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

July 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
6/2
2
2
2
3
3
3
4
5
5
5
6
6
9
10
10
11
11
12
12
12
13
13
13
16
18
18
18
19
20
20
23
23
24
24
25
25
26
26
27
27
30
30
30
30

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

6/2*
6/2*
6/3
6/3
6/3*
6/4
6/4
6/5
6/9
6/6
6/9
6/10
6/10
6/10
6/12
6/11
6/13
6/12
6/12*
6/13
6/16
6/13*
6/16
6/17
6/17
6/20
6/19
6/20
6/20
6/24
6/23
6/25
6/24
6/26
6/25
6/27
6/26
6/30
6/27
6/30
7/1
6/30*
6/30*
7/1
7/2

6/3
6/3
6/16
6/23
6/4
6/20
7/17
6/27
6/26
6/23
9/10
7/3
9/5
6/24
7/24
6/25
6/24
7/28
6/13
6/26
9/22
6/16
6/30
9/17
6/25
6/26
7/11
9/22
7/18
7/4
7/1
7/7
7/3
7/1
7/8
7/4
7/1
7/10
7/1
7/8
9/22
7/1
7/1
7/15
9/26

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

20,102
10,890
22,600
30,096
6,558
21,500
28,700
27,130
13,084
11,588
31,496
22,794
45,340
10,500
5,006
24,835
20,246
31,703
7,550
16,490
41,750
5,740
18,492
50,600
11,600
21,243
29,765
39,200
17,355
25,657
34,318
22,164
24,882
26,549
40,230
25,559
25,510
25,976
29,250
39,570
50,528
16,606
8,100
31,260
43,030

6,003
4,190
9,002
9,004
3,002
8,004
9,004
10,002
6,006
5,001
8,004
8,004
8,010
4,003
2,990
5,008
8,002
8,001
3,001
3,004
8,004
2,001
3,000
8,005
2,001
8,004
7,005
8,004
2,004
8,005
8,003
8,003
4,004
8,002
6,004
8,005
6,002
10,004
7,155
8,003
7,970
4,002
3,000
5,002
8,005

0.550
0.550*
0.540
0.550
0.520
0.540
0.550
0.540
0.530
0.520
0.560
0.550
0.570
0.520
0.580
0.520
0.520
0.560
0.510
0.530
0.570
0.500
0.550*
0.570
0.550
0.570
0.580
0.570
0.590
0.610
0.620
0.600
0.620
0.620
0.620
0.610
0.640
0.590
0.640*
0.600
0.580*
0.670
0.580
0.570
0.570

0.559
0.551
0.552
0.553
0.530
0.547
0.563
0.543
0.537
0.529
0.569
0.559
0.571
0.524
0.589
0.529
0.533
0.565
0.531
0.539
0.570
0.464
0.550
0.573
0.564
0.580
0.585
0.575
0.596
0.616
0.633
0.604
0.631
0.632
0.629
0.618
0.650
0.593
0.658
0.618
0.581
0.682
0.633
0.579
0.574

18.3

23.2
26.9
23.6
45.3
3.8
94.0
42.6
37.5
9.2
14.9
46.6
59.3
61.0
14.8
17.3
89.0
35.4
8.5
80.4
51.2

24.0
9.1
46.7
31.7
21.0
13.8
37.1
10.5
54.9
5.3
41.4
7.7
92.0
79.5
77.1

34.8

39.1
40.0
21.3
34.9

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
6/6
13
19
23

Outrightpurchases
Outrightpurchases
Outrightpurchases
Outrightpurchases

6/11
6/18
6/24
6/26

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

9,866
16,076
16,419
18,798

3,996
4,099
4,000
3,915

0.002*
0.011*
0.007
0.003*

0.005
0.012
0.008
0.004

40.0

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on June 2,  300.0 billion yen on June 11, 300.0  billion yen on June 18 and 300.0 billion yen on June 23.  The purchases were exercised at 300.0 billion yen on June 5,  304.3 billion yen on June 16, 300.5 billion yen on June 23 and 300.3 billion yen on June 26, respectively.
(Memo2)Securities lending as a secondary source of JGSs
The Bank of Japan offered securities lendings as a secondary source of JGSs worth 47.3 billion yen on June 3 for 10-year JGB #270, 47.3 billion yen on June 16 for 10-year JGB #270, 26.5 billion yen on June 20 for 10-year JGB #270, 47.3 billion yen on June 24 for 10-year JGB #270 and 100.0 billion yen on June 26 for 10-year JGB #246.
The Bank sold 10-year JGB #270 worth 3.5 billion yen on June 3, 10-year JGB #270 worth 41.6 billion yen on June 16, 10-year JGB #270 worth 1.0 billion yen on June 20, 10-year JGB #270 worth 1.5 billion yen on June 24 and 10-year JGB #246 worth 1.9 billion yen on June 26, 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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