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Bank of Japan Operations in the Money Markets (January 2008)

February 1, 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 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
2008
1/4
7
7
7
7
8
8
8
9
9
9
9
10
10
10
11
11
11
15
15
16
16
16
16
17
17
17
18
18
18
18
21
22
22
23
23
24
25
25
28
29
29
30
31
31
31


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


1/4*
1/7*
1/8
1/7*
1/8
1/8*
1/9
1/10
1/9*
1/11
1/10
1/11
1/15
1/11
1/11
1/15
1/15
1/15
1/15*
1/16
1/16*
1/17
1/17
1/17
1/18
1/18
1/21
1/21
1/18*
1/21
1/22
1/23
1/23
1/24
1/25
1/24
1/25
1/28
1/28
1/30
1/30
1/31
1/31
2/4
2/1
2/4


1/7
1/8
1/28
1/8
2/19
1/9
1/31
3/31
1/10
2/1
1/22
3/28
2/5
1/28
2/15
1/22
2/1
3/10
1/16
2/21
1/17
2/7
1/30
2/14
2/12
2/5
4/3
2/8
1/21
2/22
3/31
4/15
2/18
4/8
2/13
2/15
2/21
2/14
3/11
2/15
3/18
4/15
2/15
2/22
2/13
4/11


4,000
4,000
6,000
2,000
8,000
3,000
5,000
8,000
2,000
8,000
5,000
8,000
8,000
5,000
6,000
6,000
4,000
6,000
6,000
9,000
5,000
8,000
6,000
9,000
8,000
4,000
8,000
8,000
4,000
8,000
8,000
8,000
3,000
8,000
8,000
4,000
7,000
7,000
8,000
8,000
6,000
8,000
8,000
8,000
3,000
8,000


10,780
11,210
18,209
4,770
24,550
9,370
24,075
23,488
9,750
24,098
22,270
34,110
22,526
20,450
13,653
15,776
15,115
24,972
14,404
38,132
12,345
24,287
25,992
36,392
22,098
22,875
43,738
26,000
8,580
32,020
31,400
43,100
19,990
37,300
21,505
23,843
31,900
29,908
29,892
31,181
27,487
42,392
40,346
39,245
20,100
46,940


4,080
4,002
6,001
2,070
7,900
3,002
5,005
8,002
2,002
8,007
5,005
8,014
8,005
5,004
6,004
6,003
4,002
6,003
6,002
9,008
5,003
8,003
6,005
9,005
8,004
4,005
8,003
8,005
4,002
8,005
8,006
8,008
3,007
8,004
8,007
4,002
7,003
7,005
8,003
8,008
6,005
8,006
8,002
8,007
3,004
8,013


0.520*
0.510
0.530
0.600*
0.540*
0.510
0.530
0.540
0.510
0.530
0.530
0.540
0.540
0.530
0.530
0.540
0.540
0.540
0.530
0.540
0.510
0.540
0.540
0.540
0.530
0.530
0.550
0.530
0.520
0.530
0.530
0.550
0.530
0.540
0.530
0.530
0.530
0.530
0.530
0.530
0.530
0.540
0.530
0.540
0.540
0.550


0.501
0.505
0.535
0.556
0.542
0.506
0.532
0.542
0.508
0.534
0.532
0.541
0.546
0.531
0.535
0.545
0.540
0.541
0.536
0.541
0.519
0.541
0.540
0.540
0.535
0.537
0.567
0.530
0.500
0.530
0.531
0.553
0.531
0.551
0.533
0.532
0.533
0.533
0.535
0.532
0.539
0.548
0.540
0.540
0.542
0.551



68.0
50.0


68.9
59.5
81.2
60.7
47.2
54.4
43.1
34.9
34.8
30.3
71.8
57.9
55.9
44.6
55.1
25.4
63.3
75.1
80.8
27.5
7.9
12.0
71.6
73.4
56.6
59.0
55.5
21.1
2.5
49.5
28.2
26.2
26.1
38.9
36.7
2.3
12.5
1.6
71.2
28.8
92.6

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
2008
1/7
15
22
29


Outrightpurchases
Outrightpurchases
Outrightpurchases
Outrightpurchases


1/10
1/18
1/25
2/1


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


17,160
16,537
12,922
11,571


4,000
4,002
3,890
4,002


-0.004
0.006
0.000*
0.003


0.000
0.008
0.001
0.007


30.9
58.4

24.7

(Memo1)Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on January 8,  300.0 billion yen on January 17, 300.0 billion yen on January 23 and 300.0 billion yen on January 28.  The purchases were exercised at 300.7 billion yen on January 11,  300.4 billion yen on January 22, 302.3billion yen on January 28 and 300.3 billion yen on January 31, 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 January 21 for 10-year JGB #280.
The Bank sold 10-year JGB #280 worth 5.5 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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