Bank of Japan Operations in the Money Markets (March 2005)
April 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 3/1 3 3 3 7 8 9 10 15 16 17 18 22 23 24 24 25 25 28 29 29 30 |
Bills-purchases-All Bills-purchases-Head CP-purchases Bills-purchases-Head Bills-purchases-All CP-purchases JGSs-purchases Bills-purchases-Head CP-purchases Bills-purchases-All Bills-sales Bills-sales CP-purchases JGSs-purchases JGSs-sales JGSs-sales JGSs-purchases Bills-sales Bills-sales Bills-sales Bills-purchases-All Bills-sales |
3/3 3/3* 3/7 3/7 3/9 3/10 3/11 3/14 3/17 3/18 3/22 3/22 3/24 3/25 3/28 3/28 3/29 3/28 3/30 3/30 3/31 3/31 |
2006/1/11 2006/1/18 4/18 7/8 11/11 4/27 5/10 9/22 5/12 11/22 3/25 3/25 5/19 6/7 4/4 4/11 4/7 4/11 4/11 4/20 6/15 4/20 |
10,000 5,000 4,000 8,000 10,000 4,000 4,000 8,000 4,000 10,000 18,000 12,000 4,000 4,000 4,000 4,000 4,000 6,000 6,000 3,000 4,000 3,000 |
22,273 11,816 4,642 6,881 8,823 3,730 8,787 7,580 5,613 38,910 55,900 45,600 6,460 18,252 2,700 2,600 18,014 15,122 14,008 13,412 22,011 12,032 |
10,008 5,005 4,097 6,881 8,823 3,730 4,005 7,580 3,932 10,010 18,004 12,005 3,967 4,001 2,700 2,600 4,182 6,006 6,025 2,900 4,004 3,001 |
0.001 0.001 0.002* 0.001* 0.001* 0.001* 0.001 0.001* 0.001 0.001 0.001 0.001 0.005 0.004 0.090* 0.090* 0.014* 0.050 0.039* 0.018* 0.002 0.013 |
0.001 0.001 0.002 0.001 0.001 0.001 0.001 0.001 0.003 0.001 0.001 0.001 0.008 0.005 0.037 0.027 0.020 0.029 0.029 0.015 0.003 0.012 |
44.9 42.4 - - - - 45.4 - 18.3 20.2 36.9 28.4 45.0 16.4 - - - 56.6 - - 4.0 73.0 |
| 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 3/3 10 17 24 |
Outright purchases Outright purchases Outright purchases Outright purchases |
3/8 3/15 3/23 3/29 |
10,000 6,000 6,000 6,000 |
33,892 20,219 20,258 10,340 |
9,898 6,008 6,006 6,003 |
0.001* 0.001 0.002 0.001 |
0.001 0.002 0.003 0.002 |
- 26.3 52.5 36.8 |
| 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 3/9 23 |
3/11 3/25 |
1,000 1,000 |
1,096 902 |
876 721 |
0.000 0.002 |
0.000 0.011 |
76.6 59.0 | |
| (Memo1) | Outright purchase and sale operations of JGBs | |
| The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on March 1, 300.0 billion yen on March 9, 300.0 billion yen on March 16 and 300.0 billion yen on March 23. The purchases were exercised at 293.1 billion yen on March 4, 301.0 billion yen on March 14, 310.4 billion yen on March 22 and 300.6 billion yen on March 28, respectively. | ||
| (Memo2) | Outright purchases of asset-backed bonds | |
| No purchases in March. | ||
| (Memo3) | Securities lending as a secondary source of JGSs | |
| No purchases in March. | ||
| 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. | ||
