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

April 1, 2009
Bank of Japan
Financial Markets Department

Short-term Operations (excluding Outright Purchase and Sale Operations of T-Bills,Outright Purchase Operations of CP,Outright Purchases of Corporate Bonds)

Table : Short-term Operations (excluding Outright Purchase and Sale Operations of T-Bills,Outright Purchase Operations of CP,Outright Purchases of Corporate Bonds)(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                  
3/2 JGSs-purchases 3/4 3/5 40,000 60,123 40,005 0.110 0.120 42.3
2 JGSs-purchases 3/4 3/11 10,000 18,549 10,000 0.130 0.143 43.4
2 FSOPC-Head 3/3 3/26 8,000 20,460 8,150 0.150* 0.155  
2 FSOPC-Head 3/4 6/3 8,000 15,654 8,003 0.210 0.214 61.4
3 CP-purchases 3/5 4/2 4,000 5,180 3,950 0.150* 0.171  
3 JGSs-purchases 3/5 3/6 35,000 39,582 35,003 0.100 0.113 52.8
3 JGSs-purchases 3/5 3/12 10,000 20,082 10,003 0.120 0.131 33.8
3 FSOPC-Head 3/4 3/11 6,000 13,735 6,003 0.100 0.110 19.0
3 FSOPC-Head 3/4 3/18 8,000 17,185 8,003 0.120 0.125 91.4
4 JGSs-purchases 3/6 3/9 30,000 44,818 30,006 0.100 0.107 48.8
4 JGSs-purchases 3/6 3/13 10,000 23,039 10,002 0.110 0.118 39.8
4 SFSOFCF(note) 3/9 6/5   5,756 5,756 0.100* 0.100  
4 FSOPC-All 3/5 3/25 8,000 30,020 8,007 0.130 0.139 39.4
5 CP-purchases 3/9 3/23 4,000 2,489 2,489 0.100* 0.108  
5 JGSs-purchases 3/9 3/10 30,000 22,863 22,863 0.100* 0.105  
5 JGSs-purchases 3/9 3/16 10,000 28,478 10,001 0.110 0.118 42.8
5 FSOPC-Head 3/6 3/19 6,000 21,458 5,885 0.120* 0.123  
5 FSOPC-All 3/31 4/1 8,000 32,756 8,005 0.250 0.260 72.6
6 JGSs-purchases 3/10 3/11 25,000 27,521 25,005 0.100 0.104 86.3
6 JGSs-purchases 3/10 3/17 10,000 29,406 10,005 0.110 0.117 21.2
6 FSOPC-Head 3/9 3/18 6,000 22,320 6,002 0.110 0.114 25.4
6 FSOPC-All 3/10 6/22 8,000 21,418 8,008 0.200 0.211 30.8
9 JGSs-purchases 3/11 3/12 25,000 23,626 23,626 0.100* 0.104  
9 JGSs-purchases 3/11 3/18 10,000 24,548 10,003 0.110 0.113 44.3
9 FSOPC-Head 3/10 3/17 6,000 24,755 6,005 0.110 0.117 22.7
10 CP-purchases 3/12 4/9 4,000 5,382 3,860 0.150* 0.152  
10 JGSs-purchases 3/12 3/13 20,000 35,492 20,005 0.100 0.107 29.9
10 JGSs-purchases 3/12 3/19 10,000 35,076 10,005 0.110 0.117 18.3
10 SFSOFCF(note) 3/13 4/21   4,727 4,727 0.100* 0.100  
10 FSOPC-Head 3/11 3/26 6,000 25,177 6,004 0.120 0.129 21.5
10 FSOPC-Head 3/12 6/11 8,000 18,791 8,001 0.190 0.201 19.0
11 JGSs-purchases 3/13 3/16 20,000 38,047 20,005 0.110 0.112 96.6
11 JGSs-purchases 3/13 3/23 10,000 32,195 10,007 0.120 0.128 26.3
11 FSOPC-Head 3/12 3/24 8,000 20,400 8,005 0.120 0.129 9.2
11 FSOPC-Head 3/12 4/2 10,000 19,751 10,003 0.150 0.170 41.8
12 CP-purchases 3/16 4/27 4,000 4,012 4,012 0.100* 0.146  
12 JGSs-purchases 3/16 3/17 25,000 40,417 25,005 0.100 0.110 5.1
12 JGSs-purchases 3/16 3/24 10,000 23,767 10,005 0.120 0.130 12.1
12 FSOPC-All 3/13 3/30 8,000 20,029 8,003 0.120 0.128 48.8
12 FSOPC-All 3/16 6/22 8,000 24,478 8,006 0.180 0.193 23.5
13 JGSs-purchases 3/17 3/18 25,000 36,632 25,003 0.100 0.110 30.5
13 JGSs-purchases 3/17 3/25 10,000 25,571 10,004 0.120 0.128 26.4
13 FSOPC-Head 3/16 3/25 10,000 23,453 10,002 0.120 0.126 45.4
13 FSOPC-All 3/31 4/1 8,000 30,840 7,920 0.230* 0.256  
16 JGSs-purchases 3/18 3/19 25,000 38,864 25,004 0.100 0.108 38.7
16 JGSs-purchases 3/18 3/26 10,000 22,843 10,005 0.120 0.128 18.0
16 SFSOFCF(note) 3/19 4/27   7,160 7,160 0.100* 0.100  
16 FSOPC-Head 3/17 4/3 8,000 29,850 8,002 0.150 0.158 32.3
17 CP-purchases 3/19 4/16 4,000 4,340 3,970 0.100 0.113 80.7
17 JGSs-purchases 3/19 3/23 25,000 46,213 25,003 0.100 0.108 24.7
17 JGSs-purchases 3/19 3/27 10,000 32,512 10,005 0.130 0.132 49.7
17 FSOPC-Head 3/18 3/24 6,000 19,982 6,002 0.130 0.135 66.9
18 CP-purchases 3/23 4/6 4,000 5,227 4,147 0.110* 0.122  
18 JGSs-purchases 3/23 3/24 35,000 65,319 35,003 0.140 0.145 98.6
18 JGSs-purchases 3/23 3/30 10,000 29,862 10,005 0.130 0.140 16.5
18 FSOPC-Head 3/23 6/22 8,000 25,826 8,003 0.170 0.189 8.0
19 JGSs-purchases 3/24 3/25 35,000 55,867 35,005 0.140 0.148 55.4
19 JGSs-purchases 3/24 3/31 10,000 28,439 10,006 0.140 0.141 50.9
19 FSOPC-Head 3/23 4/1 8,000 25,800 8,001 0.170 0.195 54.8
19 FSOPC-Head 3/23 4/8 8,000 28,420 8,005 0.160 0.174 15.2
23 JGSs-purchases 3/25 3/26 30,000 63,251 30,006 0.150 0.151 77.4
23 JGSs-purchases 3/25 4/1 10,000 33,380 10,005 0.170 0.178 36.7
23 SFSOFCF(note) 3/26 6/18   5,184 5,184 0.100* 0.100  
23 FSOPC-All 3/31 4/1 8,000 20,950 8,003 0.240 0.255 38.4
24 CP-purchases 3/26 4/15 4,000 3,515 3,515 0.100* 0.110  
24 JGSs-purchases 3/26 3/27 30,000 50,937 30,005 0.150 0.160 21.2
24 JGSs-purchases 3/26 4/2 10,000 36,949 10,004 0.170 0.180 6.8
24 FSOPC-Head 3/25 4/3 8,000 27,430 7,880 0.190* 0.200  
25 JGSs-purchases 3/27 3/30 30,000 52,614 30,003 0.160 0.165 96.6
25 JGSs-purchases 3/27 4/3 10,000 34,538 10,006 0.180 0.192 4.1
25 FSOPC-All 3/27 6/29 8,000 29,260 8,004 0.190 0.198 35.8
26 CP-purchases 3/30 5/11 4,000 2,459 2,459 0.100* 0.102  
26 JGSs-purchases 3/30 3/31 30,000 49,191 30,002 0.160 0.164 72.3
26 JGSs-purchases 3/30 4/6 10,000 29,447 10,002 0.190 0.199 89.8
26 FSOPC-Head 3/27 4/6 10,000 30,970 10,000 0.180 0.214 20.0
27 JGSs-purchases 3/31 4/1 40,000 49,555 40,001 0.150 0.225 14.8
27 JGSs-purchases 3/31 4/7 10,000 16,725 10,000 0.140 0.159 37.0
30 JGSs-purchases 4/1 4/2 35,000 42,419 35,002 0.100 0.115 45.7
30 JGSs-purchases 4/1 4/8 10,000 26,102 10,002 0.120 0.133 29.0
31 CP-purchases 4/2 4/30 4,000 2,640 2,640 0.100* 0.112  
31 JGSs-purchases 4/2 4/3 30,000 45,388 30,007 0.100 0.106 50.3
31 JGSs-purchases 4/2 4/9 10,000 31,698 10,003 0.120 0.122 70.5
31 SFSOFCF(note) 4/3 6/25   9,508 9,508 0.100* 0.100  
31 FSOPC-All 4/1 4/7 6,000 21,833 6,004 0.130 0.137 33.4
  • (note) Initial loan rate of Special Funds-Supplying Operations to Facilitate Corporate Financing is 0.10%.

Outright Purchase and Sale Operations of T-Bills,Outright Purchase Operations of CP,Outright Purchases of Corporate Bonds

Table : Outright Purchase and Sale Operations of T-Bills,Outright Purchase Operations of CP,Outright Purchases of Corporate Bonds(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                
3/2 Outright purchases of CP(note1) 3/5 3,000 967 967 0.000* 0.061  
4 Outright purchases of Corporate Bonds(note2) 3/9 1,500 449 449 0.000* 0.760  
6 Outright purchases of CP(note1) 3/11 3,000 1,097 977 0.000* 0.033  
6 Outright purchases of T-Bills 3/11 4,000 12,731 4,000 -0.009 -0.007 71.4
11 Outright purchases of CP(note1) 3/16 3,000 503 503 0.000* 0.001  
12 Outright purchases of T-Bills 3/17 4,000 17,349 3,903 0.011* 0.013  
16 Outright purchases of CP(note1) 3/19 3,000 1,220 840 0.000* 0.013  
19 Outright purchases of T-Bills 3/25 5,000 20,230 5,000 0.010 0.014 48.0
25 Outright purchases of CP(note1) 3/30 3,000 535 385 0.000* 0.001  
26 Outright purchases of T-Bills 3/31 5,000 11,390 4,969 -0.009* -0.003  
  • (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.
  • (note2) Minimum yield (residual maturity of up to 6 months) and minimum yield (residual maturity of more than 6 months) for Outright purchases of Corporate Bonds are 0.500% and 0.700%, 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                  
3/10 USD-FSOPC(F)(note1) 3/12 4/9   16,495 16,495 1.260* 1.260  
24 USD-FSOPC(F)(note2) 3/26 6/18   2,874 2,874 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 March 4 ,Exercised at 230.5 billion yen on March 9
(Residual maturity of more than 1 year and up to 10 years) Offered worth 200.0 billion yen on March 4 ,Exercised at 200.5 billion yen on March 9
(Residual maturity of more than 1 year and up to 10 years) Offered worth 200.0 billion yen on March 11 ,Exercised at 200.1 billion yen on March 16
(Residual maturity of more than 10 years and up to 30 years) Offered worth 75.0 billion yen on March 11 ,Exercised at 75.2 billion yen on March 16
(Residual maturity of up to 1 year) Offered worth 310.0 billion yen on March 19 ,Exercised at 310.4 billion yen on March 25
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on March 19 ,Exercised at 250.1 billion yen on March 25
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on March 24 ,Exercised at 250.2 billion yen on March 27
(Inflation-indexed bonds) Offered worth 40.0 billion yen on March 24 ,Exercised at 40.1 billion yen on March 27

(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 March 23 for 10-year JGB #249 and #267
65.6 billion yen on March 24 for 10-year JGB #267
100.0 billion yen on March 25 for 10-year JGB #249 and #267
100.0 billion yen on March 26 for 10-year JGB #249 and #267
100.0 billion yen on March 27 for 10-year JGB #249 and #267
100.0 billion yen on March 30 for 10-year JGB #249 and #267
100.0 billion yen on March 31 for 10-year JGB #249

The Bank sold securities under repurchase agreements are as follows,
10-year JGB #249 and #267 worth 7.9 billion yen on March 23
10-year JGB #267 worth 8.9 billion yen on March 24
10-year JGB #249 and #267 worth 31.5 billion yen on March 25
10-year JGB #249 and #267 worth 48.5 billion yen on March 26
10-year JGB #249 and #267 worth 51.0 billion yen on March 27
10-year JGB #249 and #267 worth 37.5 billion yen on March 30
10-year JGB #249 worth 27.5 billion yen on March 31

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.