Bank of Japan Operations in the Money Markets (July 2004)
August 2, 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 7/2 2 5 6 8 9 13 14 14 16 20 20 21 22 23 27 27 28 29 |
CP-purchases Bills-sales Bills-purchases-All Bills-sales Bills-purchases-Head CP-purchases Bills-purchases-All JGSs-purchases Bills-sales JGSs-purchases CP-purchases Bills-sales Bills-purchases-Head Bills-sales Bills-purchases-All JGSs-purchases CP-purchases Bills-purchases-Head Bills-purchases-All |
7/6 7/5 7/7 7/7 7/12 7/13 7/15 7/16 7/15 7/21 7/22 7/21 7/23 7/23 7/27 7/29 7/29 7/30 8/2 |
8/26 7/14 12/7 7/26 10/27 9/6 12/21 10/8 7/26 9/10 9/9 7/30 11/16 7/30 2005/1/11 9/22 9/16 11/24 2005/1/18 |
4,000 10,000 8,000 8,000 8,000 4,000 8,000 4,000 10,000 4,000 4,000 10,000 8,000 8,000 8,000 4,000 4,000 8,000 8,000 |
8,108 44,695 27,270 33,644 22,900 7,411 31,868 2,067 50,806 1,393 6,694 60,906 30,126 52,000 43,495 1,531 5,940 32,073 42,321 |
3,927 10,007 8,004 8,007 8,008 3,952 8,005 2,067 10,007 1,393 3,932 10,009 8,004 8,011 8,001 1,531 3,941 8,003 8,002 |
0.005 0.001 0.003 0.001 0.001 0.004 0.001 0.001 * 0.001 0.001 * 0.004 0.001 0.001 0.001 0.004 0.001 * 0.005 0.002 0.004 |
0.006 0.001 0.004 0.001 0.002 0.005 0.002 0.001 0.001 0.001 0.005 0.001 0.001 0.001 0.005 0.001 0.005 0.002 0.004 |
58.3 22.7 65.1 27.2 18.2 24.0 5.8 - 19.7 - 48.8 16.6 20.3 15.5 27.7 - 89.6 84.9 69.8 |
| 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 7/1 8 15 16 22 23 29 |
Outright purchases Outright purchases Outright purchases Outright purchases Outright purchases Outright purchases Outright purchases |
7/6 7/13 7/21 7/22 7/27 7/28 8/3 |
6,000 6,000 6,000 6,000 6,000 6,000 6,000 |
16,148 17,478 27,461 24,325 22,082 22,580 31,886 |
6,004 6,004 6,009 6,004 6,010 6,199 6,003 |
-0.001 -0.002 -0.001 -0.002 0.000 0.001* 0.002 |
0.000 -0.001 0.000 -0.001 0.001 0.001 0.002 |
43.7 36.5 2.5 23.9 10.2 - 83.8 |
| 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 7/6 29 |
7/8 8/2 |
1,000 1,000 |
1,346 1,349 |
996 999 |
0.001 0.000 |
0.001 0.000 |
70.0 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. | |
| 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. | ||
