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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)

(100 million yen, percent per annum)

Date of OfferInstrumentDate of ExerciseDate of Resale or Repurchase or Repayment(a)
Amounts Offered		Amounts of Competitive BidAmounts 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
1
1
4
5
6
6
6
7
7
7
8
8
11
12
12
13
13
13
13
14
14
15
18
18
18
19
19
19
20
21
21
21
22
22
22
25
25
26
26
26
27
28
29

JGSs-purchases
FSOPC-Head
FSOPC-Head
FSOPC-Head
JGSs-purchases
Bills-sales
CP-purchases
FSOPC-Head
Bills-sales
JGSs-purchases
FSOPC-Head
Bills-sales
FSOPC-All
FSOPC-Head
FSOPC-Head
FSOPC-Head
JGSs-purchases
Bills-sales
FSOPC-Head
FSOPC-All
Bills-sales
JGSs-purchases
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-Head
FSOPC-Head
FSOPC-Head
FSOPC-Head
JGSs-purchases
JGSs-purchases
Bills-sales
FSOPC-Head
JGSs-purchases
Bills-sales
FSOPC-All
JGSs-purchases
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-Head
FSOPC-Head
Bills-sales
FSOPC-Head

12/4
12/4
12/5
12/6
12/7
12/6*
12/8
12/8
12/7*
12/11
12/11
12/8*
12/12
12/13
12/13
12/14
12/15
12/13*
12/15
12/15
12/14*
12/18
12/15*
12/20
12/20
12/20
12/19*
12/20
12/21
12/22
12/25
12/21*
12/25
12/26
12/22*
12/26
12/27
12/27
12/28
12/28
12/28
12/27*
12/28*
12/29

12/8
12/20
2007/2/15
12/20
2007/1/11
12/7
2007/1/16
12/27
12/8
12/20
2007/2/21
12/11
2007/2/15
12/20
12/19
2007/2/22
12/22
12/14
2007/1/19
2007/2/19
12/15
12/28
12/18
12/29
2007/1/22
2007/3/1
12/20
2007/1/11
2007/1/31
2007/1/12
2007/1/18
12/22
2007/2/7
2007/1/25
12/25
2007/2/27
2007/1/16
2007/1/11
2007/1/4
2007/1/19
2007/1/29
12/28
12/29
2007/1/4

4,000
8,000
6,000
8,000
8,000
4,000
3,000
6,000
6,000
8,000
6,000
4,000
6,000
8,000
8,000
8,000
6,000
3,000
6,000
8,000
4,000
6,000
10,000
8,000
6,000
8,000
6,000
6,000
8,000
8,000
10,000
4,000
8,000
8,000
4,000
6,000
8,000
8,000
8,000
6,000
6,000
3,000
3,000
5,000

11,130
28,900
30,166
34,600
17,084
9,160
5,510
23,800
15,410
14,432
32,855
6,795
34,463
25,550
18,300
36,992
19,941
7,750
24,418
24,081
7,860
17,327
18,635
25,865
36,900
33,900
19,023
32,750
34,648
25,073
26,626
10,670
33,542
27,998
6,380
37,806
23,538
37,643
22,311
30,758
27,900
7,900
7,100
16,470

4,002
8,005
6,166
8,003
8,031
4,004
3,010
6,004
6,005
8,132
6,002
4,003
6,009
8,004
8,001
8,002
6,195
3,000
6,003
8,002
4,003
6,003
10,001
8,005
6,004
8,001
6,123
6,003
8,004
8,006
10,006
4,001
8,005
8,005
3,930
5,845
8,006
8,000
8,004
6,003
6,003
3,050
3,002
5,001

0.310
0.300
0.420*
0.300
0.340*
0.270
0.380*
0.320
0.270
0.300*
0.470
0.280
0.500
0.320
0.300
0.480
0.350*
0.240*
0.390
0.440
0.270
0.320
0.270
0.340
0.370
0.460
0.290*
0.350
0.380
0.340
0.340
0.260
0.380
0.350
0.290*
0.420*
0.340
0.350
0.380
0.350
0.350
0.270*
0.270
0.340

0.316
0.309
0.423
0.310
0.346
0.258
0.396
0.328
0.263
0.306
0.475
0.268
0.507
0.321
0.309
0.499
0.358
0.240
0.410
0.466
0.261
0.328
0.285
0.348
0.387
0.472
0.298
0.356
0.394
0.351
0.344
0.251
0.402
0.360
0.271
0.431
0.342
0.361
0.389
0.355
0.366
0.275
0.259
0.352

83.4
18.3

6.4

14.5

37.3
41.0

58.5
28.8
34.6
60.6
48.7
57.6


74.5
45.6
57.3
53.2
66.6
65.5
16.4
64.6

52.3
57.5
19.5
72.6
56.4
5.8
26.2


75.9
16.0
46.2
78.6
4.6

56.3
71.5

Outright Purchase and Sale Operations of TBs and FBs

(100 million yen, percent per annum)

Date of OfferInstrumentDate of Exercise(a)
Amounts Offered		Amounts of Competitive BidAmounts 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
14
21


Outright purchases
Outright purchases
Outright purchases

12/13
12/19
12/26

4,000
4,000
4,000

18,218
14,052
13,242

4,000
3,935
4,000

0.036
-0.003*
0.011*

0.045
0.001
0.014

40.4

(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.
3. (a) Planned amounts on offer days.
(b) * denotes non-pro-rata rates, loan rates; otherwise the figures denote pro-rata rates, loan rates.
(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.

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