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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)

(100 million yen, percent per annum)

Date of OfferInstrumentDate of ExerciseDate of Resale or Repurchase or Repayment(a)
Amounts Offered		Amounts of Competitive BidAmounts 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
3
3
4
4
5
5
6
7
7
7
10
10
10
11
11
11
12
12
12
12
13
13
13
14
14
14
14
14
18
18
18
18
18
19
19
19
19
20
20
20
20
20
21
21
21
24
25
25
25
26
26
26
27
27
28
28
31
31
31
31


JGSs-purchases
Bills-sales
FSOPC-Head
CP-purchases
FSOPC-All
Bills-sales
FSOPC-Head
JGSs-purchases
JGSs-purchases
Bills-sales
FSOPC-Head
JGSs-purchases
JGSs-sales
FSOPC-All
FSOPC-Head
FSOPC-Head
FSOPC-Head
FSOPC-Head
JGSs-purchases
CP-purchases
FSOPC-Head
JGSs-purchases
JGSs-purchases
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-Head
FSOPC-Head
Bills-sales(note)
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-Head
FSOPC-All
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-Head
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-Head
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-Head
FSOPC-All
JGSs-purchases
FSOPC-Head
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-Head
FSOPC-Head
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-All


7/5
7/3*
7/5
7/6
7/6
7/5*
7/10
7/10
7/11
7/7*
7/11
7/12
7/10*
7/12
7/11*
7/13
7/14
7/12*
7/14
7/14
7/18
7/14
7/18
7/18
7/14*
7/14*
7/19
7/20
7/14*
7/18*
7/20
7/18*
7/20
7/20
7/19*
7/21
7/19*
7/20
7/20*
7/24
7/20*
7/24
7/25
7/25
7/24
7/25
7/26
7/27
7/25*
7/27
7/28
7/28
7/31
7/31
7/28
7/31
8/2
7/31*
8/2
8/2
8/2


8/1
7/5
8/15
8/7
8/15
7/7
7/26
7/20
8/4
7/10
8/24
8/7
7/12
8/29
7/14
8/30
7/24
7/20
7/24
8/22
7/27
7/18
7/27
9/5
7/18
7/18
9/8
8/3
7/18
7/20
7/28
7/19
9/12
9/7
7/20
8/15
7/20
7/31
7/21
7/31
7/21
9/15
8/10
8/7
8/8
9/19
9/14
8/17
7/26
9/20
8/22
9/20
8/16
8/10
8/11
8/15
8/15
8/1
8/15
9/22
9/20


6,000
4,000
8,000
3,000
8,000
4,000
8,000
8,000
6,000
4,000
8,000
6,000
4,000
8,000
6,000
8,000
8,000
6,000
8,000
3,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
12,000
4,000
8,000
6,000
8,000
8,000
10,000
6,000
6,000
10,000
8,000
8,000
4,000
8,000
8,000
8,000
6,000
8,000
8,000
6,000
4,000
8,000
6,000
8,000
6,000
10,000
8,000
6,000
8,000
4,000
6,000
6,000
8,000


12,217
10,570
37,463
5,276
41,788
11,380
49,429
19,591
16,275
8,050
39,772
13,462
8,280
42,833
13,600
30,367
38,541
20,080
22,565
3,675
42,359
16,518
22,205
38,100
12,900
18,800
25,992
40,592
16,090
15,080
19,989
18,760
40,706
36,110
24,598
17,074
9,875
31,274
23,850
21,710
11,780
28,281
37,246
25,775
23,154
28,200
45,442
20,141
13,550
46,092
21,931
37,947
38,188
36,024
32,142
28,369
41,190
13,483
17,706
29,121
39,060


5,850
3,890
8,002
2,991
8,002
3,980
7,950
7,927
6,041
3,950
7,922
6,144
4,000
8,000
6,000
8,000
8,027
6,000
8,002
3,015
8,000
8,001
8,001
8,000
8,000
8,001
8,002
8,001
9,870
3,800
8,091
6,110
8,001
8,001
10,000
6,040
5,875
10,024
7,900
8,000
3,980
8,030
8,055
8,139
6,001
7,970
8,007
6,005
4,001
8,003
6,005
8,010
6,006
9,913
8,005
6,004
8,004
4,002
6,006
6,008
8,013


0.194*
0.045*
0.240
0.246*
0.258
0.044*
0.241*
0.141*
0.251*
0.030*
0.309*
0.263*
0.089
0.346
0.063
0.366
0.287*
0.173
0.251
0.333*
0.360
0.095
0.303
0.381*
0.093*
0.090
0.351
0.331
0.400*
0.291*
0.315*
0.291*
0.371
0.360
0.272
0.317*
0.192*
0.302*
0.246*
0.295
0.242*
0.346*
0.331*
0.293*
0.300
0.307*
0.310
0.300
0.270
0.310
0.310
0.310
0.310
0.320*
0.310
0.310
0.310
0.280
0.310
0.310
0.310


0.204
0.026
0.249
0.263
0.266
0.039
0.245
0.169
0.263
0.023
0.317
0.279
0.052
0.357
0.074
0.374
0.294
0.194
0.282
0.363
0.389
0.102
0.334
0.406
0.098
0.097
0.378
0.354
0.266
0.301
0.333
0.304
0.386
0.377
0.290
0.328
0.235
0.314
0.255
0.306
0.249
0.355
0.339
0.302
0.318
0.327
0.333
0.306
0.270
0.323
0.314
0.319
0.321
0.324
0.315
0.313
0.318
0.286
0.315
0.319
0.317




25.9

32.2







54.0
20.2
70.0
70.2

54.0
26.7

35.0
37.7
67.0


21.9
65.2
17.4




68.2
70.0
70.3




22.8




44.6

23.6
72.1
93.0
18.4
63.0
12.8
16.8

53.8
39.9
27.4
40.5
64.3
8.3
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

(100 million yen, percent per annum)

Date of OfferInstrumentDate of Exercise(a)
Amounts Offered		Amounts of Competitive BidAmounts of Successful Bid(c)
Pro-rata or Non-pro-rata Yield Spread		Average Successful Yield SpreadAllocation on a Pro-rata Basis Rate 
2006
7/4
13
18
28

Outright purchases
Outright purchases
Outright purchases
Outright purchases

7/7
7/19
7/21
8/2

4,000
4,000
5,000
5,000

21,526
14,255
17,264
22,302

4,001
4,001
4,875
5,147

0.021
0.010
0.002*
0.009*

0.025
0.011
0.006
0.012


33.9
53.3


(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.
3.(a) Planned amounts on offer days.
(b) * denotes non-pro-rata rates, loan rates; otherwise the figures denote pro-rata rates, loan 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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