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

July 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                  
6/1 JGSs-purchases 6/3 6/4 25,000 56,495 25,004 0.130 0.135 80.3
1 JGSs-purchases 6/3 6/10 10,000 29,634 10,006 0.130 0.133 53.7
1 FSOPC-Head 6/2 6/8 10,000 32,530 10,005 0.130 0.137 16.9
2 CP-purchases 6/4 6/18 4,000 5,640 3,960 0.110 0.118 44.6
2 JGSs-purchases 6/4 6/5 25,000 54,046 25,002 0.130 0.139 18.6
2 JGSs-purchases 6/4 6/11 10,000 29,880 10,007 0.130 0.135 26.6
2 SFSOFCF (note) 6/5 8/27   4,548 4,548 0.100* 0.100  
2 FSOPC-Head 6/3 6/9 8,000 28,300 8,004 0.140 0.140 77.7
3 JGSs-purchases 6/5 6/8 25,000 48,768 25,003 0.130 0.135 94.6
3 JGSs-purchases 6/5 6/12 10,000 27,608 10,003 0.130 0.133 39.3
3 FSOPC-Head 6/4 6/11 8,000 21,800 8,002 0.130 0.134 61.2
3 FSOPC-Head 6/4 6/17 8,000 24,880 8,004 0.130 0.139 7.7
4 CP-purchases 6/8 7/21 4,000 6,470 3,960 0.110 0.112 82.4
4 JGSs-purchases 6/8 6/9 25,000 46,194 25,003 0.120 0.126 41.4
4 JGSs-purchases 6/8 6/15 10,000 24,671 10,003 0.130 0.131 81.0
4 FSOPC-Head 6/5 6/16 8,000 21,400 8,000 0.120 0.132 5.0
4 FSOPC-Head 6/5 6/24 8,000 18,578 8,005 0.130 0.131 66.6
5 JGSs-purchases 6/9 6/10 25,000 44,924 25,003 0.110 0.118 25.7
5 JGSs-purchases 6/9 6/16 10,000 21,962 10,002 0.120 0.125 34.1
5 FSOPC-All 6/9 9/2 8,000 30,750 8,006 0.160 0.162 82.8
8 JGSs-purchases 6/10 6/11 20,000 39,067 20,005 0.120 0.120 74.4
8 JGSs-purchases 6/10 6/17 10,000 28,844 10,005 0.120 0.128 14.0
8 FSOPC-Head 6/9 6/18 6,000 21,100 6,001 0.130 0.134 40.1
9 CP-purchases 6/11 7/9 4,000 6,975 3,985 0.110 0.118 26.7
9 JGSs-purchases 6/11 6/12 20,000 47,740 20,006 0.120 0.129 6.8
9 JGSs-purchases 6/11 6/18 10,000 30,142 10,004 0.130 0.131 49.0
9 SFSOFCF (note) 6/12 9/3   2,866 2,866 0.100* 0.100  
9 FSOPC-Head 6/10 6/17 6,000 20,300 6,000 0.130 0.133 80.0
9 FSOPC-Head 6/10 6/23 8,000 25,946 8,005 0.130 0.139 6.9
10 JGSs-purchases 6/12 6/15 20,000 42,340 20,005 0.130 0.131 97.3
10 JGSs-purchases 6/12 6/19 10,000 28,022 10,005 0.130 0.134 50.3
10 FSOPC-Head 6/11 6/19 8,000 22,050 8,001 0.130 0.136 27.2
11 CP-purchases 6/15 6/29 4,000 7,225 3,960 0.120 0.121 65.4
11 JGSs-purchases 6/15 6/16 20,000 44,525 20,004 0.130 0.140 4.8
11 JGSs-purchases 6/15 6/22 10,000 29,938 10,005 0.130 0.137 20.7
11 FSOPC-Head 6/12 6/24 6,000 22,070 6,004 0.130 0.137 10.2
12 JGSs-purchases 6/16 6/17 20,000 45,920 20,006 0.130 0.139 16.4
12 JGSs-purchases 6/16 6/23 10,000 25,723 10,006 0.130 0.136 29.8
12 FSOPC-All 6/15 6/19 6,000 24,815 6,004 0.140 0.142 59.1
12 FSOPC-All 6/16 9/9 8,000 29,670 8,006 0.160 0.162 61.8
15 JGSs-purchases 6/17 6/18 20,000 49,231 20,005 0.130 0.138 17.6
15 JGSs-purchases 6/17 6/24 10,000 29,505 10,007 0.130 0.135 26.8
15 SFSOFCF (note) 6/18 9/11   7,056 7,056 0.100* 0.100  
15 FSOPC-Head 6/16 6/25 6,000 23,000 6,004 0.130 0.140 6.1
16 CP-purchases 6/18 7/2 4,000 7,130 3,970 0.120 0.123 56.1
16 JGSs-purchases 6/18 6/19 20,000 42,173 20,003 0.130 0.135 78.1
16 JGSs-purchases 6/18 6/25 10,000 27,529 10,001 0.130 0.138 15.0
16 FSOPC-Head 6/17 6/23 10,000 25,450 10,003 0.130 0.138 39.5
17 JGSs-purchases 6/19 6/22 20,000 38,087 20,002 0.120 0.127 63.6
17 JGSs-purchases 6/19 6/26 10,000 27,886 10,005 0.130 0.139 6.3
17 FSOPC-Head 6/18 6/30 6,000 22,756 6,005 0.130 0.139 5.8
18 CP-purchases 6/22 8/3 4,000 5,640 3,970 0.110 0.118 52.6
18 JGSs-purchases 6/22 6/23 20,000 36,549 20,005 0.120 0.129 25.5
18 JGSs-purchases 6/22 6/29 10,000 20,391 10,001 0.130 0.132 95.6
18 FSOPC-Head 6/19 6/26 6,000 20,770 6,003 0.130 0.133 74.3
19 JGSs-purchases 6/23 6/24 20,000 39,108 20,004 0.110 0.120 11.4
19 JGSs-purchases 6/23 6/30 10,000 19,340 10,002 0.120 0.126 62.6
19 FSOPC-All 6/22 7/1 6,000 23,680 6,005 0.130 0.140 11.9
19 FSOPC-All 6/23 9/24 8,000 31,640 8,008 0.160 0.162 80.3
22 JGSs-purchases 6/24 6/25 15,000 32,306 14,806 0.120* 0.122  
22 JGSs-purchases 6/24 7/1 10,000 23,917 10,003 0.120 0.128 15.7
22 SFSOFCF (note) 6/25 9/17   8,378 8,378 0.100* 0.100  
23 CP-purchases 6/25 7/23 4,000 7,191 3,940 0.120 0.124 89.3
23 JGSs-purchases 6/25 6/26 15,000 30,567 15,003 0.110 0.121 6.8
23 JGSs-purchases 6/25 7/2 10,000 25,264 10,005 0.120 0.126 24.5
23 FSOPC-Head 6/24 7/2 6,000 22,760 6,003 0.130 0.133 54.2
24 JGSs-purchases 6/26 6/29 15,000 32,780 15,005 0.120 0.122 78.0
24 JGSs-purchases 6/26 7/3 8,000 20,499 8,003 0.130 0.130 91.6
25 CP-purchases 6/29 7/13 4,000 7,850 3,960 0.130 0.144 18.7
25 JGSs-purchases 6/29 6/30 15,000 37,288 15,002 0.130 0.132 66.1
25 JGSs-purchases 6/29 7/6 8,000 19,865 8,004 0.130 0.137 26.2
26 JGSs-purchases 6/30 7/1 20,000 43,001 20,003 0.160 0.170 12.9
26 JGSs-purchases 6/30 7/7 8,000 19,276 8,002 0.140 0.142 64.2
26 FSOPC-All 6/29 7/1 8,000 17,110 8,002 0.160 0.170 59.0
26 FSOPC-All 6/29 7/8 6,000 24,940 6,005 0.150 0.154 35.3
29 JGSs-purchases 7/1 7/2 20,000 42,770 20,004 0.140 0.150 12.6
29 JGSs-purchases 7/1 7/8 8,000 22,313 8,002 0.130 0.140 5.4
29 FSOPC-Head 6/30 7/1 6,000 15,677 6,003 0.180 0.189 51.7
30 CP-purchases 7/2 7/16 4,000 7,590 3,960 0.130 0.132 78.7
30 JGSs-purchases 7/2 7/3 20,000 47,055 20,006 0.140 0.148 19.8
30 JGSs-purchases 7/2 7/9 8,000 21,260 8,004 0.130 0.137 20.2
30 FSOPC-Head 7/1 7/9 8,000 26,517 8,002 0.140 0.143 59.8
  • (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                
6/3 Outright purchases of Corporate Bonds (note1) 6/9 1,500 383 382 0.000* 0.002  
4 Outright purchases of T-Bills 6/9 4,000 14,172 3,857 0.001* 0.004  
5 Outright purchases of CP (note2) 6/10 3,000 0 0      
11 Outright purchases of T-Bills 6/16 4,000 11,639 4,001 0.003 0.004 86.7
12 Outright purchases of CP (note2) 6/17 3,000 100 100 0.000* 0.000  
19 Outright purchases of CP (note2) 6/24 3,000 150 150 0.000* 0.000  
19 Outright purchases of T-Bills 6/24 4,000 13,109 4,002 0.000 0.002 20.9
26 Outright purchases of T-Bills 7/1 4,000 10,542 4,002 -0.005 -0.004 79.8
  • (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 Ratev 		Average Successful Bid Rate Allocation on a Pro-rata Basis Rate
2009                  
6/2 USD-FSOPC(F)(note1) 6/4 7/2   4,100 4,100 1.210* 1.210  
16 USD-FSOPC(F)(note2) 6/18 9/10   251 251 1.230* 1.230  
30 USD-FSOPC(F)(note3) 7/2 7/30   3,020 3,020 1.220* 1.220  
  • (note1) A fixed rate is 1.210%.
  • (note2) A fixed rate is 1.230%.
  • (note3) 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 June 3 ,Exercised at 310.0 billion yen on June 8
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on June 3 ,Exercised at 250.5 billion yen on June 8
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on June 8 ,Exercised at 250.2 billion yen on June 11
(Residual maturity of more than 10 years and up to 30 years) Offered worth 100.0 billion yen on June 8 ,Exercised at 100.3 billion yen on June 11
(Residual maturity of up to 1 year) Offered worth 310.0 billion yen on June 18 ,Exercised at 310.1 billion yen on June 23
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on June 18 ,Exercised at 250.1 billion yen on June 23
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on June 24 ,Exercised at 250.4 billion yen on June 29
(Floating-rate bonds) Offered worth 120.0 billion yen on June 24 ,Exercised at 120.1 billion yen on June 29

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in June.

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) 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.