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

June 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                  
5/6 CP-purchases 5/10 6/24 4,000 7,048 3,962 0.004 0.005 87.4
7 JGSs-purchases 5/11 7/7 4,000 12,728 4,006 0.001 0.002 15.7
7 Bills-sales 5/10 5/24 10,000 27,980 10,004 0.001 0.001 66.1
7 Bills-purchases-Head 5/11 7/13 8,000 19,206 8,003 0.001 0.002 20.5
10 Bills-sales 5/11 5/25 10,000 21,450 10,005 0.001 0.001 49.7
10 Bills-purchases-All 5/12 9/22 8,000 20,020 8,005 0.001 0.002 6.4
11 CP-purchases 5/13 7/6 4,000 6,508 3,908 0.003 0.004 72.5
12 JGSs-purchases 5/14 7/9 4,000 15,232 4,004 0.001 0.001 20.9
12 Bills-sales 5/13 5/25 10,000 17,550 10,002 0.001 0.001 59.7
12 Bills-purchases-Head 5/14 7/21 8,000 24,565 8,006 0.001 0.001 29.6
13 Bills-sales 5/14 5/31 8,000 18,800 8,006 0.001 0.001 45.1
13 Bills-purchases-All 5/17 10/7 8,000 27,230 8,001 0.003 0.004 65.0
14 JGSs-purchases 5/18 7/14 4,000 13,536 4,003 0.001 0.001 28.5
17 Bills-purchases-Head 5/19 7/27 8,000 19,960 8,005 0.001 0.001 38.2
18 JGSs-purchases 5/20 7/16 4,000 8,870 4,004 0.001 0.001 43.0
18 CP-purchases 5/20 7/13 4,000 5,562 3,910 0.002 0.002 80.1
18 Bills-sales 5/19 5/31 10,000 37,719 10,006 0.001 0.001 26.7
19 Bills-sales 5/20 6/1 8,000 31,500 8,008 0.001 0.001 26.3
19 Bills-purchases-All 5/21 10/15 8,000 20,347 8,006 0.002 0.003 4.2
20 JGSs-purchases 5/24 7/22 4,000 5,232 4,002 0.001 0.001 75.7
20 Bills-sales 5/21 6/2 10,000 34,300 10,009 0.001 0.001 30.1
21 Bills-purchases-Head 5/25 8/6 8,000 9,810 8,004 0.001 0.001 81.6
21 Bills-purchases-All 5/25 10/15 8,000 32,536 8,006 0.002 0.002 56.8
24 JGSs-purchases 5/26 8/5 4,000 4,228 4,004 0.001 0.001 94.3
25 JGSs-sales 5/27 6/2 8,000 11,155 8,001 0.001 0.001 75.5
25 CP-purchases 5/27 7/22 4,000 6,273 3,912 0.002 0.002 52.2
25 Bills-sales 5/26 6/2 8,000 26,250 8,006 0.001 0.001 31.2
25 Bills-purchases-Head 5/27 8/19 8,000 6,834 6,834 0.001* 0.001 -
26 Bills-sales 5/27 6/2 10,000 27,440 10,005 0.001 0.001 37.0
26 Bills-purchases-All 5/28 10/21 8,000 28,510 8,006 0.001 0.002 13.4
27 JGSs-purchases 5/31 8/13 4,000 4,753 4,005 0.001 0.001 84.3
27 Bills-purchases-Head 5/31 9/9 8,000 9,658 8,006 0.001 0.001 82.9
28 Bills-purchases-All 6/1 10/26 8,000 21,170 8,008 0.001 0.001 28.3
31 JGSs-purchases 6/2 8/18 4,000 4,525 4,003 0.001 0.001 88.5
31 Bills-purchases-Head 6/2 9/15 6,000 3,700 3,700 0.001* 0.001 -
31 Bills-purchases-All 6/2 10/28 6,000 20,491 6,008 0.001 0.001 26.1

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                
5/6 Outright purchases 5/11 6,000 22,985 6,006 0.000 0.000 50.9
13 Outright purchases 5/18 6,000 30,905 6,014 0.000 0.000 84.5
14 Outright purchases 5/19 6,000 24,800 6,057 0.000* 0.000 -
20 Outright purchases 5/25 6,000 21,005 6,125 0.001* 0.001 -
27 Outright purchases 6/1 6,000 21,867 6,009 0.000 0.000 52.3
28 Outright purchases 6/2 6,000 18,787 6,008 0.000 0.000 34.2

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              
5/10 5/12 500 761 500 0.005* 0.007 -
20 5/24 500 1,720 494 0.006 0.010 51.4
27 5/31 1,000 1,142 912 0.003 0.005 85.5

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on May 10, 300.0 billion yen on May 17, 300.0 billion yen on May 21 and 300.0 billion yen on May 26. The purchases were exercised at 300.7 billion yen on May 13, 301.0 billion yen on May 20, 300.8 billion yen on May 26 and 315.2 billion yen on May 31, respectively.

(Memo2)

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

(Memo3)

Securities lending as a secondary source of JGSs
No purchases in May.

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.
  4. Date of repurchase for Securities lending as a secondary source of JGSs:
    those without *: the next business day after the offering date.
    those with *: the fourth business day after the offering date.