,000 40,550 10,004 0.001 0.001 26.1
1 CP-purchases 4/5 5/20 4,000 6,719 3,946 0.007 0.009 58.0
1 Bills-sales 4/1 * 4/12 6,000 18,810 6,001 0.001 0.001 35.3
1 Bills-sales 4/2 4/20 10,000 26,100 10,006 0.001 0.001 44.7
2 Bills-sales 4/5 4/12 10,000 32,000 10,007 0.001 0.001 31.5
5 CP-purchases 4/7 5/27 4,000 6,686 4,017 0.005 * 0.007 -
8 Bills-purchases-Head 4/12 6/16 8,000 27,565 8,002 0.005 0.006 41.8
9 CP-purchases 4/13 6/4 4,000 6,424 3,876 0.003 0.004 52.0
13 Bills-sales 4/15 4/26 10,000 39,295 10,007 0.001 0.001 25.9
14 JGSs-sales 4/16 4/26 8,000 25,060 8,003 0.001 0.001 34.1
14 Bills-sales 4/15 4/30 10,000 38,842 10,007 0.001 0.001 26.1
15 CP-purchases 4/19 6/10 4,000 4,945 4,115 0.002 * 0.002 -
16 Bills-sales 4/19 4/26 8,000 45,200 8,008 0.001 0.001 19.5
16 Bills-purchases-All 4/20 8/24 8,000 32,314 8,005 0.004 0.005 82.7
19 JGSs-purchases 4/21 6/23 4,000 6,049 4,004 0.002 0.002 92.4
19 Bills-sales 4/20 5/6 8,000 24,950 8,004 0.001 0.001 37.0
20 Bills-sales 4/21 5/7 10,000 24,310 10,007 0.001 0.001 43.7
21 JGSs-sales 4/23 5/7 8,000 13,055 8,000 0.002 0.001 87.5
21 CP-purchases 4/23 6/17 4,000 4,136 4,136 0.001 * 0.002 -
21 Bills-purchases-Head 4/23 6/29 8,000 32,014 8,005 0.002 0.003 17.6
23 Bills-sales 4/26 5/6 8,000 17,150 8,000 0.002 0.001 10.0
26 JGSs-purchases 4/28 6/24 4,000 10,012 4,003 0.001 0.002 18.1
26 Bills-sales 4/27 5/12 10,000 20,350 10,003 0.003 0.002 33.7
26 Bills-sales 4/28 5/13 8,000 14,000 8,002 0.003 0.002 49.1
27 Bills-sales 4/28 5/12 8,000 16,300 8,001 0.003 0.003 79.0
27 Bills-purchases-All 4/30 9/7 8,000 26,349 8,100 0.004 * 0.005 -
28 Bills-sales 4/30 5/17 6,000 13,230 6,005 0.003 0.003 82.5
30 Bills-sales 5/6 5/24 6,000 14,700 5,900 0.002 * 0.002 -

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                
4/8 Outright purchases 4/13 6,000 26,755 6,004 0.003 0.003 90.3
15 Outright purchases 4/20 6,000 20,580 6,005 0.001 0.001 93.5
22 Outright purchases 4/27 6,000 32,132 6,011 0.000 0.000 43.7
28 Outright purchases 5/7 6,000 21,146 6,003 0.001 0.001 79.9

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              
4/13 4/15 500 333 262 0.000 0.001 63.9

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on April 2, 300.0 billion yen on April 9, 300.0 billion yen on April 19 and 300.0 billion yen on April 26. The purchases were exercised at 300.5 billion yen on April 7, 300.0 billion yen on April 14, 300.3 billion yen on April 22 and 312.5 billion yen on April 30, respectively.

(Memo2)

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

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.