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

March 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                  
2/1 JGSs-purchases 2/5 2/15 8,000 23,712 8,005 0.290 0.297 35.6
1 FSOPC-Head 2/5 3/22 8,000 28,250 8,006 0.340 0.352 6.1
2 FSOPC-Head 2/2* 2/5 2,000 3,700 1,900 0.270* 0.275  
2 JGSs-purchases 2/6 3/5 6,000 15,312 6,004 0.310 0.323 13.9
2 FSOPC-Head 2/6 2/16 8,000 21,625 8,002 0.280 0.288 42.6
5 FSOPC-All 2/7 4/13 8,000 34,436 8,007 0.410 0.412 92.6
6 FSOPC-Head 2/8 3/13 6,000 28,980 6,002 0.330 0.333 71.1
7 FSOPC-Head 2/7* 2/8 3,000 11,860 3,003 0.280 0.284 40.5
7 JGSs-purchases 2/9 3/9 8,000 25,827 8,007 0.310 0.321 21.1
7 FSOPC-Head 2/9 2/21 6,000 22,150 6,001 0.280 0.291 8.8
7 FSOPC-Head 2/9 4/26 8,000 31,611 8,004 0.420 0.426 81.1
8 FSOPC-Head 2/8* 2/9 3,000 8,745 3,002 0.270 0.277 24.5
8 JGSs-purchases 2/13 2/23 8,000 17,745 8,005 0.290 0.292 78.8
8 FSOPC-Head 2/13 2/27 6,000 20,284 6,002 0.290 0.293 69.3
8 FSOPC-Head 2/13 3/22 8,000 33,550 8,005 0.330 0.337 25.5
9 FSOPC-Head 2/9* 2/13 6,000 11,765 6,001 0.260 0.263 78.0
9 JGSs-sales 2/13 2/20 6,000 20,700 6,003 0.300 0.296 77.8
13 JGSs-purchases 2/15 3/6 8,000 24,628 8,003 0.310 0.319 23.7
13 FSOPC-All 2/15 4/24 8,000 36,660 8,012 0.420 0.436 2.9
14 Bills-sales 2/14* 2/15 3,000 9,630 3,003 0.250 0.250 90.7
14 JGSs-purchases 2/16 3/7 8,000 31,730 8,010 0.320 0.325 24.3
15 JGSs-purchases 2/19 2/28 8,000 29,675 8,004 0.360 0.371 32.3
15 FSOPC-Head 2/16 3/8 4,000 24,687 3,995 0.390* 0.394  
15 FSOPC-Head 2/19 5/8 8,000 33,664 8,004 0.470 0.477 37.1
16 FSOPC-Head 2/16* 2/19 10,000 27,392 10,002 0.370 0.378 27.0
16 JGSs-purchases 2/20 3/1 10,000 23,472 10,005 0.370 0.376 64.2
16 FSOPC-Head 2/16* 2/19 6,000 12,621 6,003 0.370 0.381 7.2
19 FSOPC-Head 2/19* 2/20 15,000 28,800 15,002 0.370 0.376 48.0
19 JGSs-purchases 2/21 3/6 10,000 22,002 10,003 0.370 0.380 57.6
19 FSOPC-Head 2/19* 2/20 6,000 13,942 6,000 0.370 0.380 5.2
20 FSOPC-Head 2/20* 2/21 15,000 29,460 15,005 0.380 0.381 79.2
20 JGSs-purchases 2/22 3/7 10,000 24,656 10,006 0.380 0.387 34.4
20 FSOPC-Head 2/20* 2/21 8,000 15,768 8,001 0.380 0.385 46.6
20 FSOPC-Head 2/22 5/10 8,000 29,216 8,005 0.480 0.493 14.3
21 FSOPC-Head 2/21* 2/22 15,000 27,207 15,005 0.390 0.390 86.7
21 JGSs-purchases 2/23 3/12 8,000 17,227 8,006 0.380 0.382 88.3
21 Bills-sales 2/21* 2/22 18,000 20,300 18,001 0.740 0.641 57.9
21 JGSs-sales(note) 2/21* 2/22 10,000 12,560 9,600 0.750* 0.733  
22 JGSs-purchases 2/26 3/15 8,000 25,099 8,000 0.550 0.568 10.0
22 FSOPC-Head 2/26 3/20 8,000 34,400 8,005 0.560 0.567 41.2
22 FSOPC-Head 2/26 4/12 8,000 36,411 8,002 0.580 0.590 43.0
23 JGSs-purchases 2/27 3/29 6,000 12,262 6,004 0.550 0.557 54.9
23 CP-purchases 2/27 4/6 3,000 3,903 3,080 0.600* 0.612  
23 Bills-sales 2/23* 2/26 5,000 6,070 5,020 0.630* 0.571  
23 FSOPC-Head 2/26 3/9 8,000 29,792 8,006 0.550 0.560 9.4
23 FSOPC-All 2/27 5/8 8,000 35,091 8,003 0.600 0.607 91.9
26 JGSs-purchases 2/28 3/20 6,000 20,920 6,009 0.550 0.560 11.1
27 JGSs-purchases 3/1 3/16 6,000 19,689 6,007 0.550 0.556 31.2
27 FSOPC-Head 3/1 3/22 8,000 28,107 8,002 0.560 0.562 76.0
27 FSOPC-Head 3/1 4/13 8,000 43,663 8,005 0.590 0.597 40.8
28 FSOPC-Head 2/28* 3/1 10,000 23,025 10,001 0.650 0.678 29.5
28 JGSs-purchases 3/2 3/23 8,000 23,432 8,005 0.560 0.566 34.7
28 FSOPC-Head 2/28* 3/1 12,000 21,300 12,000 0.550 0.610 12.5
28 FSOPC-Head 3/2 3/27 8,000 32,478 8,007 0.560 0.566 17.7
28 FSOPC-Head 3/2 5/22 8,000 36,332 8,003 0.600 0.612 41.9
  • (note) All bids with bid rates at 0.80% and higher were excluded from the auction.

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
2007                
2/1 Outright purchases 2/6 4,000 13,109 4,000 0.000* 0.003  
5 Outright purchases 2/8 4,000 13,337 4,001 0.000 0.003 71.9
13 Outright purchases 2/16 4,000 11,882 4,004 0.006 0.010 51.0
22 Outright purchases 2/27 4,000 19,624 4,001 0.042 0.046 16.3
27 Outright purchases 3/2 4,000 16,915 4,000 0.017* 0.021  

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on February 2, 300.0 billion yen on February 7, 300.0 billion yen on February 15 and 300.0 billion yen on February 23. The purchases were exercised at 300.1 billion yen on February 7, 312.0 billion yen on February 13, 300.6 billion yen on February 20 and 300.8 billion yen on February 28, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in February.

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.