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

April 3, 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
3/2
3
6
7
8
10
10
13
14
16
16
17
20
28
29
30

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

3/6
3/7
3/8
3/9
3/10
3/14
3/13
3/15
3/16
3/20
3/20
3/20
3/23
3/30
3/31
3/31

4/3
4/20
4/10
4/26
4/7
3/20
3/20
3/28
5/2
3/29
3/27
3/29
5/11
4/6
4/12
4/17

8,000
4,000
8,000
4,000
4,000
4,000
6,000
6,000
3,000
6,000
8,000
10,000
3,000
6,000
6,000
8,000

16,630
3,203
24,890
3,059
16,441
3,640
8,850
6,860
2,887
25,710
29,800
37,700
4,330
37,100
32,500
31,100

7,960
3,203
8,002
3,059
4,000
3,640
6,003
6,002
2,887
6,002
8,002
10,002
2,991
6,000
6,003
8,002

0.013*
0.002*
0.026
0.001*
0.025*
0.001*
0.001
0.001
0.001*
0.003
0.002
0.002
0.021
0.001*
0.001
0.001

0.024
0.021
0.029
0.003
0.026
0.002
0.002
0.002
0.009
0.003
0.001
0.001
0.036
0.001
0.001
0.001



46.3



59.9
81.0

83.4
68.1
21.1
60.8

35.3
39.8


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
3/3
10
16
23

Outright purchases
Outright purchases
Outright purchases
Outright purchases

3/8
3/15
3/22
3/28

5,000
3,000
3,000
3,000

21,445
10,908
15,629
12,534

5,002
3,001
3,000
3,055

0.008
-0.015
0.011*
0.005*

0.009
-0.006
0.012
0.007

84.5
18.0


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
3/1
15

3/3
3/17

1,000
1,000

263
730

210
580

0.001
0.002

0.001
0.002

79.8
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.
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 is as follows,
those without *: the next business day after the offering date.
those with *: the fourth business day after the offering date.

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