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

January 5, 2009
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
12/1
1
1
1
1
2
2
2
2
2
2
2
2
3
3
3
3
3
3
3
4
4
4
4
4
4
4
5
5
5
5
5
5
8
8
8
8
8
9
9
9
9
9
9
9
10
10
10
10
10
10
11
11
11
11
11
11
11
11
12
12
12
12
12
12
12
15
15
15
15
15
15
16
16
16
16
16
16
16
16
16
17
17
17
17
17
17
17
18
18
18
18
18
18
18
19
19
19
19
22
22
22
24
24
25
25
26
29
29
29
30
30

JGSs-purchases
JGSs-purchases
FSOPC-Head
FSOPC-Head
Bills-sales
Bills-sales
JGSs-purchases
JGSs-purchases
CP-purchases
Bills-sales
FSOPC-All
FSOPC-All
Bills-sales
Bills-sales
JGSs-purchases
JGSs-purchases
Bills-sales
Bills-sales
FSOPC-Head
Bills-sales
Bills-sales
JGSs-purchases
JGSs-purchases
CP-purchases
Bills-sales
Bills-sales
FSOPC-Head
Bills-sales
JGSs-purchases
JGSs-purchases
Bills-sales
FSOPC-Head
Bills-sales
Bills-sales
JGSs-purchases
JGSs-purchases
FSOPC-Head
Bills-sales
Bills-sales
JGSs-purchases
JGSs-purchases
CP-purchases
Bills-sales
FSOPC-Head
Bills-sales
Bills-sales
JGSs-purchases
JGSs-purchases
JGSs-purchases
Bills-sales
FSOPC-Head
Bills-sales
JGSs-purchases
JGSs-purchases
JGSs-purchases
CP-purchases
Bills-sales
FSOPC-All
Bills-sales
Bills-sales
JGSs-purchases
JGSs-purchases
JGSs-purchases
Bills-sales
Bills-sales
FSOPC-Head
Bills-sales
JGSs-purchases
JGSs-purchases
Bills-sales
FSOPC-All
Bills-sales
Bills-sales
JGSs-purchases
JGSs-purchases
CP-purchases
Bills-sales
Bills-sales
Bills-sales
FSOPC-Head
Bills-sales
Bills-sales
JGSs-purchases
JGSs-purchases
Bills-sales
Bills-sales
FSOPC-All
Bills-sales
Bills-sales
JGSs-purchases
JGSs-purchases
CP-purchases
Bills-sales
Bills-sales (note1)
Bills-sales
Bills-sales
JGSs-purchases
JGSs-purchases
FSOPC-All
JGSs-purchases
CP-purchases(note2)
FSOPC-All
JGSs-purchases
FSOPC-All
JGSs-purchases
CP-purchases
JGSs-purchases
JGSs-purchases
JGSs-purchases
CP-purchases(note3)
JGSs-purchases
JGSs-purchases

12/3
12/3
12/2
12/3
12/1*
12/2*
12/4
12/4
12/4
12/2*
12/3
12/4
12/2*
12/3*
12/5
12/5
12/3*
12/3*
12/4
12/3*
12/4*
12/8
12/8
12/8
12/4*
12/4*
12/5
12/5*
12/9
12/9
12/5*
12/8
12/5*
12/8*
12/10
12/10
12/9
12/8*
12/9*
12/11
12/11
12/11
12/9*
12/10
12/9*
12/10*
12/12
12/12
12/12
12/10*
12/12
12/11*
12/15
12/15
12/15
12/15
12/11*
12/12
12/11*
12/12*
12/16
12/16
12/16
12/12*
12/12*
12/15
12/15*
12/17
12/17
12/15*
12/17
12/15*
12/16*
12/18
12/18
12/18
12/16*
12/16*
12/17
12/18
12/16*
12/17*
12/19
12/19
12/17*
12/18
12/18
12/17*
12/18*
12/22
12/22
12/22
12/18*
12/18*
12/19
12/19*
12/24
12/24
12/19*
12/25
12/25
12/30
12/26
12/30
12/29
12/29
12/30
2009/1/5
2009/1/5
2009/1/5
2009/1/6
2009/1/6

12/4
12/10
12/8
2009/2/18
12/2
12/3
12/5
12/11
2009/1/19
12/3
12/10
2009/2/13
12/3
12/4
12/8
12/12
12/4
12/4
12/22
12/4
12/5
12/9
12/15
12/18
12/5
12/5
12/17
12/8
12/10
12/16
12/8
12/15
12/8
12/9
12/11
12/17
2009/1/15
12/9
12/10
12/12
12/18
2009/1/14
12/10
2009/1/8
12/10
12/11
12/15
12/19
2009/1/5
12/11
2009/3/10
12/12
12/16
12/22
2009/1/6
2009/1/16
12/12
2009/2/2
12/12
12/15
12/17
12/24
2009/1/7
12/15
12/15
2009/1/5
12/16
12/18
2009/1/8
12/16
2009/3/5
12/16
12/17
12/19
2009/1/13
2009/1/7
12/17
12/17
12/26
2009/1/14
12/17
12/18
12/22
2009/1/14
12/18
12/29
2009/1/6
12/18
12/19
12/24
2009/1/15
2009/2/2
12/19
12/19
12/22
12/22
12/25
2009/1/9
12/22
12/26
2009/1/22
2009/1/5
12/29
2009/1/5
12/30
2009/1/13
2009/1/5
2009/1/6
2009/1/13
2009/2/16
2009/1/7
2009/1/14

40,000
10,000
10,000
8,000
8,000
6,000
40,000
10,000
4,000
8,000
8,000
8,000
10,000
10,000
35,000
16,000
8,000
8,000
10,000
6,000
15,000
30,000
16,000
6,000
15,000
10,000
8,000
15,000
30,000
16,000
10,000
8,000
4,000
15,000
35,000
10,000
10,000
5,000
10,000
40,000
10,000
6,000
10,000
10,000
5,000
15,000
40,000
8,000
8,000
15,000
8,000
20,000
40,000
8,000
8,000
6,000
12,000
8,000
8,000
20,000
40,000
8,000
8,000
10,000
10,000
8,000
20,000
40,000
10,000
8,000
8,000
8,000
12,000
40,000
8,000
6,000
15,000
8,000
8,000
8,000
8,000
20,000
30,000
8,000
10,000
12,000
8,000
8,000
30,000
30,000
8,000
6,000
15,000
12,000
10,000
20,000
25,000
10,000
20,000
30,000
6,000
10,000
30,000
10,000
30,000
3,000
30,000
30,000
8,000
6,000
25,000
8,000

40,557
21,374
17,013
28,188
14,640
15,410
47,988
19,920
7,383
16,222
18,366
27,090
17,080
27,830
40,635
22,116
17,745
13,885
29,038
13,785
32,100
32,983
23,905
6,742
21,069
10,550
18,195
18,350
34,302
21,647
13,784
22,942
8,745
13,430
45,716
26,687
34,400
10,658
19,390
51,216
24,100
9,193
14,392
31,315
6,540
23,360
45,166
19,871
24,924
14,895
28,309
31,320
50,317
17,607
22,551
8,327
21,100
34,296
12,195
33,670
58,774
17,416
20,910
16,415
11,620
27,000
18,780
60,173
21,960
8,140
25,980
7,500
31,220
55,262
21,250
7,010
25,980
14,531
22,390
28,020
9,780
27,520
47,326
17,926
17,790
19,900
23,917
10,380
34,660
64,113
21,826
5,288
7,526
11,110
18,390
24,190
52,621
25,189
39,410
63,667
3,758
47,540
66,683
22,400
57,518
5,325
44,427
50,209
16,645
5,339
36,866
16,328

40,057
9,984
10,002
8,004
8,004
6,002
40,001
10,000
3,973
8,004
8,078
8,001
10,001
10,008
35,001
16,002
8,002
8,002
10,003
6,003
15,007
29,983
16,005
5,982
15,006
9,900
8,004
15,002
30,102
16,004
10,003
7,942
4,001
13,430
35,166
10,002
10,002
5,002
10,005
40,000
10,005
5,893
10,002
10,003
5,040
15,001
39,866
8,000
8,002
14,895
8,000
20,004
40,003
8,107
8,003
5,997
12,003
8,003
8,001
19,830
40,005
8,005
8,007
10,002
10,070
8,001
18,780
40,004
10,001
7,910
8,004
7,500
12,002
40,002
8,200
5,960
15,003
8,005
7,800
8,005
8,002
20,002
30,002
8,037
10,002
12,003
8,001
8,002
30,001
30,002
8,002
5,288
7,526
11,010
9,970
19,940
25,002
10,006
20,002
30,003
3,228
10,003
30,002
10,003
30,002
2,990
29,807
30,002
7,849
5,319
25,004
8,004

0.150*
0.480*
0.480
0.480
0.360
0.340
0.210
0.380
0.500
0.340
0.390*
0.460
0.350
0.320
0.210
0.330
0.310
0.310
0.350
0.290
0.300
0.230*
0.330*
0.130
0.300
0.350*
0.340
0.310
0.250*
0.330
0.310
0.350*
0.300
0.380*
0.260*
0.360
0.490
0.350
0.310
0.250
0.380
0.490*
0.320
0.500
0.350*
0.320
0.210*
0.360
0.490
0.500*
0.480
0.350
0.230
0.370*
0.490
0.420*
0.340
0.500
0.400
0.320*
0.250
0.380
0.490
0.340
0.400*
0.500
0.500*
0.280
0.480
0.490*
0.480
0.500*
0.310
0.260
0.480*
0.200*
0.320
0.310
0.390*
0.490
0.400
0.330
0.260
0.370*
0.350
0.370
0.350
0.400
0.480
0.290
0.300
0.100*
0.500*
0.500*
0.440*
0.490*
0.300
0.310*
0.100
0.190
0.100*
0.280
0.240
0.280
0.270
0.130
0.250*
0.120
0.130*
0.100*
0.110
0.120

0.458
0.485
0.489
0.487
0.343
0.333
0.320
0.443
0.539
0.317
0.431
0.479
0.326
0.296
0.283
0.357
0.300
0.296
0.371
0.263
0.294
0.287
0.340
0.186
0.293
0.305
0.356
0.292
0.289
0.350
0.287
0.357
0.280
0.308
0.316
0.379
0.492
0.308
0.305
0.295
0.391
0.533
0.301
0.503
0.311
0.304
0.256
0.389
0.500
0.347
0.487
0.316
0.270
0.390
0.498
0.486
0.321
0.513
0.333
0.299
0.276
0.401
0.495
0.314
0.345
0.503
0.325
0.304
0.493
0.352
0.500
0.379
0.303
0.289
0.485
0.378
0.308
0.299
0.378
0.494
0.336
0.307
0.290
0.440
0.306
0.345
0.412
0.360
0.356
0.299
0.328
0.151
0.495
0.488
0.392
0.369
0.312
0.320
0.162
0.208
0.120
0.290
0.254
0.292
0.286
0.176
0.273
0.139
0.137
0.107
0.124
0.124

89.5
61.7
43.6
83.7
80.1
34.0
47.9
17.7

30.1
81.0
7.3
23.4
86.6
18.4
39.0
31.3
45.7
55.7


81.4
97.6

37.7
37.7

23.1
71.9

67.1


70.3
94.7
51.7
95.3
27.0
83.9

74.8
85.4

61.8

36.5
55.8

46.0
33.6
79.4

47.7

46.6
75.9
20.5

72.7
13.7
50.2
15.3

54.0

28.7
27.5

17.0

67.2
24.0


88.4
63.3

57.8
88.9
75.0
74.4

10.8
51.4
28.8
77.0
51.7
39.9
38.3





35.8

50.2
4.5

43.3
24.0
4.6
30.6
17.0

86.0


20.0
42.4
(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.
(note3)All bids with bid rates at 0.09% 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
12/4
12
18
26

Outright purchases	
Outright purchases	
Outright purchases	
Outright purchases	

12/9
12/17
12/24
2009/1/5

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

13,121
12,906
7,597
13,023

4,190
3,839
4,000
4,000

0.008*
0.010*
0.010*
-0.004

0.015
0.013
0.011
0.005


80.8

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
12/2
12/16
12/30

USD-FSOPC(F)(note1)
USD-FSOPC(F)(note2)
USD-FSOPC(F)(note3)

12/4
12/18
2009/1/5

2009/2/26
2009/1/15
2009/3/26

30,584
27,893
15,678

30,584
27,893
15,678

1.420*
1.280*
1.200*

1.420
1.280
1.200
(note1) A fixed rate is 1.420%.
(note2)A fixed rate is 1.280%.
(note3)A fixed rate is 1.200%.
(Memo1)Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on December 1, 300.0 billion yen on December 8,
300.0 billion yen on December 11 and 350.0 billion yen on December 24. The purchases were exercised at 300.2 billion yen on December 4, 301.8 billion yen on December 11, 300.0 billion yen on December 16 and 341.1 billion yen on December 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,
38.2 billion yen on December 18 for 20-year JGB #86
The Bank sold securities under repurchase agreements are as follows,
20-year JGB #86 worth 1.4 billion yen on December 18



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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