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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)

(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
9/3
3
3
4
5
5
7
7
10
10
11
11
12
13
13
13
13
14
18
18
19
19
20
20
20
21
21
21
25
25
25
25
26
26
26
26
27
27
28
28
28


FSOPC-Head
FSOPC-Head
FSOPC-Head
Bills-sales
Bills-sales
FSOPC-All
Bills-sales
FSOPC-Head
Bills-sales
FSOPC-Head
JGSs-sales
FSOPC-All
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-Head
FSOPC-Head
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-Head
FSOPC-Head
JGSs-purchases
Bills-sales
FSOPC-Head
FSOPC-Head
JGSs-purchases
FSOPC-All
JGSs-purchases
FSOPC-Head
FSOPC-Head
FSOPC-Head
JGSs-purchases
CP-purchases
FSOPC-Head
FSOPC-All
FSOPC-Head
FSOPC-Head
FSOPC-Head
FSOPC-Head(note)
FSOPC-Head


9/3*
9/4
9/5
9/4*
9/5*
9/7
9/7*
9/10
9/10*
9/12
9/12
9/13
9/13
9/18
9/13*
9/14
9/14
9/18
9/20
9/19
9/19*
9/20
9/25
9/21
9/25
9/21*
9/26
9/26
9/27
9/25*
9/26
9/27
9/28
9/28
9/27
9/28
9/28
9/28
9/28*
9/28*
10/1


9/4
10/16
12/7
9/6
9/6
12/6
9/10
9/21
9/11
12/20
9/25
12/14
9/26
9/26
9/14
9/21
10/31
9/28
9/28
10/5
9/20
10/1
10/1
10/4
12/20
9/25
10/3
12/14
10/5
9/26
10/1
12/28
10/12
11/14
10/2
12/20
10/12
11/5
10/1
10/1
10/9


4,000
8,000
8,000
3,000
3,000
8,000
2,000
3,000
3,000
8,000
6,000
8,000
8,000
8,000
3,000
4,000
8,000
6,000
6,000
6,000
3,000
6,000
6,000
6,000
8,000
3,000
8,000
8,000
8,000
2,000
6,000
8,000
8,000
3,000
10,000
8,000
6,000
8,000
10,000
8,000
3,000


10,600
22,840
23,808
9,765
12,250
35,517
8,430
12,450
10,810
32,758
24,200
32,692
19,474
12,889
10,940
11,950
36,930
30,506
18,640
37,960
9,485
35,278
21,199
12,200
36,518
11,828
27,346
41,158
23,975
4,517
32,430
33,042
23,282
3,693
24,605
31,240
20,218
21,288
17,390
6,365
16,766


4,001
8,001
8,003
3,002
3,003
8,002
2,003
3,002
3,004
8,006
6,003
8,010
8,074
8,002
3,001
4,002
8,006
6,001
6,003
6,001
3,002
6,005
6,004
5,900
8,005
3,004
8,007
8,007
8,004
2,000
6,003
8,003
8,172
2,995
10,001
8,003
6,001
8,001
10,010
6,265
3,001


0.530
0.620
0.650
0.520
0.500
0.640
0.480
0.540
0.480
0.610
0.540
0.610
0.520*
0.510
0.570
0.520
0.580
0.550
0.550
0.650
0.540
0.680
0.680
0.730*
0.600
0.550
0.670
0.610
0.660
0.550
0.690
0.600
0.600*
0.560
0.660
0.590
0.580
0.550
0.670*
0.550*
0.550


0.534
0.630
0.658
0.516
0.489
0.646
0.475
0.542
0.472
0.621
0.522
0.615
0.537
0.527
0.578
0.525
0.592
0.554
0.573
0.658
0.543
0.688
0.693
0.700
0.621
0.550
0.676
0.614
0.673
0.559
0.706
0.611
0.605
0.578
0.688
0.604
0.588
0.563
0.694
0.648
0.558


83.4
37.0
70.9
82.7
6.7
64.0
33.4
84.8
43.4
17.7
10.2
77.4

22.5
70.6
61.4
11.7
85.0
11.9
51.1
48.4
41.4
44.0

18.0
42.1
44.8
87.5
10.4
52.8
5.6
13.6

41.4
51.6
39.7
63.0
16.6


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

(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
9/4
13
19
25


Outright purchases
Outright purchases
Outright purchases
Outright purchases


9/7
9/19
9/25
9/28


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


12,519
10,173
10,203
8,122


3,827
3,944
3,882
4,001


-0.011*
-0.006*
-0.003*
0.000


-0.007
-0.002
0.004
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 on September 7, 300.0 billion yen on September 18 and 300.0 billion yen on September 25. The purchases were exercised at 288.1 billion yen on September 6, 301.1 billion yen on September 12, 317.5 billion yen on September 21 and 300.4 billion yen on September 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.
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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