Skip to main content

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

March 2, 2009
Bank of Japan
Financial Markets Department

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

Table : Short-term Operations (excluding Outright Purchase and Sale Operations of TBs and FBs,Outright Purchase and Sale Operations of T-Bills,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                  
2/2 JGSs-purchases 2/4 2/5 40,000 64,246 40,003 0.230 0.238 98.3
2 JGSs-purchases 2/4 2/12 10,000 28,250 10,003 0.230 0.236 71.5
2 FSOPC-Head 2/3 2/23 10,000 20,012 10,000 0.220 0.227 50.8
2 FSOPC-Head 2/4 4/23 8,000 25,348 8,002 0.240 0.244 65.3
3 CP-purchases 2/5 3/5 4,000 4,886 3,966 0.120 0.146 30.6
3 JGSs-purchases 2/5 2/6 40,000 53,951 40,003 0.130 0.166 57.7
3 JGSs-purchases 2/5 2/13 10,000 34,327 10,002 0.200 0.212 11.2
3 FSOPC-Head 2/4 3/17 8,000 17,790 8,003 0.180 0.192 22.8
4 JGSs-purchases(note1) 2/6 2/9 40,000 40,683 35,683 0.100* 0.130  
4 JGSs-purchases 2/6 2/16 10,000 29,584 10,003 0.170 0.184 53.3
4 FSOPC-Head 2/5 2/12 8,000 10,056 7,986 0.120* 0.135  
4 FSOPC-All 2/6 4/22 8,000 28,765 8,010 0.230 0.245 6.3
5 CP-purchases 2/9 2/23 4,000 6,007 3,987 0.130 0.144 40.3
5 JGSs-purchases 2/9 2/10 35,000 43,685 35,002 0.100 0.127 22.1
5 JGSs-purchases 2/9 2/17 10,000 32,093 10,007 0.170 0.176 35.5
5 FSOPC-Head 2/6 3/6 8,000 12,716 8,002 0.140 0.166 29.5
5 FSOPC-Head 2/6 3/23 8,000 16,030 8,001 0.160 0.175 15.8
6 JGSs-purchases 2/10 2/12 35,000 43,128 35,004 0.100 0.115 62.2
6 JGSs-purchases 2/10 2/18 10,000 30,520 10,003 0.160 0.166 92.4
6 FSOPC-Head 2/9 3/12 10,000 26,515 10,005 0.150 0.155 60.8
9 CP-purchases 2/12 2/26 4,000 5,590 3,990 0.130 0.138 81.8
9 JGSs-purchases 2/12 2/13 30,000 45,150 30,005 0.100 0.112 35.9
9 JGSs-purchases 2/12 2/19 10,000 30,836 10,005 0.160 0.167 38.9
9 FSOPC-Head 2/10 2/25 10,000 24,297 10,005 0.150 0.159 48.3
9 FSOPC-Head 2/12 5/8 8,000 25,100 8,000 0.220 0.229 50.0
10 JGSs-purchases 2/13 2/16 30,000 45,279 30,005 0.100 0.111 41.5
10 JGSs-purchases 2/13 2/20 10,000 23,071 10,004 0.160 0.164 77.3
10 SFSOFCF(note2) 2/16 4/10   13,834 13,834 0.100* 0.100  
10 FSOPC-All 2/12 2/19 10,000 29,995 10,005 0.150 0.156 84.2
12 CP-purchases 2/16 3/30 4,000 4,855 3,985 0.100 0.119 65.6
12 JGSs-purchases 2/16 2/17 30,000 62,185 30,002 0.130 0.144 56.2
12 JGSs-purchases 2/16 2/23 10,000 30,855 10,007 0.160 0.167 30.2
12 FSOPC-All 2/16 5/7 8,000 33,608 8,009 0.230 0.235 46.6
13 JGSs-purchases 2/17 2/18 30,000 69,724 30,008 0.130 0.134 85.9
13 JGSs-purchases 2/17 2/24 10,000 32,525 10,004 0.160 0.164 43.2
13 FSOPC-Head 2/16 2/27 6,000 25,973 6,003 0.160 0.169 9.5
16 JGSs-purchases 2/18 2/19 30,000 61,459 30,001 0.130 0.148 5.6
16 JGSs-purchases 2/18 2/25 10,000 29,248 10,004 0.160 0.167 39.0
16 FSOPC-Head 2/17 2/24 8,000 20,995 8,001 0.160 0.167 42.4
17 CP-purchases 2/19 3/19 4,000 4,293 3,983 0.100 0.120 65.6
17 JGSs-purchases 2/19 2/20 30,000 57,244 30,006 0.130 0.137 76.4
17 JGSs-purchases 2/19 2/26 10,000 31,862 10,004 0.160 0.164 87.3
17 FSOPC-Head 2/18 3/11 6,000 25,820 6,002 0.160 0.169 20.2
17 FSOPC-Head 2/19 5/14 8,000 23,626 8,006 0.220 0.228 16.8
18 JGSs-purchases 2/20 2/23 30,000 54,452 30,004 0.120 0.127 94.7
18 JGSs-purchases 2/20 2/27 10,000 25,810 10,004 0.150 0.158 39.9
18 FSOPC-All 2/19 3/2 8,000 21,144 7,899 0.160* 0.162  
19 CP-purchases 2/23 3/9 4,000 5,648 3,888 0.120* 0.125  
19 JGSs-purchases 2/23 2/24 30,000 56,790 30,009 0.120 0.124 81.6
19 JGSs-purchases 2/23 3/2 10,000 25,714 10,004 0.150 0.156 56.4
19 FSOPC-Head 2/20 3/5 8,000 11,836 8,003 0.140 0.147 85.9
19 FSOPC-Head 2/20 3/16 8,000 20,035 7,835 0.150* 0.153  
20 JGSs-purchases 2/24 2/25 30,000 59,478 30,009 0.120 0.126 45.8
20 JGSs-purchases 2/24 3/3 10,000 25,362 10,004 0.150 0.154 69.1
20 FSOPC-Head 2/23 3/12 10,000 24,958 9,835 0.150* 0.152  
20 FSOPC-All 2/24 6/15 8,000 26,460 8,009 0.220 0.227 41.4
23 JGSs-purchases 2/25 2/26 30,000 65,851 30,001 0.120 0.131 7.6
23 JGSs-purchases 2/25 3/4 10,000 30,088 10,004 0.150 0.152 58.8
23 SFSOFCF(note2) 2/26 5/26   5,771 5,771 0.100* 0.100  
23 FSOPC-Head 2/24 3/3 8,000 22,455 8,000 0.150 0.154 56.0
24 CP-purchases 2/26 3/12 4,000 5,173 4,089 0.130* 0.138  
24 JGSs-purchases 2/26 2/27 30,000 57,265 30,003 0.130 0.133 62.6
24 JGSs-purchases 2/26 3/5 10,000 25,746 10,007 0.150 0.154 46.5
24 FSOPC-Head 2/26 5/25 8,000 23,797 8,004 0.220 0.221 59.2
25 JGSs-purchases 2/27 3/2 30,000 67,954 30,005 0.170 0.176 48.4
25 JGSs-purchases 2/27 3/6 10,000 31,627 10,005 0.160 0.163 49.1
25 FSOPC-All 2/26 3/13 8,000 26,720 8,004 0.170 0.172 60.2
25 FSOPC-All 2/27 6/15 8,000 24,099 8,006 0.220 0.232 10.6
26 CP-purchases 3/2 4/13 4,000 5,462 3,966 0.160 0.185 24.6
26 JGSs-purchases 3/2 3/3 40,000 66,544 40,004 0.160 0.171 45.9
26 JGSs-purchases 3/2 3/9 10,000 32,579 10,006 0.160 0.163 41.1
26 FSOPC-Head 2/27 3/19 10,000 24,693 10,004 0.160 0.162 95.1
27 JGSs-purchases 3/3 3/4 40,000 57,015 40,050 0.130* 0.136  
27 JGSs-purchases 3/3 3/10 10,000 26,017 10,006 0.150 0.153 60.2
27 SFSOFCF(note2) 3/4 4/15   7,214 7,214 0.100* 0.100  
27 FSOPC-All 3/2 3/16 8,000 19,405 8,003 0.140 0.153 12.8
  • (note1) All bids with bid rates at 0.09% and lower were excluded from the auction.
  • (note2) Initial loan rate of Special Funds-Supplying Operations to Facilitate Corporate Financing is 0.10%.

Outright Purchase and Sale Operations of TBs and FBs,Outright Purchase and Sale Operations of T-Bills,Outright Purchase Operations of CP

Table : Outright Purchase and Sale Operations of TBs and FBs,Outright Purchase and Sale Operations of T-Bills,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
                 
2/3 Outright purchases of TBs/FBs 2/6 4,000 10,177 4,000 0.016 0.017 84.5
4 Outright purchases of CP(note) 2/9 3,000 6,381 2,845 0.450 0.655 83.6
10 Outright purchases of CP(note) 2/16 3,000 6,581 2,991 0.363 0.520 30.0
12 Outright purchases of T-Bills 2/17 4,000 10,193 4,075 0.006* 0.008  
16 Outright purchases of CP(note) 2/19 3,000 5,482 2,997 0.300 0.394 76.8
20 Outright purchases of CP(note) 2/25 3,000 5,145 2,420 0.213 0.342 65.0
20 Outright purchases of T-Bills 2/25 4,000 12,991 4,001 0.008 0.009 53.6
25 Outright purchases of CP(note) 3/2 3,000 3,925 2,907 0.001 0.117 32.4
26 Outright purchases of T-Bills 3/3 4,000 9,415 4,000 0.008 0.010 36.5
  • (note) 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                  
2/10 USD-FSOPC(F)(note1) 2/12 3/12   13,660 13,660 1.260* 1.260  
24 USD-FSOPC(F)(note2) 2/26 5/21   19,226 19,226 1.250* 1.250  
  • (note1) A fixed rate is 1.260%.
  • (note2) A fixed rate is 1.250%.

(Memo1)

Outright purchase and sale operations of JGBs
Outright purchase operations of JGBs : (Residual maturity of up to 1 year) Offered worth 230.0 billion yen on February 2 ,Exercised at 230.4 billion yen on February 5
(Residual maturity of more than 1 year and up to 10 years) Offered worth 200.0 billion yen on February 2 ,Exercised at 200.7 billion yen on February 5
(Residual maturity of more than 1 year and up to 10 years) Offered worth 200.0 billion yen on February 5 ,Exercised at 200.1 billion yen on February 10
(Residual maturity of more than 10 years and up to 30 years) Offered worth 75.0 billion yen on February 5 ,Exercised at 75.1 billion yen on February 10
(Residual maturity of up to 1 year) Offered worth 230.0 billion yen on February 18 ,Exercised at 230.3 billion yen on February 23
(Residual maturity of more than 1 year and up to 10 years) Offered worth 200.0 billion yen on February 18 ,Exercised at 200.0 billion yen on February 23
(Residual maturity of more than 1 year and up to 10 years) Offered worth 200.0 billion yen on February 23 ,Exercised at 200.6 billion yen on February 26
(Floating-rate bonds) Offered worth 100.0 billion yen on February 23 ,Exercised at 100.0 billion yen on February 26

(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,
31.8 billion yen on February 16 for 20-year JGB #73

The Bank sold securities under repurchase agreements are as follows,
20-year JGB #73 worth 4.5 billion yen on February 16

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
    Outright Purchases of T-Bills : Outright Purchases of Treasury Discount Bills
    Outright Sales of T-Bills : Outright Sales of Treasury Discount Bills
  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.