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

May 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                  
4/1 JGSs-purchases 4/3 4/6 25,000 38,642 25,005 0.100 0.109 31.3
1 JGSs-purchases 4/3 4/10 10,000 30,895 10,006 0.120 0.127 24.6
1 FSOPC-Head 4/2 4/10 6,000 26,189 6,003 0.130 0.141 6.6
2 CP-purchases 4/6 4/20 4,000 4,415 3,960 0.100 0.107 74.6
2 JGSs-purchases 4/6 4/7 25,000 46,475 25,005 0.110 0.112 76.6
2 JGSs-purchases 4/6 4/13 10,000 32,248 10,007 0.120 0.126 21.8
2 FSOPC-Head 4/6 7/3 8,000 29,656 8,004 0.180 0.183 85.6
3 JGSs-purchases 4/7 4/8 25,000 38,289 25,002 0.100 0.109 38.2
3 JGSs-purchases 4/7 4/14 10,000 29,290 10,008 0.120 0.123 36.2
3 FSOPC-Head 4/6 4/17 8,000 16,396 8,001 0.120 0.131 53.7
3 FSOPC-Head 4/6 4/28 10,000 27,384 10,004 0.130 0.139 33.9
6 JGSs-purchases 4/8 4/9 25,000 35,835 25,005 0.100 0.104 58.7
6 JGSs-purchases 4/8 4/15 10,000 26,738 10,004 0.120 0.124 41.1
6 FSOPC-All 4/7 4/14 8,000 22,750 8,004 0.120 0.128 40.3
6 FSOPC-All 4/7 5/12 8,000 28,337 8,002 0.140 0.156 15.9
7 CP-purchases 4/9 4/23 4,000 4,640 3,970 0.100 0.106 72.8
7 JGSs-purchases 4/9 4/10 25,000 35,948 25,006 0.100 0.104 59.7
7 JGSs-purchases 4/9 4/16 10,000 28,179 10,007 0.120 0.122 52.5
7 SFSOFCF(note) 4/10 7/8   14,453 14,453 0.100* 0.100  
7 FSOPC-Head 4/8 4/17 6,000 19,358 6,006 0.120 0.125 31.6
8 JGSs-purchases 4/10 4/13 20,000 33,543 20,000 0.100 0.107 31.9
8 JGSs-purchases 4/10 4/17 10,000 30,574 10,004 0.120 0.124 43.3
8 FSOPC-Head 4/9 4/30 6,000 23,740 6,003 0.130 0.138 9.0
8 FSOPC-Head 4/10 7/6 8,000 18,694 8,004 0.170 0.176 75.8
9 CP-purchases 4/13 5/25 4,000 5,610 3,970 0.100 0.105 56.0
9 JGSs-purchases 4/13 4/14 20,000 48,589 20,179 0.120* 0.120  
9 JGSs-purchases 4/13 4/20 10,000 35,490 10,003 0.130 0.130 66.4
9 FSOPC-Head 4/10 4/21 6,000 19,436 6,005 0.140 0.140 55.0
9 FSOPC-All 4/13 7/23 8,000 28,193 8,007 0.170 0.180 25.4
10 JGSs-purchases 4/14 4/15 25,000 51,219 25,003 0.130 0.141 30.9
10 JGSs-purchases 4/14 4/21 10,000 32,648 10,003 0.140 0.143 79.0
10 FSOPC-Head 4/13 4/24 8,000 21,300 8,128 0.140* 0.144  
10 FSOPC-Head 4/13 5/8 10,000 28,550 10,000 0.150* 0.153  
13 JGSs-purchases 4/15 4/16 30,000 61,058 30,002 0.160 0.163 92.6
13 JGSs-purchases 4/15 4/22 10,000 29,971 10,002 0.140 0.148 46.6
13 FSOPC-Head 4/15 7/16 8,000 32,093 8,003 0.170 0.177 32.3
14 CP-purchases 4/16 5/14 4,000 7,770 3,960 0.110 0.116 53.5
14 JGSs-purchases 4/16 4/17 30,000 50,270 30,003 0.130 0.145 5.5
14 JGSs-purchases 4/16 4/23 10,000 31,084 10,005 0.140 0.144 50.6
14 FSOPC-All 4/15 4/21 8,000 22,180 8,002 0.130 0.142 12.4
14 FSOPC-All 4/16 7/30 8,000 30,989 8,012 0.170 0.178 13.2
15 JGSs-purchases 4/17 4/20 30,000 48,094 30,005 0.120 0.127 59.2
15 JGSs-purchases 4/17 4/24 10,000 26,029 10,002 0.130 0.138 40.6
15 FSOPC-Head 4/16 4/22 6,000 15,230 6,005 0.130 0.130 74.2
16 CP-purchases 4/20 5/7 4,000 7,390 3,970 0.120 0.126 41.8
16 JGSs-purchases 4/20 4/21 30,000 59,407 30,002 0.130 0.137 55.4
16 JGSs-purchases 4/20 4/27 10,000 34,451 10,005 0.130 0.133 36.3
16 SFSOFCF(note) 4/21 7/15   13,126 13,126 0.100* 0.100  
17 JGSs-purchases 4/21 4/22 30,000 55,268 30,004 0.120 0.135 5.8
17 JGSs-purchases 4/21 4/28 10,000 31,246 10,004 0.130 0.137 27.7
17 FSOPC-Head 4/20 4/28 6,000 24,530 6,003 0.140 0.143 75.8
20 JGSs-purchases 4/22 4/23 30,000 50,529 30,002 0.120 0.131 38.5
20 JGSs-purchases 4/22 4/30 10,000 25,210 10,003 0.130 0.138 22.2
20 FSOPC-All 4/21 4/27 6,000 22,564 6,004 0.140 0.141 64.7
21 CP-purchases 4/23 5/21 4,000 6,680 3,980 0.120 0.130 38.3
21 JGSs-purchases 4/23 4/24 30,000 59,671 30,005 0.120 0.124 70.9
21 JGSs-purchases 4/23 5/1 10,000 37,382 10,006 0.140 0.140 79.9
21 FSOPC-Head 4/23 7/24 8,000 28,075 8,003 0.170 0.179 8.2
22 JGSs-purchases 4/24 4/27 30,000 48,170 30,004 0.110 0.122 26.5
22 JGSs-purchases 4/24 5/7 10,000 35,028 10,004 0.150 0.152 80.7
22 SFSOFCF(note) 4/27 7/22   8,007 8,007 0.100* 0.100  
22 FSOPC-All 4/24 8/5 8,000 23,380 8,007 0.180 0.181 78.9
23 CP-purchases 4/27 6/8 4,000 5,769 3,965 0.110 0.121 26.2
23 JGSs-purchases 4/27 4/28 30,000 54,589 30,002 0.110 0.115 51.2
23 JGSs-purchases 4/27 5/8 10,000 38,714 10,002 0.150 0.156 72.2
23 FSOPC-Head 4/24 5/12 10,000 32,748 10,003 0.150 0.153 65.5
24 JGSs-purchases 4/28 4/30 30,000 59,826 30,003 0.110 0.115 37.4
24 JGSs-purchases 4/28 5/11 10,000 36,530 10,005 0.150 0.152 87.9
27 CP-purchases 4/30 5/28 4,000 5,530 3,980 0.110 0.126 21.3
27 JGSs-purchases 4/30 5/1 30,000 67,049 30,002 0.150 0.159 26.5
27 JGSs-purchases 4/30 5/12 10,000 29,768 10,004 0.150 0.157 36.1
27 FSOPC-Head 4/28 5/7 8,000 25,400 8,005 0.150 0.155 36.3
27 FSOPC-Head 4/28 5/11 8,000 27,480 8,002 0.150 0.160 3.8
28 JGSs-purchases 5/1 5/7 30,000 59,630 30,006 0.150 0.153 63.4
28 JGSs-purchases 5/1 5/13 10,000 19,236 10,001 0.140 0.151 89.3
28 SFSOFCF(note) 5/7 7/27   4,391 4,391 0.100* 0.100  
28 FSOPC-Head 4/30 5/12 8,000 20,730 8,003 0.140 0.146 72.9
30 CP-purchases 5/7 5/18 4,000 6,730 3,970 0.110 0.119 11.7
30 JGSs-purchases 5/7 5/8 30,000 52,067 30,002 0.120 0.127 78.3
30 JGSs-purchases 5/7 5/14 10,000 23,727 10,004 0.130 0.135 61.9
30 FSOPC-Head 5/1 5/14 6,000 17,800 6,001 0.130 0.149 45.2
30 FSOPC-Head 5/7 7/28 8,000 22,697 8,003 0.170 0.178 45.2
  • (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                
4/2 Outright purchases of T-Bills 4/7 5,000 11,462 5,001 -0.007 -0.002 38.4
6 Outright purchases of Corporate Bonds(note1) 4/10 1,500 586 586 0.000* 0.118  
9 Outright purchases of T-Bills 4/14 5,000 13,689 5,001 -0.003 0.002 12.1
10 Outright purchases of CP(note2) 4/15 3,000 190 190 0.000* 0.009  
17 Outright purchases of CP(note2) 4/22 3,000 1,573 1,413 0.000* 0.002  
17 Outright purchases of T-Bills 4/22 5,000 14,218 5,001 -0.007 -0.005 57.2
23 Outright purchases of T-Bills 4/28 5,000 18,086 5,006 0.000* 0.003  
24 Outright purchases of CP(note2) 4/30 3,000 660 660 0.000* 0.000  
  • (note1) 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.
  • (note2) 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                  
4/7 USD-FSOPC(F)(note1) 4/9 5/7   9,760 9,760 1.200* 1.200  
21 USD-FSOPC(F)(note2) 4/23 7/16   7,950 7,950 1.210* 1.210  
  • (note1) A fixed rate is 1.200%.
  • (note2) A fixed rate is 1.210%.

(Memo1)

Outright purchase and sale operations of JGBs
Outright purchase operations of JGBs:
(Residual maturity of up to 1 year) Offered worth 310.0 billion yen on April 3 ,Exercised at 310.0 billion yen on April 8
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on April 3 ,Exercised at 250.2 billion yen on April 8
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on April 9 ,Exercised at 250.4 billion yen on April 14
(Residual maturity of more than 10 years and up to 30 years) Offered worth 100.0 billion yen on April 9 ,Exercised at 100.2 billion yen on April 14
(Residual maturity of up to 1 year) Offered worth 310.0 billion yen on April 15 ,Exercised at 310.2 billion yen on April 20
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on April 15 ,Exercised at 250.2 billion yen on April 20
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on April 22 ,Exercised at 250.6 billion yen on April 27
(Floating-rate bonds) Offered worth 120.0 billion yen on April 22 ,Exercised at 120.1 billion yen on April 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,
63.3 billion yen on April 3 for 10-year JGB #267

The Bank sold securities under repurchase agreements are as follows,
10-year JGB #267 worth 0.3 billion yen on April 3

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.