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

November 4, 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
10/1
1
1
2
2
2
2
3
3
3
3
6
6
7
7
8
8
8
8
9
9
9
9
9
10
10
10
10
10
14
14
14
14
14
15
15
15
15
16
16
16
16
16
17
17
20
20
21
21
21
22
22
23
23
23
24
24
24
27
27
28
28
28
29
29
30
30
30
30
30
30
31
31
31

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

10/1*
10/1*
10/1*
10/2*
10/6
10/2*
10/2*
10/3*
10/7
10/7
10/3*
10/6*
10/6*
10/7*
10/9
10/8*
10/10
10/8*
10/10
10/9*
10/9*
10/14
10/9*
10/14
10/10*
10/15
10/10*
10/10*
10/14
10/14*
10/14*
10/14*
10/16
10/14*
10/15*
10/15*
10/17
10/15*
10/16*
10/20
10/20
10/17
10/16*
10/21
10/17*
10/21
10/22
10/22
10/22
10/23
10/24
10/23
10/27
10/23*
10/24
10/28
10/24*
10/27
10/29
10/27*
10/30
10/29
10/30
10/31
10/29*
10/30*
11/4
10/30*
10/31
11/4
10/30*
10/31*
10/31*
11/4

10/8
10/2
10/7
10/9
10/24
10/3
10/3
10/6
10/27
12/11
10/6
10/17
10/7
10/15
12/15
10/16
10/29
10/9
12/9
10/14
10/15
11/4
10/10
12/15
10/14
11/5
10/14
10/14
10/22
10/15
10/15
10/15
12/22
10/15
10/16
10/16
2009/1/22
10/16
10/17
11/7
11/27
10/23
10/17
11/13
10/20
11/6
2009/1/27
10/30
11/11
2009/1/26
10/31
10/28
11/4
10/24
10/29
11/5
10/27
10/31
11/6
10/28
11/7
11/6
2009/1/16
11/10
10/30
10/31
11/17
10/31
11/4
2009/1/9
10/31
11/4
11/4
11/11

8,000
4,000
8,000
10,000
12,000
6,000
4,000
8,000
12,000
12,000
4,000
10,000
3,000
10,000
10,000
15,000
12,000
6,000
10,000
10,000
10,000
12,000
20,000
10,000
20,000
12,000
15,000
10,000
20,000
10,000
10,000
8,000
15,000
6,000
10,000
12,000
15,000
6,000
6,000
12,000
3,000
10,000
3,000
12,000
3,000
12,000
10,000
8,000
10,000
10,000
10,000
8,000
10,000
6,000
12,000
10,000
6,000
10,000
10,000
6,000
16,000
10,000
10,000
16,000
5,000
15,000
4,000
4,000
6,000
10,000
3,000
6,000
15,000
8,000

38,510
13,310
27,245
20,320
41,398
6,005
6,535
15,070
35,818
37,950
8,390
30,706
7,510
44,540
58,580
47,260
44,629
17,873
80,270
26,300
30,385
39,891
26,112
56,658
32,189
37,296
18,820
18,671
65,150
26,394
14,707
9,580
47,638
9,230
18,970
16,140
47,655
6,707
15,094
33,580
3,640
47,308
8,810
39,127
6,840
47,800
51,400
32,776
33,436
40,820
34,518
33,478
38,467
12,380
32,508
35,833
16,892
36,280
29,415
21,898
28,967
29,077
24,747
23,337
13,355
15,610
6,310
6,590
11,980
40,370
7,240
11,180
13,533
43,060

8,000
4,200
8,004
10,170
12,002
6,005
3,985
8,001
12,001
12,001
4,002
10,001
3,000
10,002
10,003
14,980
12,004
6,000
10,004
9,850
10,006
12,003
20,005
10,002
20,000
12,002
15,050
10,000
20,004
10,002
10,000
8,000
15,003
6,000
9,930
12,005
15,004
6,057
6,084
12,002
2,980
10,003
3,140
12,003
2,900
12,003
10,004
8,003
10,010
10,006
10,002
8,003
10,004
6,080
12,002
10,004
6,000
10,002
10,004
6,002
16,002
10,001
10,047
16,001
5,001
14,960
3,920
4,005
6,080
10,003
2,800
6,002
13,533
7,860

0.750*
0.500*
0.750
0.700*
0.600
0.500*
0.530*
0.600
0.600
0.610
0.500
0.620
0.470
0.650
0.650
0.710*
0.660
0.740
0.750
0.740*
0.750
0.700
0.500
0.760
0.700
0.730
0.530*
0.600*
0.740
0.610
0.610*
0.500
0.620
0.500
0.470*
0.500
0.620
0.700*
0.600*
0.610
0.670*
0.620
0.480*
0.620
0.500*
0.620
0.620
0.630
0.630
0.630
0.630
0.650
0.650
0.560*
0.650
0.650
0.570
0.650
0.660
0.620
0.640
0.660
0.630*
0.410
0.400
0.700*
0.510*
0.750
0.700*
0.460
0.720*
0.650
0.120*
0.420*

0.753
0.500
0.752
0.732
0.619
0.659
0.438
0.644
0.613
0.637
0.469
0.655
0.349
0.686
0.657
0.739
0.676
0.744
0.760
0.749
0.756
0.732
0.604
0.771
0.744
0.754
0.672
0.625
0.763
0.633
0.610
0.364
0.683
0.396
0.396
0.430
0.655
0.546
0.635
0.628
0.731
0.636
0.451
0.628
0.488
0.632
0.632
0.636
0.634
0.636
0.640
0.650
0.653
0.601
0.666
0.658
0.608
0.657
0.660
0.631
0.655
0.669
0.640
0.499
0.348
0.528
0.528
0.726
0.671
0.507
0.681
0.604
0.278
0.443

67.5

63.9


35.6
73.0
89.0
64.4
29.0
39.3
34.8
65.9

47.5
73.9
80.4

76.4
91.5
40.8
80.9
31.5
85.6


5.2
53.7

60.0
11.8
20.0

54.3
65.6


25.3

33.2

93.9

10.1
18.5
35.1
65.4
90.0
86.3
78.8
55.3

17.2
33.7
70.8
23.6
95.0
50.5
34.0
26.0

82.7
52.1


23.3

62.4

53.2

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
10/3
10
17
24
30

Outrightpurchases
Outrightpurchases
Outrightpurchases
Outrightpurchases
Outrightpurchases

10/8
10/16
10/22
10/29
11/5

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

19,687
12,421
13,201
18,871
16,480

4,001
3,820
4,002
4,059
4,001

0.010
0.020*
0.010
0.013*
0.011

0.014
0.042
0.014
0.014
0.018

66.7

81.3

32.6

US Dollar Funds-Supplying Operations against Pooled Collateral

(1 million dollars, percent per annum)

Date of OfferInstrumentDate of ExerciseDate of Repayment(a)
Amounts Offered		Amounts of Competitive BidAmounts of Successful Bid(b)
Pro-rata, Non-pro-rata Rate		 Average Successful Bid Rate Rate Allocation on a Pro-rata Basis Rate
2008
10/7
10/21


USD-FSOPC(M)(note1)
USD-FSOPC(F)(note2)

10/9
10/23

2009/1/5
11/20

20,000


36,299
50,168

20,000
50,168

3.110
2.110*

4.135
2.110

58.0
(note1) Maximum bid ding amount and minimum bid ding rate are 4,000 million dollars and 1.390%, respectively.
(note2) A fixed rate is 2.110%.
(Memo1)Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on October 6, 300.0 billion yen on October 15,
300.0 billion yen on October 20 and 300.0 billion yen on October 27. The purchases were exercised at 300.5 billion yen on October 9,
282.6 billion yen on October 20, 314.5 billion yen on October 23 and 297.1 billion yen on October 30, 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,
3.3 billion yen on October 20 for 5-year JGB #49
25.8 billion yen on October 24 for 10-year JGB #285
 75.2 billion yen on October 29 for 5-year JGB #53
The Bank sold securities under repurchase agreements are as follows,
5-year JGB #49 worth 0.7 billion yen on October 20
10-year JGB #285 worth 2.1 billion yen on October 24
5-year JGB #53 worth 0.6 billion yen on October 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(M): US Dollar Funds-Supplying Operations against Pooled Collateral (Multiple rate competitive auction)
USD-FSOPC(F): US Dollar Funds-Supplying Operations against Pooled Collateral (Fixed rate)
2. * denotes dates when offers and transactions were exercised on the same day.
3. (a) Planned amounts on offer days.For the case of US Dollar Funds-Supplying Operations against Pooled Collateral (Fixed rate) ,funds are provided for unlimited amount against pooled collateral.
(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.

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