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

January 4, 2008
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 12/3 3 3 4 4 5 5 6 6 7 7 10 10 11 12 12 13 13 14 14 17 18 19 20 20 20 21 21 21 25 25 25 26 26 26 27 27 27 28	JGSs-purchases FSOPC-Head FSOPC-Head FSOPC-Head FSOPC-Head FSOPC-Head FSOPC-Head JGSs-purchases FSOPC-Head FSOPC-Head FSOPC-All FSOPC-Head FSOPC-Head FSOPC-Head JGSs-purchases FSOPC-Head CP-purchases FSOPC-All Bills-sales FSOPC-Head FSOPC-Head JGSs-purchases FSOPC-Head JGSs-purchases FSOPC-Head FSOPC-Head JGSs-purchases FSOPC-Head FSOPC-Head JGSs-purchases FSOPC-Head FSOPC-All JGSs-purchases FSOPC-Head FSOPC-Head JGSs-purchases FSOPC-Head FSOPC-Head FSOPC-Head	12/5 12/4 12/4 12/4* 12/5 12/6 12/7 12/10 12/7 12/10 12/11 12/11 12/12 12/12 12/14 12/13 12/17 12/17 12/14* 12/17 12/18 12/20 12/20 12/25 12/21 12/25 12/25 12/25 12/25 12/27 12/26 12/27 12/28 12/27 12/27 2008/1/4 12/28 12/28 12/28*	12/20 12/19 12/28 12/5 12/14 2008/1/11 2008/3/21 12/21 12/20 12/21 2008/3/13 12/20 2008/3/28 2008/1/10 12/28 12/26 2008/1/22 2008/3/14 12/17 2008/1/18 12/21 12/27 2008/1/24 2008/1/4 12/27 2008/3/31 2008/1/9 2008/1/10 2008/1/31 2008/1/4 2008/1/17 2008/3/21 2008/1/17 2008/1/4 2008/1/31 2008/1/24 2008/1/7 2008/1/18 2008/1/4	8,000 8,000 8,000 3,000 8,000 8,000 8,000 4,000 3,000 4,000 8,000 3,000 8,000 3,000 6,000 8,000 3,000 8,000 2,000 3,000 3,000 8,000 5,000 8,000 4,000 8,000 8,000 8,000 8,000 8,000 9,000 8,000 8,000 8,000 3,000 8,000 5,000 8,000 8,000	18,730 25,254 20,140 5,848 22,679 20,713 23,385 16,566 14,725 18,446 40,595 18,040 27,745 21,430 17,155 26,500 4,465 49,835 3,170 21,661 15,660 17,771 30,700 29,807 18,610 42,400 23,027 31,020 27,770 20,767 39,250 32,400 27,589 38,030 12,950 24,774 25,200 30,028 10,310	8,005 8,001 8,002 3,002 8,004 8,004 8,003 4,000 3,001 4,004 8,008 3,002 8,006 3,000 6,004 8,001 3,015 8,008 2,020 3,086 3,001 8,001 5,000 8,003 3,860 8,007 8,002 8,005 8,003 8,002 9,004 8,008 8,001 8,002 3,003 8,005 5,002 8,004 7,910	0.530 0.520 0.520 0.520 0.520 0.560 0.570 0.540 0.540 0.550 0.570 0.560 0.570 0.600 0.550 0.550 0.710* 0.580 0.550* 0.630* 0.600 0.570 0.620 0.700 0.630* 0.580 0.660 0.660 0.600 0.720 0.630 0.580 0.620 0.720 0.590 0.550 0.690 0.610 0.510*	0.536 0.533 0.531 0.528 0.525 0.570 0.572 0.546 0.545 0.550 0.574 0.562 0.572 0.603 0.559 0.558 0.762 0.591 0.498 0.635 0.605 0.583 0.635 0.707 0.643 0.590 0.680 0.679 0.617 0.735 0.641 0.583 0.627 0.722 0.591 0.551 0.698 0.613 0.539	53.0 6.8 19.5 22.0 83.5 40.4 96.6 75.4 42.5 71.2 51.6 36.6 71.4 32.0 17.0 84.3 72.8 54.4 13.7 76.4 85.4 44.4 23.8 14.4 67.7 74.5 55.5 65.7 41.9 72.1 77.5 77.5 17.5 39.8

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

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

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 12/4 14 20	Outright purchases Outright purchases Outright purchases	12/7 12/19 12/26	4,000 4,000 4,000	12,600 16,094 14,852	4,000 4,001 4,001	0.002* 0.007 0.000	0.003 0.008 0.005	84.7 46.0

(Memo1)	Outright purchase and sale operations of JGBs
		The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on December 10, 300.0 billion yen on December 17, 300.0 billion yen on December 19 and 300.0 billion yen on December 25. The purchases were exercised at 300.1 billion yen on December 13, 300.3 billion yen on December 20, 300.3billion yen on December 25 and 287.0 billion yen on December 28, respectively.
(Memo2)	Securities lending as a secondary source of JGSs
		No purchases in December.

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.