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

October 2, 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                  
9/1 FSOPC-Head 9/1* 9/4 4,000 14,600 4,004 0.270 0.281 11.3
1 JGSs-purchases 9/5 9/22 6,000 15,637 6,005 0.310 0.310 77.1
1 FSOPC-Head 9/4 9/13 8,000 27,850 8,003 0.300 0.309 19.2
1 FSOPC-Head 9/5 11/6 6,000 32,668 6,006 0.350 0.352 72.2
5 JGSs-purchases 9/7 9/28 6,000 18,778 6,002 0.300 0.308 59.6
6 FSOPC-Head 9/7 9/20 6,000 23,450 6,001 0.300 0.303 65.0
6 FSOPC-All 9/8 10/25 8,000 38,360 8,010 0.340 0.350 12.2
7 JGSs-purchases 9/11 9/20 8,000 19,825 8,004 0.300 0.303 62.7
7 Bills-sales 9/7* 9/8 4,000 6,285 3,885 0.330* 0.291  
7 FSOPC-Head 9/8 10/3 6,000 26,103 6,003 0.340 0.347 49.6
7 FSOPC-Head 9/11 11/7 8,000 41,884 8,003 0.340 0.349 5.0
8 JGSs-purchases 9/12 10/5 6,000 17,615 6,002 0.330 0.335 65.5
8 FSOPC-Head 9/12 11/9 8,000 31,799 8,008 0.340 0.343 53.8
11 CP-purchases 9/13 10/5 3,000 4,402 3,035 0.330* 0.345  
12 JGSs-purchases 9/14 10/11 6,000 15,492 6,003 0.320 0.325 63.6
12 FSOPC-Head 9/14 11/10 6,000 25,632 6,006 0.330 0.343 4.5
13 JGSs-purchases 9/15 9/26 8,000 19,243 8,002 0.300 0.314 10.5
13 FSOPC-Head 9/14 9/28 4,000 18,680 4,003 0.300 0.306 23.2
13 FSOPC-All 9/15 11/8 8,000 40,506 8,013 0.340 0.345 73.3
14 FSOPC-Head 9/14* 9/15 8,000 20,473 8,002 0.280 0.286 40.8
14 JGSs-purchases 9/19 10/2 6,000 18,149 6,002 0.330 0.341 23.7
14 FSOPC-Head 9/15 10/2 8,000 33,428 8,003 0.330 0.334 34.6
14 FSOPC-Head 9/19 10/10 6,000 33,398 6,004 0.340 0.342 57.3
15 JGSs-purchases 9/20 10/13 8,000 24,508 8,004 0.330 0.339 21.8
15 FSOPC-Head 9/19 9/26 4,000 18,870 4,003 0.310 0.314 59.9
15 FSOPC-Head 9/20 10/4 6,000 36,031 6,005 0.340 0.341 59.2
21 JGSs-purchases 9/25 10/10 8,000 21,604 8,005 0.350 0.351 72.1
21 CP-purchases 9/25 10/19 3,000 5,783 2,965 0.360 0.371 37.4
21 FSOPC-Head 9/25 10/13 8,000 48,400 8,002 0.350 0.360 1.8
21 FSOPC-All 9/25 11/13 8,000 35,140 8,010 0.350 0.357 58.6
22 JGSs-purchases 9/26 10/18 8,000 20,703 8,007 0.340 0.351 16.7
22 Bills-sales 9/22* 9/25 3,000 9,540 3,003 0.270 0.255 28.5
22 FSOPC-Head 9/25 9/29 8,000 19,970 8,002 0.320 0.331 74.8
22 FSOPC-Head 9/26 10/23 8,000 36,090 8,007 0.350 0.354 75.3
25 JGSs-purchases 9/27 10/2 8,000 24,665 8,004 0.370 0.380 25.7
25 Bills-sales 9/25* 9/26 3,000 7,100 3,002 0.270 0.258 33.0
26 JGSs-purchases 9/28 10/4 6,000 20,076 6,007 0.370 0.375 74.3
26 Bills-sales 9/26* 9/27 3,000 7,880 3,002 0.270 0.257 46.7
27 JGSs-purchases 9/29 10/5 10,000 31,404 10,029 0.370* 0.373  
27 Bills-sales 9/27* 9/28 3,000 6,880 3,001 0.270 0.259 68.6
27 FSOPC-Head 9/28 10/2 6,000 19,996 6,002 0.360 0.377 9.0
27 FSOPC-Head 9/29 10/3 8,000 32,740 8,002 0.380 0.389 13.2
28 JGSs-purchases 10/2 10/13 8,000 19,387 8,005 0.310 0.323 22.3
28 FSOPC-Head 10/2 11/14 8,000 36,765 8,004 0.320 0.327 56.1
28 FSOPC-All 9/29 10/2 10,000 46,087 10,002 0.390 0.391 85.0
29 FSOPC-Head 9/29* 10/2 10,000 23,840 10,001 0.350 0.362 14.3
29 FSOPC-Head 10/2 10/11 6,000 23,841 6,003 0.310 0.316 24.8
29 FSOPC-All 10/3 11/17 6,000 36,142 6,011 0.320 0.328 12.6

Outright Purchase and Sale Operations of TBs and FBs

Table : (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                
9/8 Outright purchases 9/13 4,000 12,561 4,003 0.006 0.010 14.0
12 Outright purchases 9/15 4,000 12,828 4,002 0.002 0.004 80.9
22 Outright purchases 9/27 4,000 12,454 4,000 0.011* 0.011  
29 Outright purchases 10/4 4,000 8,164 3,864 -0.010* -0.006  

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on September 1,  300.0 billion yen on September 8,  300.0 billion yen on September 20 and 300.0 billion yen on September 25.  The purchases were exercised at 296.0 billion yen on September 6,  300.4 billion yen  on  September 13,  300.2 billion yen on September 25 and 284.4 billion yen on September 28, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in September.

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 Agreementsv 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.