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

July 2, 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                  
6/1 FSOPC-Head 6/1* 6/4 8,000 23,002 8,003 0.510 0.518 17.9
1 FSOPC-Head 6/4 6/11 4,000 14,806 4,003 0.550 0.550 88.3
1 FSOPC-Head 6/5 6/20 6,000 26,760 6,003 0.550 0.555 28.7
4 FSOPC-Head 6/6 7/23 8,000 35,320 8,007 0.560 0.561 31.4
5 FSOPC-Head 6/7 8/15 6,000 29,968 6,006 0.570 0.584 19.2
6 Bills-sales 6/6* 6/7 3,000 8,014 3,000 0.530 0.501 11.8
7 Bills-sales 6/7* 6/8 4,000 9,130 4,003 0.510 0.501 65.8
7 JGSs-purchases 6/11 6/20 6,000 10,293 6,003 0.520 0.534 67.5
7 FSOPC-All 6/11 8/13 8,000 46,094 8,009 0.580 0.580 88.7
12 FSOPC-Head 6/13 6/19 6,000 15,840 6,001 0.530 0.537 81.6
12 FSOPC-Head 6/14 8/24 6,000 39,804 6,003 0.590 0.590 55.8
13 FSOPC-Head 6/14 6/21 8,000 22,280 8,004 0.530 0.536 55.6
13 FSOPC-All 6/15 8/21 6,000 36,784 6,004 0.600 0.600 70.8
15 FSOPC-Head 6/18 6/26 4,000 18,688 4,002 0.560 0.570 22.5
18 JGSs-purchases 6/20 7/6 8,000 23,877 8,007 0.560 0.567 26.8
18 FSOPC-Head 6/19 6/29 6,000 22,113 6,002 0.560 0.561 49.0
20 FSOPC-Head 6/20* 6/21 4,000 20,340 4,002 0.540 0.545 62.8
21 JGSs-purchases 6/25 7/10 8,000 22,457 8,004 0.560 0.560 52.3
21 FSOPC-Head 6/22 6/29 4,000 22,183 4,004 0.560 0.571 29.4
21 FSOPC-Head 6/25 9/10 8,000 47,295 8,001 0.630 0.633 79.8
22 FSOPC-All 6/26 9/6 8,000 33,295 8,008 0.630 0.633 48.2
25 FSOPC-Head 6/25* 6/26 6,000 20,257 6,114 0.540* 0.542  
25 FSOPC-Head 6/27 8/6 8,000 35,175 8,005 0.570 0.574 47.0
26 FSOPC-Head 6/26* 6/27 4,000 17,212 4,002 0.530 0.542 24.4
26 FSOPC-Head 6/28 9/14 6,000 30,180 6,005 0.630 0.635 30.2
27 FSOPC-Head 6/27* 7/2 4,000 14,400 4,030 0.570* 0.575  
27 CP-purchases 6/29 8/8 3,000 3,860 2,960 0.570* 0.591  
28 FSOPC-Head 7/2 8/3 8,000 43,330 8,005 0.560 0.569 4.4
29 FSOPC-Head 6/29* 7/2 10,000 24,350 10,200 0.670* 0.682  
29 FSOPC-Head 6/29* 7/2 5,000 11,860 5,002 0.600 0.632 49.5
29 FSOPC-Head 7/3 8/20 6,000 38,300 6,004 0.570 0.571 32.0
29 FSOPC-All 7/3 9/13 8,000 41,135 8,004 0.640 0.641 96.6

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                
6/1 Outright purchases 6/6 4,000 16,723 4,032 0.021* 0.022  
8 Outright purchases 6/13 4,000 12,985 4,089 0.025* 0.027  
14 Outright purchases 6/19 4,000 14,867 3,951 0.014* 0.024  
22 Outright purchases 6/27 4,000 14,346 4,000 0.010 0.011 73.5
29 Outright purchases 7/4 4,000 13,956 3,872 0.003* 0.007  

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on June 1, 300.0 billion yen on June 8, 300.0 billion yen on June 20 and 300.0 billion yen on June 25. The purchases were exercised at 295.3 billion yen on June 6, 307.6 billion yen on June 13, 300.3 billion yen on June 25 and 301.0 billion yen on June 28, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

The Bank of Japan offered securities lendings as a secondary source of JGSs worth 100.0 billion yen on June 27 for 10-year JGB #216.
The Bank sold 10-year JGB #216 worth 1.8 billion yen, under repurchase agreements, respectively.

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.