Bank of Japan Operations in the Money Markets (November 2004)
December 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 11/1 1 1 2 4 8 8 9 9 10 11 12 15 15 15 16 16 17 18 18 19 22 22 24 24 25 29 29 30 30 |
Bills-purchases-All JGSs-purchases Bills-purchases-Head CP-purchases Bills-purchases-All JGSs-purchases Bills-purchases-Head CP-purchases Bills-purchases-All Bills-purchases-Head Bills-purchases-All JGSs-purchases JGSs-sales Bills-sales Bills-purchases-Head CP-purchases Bills-purchases-All Bills-purchases-Head JGSs-purchases Bills-purchases-All Bills-sales JGSs-sales Bills-sales CP-purchases Bills-purchases-Head Bills-purchases-All JGSs-purchases Bills-purchases-Head CP-purchases Bills-purchases-All |
11/1* 11/4 11/4 11/5 11/8 11/10 11/10 11/11 11/11 11/12 11/15 11/16 11/17 11/16 11/17 11/18 11/18 11/19 11/22 11/22 11/25 11/25 11/25 11/26 11/26 11/29 12/1 12/1 12/2 12/2 |
2005/4/21 2005/1/7 2005/4/8 2005/1/7 2005/5/11 2005/1/13 2005/3/16 2005/1/13 2005/5/17 2005/4/15 2005/5/24 2005/1/21 11/22 11/22 2005/4/22 2005/1/20 2005/6/8 2005/4/26 2005/1/24 2005/6/15 12/2 12/2 12/2 2005/1/27 2005/5/12 2005/6/16 2005/1/27 2005/5/18 2005/2/4 2005/6/22 |
8,000 4,000 8,000 4,000 8,000 4,000 8,000 4,000 8,000 8,000 8,000 4,000 8,000 12,000 8,000 4,000 8,000 8,000 4,000 8,000 12,000 10,000 10,000 4,000 8,000 8,000 4,000 8,000 4,000 10,000 |
26,725 5,324 27,579 5,537 41,286 5,730 1,800 4,151 37,300 4,937 12,758 5,677 38,750 55,600 12,434 3,050 25,860 12,607 4,818 21,565 70,500 62,250 56,263 4,406 16,780 23,275 5,813 14,688 3,580 30,080 |
8,007 4,003 8,003 3,926 8,004 4,003 1,800 4,151 8,008 4,937 8,006 4,005 8,006 12,010 8,004 3,050 8,008 8,005 4,003 8,010 12,011 10,009 10,009 3,903 8,004 8,006 4,004 8,005 3,580 10,006 |
0.002 0.001 0.001 0.004 0.002 0.001 0.001* 0.001* 0.001 0.001* 0.001 0.001 0.001 0.001 0.001 0.001* 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001* 0.001 |
0.003 0.001 0.002 0.005 0.002 0.001 0.001 0.003 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.002 0.001 |
16.5 75.2 8.5 81.0 95.2 66.9 - - 17.2 - 62.7 70.5 20.9 21.6 64.4 - 29.7 63.5 82.9 35.7 17.1 17.6 17.9 84.6 45.4 31.8 68.9 52.6 - 31.9 |
| 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 11/4 11 12 17 18 25 |
Outright purchases Outright purchases Outright purchases Outright purchases Outright purchases Outright purchases |
11/9 11/16 11/17 11/22 11/24 11/30 |
6,000 8,000 8,000 8,000 8,000 8,000 |
14,970 23,493 13,021 14,919 11,806 7,282 |
6,007 8,009 8,005 8,110 8,004 7,282 |
-0.001 0.000 -0.001 -0.002* -0.003 -0.002* |
0.000 0.000 0.000 -0.001 -0.002 -0.001 |
10.2 56.3 39.9 - 48.0 - |
| 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 11/10 26 |
11/12 11/30 |
1,000 1,000 |
1,215 2,040 |
972 1,000 |
0.000 0.000 |
0.001 0.001 |
53.3 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. | |
| 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. | ||
