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

September 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 Amounts Offered
(a)		 Amounts of Competitive Bid Amounts of Successful Bid Pro-rata, Non-pro-rata Rate / Loan Rate
(b) (d)		 Average Successful Bid Rate or Loan Rate
(d)		 Allocation on a Pro-rata Basis Rate
2009                  
8/3 JGSs-purchases 8/5 8/6 10,000 29,270 10,170 0.120* 0.120  
3 JGSs-purchases 8/5 8/12 8,000 24,160 8,008 0.110 0.114 25.8
3 SFSOFCF (note) 8/6 11/5   4,877 4,877 0.100* 0.100  
3 FSOPC-Head 8/4 8/19 6,000 18,650 6,005 0.110 0.117 13.3
3 FSOPC-Head 8/4 9/4 8,000 19,400 8,000 0.110 0.118 12.8
4 CP-purchases 8/6 9/3 4,000 7,255 3,955 0.100 0.107 26.4
4 JGSs-purchases 8/6 8/7 10,000 23,022 10,003 0.110 0.111 81.0
4 JGSs-purchases 8/6 8/13 6,000 19,525 6,008 0.110 0.115 20.8
4 FSOPC-Head 8/5 8/12 4,000 17,600 4,002 0.110 0.110 34.8
5 JGSs-purchases 8/7 8/10 10,000 21,492 10,004 0.100 0.110 4.9
5 JGSs-purchases 8/7 8/14 6,000 17,464 6,004 0.110 0.114 29.2
5 FSOPC-Head 8/6 8/25 8,000 24,100 8,005 0.110 0.110 39.3
5 FSOPC-Head 8/7 10/6 8,000 24,700 8,008 0.120 0.125 21.9
6 CP-purchases 8/10 8/24 4,000 5,369 3,969 0.100 0.105 58.8
6 JGSs-purchases 8/10 8/11 8,000 28,275 8,006 0.100 0.109 4.4
6 JGSs-purchases 8/10 8/17 6,000 18,891 6,004 0.110 0.115 25.5
6 FSOPC-Head 8/7 8/18 10,000 23,100 10,003 0.100 0.105 29.2
6 FSOPC-Head 8/7 9/24 10,000 30,200 10,006 0.110 0.110 41.6
7 JGSs-purchases 8/11 8/12 8,000 21,813 8,006 0.100 0.107 17.1
7 JGSs-purchases 8/11 8/18 6,000 20,400 6,001 0.110 0.111 56.4
7 FSOPC-All 8/10 9/10 8,000 22,880 8,007 0.110 0.111 68.2
7 FSOPC-All 8/11 11/9 8,000 29,325 8,009 0.120 0.123 35.3
10 JGSs-purchases 8/12 8/13 8,000 24,507 8,007 0.100 0.110 2.1
10 JGSs-purchases 8/12 8/19 6,000 15,150 6,006 0.110 0.110 66.3
10 FSOPC-Head 8/11 8/24 6,000 25,000 6,007 0.100 0.109 2.6
10 FSOPC-Head 8/11 9/7 6,000 24,420 6,004 0.110 0.110 56.8
11 CP-purchases 8/13 8/27 4,000 4,640 3,970 0.100 0.101 85.4
11 JGSs-purchases 8/13 8/14 8,000 25,893 8,006 0.110 0.119 9.4
11 JGSs-purchases 8/13 8/20 6,000 21,346 6,008 0.110 0.113 25.5
11 FSOPC-Head 8/12 9/18 10,000 31,670 10,003 0.110 0.113 40.4
11 FSOPC-Head 8/13 10/13 8,000 26,700 8,007 0.120 0.121 45.4
12 JGSs-purchases 8/14 8/17 10,000 31,290 10,001 0.120 0.132 4.3
12 JGSs-purchases 8/14 8/21 6,000 19,996 6,003 0.120 0.121 74.3
12 FSOPC-All 8/13 8/26 6,000 23,617 6,005 0.110 0.117 16.3
12 FSOPC-All 8/14 11/19 8,000 32,420 8,011 0.120 0.121 34.8
13 CP-purchases 8/17 9/28 4,000 4,162 4,162 0.100* 0.100  
13 JGSs-purchases 8/17 8/18 8,000 23,896 8,006 0.120 0.121 51.0
13 JGSs-purchases 8/17 8/24 6,000 20,017 6,003 0.120 0.120 74.4
13 FSOPC-Head 8/14 8/24 8,000 25,270 8,100 0.120* 0.122  
14 JGSs-purchases 8/18 8/19 8,000 27,617 8,007 0.120 0.121 55.1
14 JGSs-purchases 8/18 8/25 6,000 18,821 6,003 0.120 0.120 83.1
14 SFSOFCF (note) 8/19 11/11   4,452 4,452 0.100* 0.100  
14 FSOPC-Head 8/17 8/27 8,000 25,093 8,003 0.120 0.120 69.0
17 JGSs-purchases 8/19 8/20 8,000 22,546 8,006 0.120 0.121 46.4
17 JGSs-purchases 8/19 8/26 6,000 18,444 6,006 0.120 0.120 56.9
17 FSOPC-Head 8/18 8/25 10,000 22,910 10,004 0.120 0.123 79.6
18 CP-purchases 8/20 9/17 4,000 3,697 3,697 0.100* 0.100  
18 JGSs-purchases 8/20 8/21 10,000 29,093 10,002 0.130 0.130 78.4
18 JGSs-purchases 8/20 8/27 6,000 15,150 6,001 0.120 0.121 42.8
18 FSOPC-Head 8/19 8/24 10,000 22,047 10,005 0.120 0.121 60.8
19 JGSs-purchases 8/21 8/24 10,000 28,850 10,006 0.130 0.130 69.2
19 JGSs-purchases 8/21 8/28 6,000 20,323 6,006 0.120 0.125 26.8
19 SFSOFCF (note) 8/24 11/18   1,537 1,537 0.100* 0.100  
19 FSOPC-Head 8/20 9/1 12,000 32,022 12,006 0.120 0.125 35.8
19 FSOPC-Head 8/21 10/26 8,000 27,940 8,008 0.120 0.124 21.1
20 CP-purchases 8/24 9/7 4,000 4,415 3,970 0.100 0.100 90.7
20 JGSs-purchases 8/24 8/25 10,000 29,361 10,002 0.130 0.130 84.0
20 JGSs-purchases 8/24 8/31 6,000 16,731 6,005 0.120 0.123 39.5
20 FSOPC-Head 8/21 8/31 6,000 15,030 6,002 0.120 0.120 66.5
20 FSOPC-Head 8/21 9/8 8,000 25,730 8,000 0.120 0.120 44.0
21 JGSs-purchases 8/25 8/26 8,000 21,916 7,916 0.130* 0.130  
21 JGSs-purchases 8/25 9/1 6,000 21,722 6,009 0.120 0.120 37.3
21 FSOPC-All 8/24 9/3 6,000 25,796 6,010 0.120 0.120 35.7
21 FSOPC-All 8/25 11/26 8,000 29,210 8,016 0.120 0.121 28.5
24 JGSs-purchases 8/26 8/27 8,000 21,836 8,005 0.130 0.130 76.7
24 JGSs-purchases 8/26 9/2 6,000 17,185 6,003 0.120 0.123 32.3
24 SFSOFCF (note) 8/27 11/24   3,510 3,510 0.100* 0.100  
24 FSOPC-Head 8/25 8/31 6,000 20,515 6,006 0.120 0.125 23.4
24 FSOPC-Head 8/25 9/11 6,000 22,700 6,004 0.120 0.124 20.9
25 CP-purchases 8/27 9/10 4,000 4,656 3,960 0.100 0.101 85.1
25 JGSs-purchases 8/27 8/28 8,000 27,344 8,004 0.130 0.130 56.1
25 JGSs-purchases 8/27 9/3 6,000 22,074 6,007 0.120 0.127 15.5
25 FSOPC-Head 8/26 9/1 8,000 23,320 8,005 0.120 0.123 31.1
26 JGSs-purchases 8/28 8/31 10,000 29,887 10,005 0.130 0.130 65.2
26 JGSs-purchases 8/28 9/4 6,000 24,811 6,010 0.120 0.124 16.3
26 FSOPC-Head 8/27 9/4 6,000 21,319 6,005 0.120 0.125 32.9
26 FSOPC-Head 8/28 11/6 8,000 30,400 8,008 0.120 0.126 13.4
27 CP-purchases 8/31 10/13 4,000 6,666 3,956 0.100 0.109 19.0
27 JGSs-purchases 8/31 9/1 12,000 42,793 12,006 0.140 0.140 86.4
27 JGSs-purchases 8/31 9/7 6,000 20,470 6,005 0.120 0.129 3.3
27 FSOPC-Head 8/28 9/15 6,000 23,180 6,005 0.120 0.127 13.8
28 JGSs-purchases 9/1 9/2 10,000 30,819 10,008 0.130 0.130 54.6
28 JGSs-purchases 9/1 9/8 6,000 21,495 6,005 0.120 0.124 19.6
28 FSOPC-All 8/31 9/7 10,000 27,875 10,007 0.120 0.125 22.3
28 FSOPC-All 9/1 12/3 8,000 39,276 8,006 0.130 0.130 85.4
31 JGSs-purchases 9/2 9/3 10,000 32,774 10,005 0.130 0.131 47.8
31 JGSs-purchases 9/2 9/9 6,000 18,574 6,007 0.120 0.122 26.4
31 SFSOFCF (note) 9/3 11/30   3,071 3,071 0.100* 0.100  
31 FSOPC-Head 9/1 9/11 6,000 21,600 6,007 0.120 0.126 18.7
31 FSOPC-Head 9/1 9/28 6,000 23,880 6,002 0.120 0.123 19.8
  • (note1) 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 Amounts Offered
(a)		 Amounts of Competitive Bid Amounts of Successful Bid Pro-rata or Non-pro-rata Yield Spread
(c)		 Average Successful Yield Spread Allocation on a Pro-rata Basis Rate
2009                
8/5 Outright purchases of Corporate Bonds (note1) 8/11 1,500 345 307 0.000* 0.001  
7 Outright purchases of CP (note2) 8/12 3,000 150 150 0.000* 0.000  
7 Outright purchases of T-Bills 8/12 4,000 15,284 3,897 -0.005* -0.004  
13 Outright purchases of T-Bills 8/18 4,000 13,661 4,001 0.003 0.004 88.7
21 Outright purchases of CP (note2) 8/26 3,000 75 75 0.000* 0.000  
21 Outright purchases of T-Bills 8/26 4,000 13,869 4,001 0.002 0.004 32.4
28 Outright purchases of CP (note2) 9/2 3,000 120 120 0.000* 0.000  
28 Outright purchases of T-Bills 9/2 4,000 13,637 4,001 0.002 0.002 82.0
  • (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 Amounts Offered
(a)		 Amounts of Competitive Bid Amounts of Successful Bid Pro-rata, Non-pro-rata Rate
(b)		 Average Successful Bid Rate Allocation on a Pro-rata Basis Rate
2009                  
8/11 USD-FSOPC (F) (note1) 8/13 11/5   120 120 1.210* 1.210  
25 USD-FSOPC (F) (note2) 8/27 9/24   1,530 1,530 1.190* 1.190  
  • (note1) A fixed rate is 1.210%.
  • (note2) A fixed rate is 1.190%.

(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 August 5, Exercised at 310.1 billion yen on August 10
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on August 5, Exercised at 250.6 billion yen on August 10
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on August 12, Exercised at 250.3 billion yen on August 17
(Residual maturity of more than 10 years and up to 30 years) Offered worth 100.0 billion yen on August 12, Exercised at 100.3 billion yen on August 17
(Residual maturity of up to 1 year) Offered worth 310.0 billion yen on August 19, Exercised at 310.0 billion yen on August 24
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on August 19, Exercised at 250.2 billion yen on August 24
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on August 26, Exercised at 250.4 billion yen on August 31
(Floating-rate bonds) Offered worth 120.0 billion yen on August 26, Exercised at 120.2 billion yen on August 31

(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 August 31 for 10-year JGB #249

The Bank sold securities under repurchase agreements are as follows,
10-year JGB #249 worth 2.0 billion yen on August 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) 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.