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Bank of Japan Operations in the Money Markets (January 2009)

February 2, 2009
Bank of Japan
Financial Markets Department

Short-term Operations (excluding Outright Purchase and Sale Operations of TBs and FBs,Outright Purchase Operations of CP)

Table : Short-term Operations (excluding Outright Purchase and Sale Operations of TBs and FBs,Outright Purchase Operations of CP)(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)(d)
Pro-rata, Non-pro-rata Rate / Loan Rate		 (d)
Average Successful Bid Rate or Loan Rate		 Allocation on a Pro-rata Basis Rate
2009                  
1/5 JGSs-purchases 1/7 1/8 20,000 35,945 20,003 0.110 0.122 19.7
5 JGSs-purchases 1/7 1/15 8,000 19,677 8,003 0.120 0.129 45.3
5 CP-purchases 1/7 1/29 4,000 4,505 3,985 0.100 0.109 79.8
5 Bills-sales 1/6 1/14 10,000 16,690 10,002 0.160 0.125 55.8
5 FSOPC-Head 1/7 4/2 8,000 26,430 8,005 0.180 0.203 36.3
6 JGSs-purchases 1/8 1/9 15,000 31,990 15,002 0.120 0.127 59.8
6 JGSs-purchases 1/8 1/16 10,000 32,872 10,004 0.120 0.130 16.4
6 CP-purchases 1/8 2/17 4,000 3,618 3,618 0.100* 0.103  
6 Bills-sales 1/6* 1/7 6,000 23,405 6,004 0.120 0.112 40.8
7 JGSs-purchases 1/9 1/13 15,000 31,116 15,003 0.120 0.129 26.7
7 JGSs-purchases 1/9 1/19 10,000 34,746 10,003 0.130 0.133 51.3
7 Bills-sales 1/8 1/15 6,000 19,360 6,004 0.140 0.138 72.6
7 FSOPC-All 1/9 4/1 8,000 27,140 8,007 0.180 0.198 16.6
8 JGSs-purchases 1/13 1/14 15,000 33,587 15,004 0.130 0.132 80.0
8 JGSs-purchases 1/13 1/20 10,000 33,367 10,002 0.130 0.132 29.5
8 CP-purchases 1/13 1/26 4,000 4,400 3,960 0.100 0.105 92.0
8 SFSOFCF(note1) 1/14 4/3   12,248 12,248 0.100* 0.100  
9 JGSs-purchases 1/14 1/15 20,000 39,201 20,004 0.140 0.154 20.6
9 JGSs-purchases 1/14 1/21 10,000 38,811 10,003 0.150 0.153 87.9
9 CP-purchases 1/14 2/5 4,000 4,340 3,910 0.100 0.104 88.2
13 JGSs-purchases 1/15 1/16 30,000 67,170 30,003 0.210 0.223 31.6
13 JGSs-purchases 1/15 1/22 10,000 39,150 10,003 0.180 0.192 13.3
13 FSOPC-Head 1/14 1/23 12,000 37,362 12,002 0.200 0.212 45.3
13 FSOPC-Head 1/15 4/7 8,000 25,850 8,003 0.190 0.197 51.9
14 JGSs-purchases 1/16 1/19 40,000 67,024 40,004 0.220 0.242 8.8
14 JGSs-purchases 1/16 1/23 10,000 28,614 10,001 0.200 0.211 67.0
14 CP-purchases 1/16 2/24 4,000 6,137 3,977 0.110 0.128 36.9
14 FSOPC-Head 1/15 2/13 8,000 26,742 8,000 0.200* 0.210  
14 FSOPC-All 1/16 4/2 8,000 29,730 8,009 0.200 0.206 38.2
15 JGSs-purchases 1/19 1/20 40,000 63,779 40,006 0.230 0.235 86.9
15 JGSs-purchases 1/19 1/26 10,000 36,257 10,002 0.200 0.211 16.3
15 CP-purchases 1/19 3/2 4,000 4,697 3,980 0.100 0.114 70.3
15 FSOPC-All 1/16 2/5 8,000 24,977 8,150 0.210* 0.212  
15 FSOPC-All 1/19 3/23 8,000 28,570 8,007 0.190 0.202 8.5
16 JGSs-purchases 1/20 1/21 40,000 55,043 40,001 0.150 0.177 11.4
16 JGSs-purchases 1/20 1/27 10,000 31,577 10,003 0.170 0.179 67.5
16 FSOPC-Head 1/19 2/19 10,000 28,873 10,005 0.170 0.179 21.7
19 JGSs-purchases 1/21 1/22 30,000 62,812 30,004 0.170 0.180 23.8
19 JGSs-purchases 1/21 1/28 10,000 36,916 10,001 0.170 0.176 31.0
19 FSOPC-Head 1/20 1/30 10,000 30,353 10,004 0.170 0.179 9.4
19 FSOPC-Head 1/21 4/15 8,000 26,358 8,002 0.190 0.200 13.6
20 JGSs-purchases 1/22 1/23 35,000 57,637 35,004 0.180 0.188 53.4
20 JGSs-purchases 1/22 1/29 10,000 36,448 10,004 0.180 0.185 31.2
20 CP-purchases 1/22 2/19 4,000 5,641 3,975 0.110 0.127 32.6
20 SFSOFCF(note2) 1/23 4/8   12,883 12,883 0.100* 0.100  
20 FSOPC-All 1/22 4/9 8,000 30,644 8,013 0.200 0.207 32.4
21 JGSs-purchases 1/23 1/26 40,000 60,527 40,004 0.170 0.186 3.4
21 JGSs-purchases 1/23 1/30 10,000 32,740 10,004 0.180 0.189 28.9
21 Bills-sales 1/23 1/30 6,000 15,590 6,002 0.210 0.198 30.7
21 FSOPC-Head 1/23 3/23 8,000 28,550 8,002 0.190 0.193 88.3
22 JGSs-purchases 1/26 1/27 40,000 63,076 40,003 0.190 0.202 63.7
22 JGSs-purchases 1/26 2/2 10,000 38,819 10,006 0.190 0.198 21.8
22 CP-purchases 1/26 2/9 4,000 8,226 3,980 0.130 0.144 22.6
22 FSOPC-Head 1/26 2/3 8,000 34,993 8,006 0.200 0.205 34.2
23 JGSs-purchases 1/27 1/28 40,000 60,100 40,004 0.180 0.190 39.8
23 JGSs-purchases 1/27 2/3 10,000 41,412 10,005 0.200 0.201 68.7
23 FSOPC-All 1/26 2/13 8,000 36,173 8,004 0.200 0.209 10.1
26 JGSs-purchases 1/28 1/29 40,000 61,323 40,004 0.180 0.188 59.5
26 JGSs-purchases 1/28 2/4 10,000 39,531 10,004 0.200 0.207 23.0
26 FSOPC-Head 1/27 2/17 6,000 23,730 6,000 0.210* 0.210  
26 FSOPC-Head 1/28 4/16 8,000 30,095 8,005 0.200 0.214 3.6
27 CP-purchases 1/29 2/12 4,000 7,355 3,965 0.150 0.175 39.0
27 JGSs-purchases 1/29 1/30 40,000 57,906 40,003 0.180 0.189 45.9
27 JGSs-purchases 1/29 2/5 10,000 39,329 10,007 0.210 0.213 45.5
27 FSOPC-Head 1/28 2/6 6,000 23,060 6,004 0.210 0.217 17.1
28 JGSs-purchases 1/30 2/2 40,000 73,109 40,004 0.210 0.221 73.4
28 JGSs-purchases 1/30 2/6 10,000 33,614 10,004 0.210 0.220 11.8
28 FSOPC-All 1/29 2/26 8,000 30,020 8,004 0.220 0.222 63.5
29 CP-purchases 2/2 3/16 4,000 4,960 3,980 0.120 0.145 39.8
29 JGSs-purchases 2/2 2/3 40,000 71,960 40,003 0.220 0.231 34.9
29 JGSs-purchases 2/2 2/9 10,000 38,188 10,006 0.220 0.226 23.0
29 FSOPC-Head 1/30 2/20 8,000 27,917 8,004 0.230 0.231 62.6
30 JGSs-purchases 2/3 2/4 40,000 70,185 40,007 0.240 0.246 67.8
30 JGSs-purchases 2/3 2/10 10,000 36,620 10,005 0.230 0.235 33.0
30 FSOPC-All 2/2 2/26 12,000 34,497 12,007 0.230 0.236 42.7
30 FSOPC-All 2/3 4/15 8,000 34,820 8,012 0.240 0.249 56.5
  • (note1) Initial loan rate of Special Funds-Supplying Operations to Facilitate Corporate Financing (offered on Jan. 8) is 0.10%.
  • (note2) Initial loan rate of Special Funds-Supplying Operations to Facilitate Corporate Financing (offered on Jan. 20) is 0.10%.

Outright Purchase and Sale Operations of TBs and FBs,Outright Purchase Operations of CP

Table : Outright Purchase and Sale Operations of TBs and FBs,Outright Purchase Operations of CP(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
2009                
1/9 Outright purchases of TBs/FBs 1/15 4,000 16,878 4,001 0.016 0.019 54.1
16 Outright purchases of TBs/FBs 1/21 4,000 14,338 4,000 0.005 0.011 51.9
22 Outright purchases of TBs/FBs 1/27 4,000 17,625 4,001 0.015 0.017 53.4
29 Outright purchases of TBs/FBs 2/3 4,000 21,203 3,961 0.024* 0.031  
30 Outright purchases of CP(note1) 2/4 3,000 7,482 2,185 0.511 0.716 65.0
  • (note1) Minimum yield (residual maturity of up to 1 month) and minimum yield (residual maturity of more than 1 month and up to 3 months) for Outright purchases of CP are 0.300% and 0.400%, respectively.

US Dollar Funds-Supplying Operations against Pooled Collateral

Table : 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 Allocation on a Pro-rata Basis Rate
2009                  
1/13 USD-FSOPC(F)(note1) 1/15 2/12   15,890 15,890 1.170* 1.170  
1/27 USD-FSOPC(F)(note2) 1/29 4/23   22,430 22,430 1.260* 1.260  
  • (note1) A fixed rate is 1.170%.
  • (note2) A fixed rate is 1.260%.

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 350.0 billion yen on January 7, 350.0 billion yen on January 15,
350.0 billion yen on January 19 and 350.0 billion yen on January 26. The purchases were exercised at 333.2 billion yen on January 13, 350.5 billion yen on January 20, 367.5 billion yen on January 22 and 370.0 billion yen on January 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,
100.0 billion yen on January 20 for 10-year JGB #248

The Bank sold securities under repurchase agreements are as follows,
10-year JGB #248 worth 3.0 billion yen on January 20

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
    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)
    SFSOFCF : Special Funds-Supplying Operations to Facilitate Corporate Financing
  2. * denotes dates when offers and transactions were exercised on the same day.
    1. (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.For the case of Special Funds-Supplying Operations to Facilitate Corporate Financing, funds are provided for unlimited amount against the collateral value of corporate debt.
    2. (b) * denotes non-pro-rata rates, loan rates; otherwise the figures denote pro-rata rates, loan rates.
    3. (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. (d)The figure represent the initial loan rate in Special Funds-Supplying Operations to Facilitate Corporate Financing.
  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.