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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)

(100 million yen, percent per annum)

Date of OfferInstrumentDate of ExerciseDate of Resale or Repurchase or Repayment(a)
Amounts Offered		Amounts of Competitive BidAmounts 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
1
1
4
5
6
7
7
7
12
12
13
13
15
18
18
20
21
21
21
22
25
25
26
26
27
27
28
29
29
29
29


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


6/1*
6/4
6/5
6/6
6/7
6/6*
6/7*
6/11
6/11
6/13
6/14
6/14
6/15
6/18
6/20
6/19
6/20*
6/25
6/22
6/25
6/26
6/25*
6/27
6/26*
6/28
6/27*
6/29
7/2
6/29*
6/29*
7/3
7/3


6/4
6/11
6/20
7/23
8/15
6/7
6/8
6/20
8/13
6/19
8/24
6/21
8/21
6/26
7/6
6/29
6/21
7/10
6/29
9/10
9/6
6/26
8/6
6/27
9/14
7/2
8/8
8/3
7/2
7/2
8/20
9/13


8,000
4,000
6,000
8,000
6,000
3,000
4,000
6,000
8,000
6,000
6,000
8,000
6,000
4,000
8,000
6,000
4,000
8,000
4,000
8,000
8,000
6,000
8,000
4,000
6,000
4,000
3,000
8,000
10,000
5,000
6,000
8,000


23,002
14,806
26,760
35,320
29,968
8,014
9,130
10,293
46,094
15,840
39,804
22,280
36,784
18,688
23,877
22,113
20,340
22,457
22,183
47,295
33,295
20,257
35,175
17,212
30,180
14,400
3,860
43,330
24,350
11,860
38,300
41,135


8,003
4,003
6,003
8,007
6,006
3,000
4,003
6,003
8,009
6,001
6,003
8,004
6,004
4,002
8,007
6,002
4,002
8,004
4,004
8,001
8,008
6,114
8,005
4,002
6,005
4,030
2,960
8,005
10,200
5,002
6,004
8,004


0.510
0.550
0.550
0.560
0.570
0.530
0.510
0.520
0.580
0.530
0.590
0.530
0.600
0.560
0.560
0.560
0.540
0.560
0.560
0.630
0.630
0.540*
0.570
0.530
0.630
0.570*
0.570*
0.560
0.670*
0.600
0.570
0.640


0.518
0.550
0.555
0.561
0.584
0.501
0.501
0.534
0.580
0.537
0.590
0.536
0.600
0.570
0.567
0.561
0.545
0.560
0.571
0.633
0.633
0.542
0.574
0.542
0.635
0.575
0.591
0.569
0.682
0.632
0.571
0.641


17.9
88.3
28.7
31.4
19.2
11.8
65.8
67.5
88.7
81.6
55.8
55.6
70.8
22.5
26.8
49.0
62.8
52.3
29.4
79.8
48.2

47.0
24.4
30.2


4.4

49.5
32.0
96.6

Outright Purchase and Sale Operations of TBs and FBs

(100 million yen, percent per annum)

Date of OfferInstrumentDate of Exercise(a)
Amounts Offered		Amounts of Competitive BidAmounts of Successful Bid(c)
Pro-rata or Non-pro-rata Yield Spread		Average Successful Yield SpreadAllocation on a Pro-rata Basis Rate
2007
6/1
8
14
22
29


Outright purchases
Outright purchases
Outright purchases
Outright purchases
Outright purchases


6/6
6/13
6/19
6/27
7/4


4,000
4,000
4,000
4,000
4,000


16,723
12,985
14,867
14,346
13,956


4,032
4,089
3,951
4,000
3,872


0.021*
0.025*
0.014*
0.010
0.003*


0.022
0.027
0.024
0.011
0.007





73.5

(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.
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.

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