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

August 3, 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                  
7/1 JGSs-purchases 7/3 7/6 20,000 33,730 20,003 0.120 0.126 86.9
1 JGSs-purchases 7/3 7/10 8,000 19,977 8,005 0.120 0.126 29.5
1 FSOPC-Head 7/2 7/8 6,000 12,500 6,001 0.110 0.123 7.2
1 FSOPC-Head 7/2 7/17 6,000 22,187 6,003 0.130 0.131 79.5
2 CP-purchases 7/6 8/17 4,000 7,300 3,960 0.120 0.122 68.9
2 JGSs-purchases 7/6 7/7 15,000 35,204 15,006 0.120 0.120 89.8
2 JGSs-purchases 7/6 7/13 8,000 19,784 8,004 0.120 0.122 79.4
3 JGSs-purchases 7/7 7/8 15,000 31,701 14,851 0.120* 0.120  
3 JGSs-purchases 7/7 7/14 8,000 20,276 8,005 0.110 0.117 18.2
3 SFSOFCF (note) 7/8 9/29   11,911 11,911 0.100* 0.100  
3 FSOPC-All 7/6 7/13 8,000 18,470 8,005 0.120 0.122 72.2
3 FSOPC-All 7/7 10/5 8,000 24,720 8,004 0.150 0.155 71.1
6 JGSs-purchases 7/8 7/9 15,000 28,766 15,004 0.110 0.115 50.8
6 JGSs-purchases 7/8 7/15 8,000 19,879 8,004 0.110 0.113 43.4
6 FSOPC-Head 7/7 7/22 6,000 21,252 6,006 0.110 0.123 4.6
7 CP-purchases 7/9 8/6 4,000 6,350 4,130 0.120* 0.120  
7 JGSs-purchases 7/9 7/10 12,000 32,445 12,003 0.110 0.112 72.0
7 JGSs-purchases 7/9 7/16 8,000 18,311 8,004 0.110 0.111 62.0
7 FSOPC-Head 7/8 7/17 4,000 20,594 4,002 0.120 0.120 72.2
8 JGSs-purchases 7/10 7/13 12,000 27,568 12,001 0.100 0.110 2.7
8 JGSs-purchases 7/10 7/17 8,000 22,039 8,005 0.110 0.112 40.6
8 FSOPC-Head 7/9 7/29 6,000 22,770 6,007 0.120 0.121 54.2
9 CP-purchases 7/13 7/27 4,000 6,180 3,970 0.110 0.117 37.5
9 JGSs-purchases 7/13 7/14 12,000 37,170 12,005 0.110 0.112 55.4
9 JGSs-purchases 7/13 7/21 8,000 26,165 8,009 0.110 0.113 28.2
9 FSOPC-Head 7/10 8/14 8,000 20,050 8,004 0.120 0.120 93.4
9 FSOPC-Head 7/13 9/24 8,000 28,950 8,004 0.120 0.133 4.4
10 JGSs-purchases 7/14 7/15 12,000 36,274 12,006 0.120 0.120 79.6
10 JGSs-purchases 7/14 7/22 8,000 25,546 8,004 0.120 0.121 97.0
10 SFSOFCF (note) 7/15 10/5   11,301 11,301 0.100* 0.100  
10 FSOPC-All 7/13 7/27 6,000 25,181 6,007 0.120 0.125 28.2
10 FSOPC-All 7/14 10/15 8,000 29,890 8,008 0.140 0.145 63.8
13 JGSs-purchases 7/15 7/16 15,000 35,040 15,002 0.140 0.141 91.5
13 JGSs-purchases 7/15 7/23 8,000 23,365 8,004 0.120 0.126 26.0
13 FSOPC-Head 7/14 7/30 6,000 21,600 6,004 0.120 0.127 32.6
13 FSOPC-Head 7/14 8/6 8,000 22,160 8,007 0.120 0.126 33.1
14 CP-purchases 7/16 7/30 4,000 6,258 3,960 0.110 0.113 66.0
14 JGSs-purchases 7/16 7/17 15,000 29,851 15,002 0.130 0.130 84.0
14 JGSs-purchases 7/16 7/24 8,000 21,236 8,001 0.120 0.125 22.8
14 FSOPC-Head 7/15 7/28 6,000 16,750 6,002 0.120 0.127 28.8
14 FSOPC-Head 7/15 8/4 8,000 22,600 8,004 0.120 0.128 12.0
15 JGSs-purchases 7/17 7/21 15,000 29,385 15,004 0.110 0.117 29.3
15 JGSs-purchases 7/17 7/27 8,000 21,064 8,004 0.120 0.123 37.4
15 FSOPC-Head 7/16 8/19 8,000 27,375 8,006 0.120 0.124 21.9
16 CP-purchases 7/21 8/31 4,000 4,798 3,962 0.100 0.107 66.1
16 JGSs-purchases 7/21 7/22 15,000 32,728 15,004 0.120 0.123 72.8
16 JGSs-purchases 7/21 7/28 8,000 23,427 8,004 0.120 0.120 41.6
16 SFSOFCF (note) 7/22 10/8   10,284 10,284 0.100* 0.100  
16 FSOPC-Head 7/17 7/29 6,000 15,600 6,003 0.110 0.119 8.6
16 FSOPC-Head 7/21 9/24 8,000 29,276 8,001 0.120 0.124 28.8
17 JGSs-purchases 7/22 7/23 12,000 34,865 12,007 0.120 0.121 45.5
17 JGSs-purchases 7/22 7/29 8,000 20,814 8,002 0.120 0.120 45.9
17 FSOPC-All 7/21 8/13 10,000 32,716 10,007 0.120 0.123 48.2
17 FSOPC-All 7/22 10/21 8,000 26,904 8,007 0.140 0.142 68.9
21 CP-purchases 7/23 8/20 4,000 5,451 3,986 0.100 0.106 53.2
21 JGSs-purchases 7/23 7/24 12,000 31,968 12,003 0.120 0.121 76.5
21 JGSs-purchases 7/23 7/30 8,000 20,150 8,004 0.120 0.120 49.6
21 FSOPC-Head 7/22 7/28 6,000 18,750 6,000 0.110 0.117 14.0
21 FSOPC-Head 7/22 8/26 6,000 19,370 6,004 0.120 0.120 34.1
22 JGSs-purchases 7/24 7/27 12,000 27,603 12,001 0.110 0.118 23.4
22 JGSs-purchases 7/24 7/31 8,000 19,831 8,004 0.120 0.121 61.1
22 SFSOFCF (note) 7/27 10/19   4,351 4,351 0.100* 0.100  
22 FSOPC-Head 7/23 7/31 4,000 17,000 4,004 0.110 0.110 26.9
23 CP-purchases 7/27 8/10 4,000 5,712 3,962 0.100 0.109 18.6
23 JGSs-purchases 7/27 7/28 12,000 28,921 12,005 0.110 0.118 14.1
23 JGSs-purchases 7/27 8/3 8,000 20,566 8,006 0.120 0.123 32.7
23 FSOPC-Head 7/24 8/11 4,000 24,847 3,967 0.120* 0.120  
23 FSOPC-Head 7/27 9/25 8,000 29,930 8,011 0.120 0.120 31.5
24 JGSs-purchases 7/28 7/29 10,000 25,066 10,004 0.110 0.115 28.1
24 JGSs-purchases 7/28 8/4 8,000 23,893 8,009 0.120 0.120 37.1
24 FSOPC-All 7/27 8/4 10,000 30,870 10,004 0.110 0.118 10.1
24 FSOPC-All 7/28 10/29 8,000 25,258 8,003 0.130 0.139 14.8
27 JGSs-purchases 7/29 7/30 10,000 26,312 10,004 0.110 0.113 35.3
27 JGSs-purchases 7/29 8/5 8,000 23,595 8,004 0.120 0.120 56.5
27 SFSOFCF (note) 7/30 10/22   2,536 2,536 0.100* 0.100  
27 FSOPC-Head 7/28 8/3 6,000 23,520 6,003 0.110 0.120 2.8
28 CP-purchases 7/30 8/13 4,000 5,992 3,962 0.100 0.107 36.3
28 JGSs-purchases 7/30 7/31 10,000 26,372 10,006 0.110 0.115 32.8
28 JGSs-purchases 7/30 8/6 8,000 21,366 8,004 0.120 0.120 78.0
28 FSOPC-Head 7/29 8/5 4,000 20,350 4,003 0.120 0.120 68.6
28 FSOPC-Head 7/30 10/1 8,000 22,500 8,004 0.130 0.131 92.5
29 JGSs-purchases 7/31 8/3 10,000 30,042 10,004 0.120 0.120 74.6
29 JGSs-purchases 7/31 8/7 8,000 20,137 8,006 0.120 0.120 58.1
29 FSOPC-Head 7/30 8/11 8,000 21,860 8,006 0.110 0.118 19.5
30 CP-purchases 8/3 9/14 4,000 7,960 3,950 0.100 0.107 26.3
30 JGSs-purchases 8/3 8/4 10,000 33,830 10,073 0.120* 0.120  
30 JGSs-purchases 8/3 8/10 8,000 21,451 8,003 0.110 0.118 12.6
30 FSOPC-All 8/3 11/5 8,000 28,060 8,011 0.130 0.133 42.1
31 JGSs-purchases 8/4 8/5 10,000 30,465 10,003 0.120 0.120 55.1
31 JGSs-purchases 8/4 8/11 8,000 26,815 8,002 0.110 0.119 3.5
31 FSOPC-Head 8/3 8/12 6,000 20,040 6,003 0.110 0.117 10.7
31 FSOPC-Head 8/3 8/31 8,000 21,700 8,004 0.120 0.120 71.3
  • (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                
7/2 Outright purchases of T-Bills 7/7 4,000 12,357 4,001 -0.009 -0.007 33.5
6 Outright purchases of Corporate Bonds (note1) 7/10 1,500 513 513 0.000* 0.020  
10 Outright purchases of CP (note2) 7/15 3,000 270 270 0.000* 0.000  
10 Outright purchases of T-Bills 7/15 4,000 23,115 4,002 0.002 0.004 57.0
16 Outright purchases of T-Bills 7/22 4,000 27,162 4,001 0.010 0.011 45.4
17 Outright purchases of CP (note2) 7/23 3,000 190 190 0.000* 0.000  
24 Outright purchases of CP (note2) 7/29 3,000 150 150 0.000* 0.000  
24 Outright purchases of T-Bills 7/29 4,000 17,268 4,002 0.001 0.002 75.4
31 Outright purchases of CP (note2) 8/5 3,000 120 120 0.000* 0.000  
31 Outright purchases of T-Bills 8/5 4,000 17,477 4,003 0.003 0.004 52.7
  • (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                  
7/14 USD-FSOPC (F) (note1) 7/16 10/8   220 220 1.210* 1.210  
28 USD-FSOPC (F) (note2) 7/30 8/27   2,020 2,020 1.200* 1.200  
  • (note1) A fixed rate is 1.210%.
  • (note2) A fixed rate is 1.200%.

(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 July 3 ,Exercised at 310.4 billion yen on July 8
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on July 3 ,Exercised at 250.3 billion yen on July 8
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on July 9 ,Exercised at 250.4 billion yen on July 14
(Residual maturity of more than 10 years and up to 30 years) Offered worth 100.0 billion yen on July 9 ,Exercised at 100.3 billion yen on July 14
(Residual maturity of up to 1 year) Offered worth 310.0 billion yen on July 17 ,Exercised at 310.1 billion yen on July 23
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on July 17 ,Exercised at 251.0 billion yen on July 23
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on July 27 ,Exercised at 250.4 billion yen on July 30
(Inflation-indexed bonds) Offered worth 40.0 billion yen on July 27 ,Exercised at 40.1 billion yen on July 30

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in July.

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.