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

October 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                  
9/3 FSOPC-Head 9/3* 9/4 4,000 10,600 4,001 0.530 0.534 83.4
3 FSOPC-Head 9/4 10/16 8,000 22,840 8,001 0.620 0.630 37.0
3 FSOPC-Head 9/5 12/7 8,000 23,808 8,003 0.650 0.658 70.9
4 Bills-sales 9/4* 9/6 3,000 9,765 3,002 0.520 0.516 82.7
5 Bills-sales 9/5* 9/6 3,000 12,250 3,003 0.500 0.489 6.7
5 FSOPC-All 9/7 12/6 8,000 35,517 8,002 0.640 0.646 64.0
7 Bills-sales 9/7* 9/10 2,000 8,430 2,003 0.480 0.475 33.4
7 FSOPC-Head 9/10 9/21 3,000 12,450 3,002 0.540 0.542 84.8
10 Bills-sales 9/10* 9/11 3,000 10,810 3,004 0.480 0.472 43.4
10 FSOPC-Head 9/12 12/20 8,000 32,758 8,006 0.610 0.621 17.7
11 JGSs-sales 9/12 9/25 6,000 24,200 6,003 0.540 0.522 10.2
11 FSOPC-All 9/13 12/14 8,000 32,692 8,010 0.610 0.615 77.4
12 FSOPC-Head 9/13 9/26 8,000 19,474 8,074 0.520* 0.537  
13 JGSs-purchases 9/18 9/26 8,000 12,889 8,002 0.510 0.527 22.5
13 FSOPC-Head 9/13* 9/14 3,000 10,940 3,001 0.570 0.578 70.6
13 FSOPC-Head 9/14 9/21 4,000 11,950 4,002 0.520 0.525 61.4
13 FSOPC-Head 9/14 10/31 8,000 36,930 8,006 0.580 0.592 11.7
14 FSOPC-Head 9/18 9/28 6,000 30,506 6,001 0.550 0.554 85.0
18 JGSs-purchases 9/20 9/28 6,000 18,640 6,003 0.550 0.573 11.9
18 FSOPC-Head 9/19 10/5 6,000 37,960 6,001 0.650 0.658 51.1
19 FSOPC-Head 9/19* 9/20 3,000 9,485 3,002 0.540 0.543 48.4
19 FSOPC-Head 9/20 10/1 6,000 35,278 6,005 0.680 0.688 41.4
20 JGSs-purchases 9/25 10/1 6,000 21,199 6,004 0.680 0.693 44.0
20 Bills-sales 9/21 10/4 6,000 12,200 5,900 0.730* 0.700  
20 FSOPC-Head 9/25 12/20 8,000 36,518 8,005 0.600 0.621 18.0
21 FSOPC-Head 9/21* 9/25 3,000 11,828 3,004 0.550 0.550 42.1
21 JGSs-purchases 9/26 10/3 8,000 27,346 8,007 0.670 0.676 44.8
21 FSOPC-All 9/26 12/14 8,000 41,158 8,007 0.610 0.614 87.5
25 JGSs-purchases 9/27 10/5 8,000 23,975 8,004 0.660 0.673 10.4
25 FSOPC-Head 9/25* 9/26 2,000 4,517 2,000 0.550 0.559 52.8
25 FSOPC-Head 9/26 10/1 6,000 32,430 6,003 0.690 0.706 5.6
25 FSOPC-Head 9/27 12/28 8,000 33,042 8,003 0.600 0.611 13.6
26 JGSs-purchases 9/28 10/12 8,000 23,282 8,172 0.600* 0.605  
26 CP-purchases 9/28 11/14 3,000 3,693 2,995 0.560 0.578 41.4
26 FSOPC-Head 9/27 10/2 10,000 24,605 10,001 0.660 0.688 51.6
26 FSOPC-All 9/28 12/20 8,000 31,240 8,003 0.590 0.604 39.7
27 FSOPC-Head 9/28 10/12 6,000 20,218 6,001 0.580 0.588 63.0
27 FSOPC-Head 9/28 11/5 8,000 21,288 8,001 0.550 0.563 16.6
28 FSOPC-Head 9/28* 10/1 10,000 17,390 10,010 0.670* 0.694  
28 FSOPC-Head(note) 9/28* 10/1 8,000 6,365 6,265 0.550* 0.648  
28 FSOPC-Head 10/1 10/9 3,000 16,766 3,001 0.550 0.558 44.9
  • (note) All bids with bid rates (loan rates) at 0.30% and lower were excluded from the auction.

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                
9/4 Outright purchases 9/7 4,000 12,519 3,827 -0.011* -0.007  
13 Outright purchases 9/19 4,000 10,173 3,944 -0.006* -0.002  
19 Outright purchases 9/25 4,000 10,203 3,882 -0.003* 0.004  
25 Outright purchases 9/28 4,000 8,122 4,001 0.000 0.004 52.9

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on September 3, 300.0 billion yen onSeptember 7, 300.0 billion yen onSeptember 18 and 300.0 billion yen onSeptember 25. The purchases were exercised at 288.1 billion yen onSeptember 6, 301.1 billion yen onSeptember 12, 317.5 billion yen onSeptember 21 and 300.4 billion yen onSeptember 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 September 4 for 2-year JGB #248.
The Bank sold 2-year JGB #248 worth 2.6 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.