Bank of Japan Operations in the Money Markets (January 2005)
February 1, 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 |
2005 1/4 5 5 6 11 11 12 13 14 14 17 17 18 18 19 19 19 20 20 21 24 24 25 25 27 27 28 31 31 |
Bills-sales JGSs-purchases CP-purchases Bills-purchases-All JGSs-purchases CP-purchases Bills-purchases-Head JGSs-purchases Bills-sales Bills-purchases-All JGSs-purchases Bills-sales CP-purchases Bills-purchases-Head JGSs-sales JGSs-sales Bills-purchases-All JGSs-purchases CP-purchases Bills-purchases-Head JGSs-purchases Bills-purchases-All CP-purchases Bills-purchases-Head JGSs-purchases CP-purchases Bills-purchases-All JGSs-purchases Bills-purchases-Head |
1/5 1/7 1/7 1/11 1/13 1/13 1/14 1/17 1/17 1/18 1/19 1/18 1/20 1/20 1/21 1/21 1/21 1/24 1/24 1/25 1/26 1/26 1/27 1/27 1/31 1/31 2/1 2/2 2/2 |
1/11 3/10 2/24 7/27 3/15 3/10 6/15 2/22 1/25 8/5 3/15 1/25 3/17 6/21 1/31 2/2 8/15 2/22 2/15 6/29 4/5 8/15 3/24 7/7 3/10 2/21 9/8 4/7 7/13 |
8,000 4,000 4,000 10,000 4,000 4,000 8,000 4,000 8,000 10,000 4,000 10,000 4,000 8,000 8,000 8,000 10,000 4,000 4,000 8,000 4,000 10,000 4,000 8,000 4,000 4,000 10,000 4,000 8,000 |
46,100 2,471 9,177 35,540 1,590 5,726 15,180 2,694 48,000 29,030 851 66,182 4,038 12,450 38,650 34,650 22,300 1,806 6,302 12,660 5,354 14,548 3,557 4,802 1,574 3,432 12,102 4,406 2,300 |
8,004 2,471 3,970 10,011 1,590 3,954 8,004 2,694 8,007 10,014 851 10,008 4,038 8,005 8,008 8,004 10,009 1,806 3,945 8,003 4,006 10,007 3,557 4,802 1,574 3,432 10,010 4,005 2,300 |
0.001 0.001* 0.006 0.001 0.001* 0.004 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 0.008 0.001 0.001 0.005 0.001 0.001 0.001 0.001 0.001 0.001 0.003 0.001 0.001 0.001 0.001 0.001 0.003 0.001 0.001 0.001 0.002 0.001 0.001 0.001 0.001 0.001 0.001 |
17.4 - 50.7 24.2 - 54.7 49.4 - 16.8 30.9 - 15.1 - 63.1 20.8 24.6 42.8 - 25.0 61.8 59.8 67.4 - - - - 82.4 90.9 - |
| 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 |
2005 1/6 7 13 18 20 27 |
Outright purchases Outright purchases Outright purchases Outright purchases Outright purchases Outright purchases |
1/12 1/13 1/18 1/21 1/25 2/1 |
6,000 6,000 6,000 6,000 6,000 6,000 |
3,249 3,410 2,975 9,976 7,638 10,368 |
3,249 3,410 2,975 6,002 6,004 6,007 |
-0.002* -0.002* -0.001* -0.001 -0.001 0.000 |
0.000 0.000 0.000 -0.001 0.000 0.000 |
- - - 58.4 50.3 69.2 |
| 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 | |
2005 1/12 26 |
1/14 1/28 |
1,000 1,000 |
975 832 |
781 660 |
0.000 0.000 |
0.000 0.000 |
69.2 76.1 | |
| (Memo1) | Outright purchase and sale operations of JGBs | |
| The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on January 5, 300.0 billion yen on January 11, 300.0 billion yen on January 19 and 300.0 billion yen on January 26. The purchases were exercised at 300.7 billion yen on January 11, 300.7 billion yen on January 14, 300.2 billion yen on January 24 and 300.6 billion yen on January 31, respectively. | ||
| (Memo2) | Outright purchases of asset-backed bonds | |
| No purchases in January. | ||
| (Memo3) | Securities lending as a secondary source of JGSs | |
| No purchases in January. | ||
| 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. | ||
