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

May 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	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
4/4	Bills-sales	4/5	4/18	8,000	38,800	8,005	0.001	0.001	27.8
5	Bills-sales	4/6	4/20	8,000	44,800	8,006	0.001	0.001	18.2
6	JGSs-sales	4/10	4/24	6,000	41,710	6,001	0.001	0.001	15.6
10	Bills-purchases-All	4/12	6/8	6,000	28,475	5,975	0.027*	0.032
11	JGSs-sales	4/13	4/28	6,000	30,300	6,002	0.001	0.001	25.5
13	CP-purchases	4/17	5/18	3,000	4,427	2,832	0.003*	0.012
13	Bills-sales	4/14	4/28	8,000	27,700	8,005	0.001	0.001	29.6
14	Bills-purchases-Head	4/17	5/11	6,000	18,730	6,000	0.005	0.011	26.0
20	JGSs-purchases	4/24	5/22	4,000	10,773	4,003	0.003	0.006	45.8
24	CP-purchases	4/26	5/26	3,000	6,375	2,985	0.006	0.008	68.5
24	Bills-sales	4/25	5/8	6,000	21,430	6,001	0.004	0.003	50.8
26	Bills-purchases-All	4/28	6/27	6,000	28,304	6,160	0.033*	0.037
27	Bills-purchases-Head	4/28	5/26	6,000	25,106	6,001	0.020	0.027	16.8
28	JGSs-purchases	5/2	5/26	4,000	13,005	4,001	0.026	0.030	40.7

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
4/6	Outright purchases	4/11	3,000	10,040	3,002	-0.002	0.000	75.4
12	Outright purchases	4/17	3,000	11,064	3,143	-0.008*	-0.006
27	Outright purchases	5/2	3,000	15,631	3,002	0.021	0.023	78.6

(Memo1)

Outright purchase and sale operations of JGBs

(Memo2)

Securities lending as a secondary source of JGSs

The Bank of Japan offered securities lendings as a secondary source of JGSs worth 2.5 billion yen on April 3 for 10-year JGB #252 and 1.8 billion yen on April 4 for 10-year JGB #252. The Bank sold 10-year JGB #252 worth 1.3 billion yen on April 3 and 10-year JGB #252 worth 0.9 billion yen on April 4, under repurchase agreements, respectively.

NOTES:

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
* 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.
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.