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

June 2, 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
5/1
2
2
2
7
7
8
8
9
9
9
9
12
12
12
13
13
14
14
14
15
15
16
16
19
19
19
20
21
21
22
22
22
23
23
26
26
27
27
28
28
29
29
29
30
30
30


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


5/7
5/2*
5/2*
5/8
5/8
5/9
5/8*
5/9
5/9*
5/13
5/12
5/13
5/14
5/13
5/14
5/13*
5/15
5/14*
5/16
5/15
5/16
5/19
5/20
5/19
5/19*
5/20
5/20
5/21
5/22
5/23
5/26
5/23
5/26
5/26
5/26
5/27
5/28
5/28
5/29
5/30
5/29
6/2
5/30
5/30
5/30*
6/2
6/2


7/30
5/7
5/7
7/25
5/21
8/11
5/9
5/29
5/12
5/30
5/27
8/6
6/4
5/30
8/15
5/14
6/5
5/15
6/10
6/2
6/11
8/12
6/20
6/6
5/20
6/16
6/20
6/10
6/5
8/28
6/13
6/6
8/21
6/11
6/17
6/24
9/4
6/23
8/29
6/18
6/16
6/25
6/12
6/19
6/2
6/17
6/30


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


48,300
8,140
11,325
55,400
17,320
45,879
8,870
33,591
6,520
27,400
51,479
50,530
22,200
35,417
40,800
8,363
24,707
8,918
19,839
13,100
35,025
44,653
22,000
11,464
9,390
23,634
30,070
11,710
27,150
38,781
26,717
25,981
49,149
17,050
33,339
12,884
31,900
16,281
39,351
23,788
22,528
24,437
17,250
29,250
9,299
19,000
33,210


8,005
5,090
3,001
8,009
3,004
8,004
2,002
6,002
2,002
8,006
10,003
8,008
6,002
10,002
8,005
3,002
8,008
3,002
6,006
2,002
6,004
8,012
8,002
1,822
3,002
6,004
8,001
2,000
9,002
8,007
8,004
7,005
8,000
6,004
8,004
4,002
8,005
4,002
8,009
8,006
5,006
8,003
4,001
8,006
3,001
7,900
9,004


0.570
0.570*
0.580
0.570
0.550
0.570
0.510
0.560
0.510
0.560
0.560
0.570
0.570
0.570
0.570
0.540
0.570
0.550
0.570
0.580
0.570
0.570
0.560
0.570*
0.510
0.560
0.550
0.560
0.550
0.570
0.550
0.550
0.570
0.540
0.550
0.550
0.570
0.550
0.570
0.550
0.550
0.550
0.560
0.550
0.540
0.550*
0.550


0.573
0.536
0.561
0.575
0.556
0.571
0.502
0.560
0.503
0.560
0.560
0.572
0.570
0.570
0.573
0.547
0.572
0.552
0.570
0.580
0.570
0.574
0.561
0.570
0.507
0.562
0.560
0.560
0.558
0.573
0.557
0.552
0.574
0.548
0.554
0.557
0.571
0.553
0.572
0.553
0.553
0.550
0.560
0.552
0.548
0.553
0.551


63.5

50.4
33.4
19.5
75.1
54.0
71.6
17.6
54.5
40.0
36.7
59.6
82.2
44.7
33.5
37.3
58.8
57.8
83.4
52.7
18.0
58.6

75.5
91.4
7.0
90.5
26.9
30.3
21.6
49.8
22.0
15.5
58.3
19.0
54.9
61.7
36.4
84.8
20.0
70.0
88.9
45.1
23.4

30.3

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
5/7
16
20
27


Outright purchases
Outright purchases
Outright purchases
Outright purchases


5/12
5/21
5/23
5/30


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


20,173
14,869
13,557
13,850


4,000
4,000
4,001
4,002


0.008
0.022*
0.006
0.006


0.012
0.024
0.012
0.007


18.5

19.6
47.3

(Memo1)Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on May 7, 300.0 billion yen on May 16, 300.0 billion yen on May 22 and 300.0 billion yen on May 26. The purchases were exercised at 299.7 billion yen on May 12, 292.0 billion yen on May 21, 300.0 billion yen on May 27 and 294.5 billion yen on May 29, respectively.
(Memo2)Securities lending as a secondary source of JGSs
The Bank of Japan offered securities lendings as a secondary source of JGSs worth 79.1 billion yen on May 26 for 5-year JGB #59.
The Bank sold 5-year JGB #59 worth 1.0 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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