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

December 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                  
11/1 Bills-sales 11/1* 11/2 6,000 14,375 6,004 0.270 0.265 63.9
1 JGSs-purchases 11/6 11/15 6,000 19,635 6,003 0.300 0.300 88.9
1 FSOPC-All 11/6 12/26 6,000 33,950 6,008 0.320 0.323 43.0
2 Bills-sales 11/2* 11/6 4,000 8,760 4,003 0.270 0.266 70.5
2 JGSs-sales 11/7 11/27 4,000 17,800 4,002 0.310 0.299 58.1
6 Bills-sales 11/6* 11/7 4,000 10,245 4,005 0.270 0.269 62.3
6 JGSs-purchases 11/8 11/29 6,000 19,114 6,003 0.300 0.302 45.0
6 FSOPC-Head 11/8 2007/1/12 8,000 40,884 8,007 0.330 0.331 70.4
7 FSOPC-All 11/9 2007/1/10 6,000 28,053 6,009 0.330 0.336 24.8
8 JGSs-purchases 11/10 11/22 6,000 16,345 6,003 0.300 0.300 69.0
8 FSOPC-Head 11/10 12/20 8,000 29,900 8,005 0.310 0.311 52.0
9 Bills-sales 11/9* 11/10 4,000 10,400 4,004 0.270 0.264 31.9
9 JGSs-purchases 11/13 11/30 6,000 14,167 6,005 0.300 0.304 57.2
9 CP-purchases 11/13 12/15 3,000 5,969 2,965 0.320 0.330 55.5
9 FSOPC-Head 11/13 12/21 8,000 24,232 8,006 0.310 0.311 66.6
10 FSOPC-Head 11/14 12/22 6,000 18,200 6,004 0.300 0.308 13.2
10 FSOPC-Head 11/14 2007/1/18 6,000 28,950 6,005 0.340 0.342 67.7
13 JGSs-purchases 11/15 12/5 8,000 23,095 8,003 0.300 0.302 44.5
13 FSOPC-All 11/15 2007/1/17 8,000 36,442 8,011 0.340 0.345 30.7
14 FSOPC-Head 11/16 12/11 6,000 23,248 6,004 0.300 0.308 13.6
14 FSOPC-Head 11/16 2007/1/23 8,000 42,500 8,000 0.370* 0.382  
15 FSOPC-Head 11/15* 11/16 6,000 15,660 6,001 0.290 0.297 66.7
15 JGSs-purchases 11/17 12/15 6,000 17,793 6,003 0.300 0.308 17.1
15 FSOPC-Head 11/17 2007/1/26 6,000 30,000 6,011 0.390* 0.394  
16 JGSs-purchases 11/20 12/11 8,000 26,110 8,011 0.300 0.305 18.7
16 FSOPC-Head 11/20 12/19 6,000 30,578 6,006 0.310 0.312 50.5
16 FSOPC-Head 11/20 2007/1/29 8,000 30,592 8,006 0.390 0.396 24.5
17 FSOPC-Head 11/21 12/20 8,000 42,350 8,006 0.310 0.312 41.9
20 JGSs-sales 11/21 11/27 4,000 9,120 4,002 0.310 0.304 43.3
20 FSOPC-Head 11/22 2007/2/6 6,000 28,192 6,003 0.400 0.403 35.4
21 JGSs-purchases 11/24 12/26 8,000 25,613 8,008 0.310 0.314 41.8
21 FSOPC-All 11/24 2007/1/24 8,000 35,330 8,004 0.380 0.394 7.2
22 FSOPC-Head 11/22* 11/24 4,000 12,297 4,002 0.270 0.276 34.9
22 JGSs-purchases 11/27 12/14 8,000 22,169 8,005 0.310 0.311 71.2
22 FSOPC-Head 11/27 2007/1/11 8,000 38,380 8,003 0.350 0.354 53.3
22 FSOPC-Head 11/27 2007/2/9 8,000 27,538 8,003 0.400 0.405 36.4
24 FSOPC-Head 11/24* 11/27 4,000 13,650 4,002 0.270 0.278 14.2
24 JGSs-purchases 11/28 12/20 8,000 17,790 8,004 0.310 0.311 83.1
24 FSOPC-Head 11/27 12/13 6,000 21,770 6,004 0.300 0.306 28.6
24 FSOPC-Head 11/27 12/18 8,000 17,200 8,002 0.290 0.304 29.2
27 FSOPC-Head 11/27* 11/28 3,000 10,050 3,000 0.290* 0.290  
27 JGSs-sales 11/28 12/4 6,000 22,300 6,002 0.310 0.303 26.6
27 FSOPC-Head 11/29 12/26 8,000 24,542 8,005 0.310 0.320 48.6
27 FSOPC-Head 11/29 2007/1/16 8,000 27,542 8,003 0.340 0.359 17.3
28 JGSs-purchases 11/30 12/27 6,000 14,050 6,006 0.300 0.305 28.3
29 JGSs-purchases 12/1 12/28 8,000 22,980 8,008 0.300 0.310 6.2
29 Bills-sales 11/30 12/4 4,000 6,910 3,960 0.330* 0.325  
29 FSOPC-Head 12/1 12/20 8,000 26,778 8,004 0.310 0.311 87.5
30 JGSs-purchases 12/4 12/13 8,000 24,896 8,006 0.300 0.311 2.0
30 FSOPC-Head 11/30* 12/1 4,000 8,250 4,002 0.280 0.299 50.9
30 FSOPC-Head 12/4 2007/1/29 8,000 36,488 8,004 0.390 0.398 36.6
30 FSOPC-All 12/4 2007/2/7 8,000 34,771 8,006 0.410 0.414 59.8

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                
11/1 Outright purchases 11/7 4,000 19,456 4,015 0.011* 0.014  
10 Outright purchases 11/15 4,000 15,299 4,002 0.011 0.013 44.5
17 Outright purchases 11/22 4,000 13,831 4,002 -0.004 -0.001 28.5
24 Outright purchases 11/29 4,000 14,308 4,003 0.006 0.007 38.2
30 Outright purchases 12/5 4,000 17,131 4,003 0.006 0.008 29.3

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on November 2, 300.0 billion yen on November 9,  300.0    
billion yen on November 17 and 300.0 billion yen on November 22.  The purchases were exercised at 304.3 billion yen on November 8,  301.0
billion yen  on  November 14,  301.5 billion yen on November 22 and 286.7 billion yen on November 28, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in November.

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.