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

December 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                  
11/1 Bills-purchases-All 11/1* 2005/4/21 8,000 26,725 8,007 0.002 0.003 16.5
1 JGSs-purchases 11/4 2005/1/7 4,000 5,324 4,003 0.001 0.001 75.2
1 Bills-purchases-Head 11/4 2005/4/8 8,000 27,579 8,003 0.001 0.002 8.5
2 CP-purchases 11/5 2005/1/7 4,000 5,537 3,926 0.004 0.005 81.0
4 Bills-purchases-All 11/8 2005/5/11 8,000 41,286 8,004 0.002 0.002 95.2
8 JGSs-purchases 11/10 2005/1/13 4,000 5,730 4,003 0.001 0.001 66.9
8 Bills-purchases-Head 11/10 2005/3/16 8,000 1,800 1,800 0.001* 0.001 -
9 CP-purchases 11/11 2005/1/13 4,000 4,151 4,151 0.001* 0.003 -
9 Bills-purchases-All 11/11 2005/5/17 8,000 37,300 8,008 0.001 0.001 17.2
10 Bills-purchases-Head 11/12 2005/4/15 8,000 4,937 4,937 0.001* 0.001 -
11 Bills-purchases-All 11/15 2005/5/24 8,000 12,758 8,006 0.001 0.001 62.7
12 JGSs-purchases 11/16 2005/1/21 4,000 5,677 4,005 0.001 0.001 70.5
15 JGSs-sales 11/17 11/22 8,000 38,750 8,006 0.001 0.001 20.9
15 Bills-sales 11/16 11/22 12,000 55,600 12,010 0.001 0.001 21.6
15 Bills-purchases-Head 11/17 2005/4/22 8,000 12,434 8,004 0.001 0.001 64.4
16 CP-purchases 11/18 2005/1/20 4,000 3,050 3,050 0.001* 0.001 -
16 Bills-purchases-All 11/18 2005/6/8 8,000 25,860 8,008 0.001 0.001 29.7
17 Bills-purchases-Head 11/19 2005/4/26 8,000 12,607 8,005 0.001 0.001 63.5
18 JGSs-purchases 11/22 2005/1/24 4,000 4,818 4,003 0.001 0.001 82.9
18 Bills-purchases-All 11/22 2005/6/15 8,000 21,565 8,010 0.001 0.001 35.7
19 Bills-sales 11/25 12/2 12,000 70,500 12,011 0.001 0.001 17.1
22 JGSs-sales 11/25 12/2 10,000 62,250 10,009 0.001 0.001 17.6
22 Bills-sales 11/25 12/2 10,000 56,263 10,009 0.001 0.001 17.9
24 CP-purchases 11/26 2005/1/27 4,000 4,406 3,903 0.001 0.001 84.6
24 Bills-purchases-Head 11/26 2005/5/12 8,000 16,780 8,004 0.001 0.001 45.4
25 Bills-purchases-All 11/29 2005/6/16 8,000 23,275 8,006 0.001 0.001 31.8
29 JGSs-purchases 12/1 2005/1/27 4,000 5,813 4,004 0.001 0.001 68.9
29 Bills-purchases-Head 12/1 2005/5/18 8,000 14,688 8,005 0.001 0.001 52.6
30 CP-purchases 12/2 2005/2/4 4,000 3,580 3,580 0.001* 0.002 -
30 Bills-purchases-All 12/2 2005/6/22 10,000 30,080 10,006 0.001 0.001 31.9

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                
11/4 Outright purchases 11/9 6,000 14,970 6,007 -0.001 0.000 10.2
11 Outright purchases 11/16 8,000 23,493 8,009 0.000 0.000 56.3
12 Outright purchases 11/17 8,000 13,021 8,005 -0.001 0.000 39.9
17 Outright purchases 11/22 8,000 14,919 8,110 -0.002* -0.001 -
18 Outright purchases 11/24 8,000 11,806 8,004 -0.003 -0.002 48.0
25 Outright purchases 11/30 8,000 7,282 7,282 -0.002* -0.001 -

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              
11/10 11/12 1,000 1,215 972 0.000 0.001 53.3
26 11/30 1,000 2,040 1,000 0.000 0.001 16.8

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on November 1, 300.0 billion yen on November 10, 300.0 billion yen on November 17 and 300.0 billion yen on November 24. The purchases were exercised at 308.0 billion yen on November 5, 300.5 billion yen on November 15, 281.5 billion yen on November 22 and 300.7 billion yen on November 29, respectively.

(Memo2)

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

(Memo3)

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

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.