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

May 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
4/1
1
1
1
2
2
3
3
3
3
4
4
7
7
7
8
8
9
9
10
10
10
11
11
11
14
14
14
15
15
16
17
17
18
18
21
21
22
23
23
23
24
24
24
25
25
25
28
28
28
30
30
30

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

4/1*
4/2
4/2
4/3
4/4
4/3
4/7
4/3*
4/4
4/7
4/4*
4/7
4/9
4/8
4/8
4/10
4/9
4/10
4/11
4/14
4/11
4/14
4/11*
4/15
4/14
4/16
4/15
4/15
4/15*
4/17
4/17
4/21
4/18
4/21
4/22
4/22
4/23
4/23
4/25
4/24
4/24
4/24*
4/28
4/28
4/25*
4/30
4/28
4/28*
5/1
4/30
4/30*
5/2
5/1

4/2
4/18
5/12
6/20
4/23
4/17
4/25
4/4
5/21
6/16
4/7
5/26
4/28
4/21
5/9
5/1
4/22
4/30
6/26
5/7
4/21
6/20
4/14
5/8
6/9
5/13
5/7
6/20
4/16
7/9
5/1
5/12
5/8
5/26
6/20
5/30
7/24
5/7
5/15
5/16
6/9
4/25
5/23
7/7
4/28
5/28
5/19
4/30
5/23
5/29
5/1
5/19
5/22

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

18,650
25,454
46,440
35,930
24,897
21,655
26,309
11,960
35,200
40,880
10,750
19,285
27,082
24,800
45,095
30,073
38,200
44,590
37,500
23,597
40,755
50,577
8,312
30,660
20,163
29,629
27,513
33,980
26,470
31,750
24,220
29,579
29,684
53,204
50,715
22,568
45,200
38,899
30,973
19,066
29,850
4,395
28,247
52,446
6,510
25,616
20,916
10,841
23,063
38,641
9,073
22,886
17,841

6,001
8,006
10,002
8,002
8,005
3,003
8,004
4,003
6,006
8,010
3,160
3,004
8,005
6,000
8,003
8,003
7,004
9,007
8,000
6,007
8,004
8,008
4,002
8,003
3,003
8,003
4,003
8,002
10,002
8,005
5,003
8,002
5,005
10,004
8,013
3,035
8,005
7,005
8,006
3,966
8,003
3,000
8,005
8,012
3,003
8,005
3,002
3,001
8,004
6,003
3,023
8,002
3,002

0.600
0.560
0.560
0.560
0.560
0.570
0.560
0.520
0.560
0.560
0.510*
0.560
0.550
0.560
0.560
0.550
0.550
0.550
0.560*
0.560
0.560
0.560
0.520
0.570
0.570
0.570
0.580
0.570
0.550
0.560
0.560
0.570
0.580
0.570
0.570
0.580*
0.570
0.580
0.570
0.580*
0.570
0.580
0.570
0.570
0.550
0.570
0.590
0.550
0.580
0.580
0.560*
0.560
0.560

0.613
0.569
0.571
0.560
0.563
0.579
0.560
0.506
0.562
0.561
0.507
0.560
0.550
0.560
0.560
0.553
0.558
0.559
0.560
0.561
0.560
0.563
0.525
0.573
0.570
0.572
0.587
0.570
0.605
0.568
0.567
0.570
0.580
0.575
0.572
0.580
0.572
0.589
0.575
0.581
0.571
0.526
0.570
0.577
0.542
0.574
0.595
0.566
0.587
0.588
0.562
0.564
0.570

89.4
19.5
3.6
68.5
50.3
28.0
51.4
70.9
27.4
36.8

44.3
57.9
93.0
79.9
42.1
9.0
2.9

50.2
63.2
21.9
43.8
49.1
53.3
44.1
40.7
88.9
11.0
12.9
14.0
81.5
68.2
18.0
41.5

51.7
10.9
30.9

83.9
13.7
92.4
15.2
78.3
29.7
38.6
49.8
40.3
8.1

59.8
11.2

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
4/1
8
15
21
28

Outright purchases
Outright purchases
Outright purchases
Outright purchases
Outright purchases

4/4
4/11
4/18
4/24
5/2

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

14,862
19,674
18,233
18,340
20,600

3,802
4,002
4,001
4,010
3,986

0.002*
0.004
0.007
0.010*
0.022*

0.006
0.006
0.009
0.011
0.038

63.3
26.5

(Memo1)Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on April 2, 300.0 billion yen on April 7, 300.0 billion yen on April 16 and 300.0 billion yen on April 23. The purchases were exercised at 303.5 billion yen on April 7, 310.6 billion yen on April 10, 316.0 billion yen on April 21 and 301.5 billion yen on April 28, respectively.
(Memo2)Securities lending as a secondary source of JGSs
The Bank of Japan offered securities lendings as a secondary source of JGSs worth 72.2 billion yen on April 24 for 20-year JGB #57.
The Bank sold 20-year JGB #57 worth 2.3 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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