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

March 1, 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

2006 
2/2 
2 
2 
3 
7 
7 
7 
9 
10 
13 
14 
14 
14 
15 
16 
16 
20 
20 
21 
22 
23 
23 
27 
28 
28 
28 



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



2/6
2/3
2/6
2/7
2/9
2/9
2/9
2/13
2/14
2/15
2/16
2/15
2/16
2/16
2/20
2/20
2/22
2/22
2/23
2/24
2/27
2/27
3/1
3/2
3/2
3/2



3/20
2/20
6/20
6/20
4/14
3/23
6/20
6/20
6/23
2/27
4/6
2/27
7/5
2/27
4/6
6/28
3/2
4/5
4/14
4/4
4/14
5/22
6/16
4/18
4/4
6/20



4,000 
6,000 
8,000 
8,000 
4,000 
4,000 
8,000 
8,000 
8,000 
5,000 
4,000 
8,000 
8,000 
8,000 
4,000 
8,000 
8,000 
6,000 
4,000 
6,000 
4,000 
8,000 
8,000 
4,000 
4,000 
8,000 



4,383 
22,700 
21,235 
14,480 
4,545 
2,687 
14,876 
10,337 
20,855 
18,650 
4,584 
27,100 
33,486 
23,600 
8,336 
21,149 
16,500 
9,448 
5,072 
20,756 
11,590 
22,630 
24,796 
10,989 
3,780 
24,343 



3,914 
6,004 
8,003 
8,001 
4,002 
2,687 
8,008 
8,010 
8,000 
5,002 
3,995 
8,003 
8,001 
8,002 
4,004 
8,002 
8,002 
6,000 
3,825 
6,110 
4,002 
8,003 
7,950 
4,001 
3,780 
8,020 



0.002*
0.001 
0.004 
0.003 
0.001 
0.001*
0.001 
0.001 
0.004 
0.001 
0.002 
0.001 
0.019 
0.001 
0.001 
0.015 
0.001 
0.003 
0.004*
0.006*
0.003 
0.020 
0.032*
0.007 
0.001*
0.041*



0.005 
0.001 
0.005 
0.005 
0.001 
0.001 
0.002 
0.001 
0.006 
0.001 
0.042 
0.001 
0.021 
0.001 
0.002 
0.023 
0.001 
0.007 
0.028 
0.007 
0.004 
0.024 
0.036 
0.010 
0.013 
0.046 



  
30.5 
79.0 
72.1 
87.8 
  
27.7 
70.8 
83.2 
35.7 
50.0 
36.4 
63.7 
44.2 
32.7 
79.8 
69.6 
50.0 
  
  
32.0 
22.7 
  
42.0


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 
2/1 
3 
10 
17 
24 

Outright sales
Outright purchases
Outright purchases
Outright purchases
Outright purchases

2/6
2/8
2/15
2/22
3/1

4,000 
5,000 
5,000 
5,000 
5,000 

11,300 
10,550 
21,481 
15,274 
24,432 

4,000 
5,004 
5,003 
5,002 
5,001 

0.000
-0.001
0.003
0.004
0.010

0.000 
0.001 
0.003 
0.006 
0.014 

40.0 
27.3 
66.8 
72.7 
32.8


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 
2/8 
22 

2/10
2/24

1,000 
1,000 

649 
448 

511 
358 

0.000
0.000

0.001
0.001

58.4 
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.
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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