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

November 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                  
10/1 FSOPC-Head 10/2 10/12 8,000 21,459 8,001 0.520 0.529 39.1
1 FSOPC-Head 10/2 11/19 8,000 26,588 8,005 0.540 0.548 42.8
2 FSOPC-Head 10/3 10/17 8,000 30,936 8,003 0.520 0.528 31.5
3 FSOPC-Head 10/5 2008/1/11 8,000 38,983 8,002 0.590 0.605 64.3
4 Bills-sales 10/4* 10/5 3,000 7,860 3,003 0.500 0.489 36.0
5 Bills-sales 10/5* 10/9 5,000 12,920 5,002 0.500 0.489 35.8
5 Bills-sales 10/5* 10/9 2,000 3,560 1,930 0.510* 0.499  
5 FSOPC-All 10/10 2008/1/9 8,000 45,223 8,005 0.600 0.603 86.1
10 FSOPC-Head 10/10* 10/11 3,000 14,500 3,002 0.530 0.532 49.1
10 FSOPC-Head 10/11 10/18 3,000 15,934 3,000 0.540 0.541 37.0
10 FSOPC-Head 10/12 2008/1/18 8,000 48,372 8,008 0.610 0.616 64.9
11 FSOPC-Head 10/12 10/26 3,000 19,970 3,001 0.570 0.577 39.8
12 JGSs-purchases 10/15 10/24 6,000 17,661 6,002 0.590 0.599 93.5
12 FSOPC-All 10/16 2008/1/16 8,000 46,507 8,007 0.620 0.624 49.7
15 FSOPC-Head 10/15* 10/16 4,000 21,847 4,000 0.680* 0.690  
15 FSOPC-Head 10/17 2008/1/29 8,000 36,030 8,003 0.620 0.629 31.9
16 FSOPC-Head 10/17 11/1 3,000 18,788 3,002 0.560 0.568 54.4
18 JGSs-purchases 10/22 10/31 8,000 23,888 8,006 0.540 0.551 7.7
18 FSOPC-All 10/22 2008/1/23 8,000 43,735 8,009 0.620 0.625 77.8
19 FSOPC-Head 10/22 11/7 4,000 19,750 4,003 0.550 0.560 10.6
19 FSOPC-Head 10/22 12/14 8,000 30,906 8,004 0.560 0.561 80.5
22 FSOPC-Head 10/24 2008/2/6 8,000 36,100 8,005 0.610 0.618 41.4
23 JGSs-purchases 10/25 11/2 8,000 25,330 8,001 0.560 0.563 64.7
23 FSOPC-Head 10/24 11/1 6,000 22,450 6,003 0.550 0.564 12.5
23 FSOPC-Head 10/24 12/20 8,000 31,594 8,003 0.550 0.559 25.7
24 FSOPC-Head 10/25 11/2 4,000 16,120 4,001 0.540 0.542 81.3
24 FSOPC-All 10/26 2008/1/31 8,000 32,210 8,012 0.600 0.610 5.3
25 FSOPC-Head 10/26 11/21 4,000 24,790 4,005 0.540 0.543 27.7
26 JGSs-purchases 10/30 11/6 8,000 30,462 8,003 0.530 0.538 14.5
26 Bills-sales 10/26* 10/29 2,000 6,160 2,001 0.490 0.486 49.6
26 FSOPC-Head 10/29 11/5 8,000 34,843 8,006 0.530 0.536 17.0
29 FSOPC-Head 10/30 11/12 4,000 15,510 4,006 0.530 0.536 19.1
29 FSOPC-Head 10/30 11/22 6,000 20,400 6,004 0.540 0.540 85.8
30 FSOPC-Head 10/31 11/9 8,000 37,936 8,003 0.540 0.540 58.4
31 FSOPC-Head 11/2 2008/2/15 8,000 38,541 8,003 0.600 0.608 25.0

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                
10/2 Outright purchases 10/5 4,000 12,601 4,001 0.001 0.003 8.4
11 Outright purchases 10/16 4,000 20,307 4,001 0.020 0.024 24.9
18 Outright purchases 10/23 4,000 12,803 4,001 0.002 0.004 69.4
22 Outright purchases 10/25 4,000 11,693 4,200 -0.002* 0.001  

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on October 3, 300.0 billion yen on October 9, 300.0 billion yen on October 17 and 300.0 billion yen on October 24. The purchases were exercised at 300.5 billion yen on October 9, 310.8 billion yen on October 12, 312.7 billion yen on October 22 and 287.0 billion yen on October 29, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in October.

NOTES:

  1. Bills-sales : Outright Sales ofBills Drawn by BOJ
    FSOPC-Head : Funds-SupplyingOperations against Pooled Collateral at Head Office
    FSOPC-All : Funds-SupplyingOperations against Pooled Collateral at All Offices
    CP-purchases : Purchases of CPunder Repurchase Agreements
    JGSs-purchases : Purchases of JGSsunder Repurchase Agreements
    JGSs-sales : Sales of JGSs underRepurchase Agreements
    Outright Purchases : Outright Purchasesof TBs/FBs
    Outright Sales : Outright Sales ofTBs/FBs
  2. * denotes dates when offers andtransactions were exercised on the same day.
    1. (a) Planned amounts on offer days.
    2. (b) * denotes non-pro-rata rates, loanrates; otherwise the figures denote pro-rata rates, loan rates.
    3. (c) The difference between the yield atwhich operation counterparts want to sell (purchase) and the correspondingyield determined by the Bank of Japan with the prevailing market yield(the "yield spread") taken into account for auctions. * denotesnon-pro-rata yield spreads; otherwise the figures denote pro-rata yieldspreads.
  4. Date of repurchase for Securitieslending as a secondary source of JGSs is as follows,
    those without * : the nextbusiness day after the offering date,
    those with * : thefourth business day after the offering date.