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

June 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                  
5/1 FSOPC-Head 5/7 6/8 8,000 31,238 8,006 0.560 0.568 9.8
2 FSOPC-Head 5/2* 5/7 4,000 12,700 4,002 0.530 0.536 68.7
2 JGSs-purchases 5/8 5/21 6,000 20,024 6,003 0.560 0.560 87.9
2 FSOPC-All 5/8 7/3 8,000 44,788 8,013 0.570 0.576 32.4
8 JGSs-sales 5/9 6/4 4,000 25,900 4,003 0.560 0.555 32.3
9 FSOPC-Head 5/11 7/19 8,000 42,090 8,007 0.570 0.574 46.5
10 JGSs-purchases 5/14 5/22 6,000 22,241 6,006 0.560 0.566 22.9
10 FSOPC-Head 5/14 6/15 6,000 34,100 6,002 0.570 0.570 91.0
10 FSOPC-All 5/14 7/18 8,000 42,500 8,011 0.570 0.573 22.1
11 FSOPC-Head 5/11* 5/14 2,000 6,730 2,002 0.530 0.540 25.9
11 JGSs-purchases 5/15 5/24 6,000 18,223 6,004 0.560 0.570 6.3
11 FSOPC-Head 5/15 6/20 6,000 35,080 6,003 0.570 0.570 59.2
14 JGSs-purchases 5/16 5/28 6,000 17,656 6,004 0.560 0.564 40.1
14 FSOPC-Head 5/16 7/26 6,000 37,000 6,004 0.570 0.572 16.9
15 JGSs-sales 5/16 6/4 3,000 17,700 3,002 0.560 0.558 59.3
15 Bills-sales 5/15* 5/16 2,000 3,180 1,930 0.550* 0.540  
17 JGSs-purchases 5/21 5/31 8,000 17,140 8,005 0.550 0.558 37.0
18 FSOPC-Head 5/18* 5/21 6,000 18,200 6,003 0.520 0.532 9.7
18 JGSs-purchases 5/22 6/20 6,000 20,012 6,005 0.550 0.558 11.5
18 FSOPC-Head 5/21 6/5 4,000 16,007 4,004 0.560 0.560 68.5
18 FSOPC-All 5/22 7/24 8,000 48,320 8,009 0.570 0.572 40.5
21 FSOPC-Head 5/23 6/28 8,000 45,965 8,004 0.560 0.561 33.4
22 FSOPC-Head 5/24 8/1 8,000 46,290 8,003 0.570 0.571 63.8
23 JGSs-purchases 5/25 6/6 8,000 23,266 8,004 0.550 0.555 31.5
23 FSOPC-Head 5/25 7/11 6,000 29,550 6,006 0.560 0.562 26.2
23 FSOPC-All 5/25 7/27 6,000 34,260 6,014 0.570 0.571 56.3
25 FSOPC-Head 5/25* 5/28 6,000 15,714 6,002 0.510 0.517 46.9
25 JGSs-purchases 5/29 6/20 6,000 19,013 6,005 0.550 0.551 40.5
25 FSOPC-Head 5/28 6/6 3,000 16,638 3,002 0.560 0.560 51.9
25 FSOPC-Head 5/29 7/6 6,000 28,650 6,004 0.560 0.563 57.8
28 JGSs-purchases 5/30 6/7 8,000 20,166 8,006 0.550 0.551 54.5
28 FSOPC-Head 5/30 6/20 8,000 18,446 8,144 0.560* 0.560  
28 FSOPC-Head 5/30 8/7 8,000 38,530 8,005 0.570 0.573 58.5
29 FSOPC-Head 5/31 6/29 6,000 25,187 6,002 0.560 0.560 63.5
30 FSOPC-Head 5/30* 5/31 6,000 16,198 6,002 0.520 0.524 67.8
30 JGSs-purchases 6/1 6/18 6,000 14,879 6,002 0.550 0.550 93.6
30 FSOPC-Head 6/1 7/13 6,000 25,450 6,003 0.560 0.560 48.4
30 FSOPC-All 6/1 8/3 8,000 36,250 8,011 0.570 0.573 38.1
31 JGSs-purchases 6/4 6/15 6,000 15,494 6,003 0.550 0.550 82.1
31 FSOPC-Head 5/31* 6/1 4,000 14,812 4,001 0.560 0.570 77.6
31 FSOPC-Head 6/4 6/19 6,000 23,517 6,003 0.550 0.556 37.3
31 FSOPC-Head 6/4 7/19 8,000 31,178 8,007 0.560 0.560 39.1

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                
5/14 Outright purchases 5/17 4,000 17,065 4,001 0.011 0.016 84.4
22 Outright purchases 5/25 4,000 15,703 4,151 0.011* 0.012  

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on May 2, 300.0 billion yen on May 10, 300.0 billion yen on May 18 and 300.0 billion yen on May 25. The purchases were exercised at 300.7 billion yen on May 9, 300.5 billion yen on May 15, 290.8 billion yen on May 23 and 300.5 billion yen on May 30, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in May.

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.