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)

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

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


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


1/5*
1/5*
1/11
1/9*
1/11
1/11
1/12
1/12
1/12
1/15
1/15
1/15
1/15
1/16
1/16
1/16
1/15*
1/16*
1/18
1/16*
1/17*
1/19
1/17*
1/18*
1/22
1/19*
1/23
1/24
1/24
1/24
1/25
1/25
1/25
1/26
1/25
1/26
1/29
1/29
1/30
1/29
1/30
1/30
1/30
1/31
2/1
2/1
2/1
2/2
2/2


1/9
1/9
1/31
1/10
2/5
3/20
2/15
2/8
3/6
1/22
2/23
1/24
2/14
2/1
1/26
2/19
1/16
1/17
1/24
1/17
1/18
2/1
1/18
1/19
2/5
1/22
3/20
2/26
2/15
3/29
2/6
3/19
3/27
2/15
2/9
3/30
2/9
3/20
2/13
2/15
3/5
2/6
2/16
4/5
2/16
3/14
4/3
3/20
4/17


27.3
71.8
20.2
36.0
19.2

89.8
9.8
44.0
89.4

8.6
3.5
62.7
4.3
40.2
88.6
96.4
68.4
35.3
93.7

15.3

65.6

77.0
46.2
78.7
35.2
13.9
5.7
35.5
8.0
6.6
60.7
28.4
12.1
16.2
45.2
63.4
67.7
15.0

3.1

6.1
70.6
9.6

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