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

July 3, 2006
Bank of Japan
Financial Markets Department

Short-term Operations (excluding Outright Purchase and Sale Operations of TBs and FBs)

Table : Short-term Operations (excluding Outright Purchase and Sale Operations of TBs and FBs)(100 million yen, percent per annum)
Date of Offer Instrument Date of Exercise Date of Resale or Repurchase or Repayment (a)
Amounts Offered		 Amounts of Competitive Bid Amounts of Successful Bid (b)
Pro-rata, Non-pro-rata Rate / Loan Rate		 Average Successful Bid Rate or Loan Rate Allocation on a Pro-rata Basis Rate
2006                  
6/1 Bills-purchases-Head 6/2 6/14 6,000 24,352 6,082 0.066* 0.073  
5 JGSs-purchases 6/7 6/20 4,000 12,456 3,895 0.045* 0.056  
5 Bills-purchases-Head 6/7 6/22 8,000 31,997 8,001 0.046 0.056 20.9
6 Bills-purchases-All 6/8 6/23 8,000 28,885 7,965 0.050* 0.055  
7 JGSs-purchases 6/9 6/20 4,000 11,014 4,001 0.045 0.052 67.9
7 CP-purchases 6/9 7/6 3,000 6,156 2,912 0.100* 0.109  
7 Bills-purchases-Head 6/12 6/29 8,000 45,836 8,001 0.070 0.075 49.9
8 JGSs-purchases 6/12 6/23 6,000 20,909 5,818 0.066* 0.073  
8 Bills-purchases-Head 6/9 7/5 8,000 22,106 7,996 0.088* 0.101  
8 Bills-purchases-Head 6/12 6/20 8,000 22,090 8,000 0.057 0.064 70.0
9 Bills-purchases-All 6/13 7/3 8,000 41,808 8,040 0.099* 0.111  
12 JGSs-purchases 6/14 6/20 6,000 13,126 6,001 0.055 0.077 34.7
12 Bills-purchases-Head 6/13 7/3 6,000 31,232 6,000 0.096 0.099 79.6
13 Bills-purchases-Head 6/13* 6/19 5,000 14,700 5,001 0.056 0.063 30.8
13 JGSs-purchases 6/15 6/26 6,000 24,503 6,001 0.087 0.096 52.4
13 Bills-purchases-Head 6/14 7/6 8,000 30,778 8,008 0.099* 0.105  
13 Bills-purchases-Head 6/15 6/22 8,000 32,718 8,001 0.087 0.097 60.9
14 Bills-purchases-Head 6/14* 6/15 5,000 17,090 4,850 0.052* 0.066  
14 JGSs-purchases 6/16 6/27 6,000 23,255 6,002 0.091 0.093 82.0
14 Bills-purchases-Head 6/16 7/10 8,000 39,135 8,001 0.103 0.110 59.8
14 Bills-purchases-All 6/16 7/7 8,000 32,255 8,003 0.105 0.109 64.4
15 Bills-purchases-Head 6/16 6/20 6,000 22,300 6,078 0.082* 0.089  
15 Bills-purchases-Head 6/20 6/28 8,000 52,732 8,002 0.099 0.104 42.4
16 JGSs-purchases 6/20 7/7 6,000 25,193 6,120 0.100* 0.105  
16 Bills-purchases-Head 6/20 7/11 8,000 43,865 7,823 0.109* 0.114  
19 Bills-purchases-Head 6/21 7/13 8,000 48,248 8,002 0.115 0.119 20.7
20 Bills-purchases-Head 6/20* 6/21 6,000 22,420 6,000 0.067 0.080 33.3
20 JGSs-purchases 6/22 6/29 8,000 37,960 8,003 0.100 0.103 32.7
20 CP-purchases 6/22 7/21 3,000 6,340 2,995 0.161 0.180 42.1
20 Bills-purchases-Head 6/22 7/14 8,000 40,569 8,002 0.122 0.128 66.7
21 Bills-purchases-Head 6/21* 6/23 4,000 18,224 4,000 0.072 0.079 65.0
21 JGSs-purchases 6/23 7/5 6,000 23,769 6,001 0.101 0.106 78.7
21 Bills-purchases-Head 6/23 7/19 8,000 35,138 7,827 0.139* 0.147  
21 Bills-purchases-Head 6/26 7/10 8,000 37,998 8,001 0.120 0.129 25.7
22 JGSs-purchases 6/26 7/14 8,000 31,492 8,002 0.106 0.119 76.3
22 Bills-purchases-Head 6/26 7/24 8,000 40,432 8,003 0.153 0.164 82.2
23 Bills-purchases-All 6/27 7/26 8,000 32,838 8,001 0.169 0.179 48.8
26 JGSs-purchases 6/28 7/19 6,000 20,392 5,896 0.121* 0.132  
26 FSOPC-Head 6/28 7/28 8,000 34,323 7,931 0.168* 0.178  
27 FSOPC-Head 6/27* 6/30 4,000 20,032 3,810 0.093* 0.095  
27 JGSs-purchases 6/29 7/21 6,000 19,285 6,001 0.135 0.140 44.7
27 FSOPC-Head 6/29 8/4 8,000 29,213 8,075 0.190* 0.199  
27 FSOPC-All 6/29 7/10 8,000 34,492 8,001 0.105 0.117 16.0
29 JGSs-purchases 7/3 7/10 8,000 23,037 8,071 0.072* 0.092  
29 Bills-sales 6/29* 6/30 4,000 9,390 4,002 0.030 0.024 41.8
30 FSOPC-All 7/4 8/4 8,000 33,512 8,001 0.202 0.212 36.5

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                
6/6 Outright purchases 6/9 4,000 17,231 4,000 0.010 0.020 33.2
12 Outright purchases 6/15 4,000 14,058 4,002 0.013 0.016 64.1
19 Outright purchases 6/22 4,000 15,545 4,002 0.010 0.013 88.5
26 Outright purchases 6/29 4,000 9,663 3,865 -0.005* 0.000  

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on June 5, 300.0 billion yen on June 9, 300.0 billion yen on June 21 and 300.0 billion yen on June 26. The purchases were exercised at 290.4 billion yen on June 8, 297.5 billion yen on June 14, 300.3 billion yen on June 26 and 290.0 billion yen on June 29, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in June.

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
    FSOPC-Head : Funds-Supplying Operations against Pooled Collateral at Head Office
    FSOPC-All : Funds-Supplying Operations against Pooled Collateral at All Offices
  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, loan rates; otherwise the figures denote pro-rata rates, loan 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.