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

June 1, 2009
Bank of Japan
Financial Markets Department

Short-term Operations (excluding Outright Purchase/Sale of Treasury Discount Bills,Outright Purchases of CP,Outright purchases of Corporate Bonds)

Table : Short-term Operations (excluding Outright Purchase/Sale of Treasury Discount Bills,Outright Purchases 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                  
5/1 JGSs-purchases 5/8 5/11 30,000 52,908 30,006 0.120 0.124 57.2
1 JGSs-purchases 5/8 5/15 10,000 21,568 10,002 0.120 0.133 7.5
7 CP-purchases 5/11 6/22 4,000 5,423 3,960 0.110 0.113 78.5
7 JGSs-purchases 5/11 5/12 25,000 45,339 25,001 0.120 0.128 27.7
7 JGSs-purchases 5/11 5/18 10,000 24,154 10,004 0.130 0.130 59.1
7 SFSOFCF (note) 5/12 7/30   1,910 1,910 0.100* 0.100  
7 FSOPC-Head 5/8 5/21 6,000 27,613 6,006 0.140 0.141 40.7
8 JGSs-purchases 5/12 5/13 25,000 46,790 25,004 0.120 0.124 60.1
8 JGSs-purchases 5/12 5/19 10,000 22,654 10,004 0.130 0.133 61.3
8 FSOPC-Head 5/11 5/18 6,000 19,266 6,003 0.140 0.144 86.0
11 JGSs-purchases 5/13 5/14 25,000 41,882 25,002 0.110 0.122 26.0
11 JGSs-purchases 5/13 5/20 10,000 27,639 10,004 0.130 0.134 39.8
11 FSOPC-Head 5/12 5/27 6,000 15,229 6,003 0.140 0.146 59.4
11 FSOPC-Head 5/12 6/9 6,000 22,250 6,002 0.150 0.152 61.9
12 CP-purchases 5/14 6/11 4,000 4,005 4,005 0.100* 0.109  
12 JGSs-purchases 5/14 5/15 20,000 36,620 20,002 0.100 0.112 23.1
12 JGSs-purchases 5/14 5/21 10,000 22,305 10,003 0.130 0.135 95.8
12 SFSOFCF (note) 5/15 8/6   3,219 3,219 0.100* 0.100  
12 FSOPC-Head 5/14 8/3 8,000 23,585 8,004 0.170 0.175 51.8
13 JGSs-purchases 5/15 5/18 25,000 37,802 25,004 0.120 0.124 91.6
13 JGSs-purchases 5/15 5/22 10,000 24,953 10,006 0.130 0.131 72.2
13 FSOPC-All 5/14 5/19 8,000 20,950 8,003 0.120 0.135 14.6
13 FSOPC-All 5/15 8/14 8,000 29,090 8,008 0.170 0.179 14.2
14 CP-purchases 5/18 6/1 4,000 3,996 3,996 0.100* 0.106  
14 JGSs-purchases 5/18 5/19 25,000 45,570 25,006 0.120 0.120 86.9
14 JGSs-purchases 5/18 5/25 10,000 25,940 10,003 0.120 0.128 20.5
14 FSOPC-Head 5/15 5/21 8,000 16,600 8,003 0.120 0.120 74.9
14 FSOPC-Head 5/15 6/3 8,000 21,800 8,002 0.130 0.137 41.5
15 JGSs-purchases 5/19 5/20 25,000 45,981 25,007 0.120 0.120 95.5
15 JGSs-purchases 5/19 5/26 10,000 24,050 10,002 0.120 0.124 36.2
15 FSOPC-Head 5/18 5/26 8,000 16,990 8,005 0.120 0.123 92.3
15 FSOPC-Head 5/18 6/4 10,000 28,715 10,005 0.130 0.130 45.5
15 FSOPC-All 5/25 6/15 10,000 47,750 10,005 0.130 0.140 4.8
18 JGSs-purchases 5/20 5/21 25,000 39,987 25,003 0.110 0.118 37.6
18 JGSs-purchases 5/20 5/27 10,000 22,742 10,005 0.120 0.126 32.8
18 FSOPC-All 5/25 6/3 10,000 32,437 10,012 0.130 0.135 26.8
19 CP-purchases 5/21 6/4 4,000 4,220 3,970 0.100 0.106 88.7
19 JGSs-purchases 5/21 5/22 20,000 44,235 20,004 0.110 0.119 12.4
19 JGSs-purchases 5/21 5/28 10,000 28,227 10,002 0.120 0.128 9.2
19 FSOPC-Head 5/20 5/27 6,000 20,424 6,002 0.130 0.133 62.0
20 JGSs-purchases 5/22 5/25 20,000 38,321 20,002 0.110 0.120 16.2
20 JGSs-purchases 5/22 5/29 10,000 27,403 10,003 0.120 0.130 2.6
20 FSOPC-Head 5/21 5/26 8,000 20,580 8,080 0.130* 0.130  
20 FSOPC-Head 5/22 8/14 8,000 22,850 8,007 0.170 0.172 52.7
21 CP-purchases 5/25 7/6 4,000 4,720 3,980 0.100 0.103 80.3
21 JGSs-purchases 5/25 5/26 30,000 64,950 30,007 0.130 0.131 85.2
21 JGSs-purchases 5/25 6/1 10,000 27,325 10,002 0.130 0.134 78.3
21 SFSOFCF (note) 5/26 8/19   4,507 4,507 0.100* 0.100  
21 FSOPC-All 5/22 5/28 6,000 17,893 6,003 0.130 0.131 81.0
21 FSOPC-All 5/25 8/18 8,000 22,320 8,007 0.170 0.175 42.4
22 JGSs-purchases 5/26 5/27 25,000 42,144 25,004 0.120 0.127 60.4
22 JGSs-purchases 5/26 6/2 10,000 34,620 10,008 0.130 0.131 43.5
22 FSOPC-Head 5/25 5/29 8,000 10,390 8,001 0.110 0.123 21.8
22 FSOPC-Head 5/25 6/5 10,000 32,400 10,006 0.130 0.137 22.9
25 JGSs-purchases 5/27 5/28 25,000 41,940 25,003 0.120 0.126 58.7
25 JGSs-purchases 5/27 6/3 10,000 32,740 10,004 0.130 0.135 25.8
25 FSOPC-Head 5/26 6/4 6,000 27,560 6,005 0.130 0.137 10.6
26 CP-purchases 5/28 6/25 4,000 4,765 3,955 0.100 0.106 68.5
26 JGSs-purchases 5/28 5/29 25,000 43,346 25,005 0.120 0.123 81.5
26 JGSs-purchases 5/28 6/4 10,000 26,178 10,003 0.130 0.139 9.5
26 SFSOFCF (note) 5/29 8/24   2,211 2,211 0.100* 0.100  
26 FSOPC-Head 5/27 6/1 6,000 25,280 6,001 0.130 0.138 30.8
27 JGSs-purchases 5/29 6/1 25,000 47,495 25,002 0.130 0.135 72.2
27 JGSs-purchases 5/29 6/5 10,000 25,683 10,002 0.130 0.137 31.4
27 FSOPC-Head 5/28 6/2 6,000 11,835 6,000 0.120 0.124 50.9
27 FSOPC-Head 5/29 8/14 8,000 17,830 8,004 0.160 0.163 68.4
28 CP-purchases 6/1 6/15 4,000 5,755 3,980 0.110 0.114 68.0
28 JGSs-purchases 6/1 6/2 25,000 45,214 25,003 0.120 0.131 37.7
28 JGSs-purchases 6/1 6/8 10,000 24,729 10,003 0.130 0.133 45.7
28 FSOPC-All 6/1 8/27 8,000 22,020 8,001 0.160 0.162 62.0
29 JGSs-purchases 6/2 6/3 25,000 50,050 25,004 0.120 0.127 28.9
29 JGSs-purchases 6/2 6/9 10,000 27,060 10,003 0.130 0.133 88.6
29 FSOPC-Head 6/1 6/5 8,000 22,685 8,005 0.130 0.132 72.2
  • (note) Initial loan rate of Special Funds-Supplying Operations to Facilitate Corporate Financing is 0.10%.

Outright Purchase/Sale of Treasury Discount Bills,Outright Purchases of CP,Outright Purchases of Corporate Bonds

Table : Outright Purchase/Sale of Treasury Discount Bills,Outright Purchases 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                
5/1 Outright purchases of CP (note1) 5/11 3,000 1,460 1,460 0.000* 0.001  
1 Outright purchases of T-Bills 5/11 5,000 19,932 5,001 -0.002 0.001 30.6
11 Outright purchases of Corporate Bonds (note2) 5/15 1,500 457 457 0.000* 0.035  
14 Outright purchases of T-Bills 5/19 5,000 21,016 5,173 0.002* 0.004  
15 Outright purchases of CP (note1) 5/20 3,000 730 730 0.000* 0.000  
19 Outright purchases of T-Bills 5/22 5,000 20,686 5,001 0.000 0.002 29.7
22 Outright purchases of CP (note1) 5/27 3,000 615 615 0.000* 0.000  
28 Outright purchases of T-Bills 6/2 5,000 15,692 5,002 0.000 0.001 79.8
29 Outright purchases of CP (note1) 6/3 3,000 280 230 0.000* 0.000  
  • (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                  
5/1 USD-FSOPC(F)(note1) 5/7 6/4   8,560 8,560 1.200* 1.200  
19 USD-FSOPC(F)(note2) 5/21 8/13   5,622 5,622 1.220* 1.220  
  • (note1) A fixed rate is 1.200%.
  • (note2) A fixed rate is 1.220%.

(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 May 7 ,Exercised at 310.4 billion yen on May 12
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on May 7 ,Exercised at 250.4 billion yen on May 12
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on May 11 ,Exercised at 250.6 billion yen on May 14
(Residual maturity of more than 10 years and up to 30 years) Offered worth 100.0 billion yen on May 11 ,Exercised at 101.1 billion yen on May 14
(Residual maturity of up to 1 year) Offered worth 310.0 billion yen on May 18 ,Exercised at 310.3 billion yen on May 21
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on May 18 ,Exercised at 250.4 billion yen on May 21
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on May 25 ,Exercised at 251.0 billion yen on May 28
(Inflation-indexed bonds) Offered worth 40.0 billion yen on May 25 ,Exercised at 40.2 billion yen on May 28

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in May.

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 Agreementsv 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) For the case of Outright Purchase/Sale of Treasury Discount Bills, 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. For the case of Outright Purchases of CP and Outright Purchases of Corporate Bonds, the difference between the yield at which operation counterparts want to sell and the minimum yield determined by the Bank of Japan (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.