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

January 4, 2005
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                  
12/1 Bills-purchases-Head 12/2 2005/5/26 6,000 14,309 6,004 0.001 0.001 42.0
6 Bills-purchases-All 12/8 2005/6/28 10,000 25,410 10,009 0.001 0.001 36.4
7 CP-purchases 12/9 2005/2/10 4,000 6,279 3,946 0.003 0.004 74.0
7 Bills-purchases-Head 12/9 2005/6/9 8,000 21,605 8,008 0.001 0.001 37.1
10 JGSs-purchases 12/14 2005/2/15 4,000 3,584 3,584 0.001* 0.001 -
13 JGSs-sales 12/15 12/27 10,000 58,150 10,002 0.001 0.001 17.9
13 Bills-sales 12/15 12/20 14,000 85,450 14,003 0.001 0.001 16.5
14 JGSs-sales 12/16 12/27 10,000 50,250 10,007 0.001 0.001 20.4
14 Bills-sales 12/15 12/20 10,000 69,609 10,010 0.001 0.001 14.4
15 JGSs-sales 12/17 2005/1/6 5,000 21,100 5,000 0.001 0.001 34.5
20 JGSs-purchases 12/22 2005/2/15 4,000 10,151 4,003 0.001 0.001 36.4
21 CP-purchases 12/24 2005/2/17 4,000 8,893 3,951 0.007 0.008 92.8
21 Bills-purchases-All 12/24 2005/7/6 10,000 43,569 10,005 0.001 0.002 11.2
27 Bills-purchases-Head 12/29 2005/6/15 8,000 18,997 8,006 0.001 0.001 38.8

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                
12/3 Outright purchases 12/8 6,000 22,327 6,010 0.001 0.001 65.2
8 Outright purchases 12/13 6,000 11,899 6,001 -0.001 0.000 20.7
14 Outright sales 12/17 3,000 16,850 3,009 0.001 0.001 20.5
16 Outright sales 12/21 3,000 18,200 3,000 0.001 0.001 19.8
24 Outright purchases 12/29 6,000 7,624 6,004 -0.001 0.000 60.5

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              
12/8 12/10 1,000 1,012 802 0.000 0.001 65.0
22 12/27 1,000 875 701 0.001 0.001 80.1

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on December 1, 300.0 billion yen on December 7, 300.0 billion yen on December 20 and 300.0 billion yen on December 24. The purchases were exercised at 301.4 billion yen on December 6, 300.5 billion yen on December 10, 300.4 billion yen on December 24 and 300.5 billion yen on December 29, respectively.

(Memo2)

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

(Memo3)

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

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.