Bank of Japan Operations in the Money Markets (January 2006)
February 1, 2006
Bank of Japan
Financial Markets Department
(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 5 6 10 10 10 11 11 12 12 13 16 17 17 17 18 19 20 20 20 23 24 24 26 26 27 31 31 |
JGSs-purchases Bills-sales Bills-purchases-Head CP-purchases Bills-sales Bills-purchases-All JGSs-sales Bills-sales JGSs-purchases Bills-purchases-Head Bills-sales JGSs-sales JGSs-purchases CP-purchases Bills-purchases-All Bills-sales Bills-sales JGSs-sales Bills-sales Bills-purchases-Head Bills-purchases-All JGSs-purchases CP-purchases Bills-sales Bills-purchases-Head Bills-purchases-All JGSs-purchases Bills-purchases-Head |
1/10 1/6 1/11 1/12 1/11 1/12 1/13 1/12 1/16 1/16 1/16 1/18 1/19 1/19 1/19 1/19 1/20 1/24 1/23 1/24 1/25 1/26 1/26 1/27 1/30 1/31 2/2 2/2 |
3/20 1/24 5/24 3/7 1/25 6/21 1/25 1/25 3/23 6/6 1/26 1/30 3/28 3/9 6/20 1/30 1/30 2/2 2/2 6/15 6/20 4/5 3/16 2/2 6/15 6/20 4/7 6/16 |
4,000 8,000 8,000 4,000 5,000 8,000 5,000 5,000 4,000 8,000 5,000 6,000 4,000 4,000 8,000 8,000 8,000 6,000 5,000 8,000 8,000 4,000 4,000 6,000 8,000 8,000 4,000 8,000 |
1,710 13,650 16,365 6,239 13,120 25,115 15,100 18,000 1,701 19,872 19,500 19,600 710 5,957 21,064 24,800 27,150 22,010 17,600 19,484 16,209 5,918 4,333 20,500 20,972 22,955 4,717 18,828 |
1,710 8,001 8,050 3,985 5,100 8,003 4,900 5,002 1,701 8,005 5,003 6,003 710 3,985 8,004 8,003 8,002 6,004 5,005 8,006 8,000 4,200 4,151 6,003 8,005 8,000 4,001 8,002 |
0.001* 0.005 0.005* 0.008 0.003* 0.011 0.004* 0.003 0.001* 0.006 0.002 0.003 0.001* 0.006 0.010 0.001 0.001 0.002 0.001 0.005 0.006 0.004* 0.004* 0.001 0.004 0.011* 0.001 0.004 |
0.001 0.003 0.006 0.014 0.003 0.012 0.004 0.003 0.001 0.008 0.002 0.003 0.001 0.008 0.012 0.001 0.001 0.001 0.001 0.007 0.009 0.005 0.006 0.001 0.005 0.011 0.003 0.006 |
32.0 44.8 67.5 30.5 43.3 49.4 38.2 81.6 20.9 72.1 44.3 3.6 32.3 8.4 30.1 30.9 56.7 34.9 32.0 |
<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 |
2006 1/10 13 20 27 |
Outright purchases Outright purchases Outright purchases Outright purchases |
1/13 1/18 1/25 2/1 |
6,000 5,000 5,000 5,000 |
17,795 15,406 10,961 9,262 |
6,006 5,005 5,002 5,003 |
0.000 0.000 -0.002 0.000 |
0.001 0.002 -0.002 0.001 |
24.7 30.3 84.0 73.2 |
<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 | |
2006 1/11 25 |
1/13 1/27 |
1,000 1,000 |
238 410 |
180 318 |
0.000 0.000 |
0.000 0.000 |
79.8 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. | |
| 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. | ||
