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

April 3, 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                  
3/2 Bills-purchases-All 3/6 4/3 8,000 16,630 7,960 0.013* 0.024
3 CP-purchases 3/7 4/20 4,000 3,203 3,203 0.002* 0.021
6 Bills-purchases-All 3/8 4/10 8,000 24,890 8,002 0.026 0.029 46.3
7 CP-purchases 3/9 4/26 4,000 3,059 3,059 0.001* 0.003
8 JGSs-purchases 3/10 4/7 4,000 16,441 4,000 0.025* 0.026
10 JGSs-purchases 3/14 3/20 4,000 3,640 3,640 0.001* 0.002
10 Bills-purchases-Head 3/13 3/20 6,000 8,850 6,003 0.001 0.002 59.9
13 Bills-purchases-All 3/15 3/28 6,000 6,860 6,002 0.001 0.002 81.0
14 CP-purchases 3/16 5/2 3,000 2,887 2,887 0.001* 0.009
16 JGSs-sales 3/20 3/29 6,000 25,710 6,002 0.003 0.003 83.4
16 Bills-sales 3/20 3/27 8,000 29,800 8,002 0.002 0.001 68.1
17 Bills-sales 3/20 3/29 10,000 37,700 10,002 0.002 0.001 21.1
20 CP-purchases 3/23 5/11 3,000 4,330 2,991 0.021 0.036 60.8
28 JGSs-sales 3/30 4/6 6,000 37,100 6,000 0.001* 0.001
29 Bills-sales 3/31 4/12 6,000 32,500 6,003 0.001 0.001 35.3
30 Bills-sales 3/31 4/17 8,000 31,100 8,002 0.001 0.001 39.8

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                
3/3 Outright purchases 3/8 5,000 21,445 5,002 0.008 0.009 84.5
10 Outright purchases 3/15 3,000 10,908 3,001 -0.015 -0.006 18.0
16 Outright purchases 3/22 3,000 15,629 3,000 0.011* 0.012
23 Outright purchases 3/28 3,000 12,534 3,055 0.005* 0.007

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              
3/1 3/3 1,000 263 210 0.001 0.001 79.8
15 3/17 1,000 730 580 0.002 0.002 78.7

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on March 1, 300.0 billion yen on March 6, 300.0 billion yen on March 17 and 300.0 billion yen on March 22. The purchases were exercised at 291.6 billion yen on March 6, 300.5 billion yen on March 9, 288.6 billion yen on March 23 and 300.4 billion yen on March 27, respectively.

(Memo2)

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

(Memo3)

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

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 is as follows,
    those without *: the next business day after the offering date.
    those with *: the fourth business day after the offering date.