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

June 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                  
5/1 JGSs-purchases 5/8 6/9 4,000 13,067 4,001 0.029 0.032 63.7
1 Bills-purchases-All 5/8 7/6 6,000 30,796 6,006 0.045 0.049 10.7
8 Bills-sales 5/9 5/15 6,000 16,450 6,001 0.020 0.013 31.5
10 CP-purchases 5/12 6/8 3,000 4,790 3,015 0.037* 0.049  
10 Bills-purchases-All 5/12 7/11 6,000 35,648 6,000 0.101* 0.120  
11 JGSs-purchases 5/15 6/13 4,000 16,156 4,000 0.051 0.065 12.6
12 Bills-purchases-Head 5/15 6/5 8,000 28,772 8,001 0.055 0.060 65.9
12 Bills-sales 5/16 5/25 6,000 10,500 6,001 0.050 0.042 43.5
16 Bills-purchases-Head 5/17 6/9 6,000 27,864 6,002 0.058 0.070 51.8
17 Bills-sales 5/18 5/30 6,000 12,155 6,005 0.050 0.048 92.9
18 Bills-purchases-All 5/22 7/19 6,000 35,436 6,158 0.112* 0.124  
19 Bills-sales 5/22 5/30 6,000 15,250 6,001 0.065 0.054 35.5
23 JGSs-purchases 5/25 6/22 4,000 18,411 4,001 0.076 0.082 82.2
23 Bills-purchases-Head 5/24 6/13 8,000 24,068 7,982 0.070* 0.074  
24 CP-purchases 5/26 6/22 3,000 6,407 2,990 0.086 0.110 61.1
24 Bills-purchases-Head 5/25 6/14 8,000 22,886 8,002 0.078 0.081 58.3
25 Bills-purchases-Head 5/25* 6/5 5,000 25,246 5,000 0.073 0.081 74.0
25 Bills-purchases-Head 5/30 6/6 5,000 35,442 4,800 0.109* 0.114  
26 JGSs-purchases 5/30 6/9 6,000 31,493 6,001 0.111 0.123 45.0
26 Bills-purchases-Head 5/29 6/7 5,000 27,650 5,000 0.121 0.127 60.0
26 Bills-purchases-All 5/30 7/21 6,000 51,160 6,002 0.200 0.216 31.5
29 Bills-purchases-Head 5/29* 6/1 15,000 37,450 15,001 0.060 0.076 70.6
29 Bills-purchases-Head 5/30 6/7 10,000 37,962 10,004 0.070 0.082 26.5
29 Bills-purchases-Head 6/1 6/9 10,000 49,692 9,930 0.086* 0.094  
30 Bills-purchases-Head 5/30* 6/5 5,000 22,263 5,013 0.051* 0.075  
30 JGSs-purchases 6/1 6/12 6,000 22,673 5,939 0.078* 0.088  
30 Bills-purchases-Head 6/1 6/12 8,000 31,990 8,002 0.071 0.081 72.4
30 Bills-purchases-Head 6/2 6/13 10,000 40,270 10,200 0.077* 0.085  
31 JGSs-purchases 6/2 6/15 6,000 23,344 6,020 0.074* 0.080  
31 Bills-purchases-All 6/2 6/16 8,000 35,692 8,196 0.081* 0.088  

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                
5/11 Outright purchases 5/16 3,000 15,718 3,000 0.040 0.045 35.5
19 Outright purchases 5/24 3,000 14,821 3,002 0.002 0.004 69.8
25 Outright purchases 5/30 3,000 17,834 3,190 0.035* 0.040  
31 Outright purchases 6/5 4,000 15,897 4,000 0.024 0.028 50.0

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on May 1, 300.0 billion yen on May 10, 300.0 billion yen on May 17 and 300.0 billion yen on May 22. The purchases were exercised at 313.2 billion yen on May 9, 300.4 billion yen on May 15, 298.6 billion yen on May 22 and 300.3 billion yen on May 25, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in May.

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. 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.