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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)

(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
1
2
5
6
7
8
8
9
12
12
13
14
14
15
16
16
16
19
19
19
20
21
21
21
22
26
27
28
28
28
29
29
29
30
30
30

FSOPC-Head
FSOPC-All
FSOPC-Head
FSOPC-Head
JGSs-sales
FSOPC-Head
JGSs-sales
FSOPC-All
Bills-sales
JGSs-sales
FSOPC-Head
FSOPC-Head
FSOPC-Head
FSOPC-All
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-Head
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-All
FSOPC-Head
FSOPC-Head
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-All

11/2
11/5
11/5
11/6
11/7
11/9
11/9
11/12
11/9*
11/13
11/14
11/14
11/15
11/16
11/16
11/20
11/19
11/19
11/20
11/20
11/20
11/22
11/26
11/22
11/26
11/26
11/27
11/28
11/30
11/29
11/29
12/3
11/30
12/3
12/4
12/3
12/4

11/14
2008/2/7
11/12
11/14
12/4
2008/2/26
12/4
2008/2/15
11/12
12/4
2008/3/6
11/27
12/26
2008/2/27
12/14
12/5
11/29
2008/1/4
11/30
12/12
2008/1/7
2008/3/12
12/7
12/13
2008/3/7
12/5
12/10
12/20
12/5
12/7
2008/1/10
12/11
12/20
2008/3/21
12/13
12/27
2008/3/11

4,000
8,000
6,000
8,000
4,000
8,000
3,000
8,000
3,000
6,000
8,000
3,000
6,000
8,000
3,000
8,000
4,000
8,000
6,000
3,000
8,000
8,000
8,000
3,000
8,000
4,000
3,000
6,000
6,000
7,000
8,000
8,000
6,000
8,000
8,000
5,000
8,000

21,800
28,690
28,050
27,200
18,700
29,700
15,000
30,086
5,190
17,800
26,495
15,750
20,300
33,530
10,800
23,741
15,966
28,700
7,511
12,300
23,650
27,045
26,412
13,709
31,000
19,050
16,736
20,240
20,991
21,796
31,520
23,471
20,935
28,445
24,637
23,070
32,490

4,004
8,010
6,005
8,003
4,004
8,004
3,004
8,007
3,002
6,003
8,007
3,002
6,100
8,007
3,004
8,003
4,005
8,003
6,001
3,000
8,004
8,004
8,004
3,004
8,009
4,003
3,002
6,004
6,003
7,003
8,008
7,921
6,001
8,005
8,006
5,003
8,009

0.540
0.600
0.540
0.530
0.550
0.600
0.550
0.590
0.500
0.550
0.590
0.550
0.550*
0.580
0.540
0.540
0.530
0.560
0.510
0.530
0.560
0.570
0.530
0.530
0.560
0.540
0.540
0.540
0.560
0.550
0.570
0.540*
0.540
0.570
0.530
0.540
0.570

0.545
0.609
0.540
0.533
0.548
0.602
0.542
0.597
0.498
0.549
0.593
0.550
0.550
0.587
0.543
0.542
0.539
0.572
0.521
0.530
0.567
0.576
0.532
0.532
0.572
0.541
0.554
0.545
0.573
0.552
0.579
0.546
0.547
0.579
0.542
0.547
0.576

18.6
34.7
88.3
55.7
41.7
91.0
4.8
30.5
91.3
93.3
65.5
55.1

31.5
31.8
85.7
13.1
8.1
41.6
88.6
47.5
65.3
89.4
31.5
9.5
40.2
5.8
28.2
19.1
69.9
9.2

22.9
44.4
4.9
14.2
34.5

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
5
16
21
29

Outright purchases
Outright purchases
Outright purchases
Outright purchases
Outright purchases

11/6
11/8
11/21
11/27
12/4

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

10,737
5,925
10,554
9,279
12,014

3,964
4,002
4,001
4,000
4,000

0.016*
-0.010
0.001
-0.014
0.002

0.019
-0.002
0.002
-0.010
0.005

19.4
87.3
50.1
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.
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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