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

September 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                  
8/2 JGSs-purchases 8/4 10/5 4,000 5,654 4,005 0.001 0.001 57.9
3 CP-purchases 8/5 9/24 4,000 4,192 4,192 0.001 * 0.004 -
3 Bills-purchases-Head 8/5 12/3 8,000 33,658 8,005 0.002 0.002 78.8
4 Bills-purchases-All 8/6 2005/1/26 8,000 38,339 8,004 0.004 0.004 72.8
6 JGSs-purchases 8/10 10/8 4,000 7,255 4,004 0.001 0.002 36.4
9 Bills-purchases-Head 8/11 12/9 8,000 32,324 8,008 0.001 0.002 5.8
10 CP-purchases 8/12 10/7 4,000 6,137 3,971 0.005 0.007 48.4
10 Bills-sales 8/13 8/20 10,000 62,400 10,007 0.001 0.001 16.3
11 Bills-sales 8/13 8/20 10,000 61,852 10,002 0.001 0.001 16.3
12 Bills-sales 8/13 8/20 10,000 60,570 10,005 0.001 0.001 16.6
12 Bills-purchases-All 8/16 2005/2/3 8,000 38,049 8,006 0.004 0.004 73.3
13 Bills-sales 8/16 8/25 10,000 62,050 10,008 0.001 0.001 16.3
16 JGSs-purchases 8/18 10/15 4,000 12,350 4,003 0.002 0.002 65.5
16 Bills-sales 8/17 8/25 5,000 35,300 5,011 0.001 0.001 14.4
17 CP-purchases 8/19 10/14 4,000 4,614 4,034 0.004 * 0.004 -
17 Bills-purchases-Head 8/19 12/13 8,000 35,331 8,001 0.003 0.003 78.9
18 Bills-purchases-All 8/20 2005/2/9 8,000 24,785 8,005 0.004 0.005 31.0
20 JGSs-purchases 8/24 10/19 4,000 15,478 4,005 0.003 0.003 41.7
23 Bills-purchases-Head 8/25 12/15 8,000 32,591 8,003 0.003 0.004 39.8
24 CP-purchases 8/26 10/21 4,000 3,603 3,603 0.001 * 0.003 -
24 Bills-purchases-All 8/26 2005/2/15 8,000 26,891 8,006 0.004 0.005 19.0
25 JGSs-purchases 8/27 10/22 4,000 10,104 4,004 0.003 0.004 21.7
26 Bills-sales 8/27 9/2 8,000 37,700 8,006 0.001 0.001 21.6
26 Bills-purchases-Head 8/30 12/17 8,000 17,307 8,001 0.003 0.003 54.0
27 Bills-purchases-All 8/31 2005/2/18 8,000 23,573 8,005 0.004 0.004 34.7
30 JGSs-purchases 9/1 10/26 4,000 20,050 4,004 0.003 0.003 19.8
30 Bills-purchases-Head 9/1 12/22 8,000 38,604 8,004 0.003 0.003 54.7
31 Bills-purchases-All 9/2 2005/2/22 8,000 34,131 8,004 0.004 0.004 53.0

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                
8/5 Outright purchases 8/10 6,000 16,504 6,003 0.000 0.001 14.8
6 Outright purchases 8/11 6,000 19,924 6,005 -0.001 0.000 19.0
12 Outright purchases 8/17 6,000 25,473 6,007 0.000 0.001 6.7
19 Outright purchases 8/24 6,000 36,070 6,006 0.002 0.003 60.9
20 Outright purchases 8/25 6,000 26,312 6,014 0.001 0.001 17.9
26 Outright purchases 8/31 6,000 19,481 6,006 0.001 0.001 40.8

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              
8/11 8/13 1,000 1,274 1,000 0.000 0.002 32.0
27 8/31 1,000 1,383 985 0.000 0.001 65.3

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on August 4, 300.0 billion yen on August 11, 300.0 billion yen on August 18 and 300.0 billion yen on August 25. The purchases were exercised at 319.7 billion yen on August 9, 307.5 billion yen on August 16, 289.6 billion yen on August 23 and 300.3 billion yen on August 30, respectively.

(Memo2)

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

(Memo3)

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

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.