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

November 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                  
10/1 Bills-purchases-All 10/5 2005/3/15 8,000 25,830 8,004 0.002 0.003 14.5
4 JGSs-purchases 10/6 12/6 4,000 4,710 4,005 0.001 0.001 83.3
4 Bills-sales 10/5 10/12 8,000 37,800 8,007 0.001 0.001 21.2
5 CP-purchases 10/7 11/26 4,000 5,690 3,831 0.006* 0.007 -
6 Bills-purchases-Head 10/8 2005/2/8 8,000 28,441 8,002 0.002 0.002 64.5
7 Bills-purchases-All 10/12 2005/3/18 8,000 27,242 8,007 0.002 0.002 95.2
12 JGSs-purchases 10/14 12/14 4,000 2,638 2,638 0.001* 0.001 -
12 CP-purchases 10/14 12/9 4,000 5,385 3,974 0.003 0.004 67.7
13 JGSs-sales 10/15 10/29 8,000 28,050 8,000 0.001 0.001 32.0
13 Bills-sales 10/15 10/20 10,000 47,850 10,010 0.001 0.001 21.2
13 Bills-purchases-Head 10/15 2005/2/15 8,000 23,234 8,007 0.001 0.002 21.1
14 Bills-sales 10/15 10/29 10,000 45,141 10,006 0.001 0.001 22.4
14 Bills-purchases-All 10/18 2005/3/24 8,000 21,812 8,009 0.001 0.001 24.6
15 Bills-sales 10/18 10/29 8,000 32,100 8,000 0.001 0.001 25.0
18 JGSs-purchases 10/20 12/21 4,000 2,679 2,679 0.001* 0.001 -
19 CP-purchases 10/21 12/16 4,000 4,829 3,888 0.002 0.003 72.5
19 Bills-purchases-Head 10/21 2005/2/16 8,000 31,141 8,006 0.001 0.001 17.2
21 Bills-purchases-All 10/25 2005/4/6 8,000 34,815 8,005 0.005 0.006 37.1
22 Bills-purchases-Head 10/26 2005/2/23 8,000 17,738 8,007 0.001 0.001 34.9
25 Bills-purchases-All 10/27 2005/4/12 8,000 27,118 7,800 0.005* 0.005 -
26 CP-purchases 10/28 12/24 4,000 4,519 3,914 0.001 0.002 67.5
27 JGSs-purchases 10/29 12/24 4,000 1,534 1,534 0.001* 0.001 -
27 Bills-purchases-Head 10/29 2005/3/8 8,000 8,682 8,008 0.001 0.001 92.2
28 Bills-purchases-All 11/1 2005/4/15 8,000 24,070 8,003 0.004 0.004 87.1
29 Bills-purchases-Head 11/2 2005/3/11 8,000 5,968 5,968 0.001* 0.001 -

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                
10/1 Outright purchases 10/6 6,000 14,559 6,002 -0.004 -0.003 62.6
7 Outright purchases 10/13 6,000 12,117 6,003 -0.003 -0.003 77.0
8 Outright purchases 10/14 6,000 15,871 6,006 -0.003 -0.003 57.8
14 Outright purchases 10/19 6,000 12,335 6,003 -0.002 -0.001 14.8
21 Outright purchases 10/26 6,000 24,490 6,013 -0.001 0.000 5.6
22 Outright purchases 10/27 6,000 17,897 6,008 -0.001 -0.001 75.0
28 Outright purchases 11/2 6,000 27,841 6,012 -0.001 -0.001 31.2
29 Outright purchases 11/4 6,000 18,832 6,011 0.000 0.000 69.9

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              
10/8 10/13 1,000 520 416 0.000 0.000 76.7
22 10/26 1,000 759 608 0.000 0.000 79.4

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on October 6, 300.0 billion yen on October 15, 300.0 billion yen on October 20 and 300.0 billion yen on October 25. The purchases were exercised at 297.8 billion yen on October 12, 281.0 billion yen on October 20, 317.1 billion yen on October 25 and 286.9 billion yen on October 28, respectively.

(Memo2)

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

(Memo3)

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

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.