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)

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

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


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


4/4
4/3
4/4
4/3*
4/5
4/3*
4/4*
4/6
4/5*
4/9
4/6*
4/10
4/10
4/9*
4/12
4/11*
4/13
4/12*
4/16
4/16
4/13*
4/18
4/19
4/20
4/20
4/20
4/23
4/23
4/24
4/24
4/25
4/26
4/26
4/27
4/27
4/27
5/1

4/18
4/4
6/14
4/4
4/27
4/4
4/5
4/13
4/6
6/13
4/9
4/18
6/20
4/10
6/20
4/12
5/8
4/13
4/23
6/26
4/16
5/16
6/22
5/8
5/29
5/15
5/9
5/31
5/17
6/6
5/11
5/18
7/5
5/18
6/14
6/27
6/20

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