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


September 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
8/2
3 
3 
4 
6 
9 
10 
10 
11 
12 
12 
13 
16 
16 
17 
17 
18 
20 
23 
24 
24 
25 
26 
26 
27 
30 
30 
31 

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

8/4
8/5
8/5
8/6
8/10
8/11
8/12
8/13
8/13
8/13
8/16
8/16
8/18
8/17
8/19
8/19
8/20
8/24
8/25
8/26
8/26
8/27
8/27
8/30
8/31
9/1
9/1
9/2

10/5
9/24
12/3
2005/1/26
10/8
12/9
10/7
8/20
8/20
8/20
2005/2/3
8/25
10/15
8/25
10/14
12/13
2005/2/9
10/19
12/15
10/21
2005/2/15
10/22
9/2
12/17
2005/2/18
10/26
12/22
2005/2/22

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

5,654 
4,192 
33,658 
38,339 
7,255 
32,324 
6,137 
62,400 
61,852 
60,570 
38,049 
62,050 
12,350 
35,300 
4,614 
35,331 
24,785 
15,478 
32,591 
3,603 
26,891 
10,104 
37,700 
17,307 
23,573 
20,050 
38,604 
34,131 

4,005 
4,192 
8,005 
8,004 
4,004 
8,008 
3,971 
10,007 
10,002 
10,005 
8,006 
10,008 
4,003 
5,011 
4,034 
8,001 
8,005 
4,005 
8,003 
3,603 
8,006 
4,004 
8,006 
8,001 
8,005 
4,004 
8,004 
8,004 

0.001
0.001 *
0.002
0.004
0.001
0.001
0.005
0.001
0.001
0.001
0.004
0.001
0.002
0.001
0.004 *
0.003
0.004
0.003
0.003
0.001 *
0.004
0.003
0.001
0.003
0.004
0.003
0.003
0.004

0.001 
0.004 
0.002 
0.004 
0.002 
0.002 
0.007 
0.001 
0.001 
0.001 
0.004 
0.001 
0.002 
0.001 
0.004 
0.003 
0.005 
0.003 
0.004 
0.003 
0.005 
0.004 
0.001 
0.003 
0.004 
0.003 
0.003 
0.004 

57.9 
-  
78.8 
72.8 
36.4 
5.8 
48.4 
16.3 
16.3 
16.6 
73.3 
16.3 
65.5 
14.4 
-  
78.9 
31.0 
41.7 
39.8 
-  
19.0 
21.7 
21.6 
54.0 
34.7 
19.8 
54.7 
53.0


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
8/5
6 
12 
19 
20 
26 

Outright purchases
Outright purchases
Outright purchases
Outright purchases
Outright purchases
Outright purchases

8/10
8/11
8/17
8/24
8/25
8/31

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

16,504 
19,924 
25,473 
36,070 
26,312 
19,481 

6,003 
6,005 
6,007 
6,006 
6,014 
6,006 

0.000
-0.001
0.000
0.002
0.001
0.001

0.001 
0.000 
0.001 
0.003 
0.001 
0.001 

14.8 
19.0 
6.7 
60.9 
17.9 
40.8


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
8/11
27 

8/13
8/31

1,000 
1,000 

1,274 
1,383 

1,000 
985 

0.000
0.000

0.002
0.001

32.0 
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.
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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