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

December 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
11/4
4
4
4
5
5
5
5
5
5
6
6
6
6
6
7
7
7
10
10
10
11
11
12
12
13
13
13
13
13
13
14
14
14
14
14
14
17
17
17
17
17
18
18
18
18
18
18
19
19
19
19
19
19
20
20
20
20
20
20
21
21
21
21
21
25
25
25
25
25
25
26
26
26
26
26
27
27
27
27
27
28
28
28
28
28
28
28

JGSs-purchases
Bills-sales
FSOPC-Head
FSOPC-Head
Bills-sales
JGSs-purchases
FSOPC-Head
FSOPC-Head
Bills-sales
JGSs-sales(note1)
JGSs-purchases
CP-purchases
Bills-sales
FSOPC-All
FSOPC-All
JGSs-purchases
FSOPC-Head
Bills-sales
JGSs-purchases
FSOPC-Head
JGSs-sales
JGSs-purchases
FSOPC-All
JGSs-purchases
FSOPC-Head
JGSs-purchases
JGSs-purchases
CP-purchases(note2)
FSOPC-Head
FSOPC-Head
Bills-sales
JGSs-purchases
JGSs-purchases
Bills-sales
FSOPC-All
FSOPC-All
Bills-sales
JGSs-purchases
JGSs-purchases
Bills-sales
FSOPC-Head
Bills-sales
JGSs-purchases
JGSs-purchases
Bills-sales
FSOPC-Head
FSOPC-All
Bills-sales
JGSs-purchases
JGSs-purchases
Bills-sales
FSOPC-Head
FSOPC-Head
Bills-sales
JGSs-purchases
JGSs-purchases
CP-purchases
Bills-sales
FSOPC-Head
Bills-sales
JGSs-purchases
JGSs-purchases
Bills-sales
FSOPC-All
Bills-sales
JGSs-purchases
JGSs-purchases
CP-purchases
Bills-sales
FSOPC-Head
Bills-sales
JGSs-purchases
JGSs-purchases
Bills-sales
FSOPC-Head
FSOPC-Head
JGSs-purchases
JGSs-purchases
CP-purchases
Bills-sales
FSOPC-Head
FSOPC-All
JGSs-purchases
JGSs-purchases
FSOPC-All
FSOPC-All
Bills-sales
JGSs-sales

11/6
11/4*
11/5
11/6
11/5*
11/7
11/6
11/6
11/5*
11/5*
11/10
11/10
11/6*
11/7
11/10
11/11
11/11
11/7*
11/12
11/11
11/10*
11/13
11/13
11/14
11/13
11/17
11/17
11/17
11/14
11/17
11/13*
11/18
11/18
11/14*
11/17
11/18
11/14*
11/19
11/19
11/17*
11/19
11/17*
11/20
11/20
11/18*
11/19
11/20
11/18*
11/21
11/21
11/19*
11/20
11/21
11/19*
11/25
11/25
11/25
11/20*
11/21
11/20*
11/26
11/26
11/21*
11/26
11/21*
11/27
11/27
11/27
11/25*
11/26
11/25*
11/28
11/28
11/26*
11/27
11/28
12/1
12/1
12/1
11/27*
11/28
11/28*
12/2
12/2
12/1
12/2
11/28*
11/28*

11/13
11/5
11/12
2009/1/28
11/6
11/14
11/11
11/20
11/6
11/6
11/17
12/22
11/7
11/18
2009/1/21
11/18
2009/2/5
11/10
11/19
11/17
11/11
11/20
2009/1/29
11/21
11/19
11/18
11/25
12/1
11/27
2009/2/10
11/14
11/19
11/26
11/17
11/25
2009/2/9
11/17
11/20
11/27
11/18
2009/2/13
11/18
11/21
11/28
11/19
11/26
2009/2/12
11/19
11/25
12/1
11/20
11/28
2009/1/20
11/20
11/26
12/2
2009/1/5
11/21
12/4
11/21
11/27
12/3
11/25
2009/1/13
11/25
11/28
12/4
2009/1/8
11/26
12/5
11/26
12/1
12/5
11/27
12/4
2009/2/17
12/2
12/8
12/15
11/28
12/15
12/1
12/3
12/9
12/12
2009/2/13
12/1
12/1

10,000
6,000
4,000
8,000
6,000
16,000
6,000
8,000
6,000
8,000
16,000
6,000
6,000
14,000
8,000
10,000
8,000
4,000
10,000
14,000
4,000
16,000
8,000
20,000
6,000
20,000
16,000
6,000
6,000
8,000
6,000
20,000
10,000
4,000
8,000
8,000
4,000
20,000
10,000
8,000
8,000
4,000
20,000
16,000
6,000
7,000
8,000
4,000
20,000
16,000
8,000
10,000
8,000
6,000
20,000
16,000
6,000
8,000
6,000
6,000
20,000
10,000
8,000
8,000
6,000
20,000
10,000
4,000
6,000
10,000
3,000
20,000
16,000
8,000
8,000
8,000
20,000
16,000
4,000
8,000
8,000
8,000
30,000
16,000
8,000
8,000
8,000
8,000

40,194
6,915
25,680
39,950
11,220
34,494
20,150
47,710
8,675
7,850
32,644
5,285
13,245
28,460
32,889
31,443
43,246
11,915
32,261
41,860
7,350
34,962
36,350
38,206
35,268
24,235
24,702
5,704
25,430
34,374
6,795
24,028
23,496
6,475
23,170
23,850
3,970
27,008
22,061
11,325
35,663
5,420
25,883
29,819
10,035
27,350
27,831
7,370
27,731
30,619
15,985
30,833
46,075
13,772
25,612
25,047
6,706
10,915
30,360
12,680
29,087
25,958
15,992
33,890
15,147
25,668
30,792
4,767
12,350
50,060
9,850
29,835
37,638
10,535
26,793
33,110
27,533
35,164
7,190
10,962
51,266
21,959
33,980
31,478
34,270
36,161
16,980
9,250

10,002
6,001
4,002
8,004
6,010
16,006
6,000
8,004
6,002
7,550
16,005
5,285
6,003
14,160
8,008
10,005
8,001
4,002
10,004
14,003
4,000
16,005
8,004
20,004
6,005
20,085
15,892
4,974
6,002
8,003
6,001
20,001
10,002
4,002
8,002
8,006
3,970
20,003
10,001
8,003
8,002
3,800
20,004
16,011
5,865
7,001
8,009
4,003
20,005
16,005
8,004
10,002
8,004
6,003
20,003
16,003
5,986
8,001
6,002
6,003
20,007
10,006
8,004
8,005
6,006
20,003
10,005
3,983
6,003
10,001
2,950
20,002
16,005
8,002
8,001
8,005
20,004
16,006
4,010
8,003
8,008
8,002
30,000
16,003
8,010
8,008
7,900
8,000

0.450
0.500
0.490
0.450
0.440*
0.460
0.490
0.490
0.480
0.500*
0.470
0.100*
0.450
0.490*
0.460
0.470
0.470
0.380
0.480
0.480
0.490
0.480
0.480
0.480
0.490
0.430*
0.460*
0.100*
0.470
0.450
0.490
0.410
0.450
0.400
0.450
0.450
0.450*
0.400
0.430
0.440
0.440
0.470*
0.400
0.430
0.410*
0.440
0.440
0.450
0.400
0.430
0.400
0.400
0.440
0.440
0.400
0.420
0.110
0.420
0.430
0.440
0.400
0.420
0.400
0.450
0.400
0.400
0.430
0.120
0.390
0.450
0.340*
0.460
0.450
0.400
0.480
0.470
0.490
0.480
0.420*
0.400
0.490
0.490
0.470
0.490
0.500
0.490
0.380*
0.300*

0.457
0.411
0.492
0.463
0.409
0.465
0.492
0.494
0.430
0.491
0.475
0.303
0.429
0.492
0.477
0.477
0.470
0.287
0.480
0.488
0.477
0.482
0.485
0.483
0.491
0.477
0.474
0.320
0.479
0.464
0.363
0.436
0.457
0.318
0.466
0.458
0.380
0.414
0.443
0.377
0.443
0.418
0.415
0.436
0.375
0.445
0.444
0.422
0.407
0.436
0.383
0.417
0.448
0.403
0.402
0.426
0.275
0.389
0.433
0.426
0.405
0.423
0.389
0.459
0.395
0.410
0.434
0.207
0.370
0.453
0.330
0.474
0.463
0.376
0.488
0.471
0.493
0.486
0.526
0.383
0.501
0.493
0.495
0.498
0.502
0.504
0.282
0.250

60.3
29.7
86.5
58.6

94.5
80.0
62.1
88.9

91.0

45.1

8.4
25.6
86.5
26.3
74.0
19.5
90.0
61.7
81.0
63.0
67.3



34.5
79.3
56.9
90.9
62.8
22.9
4.8
82.0

40.7
8.0
50.5
95.5

11.3
54.2

88.9
69.2
36.4
66.5
85.9
56.6
33.4
24.3
22.5
87.5
88.4
79.9
67.8
51.8
8.9
60.0
34.3
62.0
23.6
89.2
18.4
43.9
47.5
56.8
88.3

10.9
6.3
61.9
44.5
64.3
91.1
52.1

54.7
11.5
49.3
22.0
77.8
57.5
38.8

(note1)All bids with bid rates at 0.55% and higher were excluded from the auction.
(note2)All bids with bid rates at 0.07% and lower were excluded from the auction.

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
11/4
13
21
28

Outright purchases
Outright purchases
Outright purchases
Outright purchases

11/7
11/18
11/27
12/3

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

15,055
13,915
9,581
14,704

4,001
4,000
4,083
4,000

0.031
0.008*
0.003*
0.021

0.033
0.016
0.011
0.026

22.5


88.0

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 Allocation on a Pro-rata Basis Rate
2008
11/4
11/18

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

11/6
11/20

2009/1/29
12/18

44,239
32,751

44,239
32,751

1.600*
1.510*

1.600
1.510
(note1) A fixed rate is 1.600%.
(note2) A fixed rate is 1.510%.
(Memo1)Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on November 6, 300.0 billion yen on November 10,
300.0 billion yen on November 19 and 300.0 billion yen on November 25. The purchases were exercised at 300.6 billion yen on November 11, 286.5 billion yen on November 13, 300.0 billion yen on November 25 and 300.2 billion yen on November 28, 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,
20.3 billion yen on November 21 for 20-year JGB #96
The Bank sold securities under repurchase agreements are as follows,
20-year JGB #96 worth 3.0 billion yen on November 21



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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