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)

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

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


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


5/7
5/2*
5/8
5/8
5/9
5/11
5/14
5/14
5/14
5/11*
5/15
5/15
5/16
5/16
5/16
5/15*
5/21
5/18*
5/22
5/21
5/22
5/23
5/24
5/25
5/25
5/25
5/25*
5/29
5/28
5/29
5/30
5/30
5/30
5/31
5/30*
6/1
6/1
6/1
6/4
5/31*
6/4
6/4


6/8
5/7
5/21
7/3
6/4
7/19
5/22
6/15
7/18
5/14
5/24
6/20
5/28
7/26
6/4
5/16
5/31
5/21
6/20
6/5
7/24
6/28
8/1
6/6
7/11
7/27
5/28
6/20
6/6
7/6
6/7
6/20
8/7
6/29
5/31
6/18
7/13
8/3
6/15
6/1
6/19
7/19


9.8
68.7
87.9
32.4
32.3
46.5
22.9
91.0
22.1
25.9
6.3
59.2
40.1
16.9
59.3

37.0
9.7
11.5
68.5
40.5
33.4
63.8
31.5
26.2
56.3
46.9
40.5
51.9
57.8
54.5

58.5
63.5
67.8
93.6
48.4
38.1
82.1
77.6
37.3
39.1

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

(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.
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.