Bank of Japan Head Office

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


October 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
9/1
1 
2 
6 
6 
7 
7 
10 
13 
14 
16 
16 
17 
17 
21 
21 
21 
22 
27 
28 
30 
30 

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

9/3
9/3
9/6
9/8
9/8
9/9
9/9
9/14
9/15
9/16
9/21
9/21
9/22
9/22
9/24
9/22
9/24
9/27
9/29
9/30
10/1
10/4

11/5
2005/1/7
10/28
11/9
2005/3/4
11/5
2005/1/12
11/11
2005/3/9
11/11
11/17
9/27
9/29
9/29
11/18
9/29
2005/1/19
10/15
10/15
10/15
10/12
2005/2/4

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

18,171 
24,425 
5,655 
12,261 
26,442 
4,992 
27,161 
12,094 
33,598 
3,973 
14,511 
44,400 
14,000 
35,363 
3,891 
40,230 
37,560 
17,684 
14,024 
12,726 
28,800 
25,300 

4,002 
8,007 
3,890 
4,001 
8,004 
4,034 
8,004 
4,002 
8,007 
3,973 
4,004 
10,007 
8,002 
10,002 
3,891 
10,008 
8,006 
4,001 
3,846 
4,002 
8,004 
8,002 

0.004
0.003
0.005
0.004
0.004
0.003*
0.003
0.003
0.004
0.001*
0.004
0.001
0.001
0.001
0.001*
0.001
0.003
0.009
0.012*
0.003
0.001
0.003

0.004 
0.004 
0.005 
0.004 
0.004 
0.004 
0.003 
0.004 
0.004 
0.002 
0.004 
0.001 
0.001 
0.001 
0.003 
0.001 
0.004 
0.012 
0.013 
0.012 
0.001 
0.003 

69.3 
43.8 
92.6 
66.3 
66.0 
-
43.2 
19.0 
47.1 
-
86.0 
22.7 
74.8 
28.6 
-
25.1 
9.7 
24.0 
-
12.9 
30.8 
86.2


Outright Purchase and Sale Operations 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
9/2
3 
9 
17 
24 

Outright purchases
Outright purchases
Outright purchases
Outright purchases
Outright purchases

9/7
9/8
9/14
9/24
9/29

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

28,831
21,034
29,674
15,813
21,463

6,012
6,010
6,011
6,008
6,007

0.000
0.000
0.001
0.000
0.001

0.000
0.000
0.001
0.001
0.001

24.8
35.2
28.5
12.4
70.5


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
9/8
22 

9/10
9/27

1,000
1,000

816
815

642
645

0.002
0.000

0.004
0.001

94.3
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.
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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