Bank of Japan Head Office

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

January 4, 2006
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 
12/5 
7 
7 
12 
13 
15 
16 
16 
16 
19 
19 
20 
21 
22 
22 
22 
26 
26 
27 
27 
27 

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

12/7
12/9
12/9
12/14
12/15
12/16
12/20
12/19
12/20
12/21
12/21
12/22
12/26
12/27
12/27
12/27
12/28
12/28
12/29
12/28
12/29

2006/4/13
2006/2/6
2006/5/9
2006/4/21
2006/2/9
2006/1/6
2006/3/6
2006/1/12
2006/5/16
2006/1/16
2006/5/12
2006/2/16
2006/3/10
2006/2/23
2006/1/16
2006/6/8
2006/3/14
2006/5/19
2006/1/16
2006/1/16
2006/6/15

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

18,970 
7,016 
35,928 
16,654 
7,215 
34,255 
2,022 
15,820 
32,472 
20,800 
28,820 
10,590 
2,082 
9,745 
13,600 
36,462 
3,861 
22,649 
15,300 
15,740 
25,426 

8,003 
3,978 
8,009 
8,007 
3,964 
12,003 
2,022 
10,000 
8,006 
10,000 
8,004 
3,996 
2,082 
3,985 
8,001 
8,005 
3,861 
8,002 
6,000 
8,020 
8,004 

0.002  
0.006  
0.003  
0.002  
0.007  
0.003  
0.001 *
0.003  
0.004  
0.005  
0.003  
0.012  
0.001 *
0.024 *
0.010  
0.007  
0.001 *
0.004  
0.017  
0.021 *
0.010  

0.002 
0.007 
0.004 
0.003 
0.008 
0.002 
0.001 
0.003 
0.005 
0.003 
0.004 
0.015 
0.001 
0.030 
0.007 
0.010 
0.001 
0.006 
0.012 
0.017 
0.012 

42.9 
34.3 
25.5 
22.4 
43.9 
46.5 
 
90.0 
43.0 
61.9 
5.5 
19.5 
 
 
55.5 
22.7 
 
61.8 
50.0 
 
27.8


<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 
12/2 
9 
15 
15 
16 
20 
21 
22 
26 

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

12/7
12/14
12/20
12/20
12/21
12/26
12/27
12/28
12/29

3,000 
4,000 
3,000 
4,000 
5,000 
8,000 
5,000 
4,000 
4,000 

3,392 
11,370 
12,000 
16,000 
10,102 
18,800 
12,985 
9,400 
12,136 

3,062 
4,003 
3,005 
4,005 
5,133 
8,003 
5,003 
4,000 
4,004 

-0.020*
0.000 
0.000 
0.000 
-0.007*
0.004 
0.000 
0.002 
0.000 

-0.014 
0.000 
0.000 
0.000 
-0.003 
0.003 
0.002 
0.001 
0.000 

 
92.0 
25.5 
25.3 
 
72.0 
46.9 
50.0 
47.5


<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 
12/8 
21 

12/12
12/26

1,000 
1,000 

40 
1,211 

32 
961 

0.000
0.000

0.000
0.010

80.0 
51.4

(Memo1) Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on December 2, 300.0 billion yen on December 7, 300.0 billion yen on December 20 and 300.0 billion yen on December 26. The purchases were exercised at 300.8 billion yen on December 7, 300.5 billion yen on December 12, 295.4 billion yen on December 26 and 314.0 billion yen on December 29, respectively.
(Memo2) Outright purchases of asset-backed bonds
No purchases in December.
(Memo3) Securities lending as a secondary source of JGSs
No purchases in December.

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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