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

October 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                  
9/1 JGSs-purchases 9/3 11/5 4,000 18,171 4,002 0.004 0.004 69.3
1 Bills-purchases-Head 9/3 2005/1/7 8,000 24,425 8,007 0.003 0.004 43.8
2 CP-purchases 9/6 10/28 4,000 5,655 3,890 0.005 0.005 92.6
6 JGSs-purchases 9/8 11/9 4,000 12,261 4,001 0.004 0.004 66.3
6 Bills-purchases-All 9/8 2005/3/4 8,000 26,442 8,004 0.004 0.004 66.0
7 CP-purchases 9/9 11/5 4,000 4,992 4,034 0.003* 0.004 -
7 Bills-purchases-Head 9/9 2005/1/12 8,000 27,161 8,004 0.003 0.003 43.2
10 JGSs-purchases 9/14 11/11 4,000 12,094 4,002 0.003 0.004 19.0
13 Bills-purchases-All 9/15 2005/3/9 8,000 33,598 8,007 0.004 0.004 47.1
14 CP-purchases 9/16 11/11 4,000 3,973 3,973 0.001* 0.002 -
16 JGSs-purchases 9/21 11/17 4,000 14,511 4,004 0.004 0.004 86.0
16 Bills-sales 9/21 9/27 10,000 44,400 10,007 0.001 0.001 22.7
17 JGSs-sales 9/22 9/29 8,000 14,000 8,002 0.001 0.001 74.8
17 Bills-sales 9/22 9/29 10,000 35,363 10,002 0.001 0.001 28.6
21 CP-purchases 9/24 11/18 4,000 3,891 3,891 0.001* 0.003 -
21 Bills-sales 9/22 9/29 10,000 40,230 10,008 0.001 0.001 25.1
21 Bills-purchases-Head 9/24 2005/1/19 8,000 37,560 8,006 0.003 0.004 9.7
22 JGSs-purchases 9/27 10/15 4,000 17,684 4,001 0.009 0.012 24.0
27 JGSs-purchases 9/29 10/15 4,000 14,024 3,846 0.012* 0.013 -
28 Bills-purchases-All 9/30 10/15 4,000 12,726 4,002 0.003 0.012 12.9
30 Bills-sales 10/1 10/12 8,000 28,800 8,004 0.001 0.001 30.8
30 Bills-purchases-Head 10/4 2005/2/4 8,000 25,300 8,002 0.003 0.003 86.2

Outright Purchase and Sale Operations of TBs and FBs

Table: Outright Purchase and Sale Operations 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                
9/2 Outright purchases 9/7 6,000 28,831 6,012 0.000 0.000 24.8
3 Outright purchases 9/8 6,000 21,034 6,010 0.000 0.000 35.2
9 Outright purchases 9/14 6,000 29,674 6,011 0.001 0.001 28.5
17 Outright purchases 9/24 6,000 15,813 6,008 0.000 0.001 12.4
24 Outright purchases 9/29 6,000 21,463 6,007 0.001 0.001 70.5

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              
9/8 9/10 1,000 816 642 0.002 0.004 94.3
22 9/27 1,000 815 645 0.000 0.001 75.0

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on September 1, 300.0 billion yen on September 8, 300.0 billion yen on September 15 and 300.0 billion yen on September 22. The purchases were exercised at 301.2 billion yen on September 6, 300.4 billion yen on September 13, 300.5 billion yen on September 21 and 300.4 billion yen on September 28, respectively.

(Memo2)

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

(Memo3)

Securities lending as a secondary source of JGSs
The Bank of Japan offered securities lendings as a secondary source of JGSs worth 2.5 billion yen on September 28 for 20-year JGB #62. The Bank sold 20-year JGB #62 worth 2.4 billion yen, under repurchase agreements, respectively.

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.