Bank of Japan Head Office

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)

(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
2007
3/1
1
1
1
2
2
2
5
5
5
6
6
7
7
7
7
8
8
8
9
12
12
13
13
14
14
14
15
15
16
16
19
20
22
22
22
23
23
26
26
27
27
27
28
28
29
29
30
30


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


3/1*
3/5
3/5
3/5
3/6
3/6
3/6
3/5*
3/7
3/5*
3/6*
3/6*
3/7*
3/7*
3/9
3/9
3/8*
3/12
3/12
3/13
3/14
3/14
3/15
3/15
3/14*
3/16
3/16
3/15*
3/19
3/20
3/20
3/22
3/23
3/22*
3/26
3/26
3/26
3/27
3/28
3/28
3/27*
3/27*
3/29
3/28*
3/30
3/29*
3/30
3/30*
4/4


3/2
3/13
3/29
4/19
4/5
3/30
5/14
3/6
4/9
3/6
3/7
3/7
3/8
3/8
3/28
5/24
3/9
3/20
3/30
5/23
3/20
5/7
3/30
3/22
3/15
4/9
6/5
3/16
3/29
3/30
6/1
4/13
4/18
3/23
4/9
4/23
3/30
4/19
4/10
4/2
3/28
3/28
4/4
3/29
4/4
3/30
4/3
4/2
4/12


12,000
6,000
6,000
6,000
6,000
6,000
8,000
4,000
6,000
3,000
6,000
4,000
10,000
3,000
6,000
8,000
8,000
6,000
8,000
8,000
6,000
8,000
8,000
8,000
3,000
6,000
8,000
10,000
6,000
6,000
6,000
6,000
6,000
4,000
8,000
8,000
8,000
8,000
8,000
6,000
4,000
3,000
8,000
6,000
8,000
3,000
4,000
10,000
8,000


13,350
17,811
23,202
33,088
22,030
21,042
29,493
13,565
18,228
8,080
19,110
9,505
23,820
7,510
15,182
40,660
15,835
14,505
21,050
43,495
17,900
34,945
19,058
23,500
5,782
38,870
22,505
10,850
17,845
21,840
41,607
46,832
21,825
9,934
27,133
38,835
23,772
39,073
20,642
26,573
10,740
8,745
33,885
13,055
20,222
7,717
21,165
31,243
51,440


12,000
6,003
6,003
6,002
6,007
6,003
8,009
4,002
6,005
2,840
6,002
4,002
10,005
2,890
6,002
8,003
8,002
6,005
8,004
8,008
6,003
8,003
8,004
8,002
3,002
6,001
8,002
10,001
6,003
6,002
6,006
6,003
6,004
4,003
8,002
8,002
8,001
8,007
8,003
6,000
4,003
3,175
8,003
6,002
8,003
3,001
4,002
10,001
8,000


0.450
0.560
0.560
0.600
0.590
0.550
0.600
0.500
0.590
0.500*
0.490
0.500
0.520
0.520*
0.540
0.600
0.520
0.530
0.540
0.610
0.530
0.600
0.530
0.540
0.540
0.640
0.590
0.500
0.550
0.590
0.610
0.670
0.650
0.530
0.660
0.620
0.580
0.620
0.610
0.680
0.520
0.510*
0.660
0.520
0.640
0.550
0.670
0.680
0.580


0.536
0.565
0.562
0.601
0.598
0.559
0.609
0.485
0.597
0.489
0.484
0.492
0.508
0.512
0.542
0.602
0.512
0.544
0.541
0.612
0.544
0.608
0.548
0.546
0.540
0.657
0.599
0.524
0.565
0.597
0.623
0.688
0.655
0.538
0.678
0.638
0.594
0.629
0.624
0.695
0.508
0.495
0.662
0.509
0.650
0.561
0.682
0.684
0.581


62.9
52.0
81.3
79.2
19.2
6.1
39.4
36.7
34.1

79.4
53.0
51.6

76.2
63.9
82.9
6.2
74.9
86.9
32.5
13.2
6.9
34.2
92.8
52.7
90.2
92.5
4.2
57.6
26.9
40.3
59.2
25.3
23.0
34.4
59.7
54.2
35.1
20.0
54.9

68.8
49.9
60.1
55.6
30.3
96.3
68.0

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 SpreadAllocation on a Pro-rata Basis Rate
2007
3/8
12
19
27


Outright purchases
Outright purchases
Outright purchases
Outright purchases


3/13
3/15
3/23
3/30


4,000
4,000
4,000
4,000


11,552
9,316
15,540
9,791


3,846
3,983
3,878
4,087


0.004*
0.004*
0.009*
0.000*


0.009
0.008
0.011
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 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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