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Bank of Japan Operations in the Money Markets (January 2006)

February 1, 2006
Bank of Japan
Financial Markets Department

<Operations by Transactions under Repurchase Agreements and Purchases and Sales of Bills>

Table: Operations by Transactions under Repurchase Agreements and Purchases and Sales of Bills(100 million yen, percent per annum)
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
2006                  
1/5 JGSs-purchases 1/10 3/20 4,000 1,710 1,710 0.001* 0.001
5 Bills-sales 1/6 1/24 8,000 13,650 8,001 0.005 0.003 32.0
6 Bills-purchases-Head 1/11 5/24 8,000 16,365 8,050 0.005* 0.006
10 CP-purchases 1/12 3/7 4,000 6,239 3,985 0.008 0.014 44.8
10 Bills-sales 1/11 1/25 5,000 13,120 5,100 0.003* 0.003
10 Bills-purchases-All 1/12 6/21 8,000 25,115 8,003 0.011 0.012 67.5
11 JGSs-sales 1/13 1/25 5,000 15,100 4,900 0.004* 0.004
11 Bills-sales 1/12 1/25 5,000 18,000 5,002 0.003 0.003 30.5
12 JGSs-purchases 1/16 3/23 4,000 1,701 1,701 0.001* 0.001
12 Bills-purchases-Head 1/16 6/6 8,000 19,872 8,005 0.006 0.008 43.3
13 Bills-sales 1/16 1/26 5,000 19,500 5,003 0.002 0.002 49.4
16 JGSs-sales 1/18 1/30 6,000 19,600 6,003 0.003 0.003 38.2
17 JGSs-purchases 1/19 3/28 4,000 710 710 0.001* 0.001
17 CP-purchases 1/19 3/9 4,000 5,957 3,985 0.006 0.008 81.6
17 Bills-purchases-All 1/19 6/20 8,000 21,064 8,004 0.010 0.012 20.9
18 Bills-sales 1/19 1/30 8,000 24,800 8,003 0.001 0.001 72.1
19 Bills-sales 1/20 1/30 8,000 27,150 8,002 0.001 0.001 44.3
20 JGSs-sales 1/24 2/2 6,000 22,010 6,004 0.002 0.001 3.6
20 Bills-sales 1/23 2/2 5,000 17,600 5,005 0.001 0.001 32.3
20 Bills-purchases-Head 1/24 6/15 8,000 19,484 8,006 0.005 0.007 8.4
23 Bills-purchases-All 1/25 6/20 8,000 16,209 8,000 0.006 0.009 30.1
24 JGSs-purchases 1/26 4/5 4,000 5,918 4,200 0.004* 0.005
24 CP-purchases 1/26 3/16 4,000 4,333 4,151 0.004* 0.006
26 Bills-sales 1/27 2/2 6,000 20,500 6,003 0.001 0.001 30.9
26 Bills-purchases-Head 1/30 6/15 8,000 20,972 8,005 0.004 0.005 56.7
27 Bills-purchases-All 1/31 6/20 8,000 22,955 8,000 0.011* 0.011
31 JGSs-purchases 2/2 4/7 4,000 4,717 4,001 0.001 0.003 34.9
31 Bills-purchases-Head 2/2 6/16 8,000 18,828 8,002 0.004 0.006 32.0

<Outright Purchase and Sale Operations of TBs and FBs>

Table: Outright Purchase and Sale Operations of TBs and FBs(100 million yen, percent per annum)
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
2006                
1/10 Outright purchases 1/13 6,000 17,795 6,006 0.000 0.001 24.7
13 Outright purchases 1/18 5,000 15,406 5,005 0.000 0.002 30.3
20 Outright purchases 1/25 5,000 10,961 5,002 -0.002 -0.002 84.0
27 Outright purchases 2/1 5,000 9,262 5,003 0.000 0.001 73.2

<Outright Purchase Operations of ABCP>

Table: Outright Purchase Operations of ABCP(100 million yen, percent per annum)
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
2006              
1/11 1/13 1,000 238 180 0.000 0.000 79.8
25 1/27 1,000 410 318 0.000 0.000 80.0

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on January 5, 300.0 billion yen on January 10, 300.0 billion yen on January 23 and 300.0 billion yen on January 25. The purchases were exercised at 305.6 billion yen on January 11, 316.9 billion yen on January 13, 300.2 billion yen on January 23 and 301.2 billion yen on January 30, respectively.

(Memo2)

Outright purchases of asset-backed bonds
No purchases in January.

(Memo3)

Securities lending as a secondary source of JGSs
No purchases in January.

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.
    1. (a) Planned amounts on offer days.
    2. (b) * denotes non-pro-rata rates; otherwise the figures denote pro-rata rates.
    3. (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.
    4. (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.