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

December 3, 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                  
11/1 FSOPC-Head 11/2 11/14 4,000 21,800 4,004 0.540 0.545 18.6
1 FSOPC-All 11/5 2008/2/7 8,000 28,690 8,010 0.600 0.609 34.7
2 FSOPC-Head 11/5 11/12 6,000 28,050 6,005 0.540 0.540 88.3
5 FSOPC-Head 11/6 11/14 8,000 27,200 8,003 0.530 0.533 55.7
6 JGSs-sales 11/7 12/4 4,000 18,700 4,004 0.550 0.548 41.7
7 FSOPC-Head 11/9 2008/2/26 8,000 29,700 8,004 0.600 0.602 91.0
8 JGSs-sales 11/9 12/4 3,000 15,000 3,004 0.550 0.542 4.8
8 FSOPC-All 11/12 2008/2/15 8,000 30,086 8,007 0.590 0.597 30.5
9 Bills-sales 11/9* 11/12 3,000 5,190 3,002 0.500 0.498 91.3
12 JGSs-sales 11/13 12/4 6,000 17,800 6,003 0.550 0.549 93.3
12 FSOPC-Head 11/14 2008/3/6 8,000 26,495 8,007 0.590 0.593 65.5
13 FSOPC-Head 11/14 11/27 3,000 15,750 3,002 0.550 0.550 55.1
14 FSOPC-Head 11/15 12/26 6,000 20,300 6,100 0.550* 0.550  
14 FSOPC-All 11/16 2008/2/27 8,000 33,530 8,007 0.580 0.587 31.5
15 FSOPC-Head 11/16 12/14 3,000 10,800 3,004 0.540 0.543 31.8
16 JGSs-purchases 11/20 12/5 8,000 23,741 8,003 0.540 0.542 85.7
16 FSOPC-Head 11/19 11/29 4,000 15,966 4,005 0.530 0.539 13.1
16 FSOPC-Head 11/19 2008/1/4 8,000 28,700 8,003 0.560 0.572 8.1
19 JGSs-purchases 11/20 11/30 6,000 7,511 6,001 0.510 0.521 41.6
19 FSOPC-Head 11/20 12/12 3,000 12,300 3,000 0.530 0.530 88.6
19 FSOPC-Head 11/20 2008/1/7 8,000 23,650 8,004 0.560 0.567 47.5
20 FSOPC-Head 11/22 2008/3/12 8,000 27,045 8,004 0.570 0.576 65.3
21 JGSs-purchases 11/26 12/7 8,000 26,412 8,004 0.530 0.532 89.4
21 FSOPC-Head 11/22 12/13 3,000 13,709 3,004 0.530 0.532 31.5
21 FSOPC-All 11/26 2008/3/7 8,000 31,000 8,009 0.560 0.572 9.5
22 FSOPC-Head 11/26 12/5 4,000 19,050 4,003 0.540 0.541 40.2
26 FSOPC-Head 11/27 12/10 3,000 16,736 3,002 0.540 0.554 5.8
27 FSOPC-Head 11/28 12/20 6,000 20,240 6,004 0.540 0.545 28.2
28 JGSs-purchases 11/30 12/5 6,000 20,991 6,003 0.560 0.573 19.1
28 FSOPC-Head 11/29 12/7 7,000 21,796 7,003 0.550 0.552 69.9
28 FSOPC-Head 11/29 2008/1/10 8,000 31,520 8,008 0.570 0.579 9.2
29 JGSs-purchases 12/3 12/11 8,000 23,471 7,921 0.540* 0.546  
29 FSOPC-Head 11/30 12/20 6,000 20,935 6,001 0.540 0.547 22.9
29 FSOPC-Head 12/3 2008/3/21 8,000 28,445 8,005 0.570 0.579 44.4
30 JGSs-purchases 12/4 12/13 8,000 24,637 8,006 0.530 0.542 4.9
30 FSOPC-Head 12/3 12/27 5,000 23,070 5,003 0.540 0.547 14.2
30 FSOPC-All 12/4 2008/3/11 8,000 32,490 8,009 0.570 0.576 34.5

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                
11/1 Outright purchases 11/6 4,000 10,737 3,964 0.016* 0.019  
5 Outright purchases 11/8 4,000 5,925 4,002 -0.010 -0.002 19.4
16 Outright purchases 11/21 4,000 10,554 4,001 0.001 0.002 87.3
21 Outright purchases 11/27 4,000 9,279 4,000 -0.014 -0.010 50.1
29 Outright purchases 12/4 4,000 12,014 4,000 0.002 0.005 22.9

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on November 2, 300.0 billion yen on November 7, 300.0 billion yen on November 20 and 300.0 billion yen on November 26. The purchases were exercised at 302.5 billion yen on November 7, 300.8 billion yen on November 12, 300.1billion yen on November 26 and 300.0 billion yen on November 29, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in November.

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.