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Bank of Japan Operations in the Money Markets (February 2005)


March 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
2/1
2
2
2
3
3
4
7
7
8
9
9
10
10
10
10
14
14
15
15
15
16
17
18
18
21
22
22
23
25
28

Bills-purchases-All
CP-purchases
Bills-purchases-Head
Bills-purchases-All
JGSs-purchases
CP-purchases
Bills-purchases-Head
JGSs-purchases
Bills-purchases-All
CP-purchases
JGSs-purchases
Bills-purchases-Head
JGSs-sales
JGSs-sales
CP-purchases
Bills-sales
JGSs-sales
Bills-sales
JGSs-purchases
CP-purchases
Bills-purchases-All
Bills-purchases-Head
CP-purchases
JGSs-sales
Bills-purchases-All
JGSs-purchases
CP-purchases
Bills-purchases-Head
Bills-purchases-All
Bills-purchases-Head
JGSs-purchases

2/3
2/4
2/4
2/4
2/7
2/7
2/8
2/9
2/9
2/10
2/14
2/14
2/15
2/15
2/15
2/14
2/16
2/15
2/17
2/17
2/17
2/18
2/21
2/22
2/22
2/23
2/24
2/24
2/25
3/1
3/2

9/15
4/5
6/7
10/7
3/15
3/7
7/26
4/15
10/14
4/11
3/22
6/15
2/21
2/25
3/14
2/21
2/25
2/21
4/19
4/14
10/21
8/15
3/22
3/2
11/8
4/22
4/21
6/23
11/16
9/9
6/13

10,000
6,000
8,000
10,000
4,000
6,000
4,000
4,000
10,000
4,000
4,000
4,000
10,000
10,000
4,000
12,000
10,000
18,000
4,000
4,000
10,000
4,000
4,000
8,000
10,000
4,000
4,000
8,000
10,000
8,000
4,000

6,940
2,863
1,535
8,510
5,073
2,583
2,400
1,150
12,403
1,615
4,997
1,350
46,550
49,050
3,396
76,450
53,200
86,500
2,329
1,621
13,356
2,100
2,642
33,100
12,991
2,789
3,015
1,659
9,297
1,950
787

6,940
2,863
1,535
8,510
4,002
2,583
2,400
1,150
10,012
1,615
4,002
1,350
10,007
10,007
3,396
12,010
10,004
18,008
2,329
1,621
10,009
2,100
2,642
8,000
10,008
2,789
3,015
1,659
9,297
1,950
787

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
0.001*
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
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

-
-
-
-
78.9
-
-
-
80.7
-
80.1
-
21.5
20.4
-
15.8
18.8
20.9
-
-
74.5
-
-
25.0
76.9
-
-
-
-
-
-


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
2/3
4
7
8
9
16
17
18
24
25

Outright purchases
Outright purchases
Outright sales
Outright purchases
Outright purchases
Outright purchases
Outright purchases
Outright purchases
Outright purchases
Outright purchases

2/8
2/9
2/10
2/14
2/15
2/21
2/22
2/23
3/1
3/2

8,000
10,000
3,000
8,000
10,000
6,000
6,000
6,000
6,000
6,000

21,168
15,074
19,800
16,568
16,004
19,472
28,622
17,143
25,379
31,671

8,012
10,014
3,005
8,013
10,018
6,017
6,019
6,009
6,012
6,001

0.000
0.000
0.000
0.000
0.000
0.000
0.000
0.001*
0.000
0.001

0.000
0.000
0.000
0.000
0.000
0.000
0.000
0.001
0.001
0.002

40.2
72.5
16.1
51.1
65.4
33.0
18.4
-
4.5
77.0


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
2005
2/9
16
24

2/14
2/18
2/28

1,000
1,000
1,000

846
945
691

674
743
552

0.000
0.001
0.000

0.001
0.002
0.001

57.8
83.5
71.9

(Memo1) Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on February 2, 300.0 billion yen on February 8, 300.0 billion yen on February 17 and 300.0 billion yen on February 23. The purchases were exercised at 300.4 billion yen on February 7, 297.5 billion yen on February 14, 314.4 billion yen on February 22 and 300.5 billion yen on February 28, respectively.
(Memo2) Outright purchases of asset-backed bonds
No purchases in February.
(Memo3) Securities lending as a secondary source of JGSs
No purchases in February.

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.


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