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

July 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                  
6/2 CP-purchases 6/4 7/29 4,000 7,080 3,961 0.004 0.005 9.7
3 Bills-purchases-Head 6/7 9/21 8,000 9,100 8,003 0.001 0.001 87.9
8 CP-purchases 6/10 8/5 4,000 6,667 3,958 0.003 0.004 37.8
8 Bills-purchases-All 6/10 11/5 8,000 31,388 8,005 0.002 0.002 82.8
10 JGSs-purchases 6/14 9/6 4,000 1,586 1,586 0.001 * 0.001 -
14 Bills-sales 6/15 6/25 10,000 41,400 10,009 0.001 0.001 24.2
14 Bills-purchases-Head 6/16 10/6 8,000 27,479 8,000 0.005 0.006 71.7
15 CP-purchases 6/17 8/12 4,000 6,373 3,920 0.003 0.003 72.5
15 Bills-sales 6/16 6/28 10,000 36,154 10,006 0.001 0.001 27.8
16 Bills-sales 6/17 6/28 5,000 22,428 5,005 0.001 0.001 22.5
17 Bills-purchases-All 6/21 11/12 8,000 31,417 8,002 0.008 0.010 42.7
22 CP-purchases 6/24 8/19 4,000 6,544 3,838 0.004 * 0.004 -
22 Bills-sales 6/24 7/2 8,000 22,454 8,004 0.001 0.001 36.8
23 Bills-purchases-Head 6/25 10/15 8,000 29,543 7,900 0.008 * 0.009 -
25 Bills-sales 6/28 7/2 8,000 19,006 8,005 0.001 0.001 42.8
25 Bills-purchases-All 6/29 11/19 8,000 22,923 8,001 0.006 0.007 74.0
29 Bills-sales 6/30 7/12 8,000 25,289 8,005 0.001 0.001 32.6
30 Bills-sales 7/1 7/14 10,000 32,395 10,005 0.001 0.001 31.2
30 Bills-purchases-Head 7/2 10/22 8,000 24,960 8,001 0.004 0.005 34.8

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                
6/3 Outright purchases 6/8 6,000 28,943 5,951 0.002 * 0.002 -
10 Outright purchases 6/15 6,000 37,686 6,003 0.010 0.010 56.1
17 Outright purchases 6/22 6,000 35,761 6,001 0.005 0.006 50.3
18 Outright purchases 6/23 6,000 19,915 6,004 0.003 0.004 32.1
24 Outright purchases 6/29 6,000 24,589 6,002 0.004 * 0.004 -

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              
6/4 6/8 1,000 1,118 847 0.001 0.003 48.0
21 6/23 1,000 1,734 992 0.001 0.016 17.2

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on June 2, 300.0 billion yen on June 9, 300.0 billion yen on June 16 and 300.0 billion yen on June 23. The purchases were exercised at 285.1 billion yen on June 7, 300.6 billion yen on June 14, 300.7 billion yen on June 21 and 309.3 billion yen on June 28, respectively.

(Memo2)

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

(Memo3)

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

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.