Bank of Japan Operations in the Money Markets (August 2005)
September 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 8/1 1 2 2 3 4 4 8 9 11 12 16 18 18 19 23 23 |
JGSs-purchases Bills-purchases-All CP-purchases Bills-purchases-Head Bills-purchases-All JGSs-purchases Bills-purchases-Head Bills-purchases-All CP-purchases JGSs-sales Bills-sales CP-purchases JGSs-purchases Bills-purchases-Head Bills-sales CP-purchases Bills-purchases-All |
8/3 8/3 8/4 8/4 8/5 8/8 8/8 8/10 8/11 8/15 8/15 8/18 8/22 8/22 8/22 8/25 8/25 |
10/14 2006/5/26 9/22 2006/1/19 2006/6/7 10/14 2006/1/26 2006/6/15 10/4 8/22 8/22 10/7 10/19 2006/2/8 8/25 10/13 2006/4/14 |
4,000 8,000 4,000 8,000 8,000 4,000 8,000 8,000 4,000 8,000 6,000 4,000 4,000 8,000 4,000 4,000 8,000 |
6,660 30,990 3,962 3,530 38,394 5,669 4,200 33,600 2,812 22,950 24,000 4,871 8,351 12,159 27,650 4,413 32,260 |
4,002 8,003 3,962 3,530 8,002 4,003 4,200 8,003 2,812 8,002 6,006 3,982 4,004 8,004 4,009 3,988 8,005 |
0.001 0.002 0.001* 0.001* 0.003 0.001 0.001* 0.004 0.001* 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.007 |
0.001 0.002 0.002 0.001 0.003 0.001 0.001 0.005 0.004 0.001 0.001 0.003 0.001 0.002 0.001 0.002 0.007 |
60.1 50.5 39.6 62.0 22.9 66.6 26.6 20.0 44.1 32.5 14.7 82.1 50.6 |
<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 8/5 12 19 26 |
Outright purchases Outright purchases Outright purchases Outright purchases |
8/10 8/17 8/24 8/31 |
6,000 6,000 6,000 6,000 |
5,577 15,683 13,641 5,035 |
5,577 6,004 6,013 5,035 |
-0.002 * 0.001 0.000 -0.012 * |
0.000 0.001 0.000 -0.001 |
50.4 46.3 |
<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 8/3 17 |
8/5 8/19 |
1,000 1,000 |
630 956 |
503 749 |
0.000 0.001 |
0.001 0.001 |
61.1 89.2 | |
| (Memo1) | Outright purchase and sale operations of JGBs | |
| The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on August 1, 300.0 billion yen on August 8, 300.0 billion yen on August 17 and 300.0 billion yen on August 24. The purchases were exercised at 300.9 billion yen on August 4, 300.6 billion yen on August 11, 300.9 billion yen on August 22 and 293.1 billion yen on August 29, respectively. | ||
| (Memo2) | Outright purchases of asset-backed bonds | |
| No purchases in August. | ||
| (Memo3) | Securities lending as a secondary source of JGSs | |
| No purchases in August. | ||
| 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. | ||
