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


July 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
6/2
3
8
8
10
14
14
15
15
16
17
22
22
23
25
25
29
30
30

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

6/4
6/7
6/10
6/10
6/14
6/15
6/16
6/17
6/16
6/17
6/21
6/24
6/24
6/25
6/28
6/29
6/30
7/1
7/2

7/29
9/21
8/5
11/5
9/6
6/25
10/6
8/12
6/28
6/28
11/12
8/19
7/2
10/15
7/2
11/19
7/12
7/14
10/22

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

7,080
9,100
6,667
31,388
1,586
41,400
27,479
6,373
36,154
22,428
31,417
6,544
22,454
29,543
19,006
22,923
25,289
32,395
24,960

3,961
8,003
3,958
8,005
1,586
10,009
8,000
3,920
10,006
5,005
8,002
3,838
8,004
7,900
8,005
8,001
8,005
10,005
8,001

0.004  
0.001  
0.003  
0.002  
0.001 *
0.001  
0.005  
0.003  
0.001  
0.001  
0.008  
0.004 *
0.001  
0.008 *
0.001  
0.006  
0.001  
0.001  
0.004  

0.005
0.001
0.004
0.002
0.001
0.001
0.006
0.003
0.001
0.001
0.010
0.004
0.001
0.009
0.001
0.007
0.001
0.001
0.005

9.7
87.9
37.8
82.8
-
24.2
71.7
72.5
27.8
22.5
42.7
-
36.8
-
42.8
74.0
32.6
31.2
34.8


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
6/3
10
17
18
24

Outright purchases
Outright purchases
Outright purchases
Outright purchases
Outright purchases

6/8
6/15
6/22
6/23
6/29

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

28,943
37,686
35,761
19,915
24,589

5,951
6,003
6,001
6,004
6,002

0.002 *
0.010  
0.005  
0.003  
0.004 *

0.002
0.010
0.006
0.004
0.004

-
56.1
50.3
32.1
-


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
6/4
21

6/8
6/23

1,000
1,000

1,118
1,734

847
992

0.001
0.001

0.003
0.016

48.0
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.
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.


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