Skip to main content

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

August 2, 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                  
7/2 CP-purchases 7/6 8/26 4,000 8,108 3,927 0.005 0.006 58.3
2 Bills-sales 7/5 7/14 10,000 44,695 10,007 0.001 0.001 22.7
5 Bills-purchases-All 7/7 12/7 8,000 27,270 8,004 0.003 0.004 65.1
6 Bills-sales 7/7 7/26 8,000 33,644 8,007 0.001 0.001 27.2
8 Bills-purchases-Head 7/12 10/27 8,000 22,900 8,008 0.001 0.002 18.2
9 CP-purchases 7/13 9/6 4,000 7,411 3,952 0.004 0.005 24.0
13 Bills-purchases-All 7/15 12/21 8,000 31,868 8,005 0.001 0.002 5.8
14 JGSs-purchases 7/16 10/8 4,000 2,067 2,067 0.001 * 0.001 -
14 Bills-sales 7/15 7/26 10,000 50,806 10,007 0.001 0.001 19.7
16 JGSs-purchases 7/21 9/10 4,000 1,393 1,393 0.001 * 0.001 -
20 CP-purchases 7/22 9/9 4,000 6,694 3,932 0.004 0.005 48.8
20 Bills-sales 7/21 7/30 10,000 60,906 10,009 0.001 0.001 16.6
21 Bills-purchases-Head 7/23 11/16 8,000 30,126 8,004 0.001 0.001 20.3
22 Bills-sales 7/23 7/30 8,000 52,000 8,011 0.001 0.001 15.5
23 Bills-purchases-All 7/27 2005/1/11 8,000 43,495 8,001 0.004 0.005 27.7
27 JGSs-purchases 7/29 9/22 4,000 1,531 1,531 0.001 * 0.001 -
27 CP-purchases 7/29 9/16 4,000 5,940 3,941 0.005 0.005 89.6
28 Bills-purchases-Head 7/30 11/24 8,000 32,073 8,003 0.002 0.002 84.9
29 Bills-purchases-All 8/2 2005/1/18 8,000 42,321 8,002 0.004 0.004 69.8

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                
7/1 Outright purchases 7/6 6,000 16,148 6,004 -0.001 0.000 43.7
8 Outright purchases 7/13 6,000 17,478 6,004 -0.002 -0.001 36.5
15 Outright purchases 7/21 6,000 27,461 6,009 -0.001 0.000 2.5
16 Outright purchases 7/22 6,000 24,325 6,004 -0.002 -0.001 23.9
22 Outright purchases 7/27 6,000 22,082 6,010 0.000 0.001 10.2
23 Outright purchases 7/28 6,000 22,580 6,199 0.001* 0.001 -
29 Outright purchases 8/3 6,000 31,886 6,003 0.002 0.002 83.8

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              
7/6 7/8 1,000 1,346 996 0.001 0.001 70.0
29 8/2 1,000 1,349 999 0.000 0.000 71.0

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on July 2, 300.0 billion yen on July 7, 300.0 billion yen on July 14 and 300.0 billion yen on July 26. The purchases were exercised at 293.2 billion yen on July 7, 294.9 billion yen on July 12, 300.7 billion yen on July 20 and 300.4 billion yen on July 29, respectively.

(Memo2)

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

(Memo3)

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

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.