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

May 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                  
4/2 JGSs-purchases 4/4 4/18 6,000 21,231 6,003 0.560 0.571 30.4
2 Bills-sales 4/3 4/4 6,000 16,130 6,004 0.550 0.539 45.4
2 FSOPC-Head 4/4 6/14 6,000 33,613 6,004 0.570 0.577 36.1
3 Bills-sales 4/3* 4/4 8,000 16,735 8,004 0.530 0.520 62.6
3 JGSs-purchases 4/5 4/27 8,000 24,280 8,006 0.550 0.554 35.1
3 Bills-sales 4/3* 4/4 2,000 3,340 2,040 0.530* 0.516  
4 Bills-sales 4/4* 4/5 6,000 11,030 5,980 0.560* 0.541  
4 JGSs-purchases 4/6 4/13 6,000 15,924 6,004 0.530 0.533 50.0
5 Bills-sales 4/5* 4/6 8,000 18,510 8,005 0.540 0.536 90.5
5 FSOPC-All 4/9 6/13 6,000 39,359 6,007 0.570 0.572 74.9
6 Bills-sales 4/6* 4/9 6,000 19,420 6,003 0.520 0.513 39.9
6 JGSs-purchases 4/10 4/18 6,000 22,900 6,002 0.550 0.550 93.6
6 FSOPC-Head 4/10 6/20 8,000 46,665 8,007 0.570 0.571 84.9
9 Bills-sales 4/9* 4/10 3,000 8,500 2,900 0.510* 0.508  
10 FSOPC-All 4/12 6/20 8,000 43,692 8,011 0.570 0.576 18.6
11 FSOPC-Head 4/11* 4/12 4,000 15,900 4,002 0.540 0.546 34.9
11 FSOPC-Head 4/13 5/8 8,000 49,946 8,003 0.580 0.590 30.3
12 FSOPC-Head 4/12* 4/13 8,000 26,980 8,003 0.550 0.560 4.4
12 JGSs-purchases 4/16 4/23 8,000 30,408 8,006 0.580 0.589 40.5
12 FSOPC-Head 4/16 6/26 8,000 43,628 8,005 0.580 0.583 32.6
13 FSOPC-Head 4/13* 4/16 6,000 15,780 6,001 0.540 0.559 25.8
16 JGSs-purchases 4/18 5/16 6,000 24,316 6,004 0.570 0.580 42.9
17 FSOPC-All 4/19 6/22 6,000 38,014 6,009 0.580 0.582 34.4
18 JGSs-purchases 4/20 5/8 6,000 24,072 6,004 0.580 0.580 85.8
18 CP-purchases 4/20 5/29 3,000 4,071 2,901 0.560* 0.574  
18 FSOPC-Head 4/20 5/15 8,000 47,400 8,006 0.580 0.583 32.3
19 JGSs-purchases 4/23 5/9 6,000 22,394 6,004 0.580 0.581 84.4
19 FSOPC-Head 4/23 5/31 6,000 43,600 6,003 0.580 0.580 29.8
20 FSOPC-Head 4/24 5/17 8,000 46,192 8,003 0.580 0.588 14.1
20 FSOPC-Head 4/24 6/6 8,000 46,192 8,004 0.580 0.581 49.1
23 JGSs-purchases 4/25 5/11 8,000 24,934 8,005 0.570 0.577 20.6
24 FSOPC-Head 4/26 5/18 6,000 33,942 6,002 0.580 0.582 79.8
24 FSOPC-Head 4/26 7/5 8,000 33,070 8,008 0.580 0.585 40.2
25 JGSs-purchases 4/27 5/18 6,000 22,924 6,003 0.570 0.576 19.6
25 FSOPC-Head 4/27 6/14 8,000 41,700 8,004 0.570 0.575 16.0
25 FSOPC-All 4/27 6/27 8,000 39,810 8,011 0.580 0.581 72.7
26 FSOPC-Head 5/1 6/20 6,000 35,035 6,012 0.570 0.570 20.9

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                
4/9 Outright purchases 4/12 4,000 20,878 4,002 0.005 0.006 89.1
19 Outright purchases 4/24 4,000 19,787 4,001 0.009 0.011 37.9

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on April 4, 300.0 billion yen on April 11, 300.0 billion yen on April 18 and 300.0 billion yen on April 23. The purchases were exercised at 300.4 billion yen on April 9, 310.5 billion yen on April 16, 300.0 billion yen on April 23 and 300.1 billion yen on April 26, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in April.

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. 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.