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Bank of Japan Operations in the Money Markets (January 2007)

February 1, 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
2007                  
1/5 Bills-sales 1/5* 1/9 5,000 12,470 5,003 0.260 0.251 27.3
5 Bills-sales 1/5* 1/9 2,000 5,495 2,001 0.250 0.239 71.8
9 JGSs-purchases 1/11 1/31 8,000 24,898 8,003 0.400 0.430 20.2
9 FSOPC-Head 1/9* 1/10 3,000 7,770 3,000 0.280 0.288 36.0
9 FSOPC-Head 1/11 2/5 8,000 34,436 8,006 0.420 0.436 19.2
9 FSOPC-Head 1/11 3/20 8,000 34,591 7,983 0.480* 0.491  
10 JGSs-purchases 1/12 2/15 6,000 20,345 6,001 0.410 0.429 89.8
10 FSOPC-Head 1/12 2/8 6,000 25,037 6,005 0.410 0.423 9.8
10 FSOPC-All 1/12 3/6 8,000 33,705 8,006 0.460 0.473 44.0
11 JGSs-purchases 1/15 1/22 8,000 23,993 8,006 0.370 0.373 89.4
11 CP-purchases 1/15 2/23 3,000 5,655 2,895 0.420* 0.450  
11 FSOPC-Head 1/15 1/24 8,000 29,100 8,003 0.370 0.385 8.6
11 FSOPC-Head 1/15 2/14 8,000 28,942 8,004 0.410 0.422 3.5
12 JGSs-purchases 1/16 2/1 8,000 21,674 8,002 0.390 0.403 62.7
12 FSOPC-Head 1/16 1/26 6,000 24,950 6,007 0.370 0.382 4.3
12 FSOPC-Head 1/16 2/19 8,000 32,750 8,005 0.420 0.428 40.2
15 FSOPC-Head 1/15* 1/16 5,000 17,310 5,001 0.300 0.301 88.6
16 FSOPC-Head 1/16* 1/17 8,000 34,800 8,002 0.360 0.360 96.4
16 JGSs-purchases 1/18 1/24 10,000 31,723 10,005 0.480 0.507 68.4
16 FSOPC-Head 1/16* 1/17 8,000 20,728 8,001 0.370 0.377 35.3
17 FSOPC-Head 1/17* 1/18 10,000 27,226 10,003 0.320 0.328 93.7
17 JGSs-purchases 1/19 2/1 12,000 27,864 12,094 0.320* 0.341  
17 FSOPC-Head 1/17* 1/18 10,000 21,311 10,001 0.280 0.316 15.3
18 FSOPC-Head 1/18* 1/19 12,000 23,146 11,946 0.290* 0.307  
18 JGSs-purchases 1/22 2/5 8,000 27,332 8,006 0.320 0.326 65.6
19 Bills-sales 1/19* 1/22 2,000 4,730 1,970 0.290* 0.286  
19 FSOPC-All 1/23 3/20 8,000 43,939 8,004 0.390 0.405 77.0
22 JGSs-purchases 1/24 2/26 8,000 26,124 8,008 0.320 0.325 46.2
22 FSOPC-Head 1/24 2/15 6,000 28,750 6,001 0.320 0.327 78.7
22 FSOPC-Head 1/24 3/29 8,000 35,178 8,005 0.380 0.392 35.2
23 JGSs-purchases 1/25 2/6 8,000 25,355 8,006 0.300 0.309 13.9
23 FSOPC-Head 1/25 3/19 8,000 37,234 8,006 0.360 0.373 5.7
23 FSOPC-All 1/25 3/27 8,000 40,758 8,006 0.380 0.386 35.5
24 JGSs-purchases 1/26 2/15 6,000 21,284 6,000 0.300 0.309 8.0
24 FSOPC-Head 1/25 2/9 8,000 27,864 8,006 0.300 0.309 6.6
24 FSOPC-Head 1/26 3/30 6,000 32,534 6,002 0.380 0.386 60.7
25 JGSs-purchases 1/29 2/9 8,000 24,130 8,007 0.300 0.306 28.4
25 FSOPC-Head 1/29 3/20 8,000 33,911 8,005 0.370 0.382 12.1
26 JGSs-purchases 1/30 2/13 8,000 23,579 8,004 0.300 0.309 16.2
26 FSOPC-Head 1/29 2/15 4,000 13,523 4,002 0.300 0.309 45.2
26 FSOPC-Head 1/30 3/5 8,000 35,538 8,007 0.340 0.346 63.4
29 JGSs-purchases 1/30 2/6 6,000 9,749 6,002 0.290 0.300 67.7
29 FSOPC-Head 1/30 2/16 6,000 22,318 6,001 0.290 0.301 15.0
29 FSOPC-Head 1/31 4/5 8,000 36,694 7,954 0.410* 0.414  
30 JGSs-purchases 2/1 2/16 8,000 23,326 8,006 0.290 0.303 3.1
30 FSOPC-Head 2/1 3/14 6,000 25,278 6,038 0.350* 0.354  
30 FSOPC-All 2/1 4/3 8,000 33,420 8,003 0.400 0.416 6.1
31 FSOPC-Head 2/2 3/20 6,000 20,800 6,003 0.350 0.352 70.6
31 FSOPC-Head 2/2 4/17 8,000 30,692 8,004 0.400 0.412 9.6

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
2007                
1/9 Outright purchases 1/12 4,000 13,936 3,871 0.043* 0.050  
19 Outright purchases 1/24 4,000 10,943 4,180 -0.014* -0.013  
25 Outright purchases 1/30 4,000 17,774 3,890 0.003* 0.005  

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on January 5, 300.0 billion yen on January 11, 300.0 billion yen on January 19 and 300.0 billion yen on January 24. The purchases were exercised at 300.7 billion yen on January 11, 305.2 billion yen on January 16, 305.8 billion yen on January 24 and 300.2 billion yen on January 29, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in January.

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.