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

November 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                  
10/2 FSOPC-Head 10/3 10/13 4,000 21,159 4,004 0.310 0.316 27.4
3 JGSs-purchases 10/5 10/24 6,000 18,459 6,005 0.300 0.311 10.2
3 FSOPC-Head 10/4 10/20 6,000 19,600 6,003 0.300 0.306 30.1
3 FSOPC-Head 10/5 11/16 6,000 26,142 6,196 0.320* 0.320  
4 CP-purchases 10/6 11/7 3,000 6,190 2,950 0.310 0.324 11.6
5 Bills-sales 10/5* 10/6 4,000 11,540 4,002 0.270 0.258 13.3
5 JGSs-purchases 10/10 10/17 6,000 19,438 6,003 0.300 0.302 93.6
5 FSOPC-Head 10/10 11/17 8,000 35,820 8,010 0.310 0.312 38.5
6 Bills-sales 10/6* 10/10 2,000 6,920 2,002 0.250 0.249 84.5
6 FSOPC-Head 10/11 11/24 8,000 34,450 8,007 0.310 0.310 60.0
6 FSOPC-All 10/11 11/29 8,000 28,912 8,006 0.310 0.312 53.0
10 Bills-sales 10/10* 10/12 4,000 7,410 4,003 0.280 0.267 49.4
11 FSOPC-Head 10/11* 10/12 6,000 16,250 6,002 0.270 0.278 15.4
11 JGSs-purchases 10/13 10/30 6,000 23,633 6,006 0.300 0.304 33.9
11 FSOPC-Head 10/12 10/27 6,000 16,485 6,001 0.290 0.300 5.9
11 FSOPC-Head 10/13 11/28 6,000 32,200 6,008 0.310 0.311 23.6
12 JGSs-purchases 10/16 10/31 8,000 24,738 8,005 0.300 0.312 26.2
12 FSOPC-Head 10/16 11/2 8,000 48,500 8,003 0.310 0.315 30.6
12 FSOPC-All 10/16 12/7 8,000 48,840 8,020 0.320* 0.321  
13 FSOPC-Head 10/13* 10/16 6,000 15,550 6,002 0.280 0.280 82.8
13 FSOPC-Head 10/16 10/23 8,000 26,065 8,003 0.300 0.310 36.0
13 FSOPC-Head 10/17 12/5 8,000 42,150 8,006 0.310 0.315 15.0
16 FSOPC-Head 10/18 11/10 8,000 39,950 8,007 0.310 0.312 52.6
17 FSOPC-Head 10/19 12/15 8,000 43,246 8,005 0.320 0.320 82.5
18 JGSs-purchases 10/20 10/31 8,000 22,394 8,004 0.300 0.302 67.4
18 CP-purchases 10/20 11/17 3,000 5,085 2,965 0.320 0.325 61.8
18 FSOPC-Head 10/20 11/20 8,000 33,620 8,005 0.310 0.310 63.2
18 FSOPC-Head 10/20 12/20 8,000 33,940 8,006 0.320 0.321 83.6
19 JGSs-purchases 10/23 11/6 6,000 22,827 6,007 0.300 0.308 8.9
19 FSOPC-Head 10/20 11/1 8,000 27,245 8,004 0.300 0.302 69.8
19 FSOPC-Head 10/23 11/22 8,000 39,250 8,008 0.310 0.310 48.4
20 FSOPC-All 10/24 12/15 6,000 33,942 6,014 0.320 0.323 36.9
23 Bills-sales 10/23* 10/24 6,000 11,410 6,002 0.280 0.261 33.8
23 JGSs-purchases 10/25 11/8 6,000 20,893 6,010 0.300 0.303 26.1
23 FSOPC-Head 10/25 12/6 8,000 43,938 8,005 0.310 0.315 21.2
24 Bills-sales 10/24* 10/25 6,000 13,570 6,005 0.280 0.275 64.9
24 FSOPC-Head 10/25 11/6 6,000 19,528 6,003 0.300 0.306 23.3
24 FSOPC-Head 10/26 12/27 8,000 39,090 8,007 0.320 0.322 55.0
25 FSOPC-Head 10/27 12/7 6,000 28,600 6,010 0.310 0.310 38.8
25 FSOPC-All 10/27 12/20 6,000 33,700 6,006 0.320 0.323 52.1
26 Bills-sales 10/26* 10/27 4,000 13,690 4,004 0.270 0.270 71.1
26 JGSs-purchases 10/30 11/13 6,000 20,460 6,010 0.300 0.305 24.7
26 FSOPC-Head 10/30 12/8 8,000 33,000 8,010 0.310 0.310 39.2
27 Bills-sales 10/27* 10/30 6,000 15,435 6,004 0.280 0.274 41.0
27 JGSs-purchases 10/31 11/21 8,000 21,402 8,003 0.300 0.302 56.4
27 FSOPC-Head 10/30 11/8 4,000 14,270 4,005 0.300 0.300 53.2
30 FSOPC-Head 11/1 2007/1/5 6,000 30,350 6,009 0.320 0.337 2.7
31 JGSs-purchases 11/2 11/24 6,000 19,129 6,003 0.300 0.301 86.6

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                
10/6 Outright purchases 10/12 4,000 11,858 4,003 -0.005 -0.001 58.9
12 Outright purchases 10/17 4,000 20,536 4,003 0.003 0.004 70.5
19 Outright purchases 10/24 4,000 19,836 4,001 0.012 0.013 62.9
27 Outright purchases 11/1 4,000 18,087 3,900 -0.005* -0.004  

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on October 4, 300.0 billion yen on October 11, 300.0 billion yen on October 20 and 300.0 billion yen on October 25. The purchases were exercised at 300.4 billion yen on October 10, 300.3 billion yen on October 16, 298.0 billion yen on October 25 and 283.5 billion yen on October 30, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

The Bank of Japan offered securities lendings as a secondary source of JGSs worth 56.4 billion yen on October 10 for 20-year JGB #17.
The Bank sold 20-year JGB #17 worth 2.0 billion yen, under repurchase agreements, respectively.

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.
    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.