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


November 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
10/1
4 
4 
5 
6 
7 
12 
12 
13 
13 
13 
14 
14 
15 
18 
19 
19 
21 
22 
25 
26 
27 
27 
28 
29 

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

10/5
10/6
10/5
10/7
10/8
10/12
10/14
10/14
10/15
10/15
10/15
10/15
10/18
10/18
10/20
10/21
10/21
10/25
10/26
10/27
10/28
10/29
10/29
11/1
11/2

2005/3/15
12/6
10/12
11/26
2005/2/8
2005/3/18
12/14
12/9
10/29
10/20
2005/2/15
10/29
2005/3/24
10/29
12/21
12/16
2005/2/16
2005/4/6
2005/2/23
2005/4/12
12/24
12/24
2005/3/8
2005/4/15
2005/3/11

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

25,830 
4,710 
37,800 
5,690 
28,441 
27,242 
2,638 
5,385 
28,050 
47,850 
23,234 
45,141 
21,812 
32,100 
2,679 
4,829 
31,141 
34,815 
17,738 
27,118 
4,519 
1,534 
8,682 
24,070 
5,968 

8,004 
4,005 
8,007 
3,831 
8,002 
8,007 
2,638 
3,974 
8,000 
10,010 
8,007 
10,006 
8,009 
8,000 
2,679 
3,888 
8,006 
8,005 
8,007 
7,800 
3,914 
1,534 
8,008 
8,003 
5,968 

	
0.002 
0.001 
0.001 
0.006*
0.002 
0.002 
0.001*
0.003 
0.001 
0.001 
0.001 
0.001 
0.001 
0.001 
0.001*
0.002 
0.001 
0.005 
0.001 
0.005*
0.001 
0.001*
0.001 
0.004 
0.001*

0.003 
0.001 
0.001 
0.007 
0.002 
0.002 
0.001 
0.004 
0.001 
0.001 
0.002 
0.001 
0.001 
0.001 
0.001 
0.003 
0.001 
0.006 
0.001 
0.005 
0.002 
0.001 
0.001 
0.004 
0.001 

14.5 
83.3 
21.2 
- 
64.5 
95.2 
- 
67.7 
32.0 
21.2 
21.1 
22.4 
24.6 
25.0 
- 
72.5 
17.2 
37.1 
34.9 
- 
67.5 
- 
92.2 
87.1 
-


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
10/1
7 
8 
14 
21 
22 
28 
29 

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

10/6
10/13
10/14
10/19
10/26
10/27
11/2
11/4

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

14,559 
12,117 
15,871 
12,335 
24,490 
17,897 
27,841 
18,832 

6,002 
6,003 
6,006 
6,003 
6,013 
6,008 
6,012 
6,011 

-0.004
-0.003
-0.003
-0.002
-0.001
-0.001
-0.001
0.000

-0.003 
-0.003 
-0.003 
-0.001 
0.000 
-0.001 
-0.001 
0.000 

62.6 
77.0 
57.8 
14.8 
5.6 
75.0 
31.2 
69.9


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
10/8
22 

10/13
10/26

1,000 
1,000 

520 
759 

416 
608 

0.000
0.000

0.000
0.000

76.7 
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.
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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