Bank of Japan Operations in the Money Markets (May 2004)
June 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 5/6 7 7 7 10 10 11 12 12 12 13 13 14 17 18 18 18 19 19 20 20 21 21 24 25 25 25 25 26 26 27 27 28 31 31 31 |
CP-purchases JGSs-purchases Bills-sales Bills-purchases-Head Bills-sales Bills-purchases-All CP-purchases JGSs-purchases Bills-sales Bills-purchases-Head Bills-sales Bills-purchases-All JGSs-purchases Bills-purchases-Head JGSs-purchases CP-purchases Bills-sales Bills-sales Bills-purchases-All JGSs-purchases Bills-sales Bills-purchases-Head Bills-purchases-All JGSs-purchases JGSs-sales CP-purchases Bills-sales Bills-purchases-Head Bills-sales Bills-purchases-All JGSs-purchases Bills-purchases-Head Bills-purchases-All JGSs-purchases Bills-purchases-Head Bills-purchases-All |
5/10 5/11 5/10 5/11 5/11 5/12 5/13 5/14 5/13 5/14 5/14 5/17 5/18 5/19 5/20 5/20 5/19 5/20 5/21 5/24 5/21 5/25 5/25 5/26 5/27 5/27 5/26 5/27 5/27 5/28 5/31 5/31 6/1 6/2 6/2 6/2 |
6/24 7/7 5/24 7/13 5/25 9/22 7/6 7/9 5/25 7/21 5/31 10/7 7/14 7/27 7/16 7/13 5/31 6/1 10/15 7/22 6/2 8/6 10/15 8/5 6/2 7/22 6/2 8/19 6/2 10/21 8/13 9/9 10/26 8/18 9/15 10/28 |
4,000 4,000 10,000 8,000 10,000 8,000 4,000 4,000 10,000 8,000 8,000 8,000 4,000 8,000 4,000 4,000 10,000 8,000 8,000 4,000 10,000 8,000 8,000 4,000 8,000 4,000 8,000 8,000 10,000 8,000 4,000 8,000 8,000 4,000 6,000 6,000 |
7,048 12,728 27,980 19,206 21,450 20,020 6,508 15,232 17,550 24,565 18,800 27,230 13,536 19,960 8,870 5,562 37,719 31,500 20,347 5,232 34,300 9,810 32,536 4,228 11,155 6,273 26,250 6,834 27,440 28,510 4,753 9,658 21,170 4,525 3,700 20,491 |
3,962 4,006 10,004 8,003 10,005 8,005 3,908 4,004 10,002 8,006 8,006 8,001 4,003 8,005 4,004 3,910 10,006 8,008 8,006 4,002 10,009 8,004 8,006 4,004 8,001 3,912 8,006 6,834 10,005 8,006 4,005 8,006 8,008 4,003 3,700 6,008 |
0.004 0.001 0.001 0.001 0.001 0.001 0.003 0.001 0.001 0.001 0.001 0.003 0.001 0.001 0.001 0.002 0.001 0.001 0.002 0.001 0.001 0.001 0.002 0.001 0.001 0.002 0.001 0.001* 0.001 0.001 0.001 0.001 0.001 0.001 0.001* 0.001 |
0.005 0.002 0.001 0.002 0.001 0.002 0.004 0.001 0.001 0.001 0.001 0.004 0.001 0.001 0.001 0.002 0.001 0.001 0.003 0.001 0.001 0.001 0.002 0.001 0.001 0.002 0.001 0.001 0.001 0.002 0.001 0.001 0.001 0.001 0.001 0.001 |
87.4 15.7 66.1 20.5 49.7 6.4 72.5 20.9 59.7 29.6 45.1 65.0 28.5 38.2 43.0 80.1 26.7 26.3 4.2 75.7 30.1 81.6 56.8 94.3 75.5 52.2 31.2 - 37.0 13.4 84.3 82.9 28.3 88.5 - 26.1 |
| 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 5/6 13 14 20 27 28 |
Outright purchases Outright purchases Outright purchases Outright purchases Outright purchases Outright purchases |
5/11 5/18 5/19 5/25 6/1 6/2 |
6,000 6,000 6,000 6,000 6,000 6,000 |
22,985 30,905 24,800 21,005 21,867 18,787 |
6,006 6,014 6,057 6,125 6,009 6,008 |
0.000 0.000 0.000* 0.001* 0.000 0.000 |
0.000 0.000 0.000 0.001 0.000 0.000 |
50.9 84.5 - - 52.3 34.2 |
| 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 5/10 20 27 |
5/12 5/24 5/31 |
500 500 1,000 |
761 1,720 1,142 |
500 494 912 |
0.005* 0.006 0.003 |
0.007 0.010 0.005 |
- 51.4 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. | |
| 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. | ||
| 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. | ||
