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

September 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
8/1
4
4
5
6
6
6
7
7
8
8
11
11
11
12
13
13
14
14
14
15
15
18
18
19
20
20
21
21
22
25
25
26
26
27
27
28
28
29
29

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

8/4
8/5
8/5
8/6
8/8
8/7
8/8
8/8
8/11
8/8*
8/11
8/11*
8/12
8/13
8/13
8/15
8/14
8/18
8/15
8/18
8/18
8/15*
8/20
8/19
8/20
8/21
8/22
8/25
8/25
8/25
8/26
8/27
8/27
8/28
8/29
8/28
8/29
8/29
9/1
9/1

8/26
8/13
9/18
8/18
8/26
9/3
10/30
8/21
10/28
8/11
9/1
8/12
8/19
11/7
9/4
9/1
9/9
9/4
8/27
11/4
9/10
8/18
9/5
8/26
9/8
10/1
11/13
9/8
11/12
9/3
9/22
11/21
9/10
11/19
9/16
9/29
9/5
9/12
9/17
10/8

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

15,950
20,338
36,020
17,750
16,151
26,044
35,150
21,800
41,415
6,000
13,675
9,240
16,420
32,800
27,500
22,830
35,590
20,480
33,200
56,570
14,950
2,020
22,057
18,390
36,050
31,630
40,825
20,951
50,108
24,133
29,100
41,457
20,300
35,900
19,927
35,000
15,050
28,600
16,550
49,023

3,003
6,004
8,001
7,006
6,003
8,002
8,008
8,003
8,011
2,200
4,005
4,840
4,003
8,003
8,007
8,009
7,009
6,007
10,005
8,013
3,002
2,020
6,007
4,004
9,005
9,003
8,009
6,004
8,009
6,004
8,003
8,006
6,001
8,013
8,004
10,001
4,002
8,007
5,005
8,002

0.540
0.530
0.540
0.530
0.520
0.530
0.560
0.520
0.560
0.520*
0.520
0.530*
0.530
0.560
0.530
0.530
0.530
0.530
0.530
0.560
0.530
0.750*
0.530
0.540
0.540
0.560
0.560
0.530
0.560
0.540
0.540
0.560
0.540
0.560
0.530
0.540
0.530
0.530
0.530
0.570

0.540
0.535
0.540
0.531
0.530
0.530
0.565
0.522
0.564
0.505
0.528
0.515
0.530
0.560
0.532
0.538
0.537
0.531
0.531
0.562
0.538
0.660
0.536
0.540
0.540
0.563
0.563
0.535
0.563
0.540
0.540
0.562
0.541
0.563
0.539
0.545
0.538
0.533
0.532
0.571

63.2
21.4
85.5
38.6
6.4
42.9
19.2
46.8
15.9

8.4

69.3
41.3
48.3
12.9
7.8
31.1
36.9
21.6
6.9

17.9
43.6
57.2
40.7
20.6
28.7
23.7
61.1
88.3
31.9
53.0
29.4
15.7
52.7
12.4
29.5
41.5
85.6

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
8/7
14
19
29

Outright purchases
Outright purchases
Outright purchases
Outright purchases

8/12
8/19
8/22
9/3

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

14,546
19,818
14,926
13,341

4,002
4,070
4,004
3,970

0.001
0.003*
0.003
0.005*

0.003
0.005
0.005
0.006

25.1

3.8

(Memo1)Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on August 6, 300.0 billion yen on August 11, 300.0 billion yen on August 18 and 300.0 billion yen on August 25. The purchases were exercised at 300.1 billion yen on August 11, 300.4 billion yen on August 14, 314.8 billion yen on August 21 and 300.0 billion yen on August 28, respectively.
(Memo2)Securities lending as a secondary source of JGSs
No purchases in August.



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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