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

September 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
8/1	FSOPC-Head	8/2	8/9	6,000	26,396	6,004	0.300	0.302	49.0
2	JGSs-purchases	8/4	8/29	6,000	17,825	6,006	0.290	0.299	10.3
2	Bills-sales	8/2*	8/3	6,000	18,080	6,002	0.240	0.214	54.4
2	FSOPC-Head	8/4	9/26	6,000	32,068	6,007	0.310	0.312	44.3
3	Bills-sales	8/3*	8/4	8,000	18,350	8,005	0.250	0.231	27.5
3	JGSs-purchases	8/7	8/14	8,000	21,375	8,003	0.280	0.285	81.9
3	CP-purchases	8/7	9/7	3,000	6,909	2,964	0.320	0.329	82.1
3	Bills-sales	8/3*	8/7	6,000	12,280	6,003	0.300	0.279	9.3
4	Bills-sales	8/4*	8/7	4,000	11,790	4,002	0.260	0.254	81.0
8	JGSs-purchases	8/10	8/18	10,000	33,937	10,007	0.310	0.318	26.5
8	FSOPC-Head	8/10	10/6	8,000	45,338	8,005	0.350	0.359	75.6
8	FSOPC-All	8/10	9/26	6,000	51,420	6,014	0.320	0.324	28.3
9	Bills-sales	8/9*	8/10	4,000	9,990	4,070	0.260*	0.255
9	FSOPC-Head	8/11	10/11	6,000	30,938	6,006	0.350	0.354	59.2
10	JGSs-purchases	8/14	8/21	8,000	33,083	8,006	0.320	0.330	7.5
10	FSOPC-Head	8/10*	8/11	6,000	9,681	6,001	0.260	0.272	79.7
10	FSOPC-Head	8/15	9/6	8,000	55,588	8,004	0.330	0.330	45.3
11	FSOPC-Head	8/11*	8/14	8,000	16,053	8,003	0.260	0.274	39.3
11	JGSs-purchases	8/15	8/23	10,000	35,757	10,004	0.340	0.345	56.2
11	FSOPC-Head	8/15	10/13	8,000	40,638	8,003	0.350	0.362	11.6
11	FSOPC-Head	8/14	8/25	6,000	24,194	6,003	0.330	0.333	87.1
14	FSOPC-All	8/14*	8/15	10,000	18,826	10,005	0.260	0.266	52.1
14	JGSs-purchases	8/16	9/6	6,000	23,322	6,002	0.330	0.331	63.8
14	FSOPC-Head	8/15	8/28	8,000	30,691	8,008	0.320	0.327	23.7
15	Bills-sales	8/15*	8/16	4,000	11,540	4,003	0.250	0.218	18.7
15	Bills-sales	8/15*	8/16	6,000	9,980	6,001	0.250	0.224	56.5
15	FSOPC-Head	8/16	8/29	4,000	23,680	4,002	0.320	0.329	3.1
16	Bills-sales	8/16*	8/17	6,000	15,160	5,940	0.250*	0.247
16	JGSs-purchases	8/18	9/8	8,000	28,107	8,009	0.320	0.322	74.2
16	Bills-sales	8/16*	8/18	4,000	7,450	4,001	0.300	0.272	51.5
16	FSOPC-Head	8/21	8/31	6,000	44,930	6,003	0.330	0.331	51.0
17	Bills-sales	8/17*	8/21	6,000	16,790	6,003	0.290	0.268	53.2
17	JGSs-purchases	8/21	8/28	8,000	25,235	8,005	0.320	0.320	72.3
17	FSOPC-All	8/21	10/12	6,000	41,250	6,012	0.360	0.365	52.5
21	FSOPC-Head	8/23	10/17	6,000	38,118	6,003	0.360	0.362	85.7
22	CP-purchases	8/24	9/20	3,000	4,355	2,985	0.290*	0.312
22	FSOPC-Head	8/24	10/24	6,000	27,215	6,007	0.360	0.360	74.4
22	FSOPC-Head	8/25	9/5	8,000	54,220	8,006	0.330	0.330	95.3
23	JGSs-purchases	8/25	8/31	8,000	19,744	8,003	0.300	0.311	48.4
23	FSOPC-All	8/25	10/18	6,000	32,174	6,010	0.360	0.363	59.1
24	JGSs-purchases	8/28	9/4	8,000	25,516	8,007	0.310	0.319	28.9
24	FSOPC-Head	8/28	10/26	8,000	25,287	8,004	0.350	0.359	18.5
25	JGSs-purchases	8/29	9/14	6,000	15,670	6,000	0.300	0.305	59.0
25	FSOPC-Head	8/29	10/27	6,000	23,238	6,002	0.340	0.348	33.7
28	FSOPC-Head	8/28*	8/29	4,000	14,100	4,001	0.270	0.281	78.2
28	JGSs-purchases	8/30	9/19	8,000	19,928	8,005	0.290	0.302	9.5
28	FSOPC-All	8/30	10/19	8,000	35,796	8,007	0.340	0.348	24.5
29	JGSs-purchases	8/31	9/12	6,000	23,188	6,005	0.300	0.309	7.9
29	FSOPC-Head	8/30	9/11	8,000	27,900	8,000	0.300	0.305	50.0
31	FSOPC-Head	8/31*	9/1	8,000	20,930	8,002	0.280	0.289	24.5
31	JGSs-purchases	9/4	9/11	8,000	26,451	8,005	0.310	0.319	6.3
31	FSOPC-Head	9/1	9/7	4,000	14,152	4,004	0.300	0.306	74.3
31	FSOPC-Head	9/4	11/2	6,000	39,747	6,005	0.340	0.349	9.5

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
8/4	Outright purchases	8/9	5,000	14,485	5,174	0.003*	0.008
11	Outright purchases	8/16	5,000	19,288	5,001	0.010	0.012	46.9
17	Outright purchases	8/22	5,000	16,160	5,153	0.001*	0.002
24	Outright purchases	8/29	5,000	13,196	5,001	0.002	0.003	54.0
31	Outright purchases	9/5	5,000	14,158	5,000	-0.006	-0.004	24.0

(Memo1)

Outright purchase and sale operations of JGBs

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in August.

NOTES:

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 Agreementsv Outright Purchases : Outright Purchases of TBs/FBs
Outright Sales : Outright Sales of TBs/FBs
* 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.
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.