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

March 3, 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
2/1
4
5
5
5
6
7
7
7
8
8
8
13
13
14
15
18
18
19
19
19
20
21
21
21
21
22
22
22
25
25
26
26
26
27
27
27
27
28
28
29
29
29
29

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

2/4
2/5
2/5*
2/6
2/7
2/7
2/12
2/7*
2/8
2/12
2/12
2/13
2/14
2/15
2/18
2/15*
2/20
2/20
2/19*
2/20
2/21
2/21
2/25
2/21*
2/22
2/22
2/25
2/25
2/25
2/26
2/26
2/26*
2/27
2/28
2/27*
2/29
2/28
2/28
3/3
2/29
2/29*
3/4
3/3
3/4

2/27
2/26
2/6
2/29
4/22
2/15
2/28
2/8
3/21
3/3
2/28
4/17
3/13
4/30
4/23
2/18
3/6
5/9
2/20
3/7
4/28
3/21
3/7
2/22
3/10
4/1
3/5
3/14
3/28
3/12
4/7
2/27
3/26
5/16
2/28
3/13
3/10
3/28
3/17
4/9
3/3
3/21
3/31
5/7

6,000
6,000
2,000
5,000
8,000
4,000
8,000
3,000
7,000
6,000
4,000
8,000
5,000
8,000
8,000
5,000
8,000
8,000
4,000
5,000
8,000
8,000
8,000
2,000
8,000
9,000
8,000
10,000
9,000
4,000
6,000
3,000
9,000
8,000
5,000
8,000
8,000
8,000
8,000
8,000
3,000
8,000
8,000
8,000

28,600
31,405
7,150
24,100
41,150
16,950
28,750
7,830
28,060
16,749
21,035
41,660
26,917
40,400
48,050
4,180
28,226
42,650
10,910
26,450
44,810
38,010
34,691
5,350
41,250
47,150
17,467
46,110
31,900
15,500
33,256
10,100
33,510
34,060
15,650
28,798
27,800
32,000
26,782
41,881
12,015
25,005
43,100
46,500

6,002
6,004
2,003
5,200
8,005
4,004
8,000
3,002
7,005
6,004
4,004
8,010
5,003
8,008
8,013
4,180
8,007
8,007
4,000
5,008
8,012
8,003
8,011
2,000
8,003
9,006
8,006
10,005
9,003
4,002
6,007
3,001
9,006
8,008
5,000
8,003
8,005
8,006
8,006
8,002
3,003
8,005
8,006
8,012

0.540
0.540
0.520
0.540*
0.550
0.530
0.530
0.510
0.530
0.530
0.530
0.550
0.540
0.550
0.550
0.750*
0.540
0.550
0.600
0.540
0.550
0.540
0.540
0.510
0.540
0.550
0.540
0.530
0.540
0.530
0.550
0.510
0.530
0.550
0.520*
0.530
0.530
0.530
0.530
0.550
0.520
0.530
0.530
0.550

0.543
0.541
0.527
0.540
0.550
0.530
0.537
0.502
0.535
0.531
0.532
0.551
0.540
0.550
0.551
0.678
0.540
0.551
0.562
0.540
0.551
0.541
0.543
0.528
0.540
0.556
0.543
0.538
0.540
0.530
0.552
0.515
0.532
0.554
0.520
0.538
0.530
0.532
0.533
0.556
0.526
0.537
0.534
0.560

43.3
42.3
18.0

93.0
44.1
13.0
72.7
18.0
43.7
22.2
88.2
73.4
53.5
29.9

50.4
35.2
47.3
28.4
32.8
29.7
24.5
19.6
27.8
26.6
63.6
9.6
86.2
36.7
24.6
35.1
28.8
19.3

17.7
34.4
24.6
37.5
14.6
18.1
24.4
14.1
1.5

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
2/4
14
19
28

Outright purchases
Outright purchases
Outright purchases
Outright purchases

2/7
2/19
2/22
3/4

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

22,528
14,553
18,805
20,157

4,192
4,004
4,001
4,000

0.010*
0.011
0.009
0.007

0.011
0.016
0.010
0.009


46.1
31.8
16.6

(Memo1)Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on February 1, 300.0 billion yen on February 6, 300.0 billion yen on February 20 and 300.0 billion yen on February 25. The purchases were exercised at 300.5 billion yen on February 6, 300.2 billion yen on February 12, 296.0 billion yen on February 25 and 306.0 billion yen on February 28, respectively.
(Memo2)Securities lending as a secondary source of JGSs
No purchases in February.



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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