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


May 2, 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
4/1
4
4
5
6
7
7
8
11
12
12
12
14
14
18
19
19
21
25
25
25
26

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

 
4/5
4/5
4/6
4/7
4/8
4/11
4/11
4/12
4/13
4/14
4/14
4/14
4/18
4/18
4/20
4/21
4/21
4/25
4/27
4/27
4/27
4/28

 
5/26
4/20
8/15
4/20
6/13
6/9
12/8
4/20
6/20
4/25
6/16
10/14
5/9
12/15
6/22
6/23
8/23
12/21
6/24
6/29
10/27
2006/1/13

 
4,000
8,000
8,000
8,000
4,000
4,000
10,000
8,000
4,000
8,000
4,000
8,000
8,000
10,000
4,000
4,000
8,000
10,000
4,000
4,000
8,000
10,000

 
4,576
43,033
4,435
37,050
3,311
4,696
12,828
46,650
2,061
38,800
3,429
6,435
35,050
14,660
2,422
3,365
4,525
14,253
4,245
2,921
7,204
15,210

 
3,922
8,009
4,435
8,007
3,311
3,941
10,007
8,006
2,061
8,001
3,429
6,435
8,005
10,014
2,422
3,365
4,525
10,013
4,006
2,921
7,204
10,006

 
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

 
0.006
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

 
-
20.1
-
25.2
-
72.2
78.0
17.8
-
21.8
-
-
35.6
68.3
-
-
-
70.3
94.4
-
-
64.0


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
4/4
6
7
11
14
26

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

 
4/7
4/11
4/12
4/14
4/19
5/2

 
5,000
6,000
6,000
6,000
6,000
6,000

 
23,450
9,989
9,368
20,050
26,050
17,478

 
5,002
6,003
6,001
6,004
6,001
6,016

 
0.000
-0.001
0.000
0.000
0.000
0.000

 
0.000
-0.001
0.000
0.000
0.000
0.001

 
55.6
90.8
94.9
31.6
33.3
14.6


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
4/8
20

 
4/12
4/22

 
1,000
1,000

 
352
322

 
281
257

 
0.000
0.000

 
0.002
0.000

 
36.6
79.0

(Memo1) Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on April 4, 300.0 billion yen on April 11, 300.0 billion yen on April 18 and 300.0 billion yen on April 25. The purchases were exercised at 301.0 billion yen on April 7, 300.2 billion yen on April 14, 300.3 billion yen on April 21 and 300.4 billion yen on April 28, respectively.
(Memo2) Outright purchases of asset-backed bonds
No purchases in April.
(Memo3) Securities lending as a secondary source of JGSs
No purchases in April.

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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