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

April 2, 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                  
3/1 FSOPC-Head 3/1* 3/2 12,000 13,350 12,000 0.450 0.536 62.9
1 JGSs-purchases 3/5 3/13 6,000 17,811 6,003 0.560 0.565 52.0
1 FSOPC-Head 3/5 3/29 6,000 23,202 6,003 0.560 0.562 81.3
1 FSOPC-Head 3/5 4/19 6,000 33,088 6,002 0.600 0.601 79.2
2 JGSs-purchases 3/6 4/5 6,000 22,030 6,007 0.590 0.598 19.2
2 FSOPC-Head 3/6 3/30 6,000 21,042 6,003 0.550 0.559 6.1
2 FSOPC-All 3/6 5/14 8,000 29,493 8,009 0.600 0.609 39.4
5 Bills-sales 3/5* 3/6 4,000 13,565 4,002 0.500 0.485 36.7
5 JGSs-purchases 3/7 4/9 6,000 18,228 6,005 0.590 0.597 34.1
5 Bills-sales 3/5* 3/6 3,000 8,080 2,840 0.500* 0.489  
6 Bills-sales 3/6* 3/7 6,000 19,110 6,002 0.490 0.484 79.4
6 Bills-sales 3/6* 3/7 4,000 9,505 4,002 0.500 0.492 53.0
7 Bills-sales 3/7* 3/8 10,000 23,820 10,005 0.520 0.508 51.6
7 Bills-sales 3/7* 3/8 3,000 7,510 2,890 0.520* 0.512  
7 FSOPC-Head 3/9 3/28 6,000 15,182 6,002 0.540 0.542 76.2
7 FSOPC-Head 3/9 5/24 8,000 40,660 8,003 0.600 0.602 63.9
8 Bills-sales 3/8* 3/9 8,000 15,835 8,002 0.520 0.512 82.9
8 JGSs-purchases 3/12 3/20 6,000 14,505 6,005 0.530 0.544 6.2
8 FSOPC-Head 3/12 3/30 8,000 21,050 8,004 0.540 0.541 74.9
9 FSOPC-All 3/13 5/23 8,000 43,495 8,008 0.610 0.612 86.9
12 FSOPC-Head 3/14 3/20 6,000 17,900 6,003 0.530 0.544 32.5
12 FSOPC-Head 3/14 5/7 8,000 34,945 8,003 0.600 0.608 13.2
13 JGSs-purchases 3/15 3/30 8,000 19,058 8,004 0.530 0.548 6.9
13 FSOPC-Head 3/15 3/22 8,000 23,500 8,002 0.540 0.546 34.2
14 FSOPC-Head 3/14* 3/15 3,000 5,782 3,002 0.540 0.540 92.8
14 FSOPC-Head 3/16 4/9 6,000 38,870 6,001 0.640 0.657 52.7
14 FSOPC-Head 3/16 6/5 8,000 22,505 8,002 0.590 0.599 90.2
15 FSOPC-Head 3/15* 3/16 10,000 10,850 10,001 0.500 0.524 92.5
15 JGSs-purchases 3/19 3/29 6,000 17,845 6,003 0.550 0.565 4.2
16 JGSs-purchases 3/20 3/30 6,000 21,840 6,002 0.590 0.597 57.6
16 FSOPC-All 3/20 6/1 6,000 41,607 6,006 0.610 0.623 26.9
19 FSOPC-Head 3/22 4/13 6,000 46,832 6,003 0.670 0.688 40.3
20 JGSs-purchases 3/23 4/18 6,000 21,825 6,004 0.650 0.655 59.2
22 FSOPC-Head 3/22* 3/23 4,000 9,934 4,003 0.530 0.538 25.3
22 JGSs-purchases 3/26 4/9 8,000 27,133 8,002 0.660 0.678 23.0
22 FSOPC-Head 3/26 4/23 8,000 38,835 8,002 0.620 0.638 34.4
23 FSOPC-Head 3/26 3/30 8,000 23,772 8,001 0.580 0.594 59.7
23 FSOPC-All 3/27 4/19 8,000 39,073 8,007 0.620 0.629 54.2
26 JGSs-purchases 3/28 4/10 8,000 20,642 8,003 0.610 0.624 35.1
26 FSOPC-Head 3/28 4/2 6,000 26,573 6,000 0.680 0.695 20.0
27 Bills-sales 3/27* 3/28 4,000 10,740 4,003 0.520 0.508 54.9
27 Bills-sales 3/27* 3/28 3,000 8,745 3,175 0.510* 0.495  
27 FSOPC-Head 3/29 4/4 8,000 33,885 8,003 0.660 0.662 68.8
28 Bills-sales 3/28* 3/29 6,000 13,055 6,002 0.520 0.509 49.9
28 JGSs-purchases 3/30 4/4 8,000 20,222 8,003 0.640 0.650 60.1
29 FSOPC-Head 3/29* 3/30 3,000 7,717 3,001 0.550 0.561 55.6
29 FSOPC-Head 3/30 4/3 4,000 21,165 4,002 0.670 0.682 30.3
30 FSOPC-Head 3/30* 4/2 10,000 31,243 10,001 0.680 0.684 96.3
30 FSOPC-Head 4/4 4/12 8,000 51,440 8,000 0.580 0.581 68.0

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                
3/8 Outright purchases 3/13 4,000 11,552 3,846 0.004* 0.009  
12 Outright purchases 3/15 4,000 9,316 3,983 0.004* 0.008  
19 Outright purchases 3/23 4,000 15,540 3,878 0.009* 0.011  
27 Outright purchases 3/30 4,000 9,791 4,087 0.000* 0.001  

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on March 2, 300.0 billion yen on March 9, 300.0 billion yen on March 16 and 300.0 billion yen on March 27. The purchases were exercised at 300.6 billion yen on March 7, 307.9 billion yen on March 14, 290.8 billion yen on March 22 and 300.3 billion yen on March 30, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in March.

NOTES:

  1. Bills-sales : Outright Sales ofBills Drawn by BOJ
    FSOPC-Head : Funds-SupplyingOperations against Pooled Collateral at Head Office
    FSOPC-All : Funds-SupplyingOperations against Pooled Collateral at All Offices
    CP-purchases : Purchases of CPunder Repurchase Agreements
    JGSs-purchases : Purchases of JGSsunder Repurchase Agreements
    JGSs-sales : Sales of JGSs underRepurchase Agreements
    Outright Purchases : Outright Purchasesof TBs/FBs
    Outright Sales : Outright Sales ofTBs/FBs
  2. * denotes dates when offers andtransactions were exercised on the same day.
    1. (a) Planned amounts on offer days.
    2. (b) * denotes non-pro-rata rates, loanrates; otherwise the figures denote pro-rata rates, loan rates.
    3. (c) The difference between the yield atwhich operation counterparts want to sell (purchase) and the correspondingyield determined by the Bank of Japan with the prevailing market yield(the "yield spread") taken into account for auctions. * denotesnon-pro-rata yield spreads; otherwise the figures denote pro-rata yieldspreads.
  4. Date of repurchase for Securitieslending as a secondary source of JGSs is as follows,
    those without * : the nextbusiness day after the offering date,
    those with * : thefourth business day after the offering date.