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

October 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 Offer	Instrument	Date of Exercise	Date of Resale or Repurchase or Repayment	(a) Amounts Offered	Amounts of Competitive Bid	Amounts 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 9/1 1 2 2 3 4 4 4 5 8 8 9 10 10 11 11 12 12 16 16 16 17 17 17 18 18 18 18 19 19 19 19 22 22 22 22 24 24 24 24 25 25 25 25 26 26 26 26 29 29 29 29 30 30 30	FSOPC-Head FSOPC-Head FSOPC-Head FSOPC-All FSOPC-Head JGSs-purchases FSOPC-Head FSOPC-Head FSOPC-Head JGSs-purchases FSOPC-Head FSOPC-Head FSOPC-Head FSOPC-Head JGSs-purchases FSOPC-All FSOPC-Head Bills-sales FSOPC-Head FSOPC-Head FSOPC-Head FSOPC-Head FSOPC-Head FSOPC-Head FSOPC-Head JGSs-purchases FSOPC-Head FSOPC-Head FSOPC-Head JGSs-purchases FSOPC-Head FSOPC-Head FSOPC-Head JGSs-purchases Bills-sales FSOPC-All FSOPC-Head JGSs-purchases Bills-sales^(note) FSOPC-Head JGSs-purchases CP-purchases FSOPC-Head Bills-sales FSOPC-Head JGSs-purchases FSOPC-Head Bills-sales FSOPC-Head FSOPC-Head FSOPC-Head Bills-sales FSOPC-Head JGSs-purchases FSOPC-Head	9/2 9/3 9/3 9/4 9/4 9/8 9/5 9/5 9/8 9/10 9/9 9/10 9/11 9/12 9/16 9/16 9/16 9/12* 9/16* 9/16* 9/17 9/17* 9/17* 9/18 9/18* 9/22 9/18* 9/19 9/19* 9/24 9/19* 9/22 9/22* 9/25 9/24 9/25 9/24* 9/26 9/25 9/26 9/29 9/29 9/25* 9/26 9/26* 9/30 9/26* 9/26* 9/29* 9/29* 9/30 10/1 9/30* 10/2 9/30*	9/26 11/28 9/11 11/25 9/22 9/24 9/18 9/30 9/16 9/26 9/19 10/3 9/25 12/5 9/30 12/4 10/9 9/16 9/17 9/17 9/24 9/18 9/18 10/10 9/19 10/2 9/19 9/22 9/22 10/3 9/22 9/24 9/24 10/6 9/30 10/10 9/25 10/8 10/6 10/16 10/17 11/13 9/26 9/29 9/29 10/20 9/29 9/29 9/30 9/30 10/1 10/8 10/1 10/21 10/1	7,000 8,000 3,000 8,000 10,000 8,000 6,000 8,000 4,000 8,000 2,000 8,000 6,000 8,000 8,000 8,000 10,000 1,000 15,000 10,000 8,000 20,000 10,000 8,000 15,000 16,000 10,000 8,000 20,000 12,000 10,000 10,000 15,000 16,000 18,000 9,000 15,000 16,000 6,000 15,000 12,000 3,000 10,000 6,000 8,000 12,000 7,000 3,000 15,000 4,000 10,000 15,000 20,000 12,000 10,000	35,270 34,500 23,100 55,140 52,000 21,582 18,409 38,835 19,040 25,150 11,848 53,126 26,595 54,770 20,974 54,938 46,248 3,730 26,699 15,010 33,822 42,573 18,557 51,477 34,402 49,350 13,340 40,640 32,793 38,876 14,423 51,210 33,667 42,269 20,770 54,283 35,752 38,650 3,460 42,687 22,654 5,180 21,442 11,260 20,330 25,578 8,046 8,530 34,329 11,904 40,900 15,580 38,590 30,127 27,639	7,003 8,005 3,006 8,014 10,005 8,005 6,005 8,005 4,004 8,006 2,004 8,002 6,002 8,004 8,001 8,009 10,003 970 15,003 10,002 8,004 20,001 10,002 8,002 15,002 16,002 10,001 8,000 20,004 12,007 10,002 10,000 15,002 16,004 18,001 9,002 15,001 16,002 1,350 15,004 12,003 2,990 10,000 5,990 8,001 12,001 7,000 3,001 15,001 4,001 10,003 15,003 20,002 12,004 10,003	0.540 0.560 0.540 0.560 0.540 0.540 0.540 0.540 0.540 0.530 0.540 0.590 0.560 0.570 0.560 0.580 0.600 0.480* 0.550 0.540 0.620* 0.640 0.540 0.720 0.600 0.730 0.540 0.710 0.650 0.730 0.580 0.740 0.710 0.730 0.730 0.760 0.730 0.720 0.750* 0.750 0.650 0.750 0.740 0.700* 0.750 0.590 0.550 0.640 0.730 0.740 0.750 0.750 0.750 0.570 0.750	0.541 0.566 0.547 0.570 0.541 0.540 0.540 0.555 0.540 0.538 0.540 0.593 0.568 0.579 0.563 0.582 0.606 0.469 0.566 0.609 0.647 0.675 0.580 0.735 0.645 0.751 0.566 0.741 0.668 0.739 0.639 0.744 0.726 0.736 0.666 0.774 0.759 0.740 0.709 0.823 0.681 0.803 0.751 0.667 0.750 0.627 0.704 0.561 0.746 0.741 0.751 0.686 0.751 0.589 0.750	49.1 15.5 10.2 0.7 30.7 65.7 81.9 4.0 76.4 17.4 43.1 60.1 89.5 3.5 73.3 35.1 69.6 67.5 42.3 50.0 54.5 41.6 63.2 79.8 70.9 76.2 86.1 43.1 65.3 66.0 73.1 79.7 39.5 12.0 59.2 39.6 64.9 78.3 56.0 19.0 61.1 45.9 19.5 35.1 65.5 65.7 69.1 88.8 69.8 34.4 63.6

Date of Offer

Instrument

Date of Exercise

Date of Resale or Repurchase or Repayment

(a)
Amounts Offered

Amounts of Competitive Bid

Amounts 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

FSOPC-Head
FSOPC-Head
FSOPC-Head
FSOPC-All
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-Head
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-Head
FSOPC-Head
FSOPC-Head
JGSs-purchases
FSOPC-All
FSOPC-Head
Bills-sales
FSOPC-Head
FSOPC-Head
FSOPC-Head
FSOPC-Head
FSOPC-Head
FSOPC-Head
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-Head
FSOPC-Head
JGSs-purchases
FSOPC-Head
FSOPC-Head
FSOPC-Head
JGSs-purchases
Bills-sales
FSOPC-All
FSOPC-Head
JGSs-purchases
Bills-sales^(note)
FSOPC-Head
JGSs-purchases
CP-purchases
FSOPC-Head
Bills-sales
FSOPC-Head
JGSs-purchases
FSOPC-Head
Bills-sales
FSOPC-Head
FSOPC-Head
FSOPC-Head
Bills-sales
FSOPC-Head
JGSs-purchases
FSOPC-Head

9/2
9/3
9/3
9/4
9/4
9/8
9/5
9/5
9/8
9/10
9/9
9/10
9/11
9/12
9/16
9/16
9/16
9/12*
9/16*
9/16*
9/17
9/17*
9/17*
9/18
9/18*
9/22
9/18*
9/19
9/19*
9/24
9/19*
9/22
9/22*
9/25
9/24
9/25
9/24*
9/26
9/25
9/26
9/29
9/29
9/25*
9/26
9/26*
9/30
9/26*
9/26*
9/29*
9/29*
9/30
10/1
9/30*
10/2
9/30*

^(note) All bids with discount rates above 0.770% were excluded from the auction.

Outright Purchase and Sale Operations of TBs and FBs

(100 million yen, percent per annum)

Date of Offer	Instrument	Date of Exercise	(a) Amounts Offered	Amounts of Competitive Bid	Amounts of Successful Bid	(c) Pro-rata or Non-pro-rata Yield Spread	Average Successful Yield Spread	Allocation on a Pro-rata Basis Rate
2008 9/2 11 18 26	Outright purchases Outright purchases Outright purchases Outright purchases	9/5 9/17 9/24 10/1	4,000 4,000 4,000 4,000	14,154 15,954 8,676 10,660	4,000 3,854 3,910 4,001	0.007* 0.005* 0.011* -0.014	0.008 0.007 0.020 -0.010	79.2

Date of Offer

Instrument

Date of Exercise

(a)
Amounts Offered

Amounts of Competitive Bid

Amounts of Successful Bid

Average Successful Yield Spread

Allocation on a Pro-rata Basis Rate

Outright purchases
Outright purchases
Outright purchases
Outright purchases

9/5
9/17
9/24
10/1

0.007*
0.005*
0.011*
-0.014

0.008
0.007
0.020
-0.010



79.2

US Dollar Funds-Supplying Operations against Pooled Collateral

(1 million dollars, percent per annum)

Date of Offer	Instrument	Date of Exercise	Date of Repayment	(a) Amounts Offered	Amounts of Competitive Bid	Amounts of Successful Bid	(b) Pro-rata, Non-pro-rata Rate	Average Successful Bid Rate Rate	Allocation on a Pro-rata Basis Rate
2008 9/24	USD-FSOPC^(note)	9/25	10/23	30,000	29,622	29,622	1.940*	3.448

^(note) Maximum bid ding amount and minimum bid ding rate are 6,000 million dollars and 1.940%, respectively.

(Memo1)	Outright purchase and sale operations of JGBs
		The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on September 3, 300.0 billion yen on September 10, 300.0 billion yen on September 19 and 300.0 billion yen on September 24. The purchases were exercised at 300.8 billion yen on September 8, 300.4 billion yen on September 16, 304.1 billion yen on September 25 and 293.7 billion yen on September 29, respectively.
(Memo2)	Securities lending as a secondary source of JGSs
		The Bank of Japan offered securities lendings as a secondary source of JGSs under repurchase agreements are as follows,
			13.0 billion yen on September 16 for 5-year JGB #54^* and 10-year JGB #273^*
			49.8 billion yen on September 17 for 10-year JGB #226
			100.0 billion yen on September 22 for 10-year JGB #264, #266, #279, #281, #283, #285 and 20-year JGB #39
			100.0 billion yen on September 25 for 10-year JGB #280
			11.0 billion yen on September 26 for 5-year JGB #65
			100.0 billion yen on September 29 for 10-year JGB #275
		The Bank sold securities under repurchase agreements are as follows,
			10-year JGB #273* worth 1.3 billion yen on September 16
			10-year JGB #226 worth 2.9 billion yen on September 17
			10-year JGB #264, #279 and #283 worth 52.6 billion yen on September 22
			10-year JGB #280 worth 1.3 billion yen on September 25
			5-year JGB #65 worth 4.1 billion yen on September 26
			10-year JGB #275 worth 11.6 billion yen on September 29

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
	USD-FSOPC	: US Dollar Funds-Supplying Operations against Pooled Collateral

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.
5.	Dates of Exercise and Repayment for US Dollar Funds-Supplying Operations against Pooled Collateral are in Eastern Standard Time.