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

January 4, 2007
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                  
12/1 JGSs-purchases 12/4 12/8 4,000 11,130 4,002 0.310 0.316 83.4
1 FSOPC-Head 12/4 12/20 8,000 28,900 8,005 0.300 0.309 18.3
1 FSOPC-Head 12/5 2007/2/15 6,000 30,166 6,166 0.420* 0.423  
4 FSOPC-Head 12/6 12/20 8,000 34,600 8,003 0.300 0.310 6.4
5 JGSs-purchases 12/7 2007/1/11 8,000 17,084 8,031 0.340* 0.346  
6 Bills-sales 12/6* 12/7 4,000 9,160 4,004 0.270 0.258 14.5
6 CP-purchases 12/8 2007/1/16 3,000 5,510 3,010 0.380* 0.396  
6 FSOPC-Head 12/8 12/27 6,000 23,800 6,004 0.320 0.328 37.3
7 Bills-sales 12/7* 12/8 6,000 15,410 6,005 0.270 0.263 41.0
7 JGSs-purchases 12/11 12/20 8,000 14,432 8,132 0.300* 0.306  
7 FSOPC-Head 12/11 2007/2/21 6,000 32,855 6,002 0.470 0.475 58.5
8 Bills-sales 12/8* 12/11 4,000 6,795 4,003 0.280 0.268 28.8
8 FSOPC-All 12/12 2007/2/15 6,000 34,463 6,009 0.500 0.507 34.6
11 FSOPC-Head 12/13 12/20 8,000 25,550 8,004 0.320 0.321 60.6
12 FSOPC-Head 12/13 12/19 8,000 18,300 8,001 0.300 0.309 48.7
12 FSOPC-Head 12/14 2007/2/22 8,000 36,992 8,002 0.480 0.499 57.6
13 JGSs-purchases 12/15 12/22 6,000 19,941 6,195 0.350* 0.358  
13 Bills-sales 12/13* 12/14 3,000 7,750 3,000 0.240* 0.240  
13 FSOPC-Head 12/15 2007/1/19 6,000 24,418 6,003 0.390 0.410 74.5
13 FSOPC-All 12/15 2007/2/19 8,000 24,081 8,002 0.440 0.466 45.6
14 Bills-sales 12/14* 12/15 4,000 7,860 4,003 0.270 0.261 57.3
14 JGSs-purchases 12/18 12/28 6,000 17,327 6,003 0.320 0.328 53.2
15 FSOPC-Head 12/15* 12/18 10,000 18,635 10,001 0.270 0.285 66.6
18 JGSs-purchases 12/20 12/29 8,000 25,865 8,005 0.340 0.348 65.5
18 FSOPC-Head 12/20 2007/1/22 6,000 36,900 6,004 0.370 0.387 16.4
18 FSOPC-Head 12/20 2007/3/1 8,000 33,900 8,001 0.460 0.472 64.6
19 FSOPC-Head 12/19* 12/20 6,000 19,023 6,123 0.290* 0.298  
19 FSOPC-Head 12/20 2007/1/11 6,000 32,750 6,003 0.350 0.356 52.3
19 FSOPC-Head 12/21 2007/1/31 8,000 34,648 8,004 0.380 0.394 57.5
20 JGSs-purchases 12/22 2007/1/12 8,000 25,073 8,006 0.340 0.351 19.5
21 JGSs-purchases 12/25 2007/1/18 10,000 26,626 10,006 0.340 0.344 72.6
21 Bills-sales 12/21* 12/22 4,000 10,670 4,001 0.260 0.251 56.4
21 FSOPC-Head 12/25 2007/2/7 8,000 33,542 8,005 0.380 0.402 5.8
22 JGSs-purchases 12/26 2007/1/25 8,000 27,998 8,005 0.350 0.360 26.2
22 Bills-sales 12/22* 12/25 4,000 6,380 3,930 0.290* 0.271  
22 FSOPC-All 12/26 2007/2/27 6,000 37,806 5,845 0.420* 0.431  
25 JGSs-purchases 12/27 2007/1/16 8,000 23,538 8,006 0.340 0.342 75.9
25 FSOPC-Head 12/27 2007/1/11 8,000 37,643 8,000 0.350 0.361 16.0
26 JGSs-purchases 12/28 2007/1/4 8,000 22,311 8,004 0.380 0.389 46.2
26 FSOPC-Head 12/28 2007/1/19 6,000 30,758 6,003 0.350 0.355 78.6
26 FSOPC-Head 12/28 2007/1/29 6,000 27,900 6,003 0.350 0.366 4.6
27 FSOPC-Head 12/27* 12/28 3,000 7,900 3,050 0.270* 0.275  
28 Bills-sales 12/28* 12/29 3,000 7,100 3,002 0.270 0.259 56.3
29 FSOPC-Head 12/29 2007/1/4 5,000 16,470 5,001 0.340 0.352 71.5

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                
12/8 Outright purchases 12/13 4,000 18,218 4,000 0.036 0.045 40.4
14 Outright purchases 12/19 4,000 14,052 3,935 -0.003* 0.001  
21 Outright purchases 12/26 4,000 13,242 4,000 0.011* 0.014  

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on December 4,  300.0 billion yen on December 11,  300.0 billion yen on December 20 and 300.0 billion yen on December 25.  The purchases were exercised at 300.6 billion yen on December 7,  300.7 billion yen  on  December 14,  291.1 billion yen on December 25 and 312.4 billion yen on December 28, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in December.

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.