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

August 1, 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                  
7/3 JGSs-purchases 7/5 8/1 6,000 12,217 5,850 0.194* 0.204  
3 Bills-sales 7/3* 7/5 4,000 10,570 3,890 0.045* 0.026  
3 FSOPC-Head 7/5 8/15 8,000 37,463 8,002 0.240 0.249 25.9
4 CP-purchases 7/6 8/7 3,000 5,276 2,991 0.246* 0.263  
4 FSOPC-All 7/6 8/15 8,000 41,788 8,002 0.258 0.266 32.2
5 Bills-sales 7/5* 7/7 4,000 11,380 3,980 0.044* 0.039  
5 FSOPC-Head 7/10 7/26 8,000 49,429 7,950 0.241* 0.245  
6 JGSs-purchases 7/10 7/20 8,000 19,591 7,927 0.141* 0.169  
7 JGSs-purchases 7/11 8/4 6,000 16,275 6,041 0.251* 0.263  
7 Bills-sales 7/7* 7/10 4,000 8,050 3,950 0.030* 0.023  
7 FSOPC-Head 7/11 8/24 8,000 39,772 7,922 0.309* 0.317  
10 JGSs-purchases 7/12 8/7 6,000 13,462 6,144 0.263* 0.279  
10 JGSs-sales 7/10* 7/12 4,000 8,280 4,000 0.089 0.052 54.0
10 FSOPC-All 7/12 8/29 8,000 42,833 8,000 0.346 0.357 20.2
11 FSOPC-Head 7/11* 7/14 6,000 13,600 6,000 0.063 0.074 70.0
11 FSOPC-Head 7/13 8/30 8,000 30,367 8,000 0.366 0.374 70.2
11 FSOPC-Head 7/14 7/24 8,000 38,541 8,027 0.287* 0.294  
12 FSOPC-Head 7/12* 7/20 6,000 20,080 6,000 0.173 0.194 54.0
12 JGSs-purchases 7/14 7/24 8,000 22,565 8,002 0.251 0.282 26.7
12 CP-purchases 7/14 8/22 3,000 3,675 3,015 0.333* 0.363  
12 FSOPC-Head 7/18 7/27 8,000 42,359 8,000 0.360 0.389 35.0
13 JGSs-purchases 7/14 7/18 8,000 16,518 8,001 0.095 0.102 37.7
13 JGSs-purchases 7/18 7/27 8,000 22,205 8,001 0.303 0.334 67.0
13 FSOPC-Head 7/18 9/5 8,000 38,100 8,000 0.381* 0.406  
14 JGSs-purchases 7/14* 7/18 8,000 12,900 8,000 0.093* 0.098  
14 FSOPC-Head 7/14* 7/18 8,000 18,800 8,001 0.090 0.097 21.9
14 FSOPC-Head 7/19 9/8 8,000 25,992 8,002 0.351 0.378 65.2
14 FSOPC-Head 7/20 8/3 8,000 40,592 8,001 0.331 0.354 17.4
14 Bills-sales(note) 7/14* 7/18 12,000 16,090 9,870 0.400* 0.266  
18 FSOPC-Head 7/18* 7/20 4,000 15,080 3,800 0.291* 0.301  
18 JGSs-purchases 7/20 7/28 8,000 19,989 8,091 0.315* 0.333  
18 FSOPC-Head 7/18* 7/19 6,000 18,760 6,110 0.291* 0.304  
18 FSOPC-Head 7/20 9/12 8,000 40,706 8,001 0.371 0.386 68.2
18 FSOPC-All 7/20 9/7 8,000 36,110 8,001 0.360 0.377 70.0
19 FSOPC-Head 7/19* 7/20 10,000 24,598 10,000 0.272 0.290 70.3
19 JGSs-purchases 7/21 8/15 6,000 17,074 6,040 0.317* 0.328  
19 FSOPC-Head 7/19* 7/20 6,000 9,875 5,875 0.192* 0.235  
19 FSOPC-Head 7/20 7/31 10,000 31,274 10,024 0.302* 0.314  
20 FSOPC-Head 7/20* 7/21 8,000 23,850 7,900 0.246* 0.255  
20 JGSs-purchases 7/24 7/31 8,000 21,710 8,000 0.295 0.306 22.8
20 FSOPC-Head 7/20* 7/21 4,000 11,780 3,980 0.242* 0.249  
20 FSOPC-Head 7/24 9/15 8,000 28,281 8,030 0.346* 0.355  
20 FSOPC-Head 7/25 8/10 8,000 37,246 8,055 0.331* 0.339  
21 JGSs-purchases 7/25 8/7 8,000 25,775 8,139 0.293* 0.302  
21 FSOPC-Head 7/24 8/8 6,000 23,154 6,001 0.300 0.318 44.6
21 FSOPC-Head 7/25 9/19 8,000 28,200 7,970 0.307* 0.327  
24 FSOPC-All 7/26 9/14 8,000 45,442 8,007 0.310 0.333 23.6
25 JGSs-purchases 7/27 8/17 6,000 20,141 6,005 0.300 0.306 72.1
25 FSOPC-Head 7/25* 7/26 4,000 13,550 4,001 0.270 0.270 93.0
25 FSOPC-Head 7/27 9/20 8,000 46,092 8,003 0.310 0.323 18.4
26 JGSs-purchases 7/28 8/22 6,000 21,931 6,005 0.310 0.314 63.0
26 FSOPC-Head 7/28 9/20 8,000 37,947 8,010 0.310 0.319 12.8
26 FSOPC-Head 7/31 8/16 6,000 38,188 6,006 0.310 0.321 16.8
27 JGSs-purchases 7/31 8/10 10,000 36,024 9,913 0.320* 0.324  
27 FSOPC-Head 7/28 8/11 8,000 32,142 8,005 0.310 0.315 53.8
28 FSOPC-Head 7/31 8/15 6,000 28,369 6,004 0.310 0.313 39.9
28 FSOPC-Head 8/2 8/15 8,000 41,190 8,004 0.310 0.318 27.4
31 FSOPC-Head 7/31* 8/1 4,000 13,483 4,002 0.280 0.286 40.5
31 JGSs-purchases 8/2 8/15 6,000 17,706 6,006 0.310 0.315 64.3
31 FSOPC-Head 8/2 9/22 6,000 29,121 6,008 0.310 0.319 8.3
31 FSOPC-All 8/2 9/20 8,000 39,060 8,013 0.310 0.317 14.9
  • (note) All bids with discount rates above 0.420% were excluded from the auction.

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                
7/4 Outright purchases 7/7 4,000 21,526 4,001 0.021 0.025 33.9
13 Outright purchases 7/19 4,000 14,255 4,001 0.010 0.011 53.3
18 Outright purchases 7/21 5,000 17,264 4,875 0.002* 0.006  
28 Outright purchases 8/2 5,000 22,302 5,147 0.009* 0.012  

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on July 7, 300.0 billion yen on July 14, 300.0 billion yen on July 21 and 300.0 billion yen on July 26. The purchases were exercised at 300.4 billion yen on July 12, 288.7 billion yen on July 20, 300.7 billion yen on July 26 and 289.8 billion yen on July 31, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in July.

NOTES:

  1. Bills-sales : Outright Sales of Bills Drawn by BOJ
    FSOPC-Head : Funds-Supplying Operations against Pooled Collateral at Head Office
    FSOPC-All : Funds-Supplying Operations against Pooled Collateral 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, 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.