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

August 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                  
7/2 FSOPC-Head 7/4 9/20 8,000 29,844 8,002 0.640 0.640 94.7
3 FSOPC-Head 7/4 7/12 3,000 13,630 3,001 0.540 0.550 55.7
4 Bills-sales 7/4* 7/6 4,000 11,050 4,090 0.520* 0.512  
4 FSOPC-Head 7/6 8/9 6,000 23,683 6,004 0.550 0.559 14.7
4 FSOPC-All 7/6 9/20 8,000 19,810 8,003 0.630 0.638 87.8
5 Bills-sales 7/5* 7/6 5,000 18,110 5,005 0.510 0.501 8.2
5 JGSs-sales 7/6 7/17 8,000 42,150 8,006 0.540 0.532 7.9
6 Bills-sales 7/6* 7/9 5,000 14,350 5,003 0.510 0.497 4.3
6 FSOPC-Head 7/10 7/31 8,000 25,000 8,003 0.550 0.551 84.8
6 FSOPC-Head 7/10 8/21 8,000 26,054 8,004 0.550 0.557 26.8
9 JGSs-sales 7/10 7/17 6,000 21,205 6,002 0.540 0.531 7.7
10 JGSs-purchases 7/12 7/24 8,000 16,953 8,003 0.530 0.537 53.8
10 FSOPC-Head 7/11 7/30 3,000 10,750 3,003 0.540 0.575 39.8
10 FSOPC-Head 7/12 9/27 8,000 28,238 8,005 0.630 0.640 4.7
11 FSOPC-Head 7/12 8/1 6,000 13,110 6,000 0.520 0.539 20.0
11 FSOPC-Head 7/13 9/20 8,000 17,836 8,003 0.620 0.627 28.4
12 FSOPC-Head 7/12* 7/13 4,000 12,030 3,800 0.520* 0.520  
12 JGSs-purchases 7/17 7/27 8,000 18,651 8,001 0.520 0.528 49.0
12 FSOPC-Head 7/17 8/16 8,000 27,850 8,002 0.530 0.531 92.6
12 FSOPC-All 7/17 9/26 8,000 30,029 7,939 0.630* 0.633  
17 FSOPC-Head 7/19 9/4 8,000 26,995 8,004 0.590 0.598 72.8
18 JGSs-purchases 7/20 7/30 8,000 17,665 8,001 0.520 0.530 7.6
18 FSOPC-Head 7/20 10/5 8,000 38,818 8,005 0.660 0.670 23.3
19 FSOPC-Head 7/23 8/22 8,000 29,853 8,006 0.530 0.540 19.7
20 FSOPC-Head 7/24 8/15 8,000 26,494 8,004 0.520 0.526 27.9
20 FSOPC-All 7/24 10/4 8,000 40,384 8,007 0.660 0.670 9.9
23 FSOPC-Head 7/23* 7/24 6,000 18,202 6,002 0.520 0.525 93.2
23 JGSs-purchases 7/25 8/8 8,000 23,050 8,002 0.510 0.519 12.8
23 FSOPC-Head 7/25 8/16 8,000 18,107 8,001 0.510* 0.512  
23 FSOPC-Head 7/25 9/20 8,000 19,987 8,003 0.610 0.616 94.0
24 FSOPC-Head 7/24* 7/25 5,000 12,858 5,003 0.510 0.513 77.4
24 FSOPC-Head 7/26 10/11 8,000 31,493 8,006 0.650 0.657 29.2
25 JGSs-sales 7/26 8/2 3,000 15,200 3,000 0.510 0.505 75.0
25 FSOPC-Head 7/27 8/17 8,000 27,450 8,003 0.510 0.512 65.5
26 FSOPC-Head 7/30 8/20 8,000 34,350 8,004 0.510 0.511 49.7
27 FSOPC-All 7/31 10/10 8,000 43,380 8,010 0.630 0.643 19.6
30 FSOPC-Head 7/30* 7/31 3,000 10,158 3,002 0.500 0.515 15.5
30 FSOPC-Head 8/1 9/7 8,000 32,696 8,003 0.540 0.554 32.2
31 FSOPC-Head 7/31* 8/1 3,000 10,050 3,001 0.520 0.521 44.1
31 FSOPC-Head 8/2 8/23 8,000 25,948 8,002 0.510 0.512 73.4
31 FSOPC-Head 8/2 10/17 8,000 35,468 8,004 0.630 0.633 64.5

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                
7/6 Outright purchases 7/11 4,000 15,265 4,001 0.012 0.016 73.4
12 Outright purchases 7/18 4,000 14,687 4,000 0.011 0.015 55.0
19 Outright purchases 7/24 4,000 14,194 4,001 0.008 0.013 21.5

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on July 5, 300.0 billion yen on July 13, 300.0 billion yen on July 20 and 300.0 billion yen on July 25. The purchases were exercised at 295.0 billion yen on July 10, 300.1 billion yen on July 19, 299.0 billion yen on July 25 and 313.9 billion yen on July 30, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in July.

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.