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

March 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/th> 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                  
2/2 CP-purchases 2/6 3/20 4,000 4,383 3,914 0.002* 0.005
2 Bills-sales 2/3 2/20 6,000 22,700 6,004 0.001 0.001 30.5
2 Bills-purchases-Head 2/6 6/20 8,000 21,235 8,003 0.004 0.005 79.0
3 Bills-purchases-All 2/7 6/20 8,000 14,480 8,001 0.003 0.005 72.1
7 JGSs-purchases 2/9 4/14 4,000 4,545 4,002 0.001 0.001 87.8
7 CP-purchases 2/9 3/23 4,000 2,687 2,687 0.001* 0.001
7 Bills-purchases-Head 2/9 6/20 8,000 14,876 8,008 0.001 0.002 27.7
9 Bills-purchases-All 2/13 6/20 8,000 10,337 8,010 0.001 0.001 70.8
10 Bills-purchases-Head 2/14 6/23 8,000 20,855 8,000 0.004 0.006 83.2
13 JGSs-sales 2/15 2/27 5,000 18,650 5,002 0.001 0.001 35.7
14 CP-purchases 2/16 4/6 4,000 4,584 3,995 0.002 0.042 50.0
14 Bills-sales 2/15 2/27 8,000 27,100 8,003 0.001 0.001 36.4
14 Bills-purchases-All 2/16 7/5 8,000 33,486 8,001 0.019 0.021 63.7
15 Bills-sales 2/16 2/27 8,000 23,600 8,002 0.001 0.001 44.2
16 JGSs-purchases 2/20 4/6 4,000 8,336 4,004 0.001 0.002 32.7
16 Bills-purchases-Head 2/20 6/28 8,000 21,149 8,002 0.015 0.023 79.8
20 JGSs-sales 2/22 3/2 8,000 16,500 8,002 0.001 0.001 69.6
20 Bills-purchases-Head 2/22 4/5 6,000 9,448 6,000 0.003 0.007 50.0
21 CP-purchases 2/23 4/14 4,000 5,072 3,825 0.004* 0.028
22 Bills-purchases-All 2/24 4/4 6,000 20,756 6,110 0.006* 0.007
23 JGSs-purchases 2/27 4/14 4,000 11,590 4,002 0.003 0.004 32.0
23 Bills-purchases-Head 2/27 5/22 8,000 22,630 8,003 0.020 0.024 22.7
27 Bills-purchases-Head 3/1 6/16 8,000 24,796 7,950 0.032* 0.036
28 JGSs-purchases 3/2 4/18 4,000 10,989 4,001 0.007 0.010 42.0
28 CP-purchases 3/2 4/4 4,000 3,780 3,780 0.001* 0.013
28 Bills-purchases-All 3/2 6/20 8,000 24,343 8,020 0.041* 0.046

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/th> 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                
2/1 Outright sales 2/6 4,000 11,300 4,000 0.000 0.000 40.0
3 Outright purchases 2/8 5,000 10,550 5,004 -0.001 0.001 27.3
10 Outright purchases 2/15 5,000 21,481 5,003 0.003 0.003 66.8
17 Outright purchases 2/22 5,000 15,274 5,002 0.004 0.006 72.7
24 Outright purchases 3/1 5,000 24,432 5,001 0.010 0.014 32.8

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              
2/8 2/10 1,000 649 511 0.000 0.001 58.4
22 2/24 1,000 448 358 0.000 0.001 63.7

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on February 1, 300.0 billion yen on February 8, 300.0 billion yen on February 15 and 300.0 billion yen on February 22. The purchases were exercised at 300.8 billion yen on February 6, 297.0 billion yen on February 13, 289.8 billion yen on February 20 and 230.2 billion yen on February 27, respectively.

(Memo2)

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

(Memo3)

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

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.