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

April 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
3/3
3
3
3
4
5
5
6
6
6
7
7
10
10
11
12
12
13
13
13
13
14
14
17
17
18
18
18
19
19
19
21
21
21
21
24
24
24
24
24
25
25
25
26
26
26
26
27
27
27
28
28
28
31
31
31
31


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


3/3*
3/4
3/4
3/4
3/5
3/6
3/7
3/10
3/7
3/10
3/10
3/10
3/11
3/12
3/12
3/13
3/14
3/13*
3/17
3/14
3/14
3/17
3/14*
3/17*
3/18
3/18*
3/21
3/21
3/24
3/19*
3/21
3/21*
3/25
3/21*
3/24
3/24*
3/26
3/26
3/25
3/26
3/25*
3/26
3/26
3/28
3/26*
3/27
3/27
3/31
3/28
3/28
3/28*
3/31
3/31
3/31*
3/31*
4/1
4/1


3/4
3/24
3/18
4/11
3/21
3/19
6/4
3/28
3/24
5/23
3/26
4/14
3/24
6/13
5/8
4/1
6/5
3/14
4/2
3/24
4/3
3/26
3/17
3/18
3/27
3/19
4/7
6/13
4/9
3/21
3/28
3/24
4/11
3/24
3/26
3/25
4/14
5/12
4/1
6/13
3/26
4/17
4/2
4/1
3/27
4/8
5/26
4/2
4/1
4/7
3/31
4/4
4/2
4/1
4/1
4/16
5/27


3,000
6,000
7,000
7,000
7,000
9,000
8,000
8,000
9,000
8,000
6,000
8,000
4,000
8,000
6,000
8,000
8,000
2,000
8,000
4,000
8,000
4,000
2,000
4,000
7,000
4,000
10,000
8,000
8,000
3,000
8,000
4,000
8,000
3,000
10,000
6,000
10,000
3,000
8,000
6,000
3,000
10,000
6,000
10,000
2,000
8,000
9,000
10,000
8,000
8,000
6,000
10,000
10,000
15,000
15,000
8,000
10,000


13,560
16,935
29,000
35,420
24,624
22,606
37,150
20,226
32,385
48,940
24,750
46,830
20,100
40,350
36,495
43,350
43,783
9,028
29,592
20,588
37,734
21,488
3,070
10,269
27,110
9,733
35,674
48,900
25,010
11,294
34,898
19,010
21,245
10,972
46,562
20,230
24,466
4,410
44,239
35,538
9,817
21,206
14,850
27,522
5,660
26,725
19,376
30,303
20,199
23,500
24,447
24,052
48,842
38,739
31,514
47,447
40,450


3,002
6,005
7,005
7,005
7,002
9,002
8,005
8,005
9,004
8,009
6,002
8,119
4,005
8,005
6,004
8,003
8,008
1,884
8,006
4,001
8,002
4,003
2,170
4,003
7,002
4,001
10,156
8,003
8,002
3,002
8,000
4,000
8,002
3,002
10,001
6,001
9,866
3,080
8,002
6,005
3,001
10,003
6,001
10,002
2,100
8,002
9,001
10,002
8,002
7,800
5,977
10,002
10,001
15,003
15,100
8,001
10,005


0.530
0.530
0.530
0.550
0.530
0.520
0.550
0.520
0.520
0.560
0.530
0.560*
0.530
0.550
0.560
0.570
0.560
0.540*
0.580
0.570
0.590
0.590
0.700*
0.530
0.610
0.530
0.660*
0.600
0.660
0.540
0.650
0.600
0.660
0.550
0.680
0.560
0.640*
0.640*
0.700
0.610
0.540
0.580
0.720
0.620
0.500*
0.610
0.560
0.680
0.630
0.600*
0.570*
0.640
0.700
0.740
0.730*
0.580
0.560


0.534
0.534
0.533
0.555
0.531
0.525
0.560
0.531
0.527
0.561
0.530
0.560
0.536
0.560
0.560
0.577
0.562
0.545
0.582
0.570
0.590
0.600
0.638
0.541
0.629
0.542
0.675
0.609
0.670
0.554
0.663
0.603
0.672
0.586
0.690
0.599
0.650
0.675
0.710
0.625
0.553
0.594
0.671
0.660
0.500
0.629
0.579
0.689
0.644
0.608
0.589
0.645
0.713
0.741
0.733
0.586
0.561


47.1
32.3
35.2
13.4
53.7
52.7
2.4
3.8
33.6
85.6
94.5

11.4
1.4
36.8
34.2
34.5

74.6
57.2
93.4
30.9

66.6
17.4
21.6

39.7
35.0
8.3
60.0
60.0
47.4
37.7
95.5
17.7


29.1
59.9
34.2
72.7
38.5
25.8

33.7
9.4
63.2
45.3


73.1
74.8
77.8

88.0
60.3

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
3/3
10
19
25

Outright purchases
Outright purchases
Outright purchases
Outright purchases

3/6
3/13
3/25
3/28

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

10,331
19,146
14,460
11,940

4,079
4,000
4,001
3,886

0.000*
0.006
0.010
-0.005*

0.000
0.007
0.013
-0.002


71.0
27.1

(Memo1)Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on March 5, 300.0 billion yen on March 10, 300.0 billion yen on March 17 and 300.0 billion yen on March 26. The purchases were exercised at 294.0 billion yen on March 10, 300.5 billion yen on March 13, 300.2 billion yen on March 21 and 302.9 billion yen on March 31, respectively.
(Memo2)Securities lending as a secondary source of JGSs
No purchases in March.



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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