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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

(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
1
8
10
10
11
12
12
16
17
18
19
23
23
24
24
25
25
26
26
26
29
29
29
30
30
30
30
31
31

JGSs-purchases
Bills-purchases-All
Bills-sales
CP-purchases
Bills-purchases-All
JGSs-purchases
Bills-purchases-Head
Bills-sales
Bills-purchases-Head
Bills-sales
Bills-purchases-All
Bills-sales
JGSs-purchases
Bills-purchases-Head
CP-purchases
Bills-purchases-Head
Bills-purchases-Head
Bills-purchases-Head
JGSs-purchases
Bills-purchases-Head
Bills-purchases-All
Bills-purchases-Head
Bills-purchases-Head
Bills-purchases-Head
Bills-purchases-Head
JGSs-purchases
Bills-purchases-Head
Bills-purchases-Head
JGSs-purchases
Bills-purchases-All
 
5/8
5/8
5/9
5/12
5/12
5/15
5/15
5/16
5/17
5/18
5/22
5/22
5/25
5/24
5/26
5/25
5/25*
5/30
5/30
5/29
5/30
5/29*
5/30
6/1
5/30*
6/1
6/1
6/2
6/2
6/2

6/9
7/6
5/15
6/8
7/11
6/13
6/5
5/25
6/9
5/30
7/19
5/30
6/22
6/13
6/22
6/14
6/5
6/6
6/9
6/7
7/21
6/1
6/7
6/9
6/5
6/12
6/12
6/13
6/15
6/16

4,000
6,000
6,000
3,000
6,000
4,000
8,000
6,000
6,000
6,000
6,000
6,000
4,000
8,000
3,000
8,000
5,000
5,000
6,000
5,000
6,000
15,000
10,000
10,000
5,000
6,000
8,000
10,000
6,000
8,000

13,067
30,796
16,450
4,790
35,648
16,156
28,772
10,500
27,864
12,155
35,436
15,250
18,411
24,068
6,407
22,886
25,246
35,442
31,493
27,650
51,160
37,450
37,962
49,692
22,263
22,673
31,990
40,270
23,344
35,692

4,001
6,006
6,001
3,015
6,000
4,000
8,001
6,001
6,002
6,005
6,158
6,001
4,001
7,982
2,990
8,002
5,000
4,800
6,001
5,000
6,002
15,001
10,004
9,930
5,013
5,939
8,002
10,200
6,020
8,196

0.029
0.045
0.020
0.037*
0.101*
0.051
0.055
0.050
0.058
0.050
0.112*
0.065
0.076
0.070*
0.086
0.078
0.073
0.109*
0.111
0.121
0.200
0.060
0.070
0.086*
0.051*
0.078*
0.071
0.077*
0.074*
0.081*

0.032
0.049
0.013
0.049
0.120
0.065
0.060
0.042
0.070
0.048
0.124
0.054
0.082
0.074
0.110
0.081
0.081
0.114
0.123
0.127
0.216
0.076
0.082
0.094
0.075
0.088
0.081
0.085
0.080
0.088

63.7
10.7
31.5


12.6
65.9
43.5
51.8
92.9

35.5
82.2

61.1
58.3
74.0

45.0
60.0
31.5
70.6
26.5



72.4


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
19
25
31

Outright purchases
Outright purchases
Outright purchases
Outright purchases

5/16
5/24
5/30
6/5

3,000
3,000
3,000
4,000

15,718
14,821
17,834
15,897

3,000
3,002
3,190
4,000

0.040
0.002
0.035*
0.024

0.045
0.004
0.040
0.028

35.5
69.8

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.
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.
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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