Bank of Japan Operations in the Money Markets (December 2004)
January 4, 2005
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 12/1 6 7 7 10 13 13 14 14 15 20 21 21 27 |
Bills-purchases-Head Bills-purchases-All CP-purchases Bills-purchases-Head JGSs-purchases JGSs-sales Bills-sales JGSs-sales Bills-sales JGSs-sales JGSs-purchases CP-purchases Bills-purchases-All Bills-purchases-Head |
12/2 12/8 12/9 12/9 12/14 12/15 12/15 12/16 12/15 12/17 12/22 12/24 12/24 12/29 |
2005/5/26 2005/6/28 2005/2/10 2005/6/9 2005/2/15 12/27 12/20 12/27 12/20 2005/1/6 2005/2/15 2005/2/17 2005/7/6 2005/6/15 |
6,000 10,000 4,000 8,000 4,000 10,000 14,000 10,000 10,000 5,000 4,000 4,000 10,000 8,000 |
14,309 25,410 6,279 21,605 3,584 58,150 85,450 50,250 69,609 21,100 10,151 8,893 43,569 18,997 |
6,004 10,009 3,946 8,008 3,584 10,002 14,003 10,007 10,010 5,000 4,003 3,951 10,005 8,006 |
0.001 0.001 0.003 0.001 0.001* 0.001 0.001 0.001 0.001 0.001 0.001 0.007 0.001 0.001 |
0.001 0.001 0.004 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.008 0.002 0.001 |
42.0 36.4 74.0 37.1 - 17.9 16.5 20.4 14.4 34.5 36.4 92.8 11.2 38.8 |
| 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 12/3 8 14 16 24 |
Outright purchases Outright purchases Outright sales Outright sales Outright purchases |
12/8 12/13 12/17 12/21 12/29 |
6,000 6,000 3,000 3,000 6,000 |
22,327 11,899 16,850 18,200 7,624 |
6,010 6,001 3,009 3,000 6,004 |
0.001 -0.001 0.001 0.001 -0.001 |
0.001 0.000 0.001 0.001 0.000 |
65.2 20.7 20.5 19.8 60.5 |
| 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 12/8 22 |
12/10 12/27 |
1,000 1,000 |
1,012 875 |
802 701 |
0.000 0.001 |
0.001 0.001 |
65.0 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. | |
| 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. | ||
