Bank of Japan Operations in the Money Markets (July 2005)
August 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 7/5 5 7 7 8 11 12 12 14 14 15 19 19 20 21 22 25 25 25 26 27 28 29 |
CP-purchases Bills-purchases-All JGSs-purchases Bills-purchases-Head Bills-purchases-All Bills-purchases-Head CP-purchases Bills-purchases-All JGSs-purchases Bills-purchases-Head Bills-purchases-All CP-purchases Bills-purchases-Head Bills-purchases-All JGSs-purchases Bills-purchases-Head JGSs-purchases CP-purchases Bills-purchases-All Bills-purchases-Head Bills-purchases-All JGSs-purchases Bills-purchases-Head |
7/7 7/7 7/11 7/11 7/12 7/13 7/14 7/14 7/19 7/19 7/20 7/21 7/21 7/22 7/25 7/26 7/27 7/27 7/27 7/28 7/29 8/1 8/2 |
8/25 2006/4/7 9/6 11/24 2006/4/14 12/9 9/5 2006/4/19 9/13 12/15 2006/4/26 9/8 12/19 2006/5/10 9/20 12/22 10/5 9/15 2006/5/17 2006/1/12 2006/5/23 10/12 2006/1/17 |
4,000 8,000 4,000 8,000 8,000 8,000 4,000 8,000 4,000 8,000 8,000 4,000 8,000 8,000 4,000 8,000 4,000 4,000 8,000 8,000 8,000 4,000 8,000 |
5,680 16,175 1,304 1,094 11,250 1,500 5,098 9,475 1,281 2,945 6,020 5,853 1,300 7,962 3,500 800 564 5,490 9,139 1,137 18,920 6,743 2,700 |
3,983 8,010 1,304 1,094 8,012 1,500 3,992 8,012 1,281 2,945 6,020 3,945 1,300 7,962 3,500 800 564 3,942 8,009 1,137 8,000 4,003 2,700 |
0.003 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 * |
0.004 0.001 0.001 0.001 0.001 0.001 0.003 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 0.002 0.001 0.001 |
70.4 47.8 70.7 25.7 84.6 64.1 56.4 87.6 59.4 |
<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 7/1 8 15 22 29 |
Outright purchases Outright purchases Outright purchases Outright purchases Outright purchases |
7/6 7/13 7/21 7/27 8/3 |
6,000 6,000 6,000 6,000 6,000 |
5,587 5,732 5,864 10,041 13,303 |
5,587 5,732 5,864 6,004 6,002 |
-0.001 * 0.000 * -0.002 * 0.000 0.000 |
0.000 0.000 -0.001 0.000 0.000 |
74.7 35.4 |
<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 7/7 20 |
7/11 7/22 |
1,000 1,000 |
103 183 |
82 146 |
0.000 0.000 |
0.000 0.000 |
79.6 79.8 | |
| (Memo1) | Outright purchase and sale operations of JGBs | |
| The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on July 4, 300.0 billion yen on July 8, 300.0 billion yen on July 19 and 300.0 billion yen on July 25. The purchases were exercised at 307.6 billion yen on July 7, 300.4 billion yen on July 13, 300.4 billion yen on July 22 and 301.4 billion yen on July 28, respectively. | ||
| (Memo2) | Outright purchases of asset-backed bonds | |
| No purchases in July. | ||
| (Memo3) | Securities lending as a secondary source of JGSs | |
| No purchases in July. | ||
| 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. | ||
