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

October 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                  
9/1 CP-purchases 9/3 10/1 4,000 6,150 3,960 0.100 0.108 23.0
1 JGSs-purchases 9/3 9/4 10,000 31,166 10,003 0.130 0.134 45.6
1 JGSs-purchases 9/3 9/10 6,000 22,401 6,008 0.120 0.125 14.9
1 FSOPC-Head 9/2 9/8 10,000 35,216 10,005 0.120 0.127 13.6
2 JGSs-purchases 9/4 9/7 10,000 33,289 10,003 0.130 0.134 30.5
2 JGSs-purchases 9/4 9/11 6,000 22,284 6,003 0.120 0.124 17.4
2 FSOPC-Head 9/3 9/9 8,000 29,180 8,004 0.120 0.126 13.9
3 CP-purchases 9/7 10/5 4,000 5,423 3,973 0.100 0.103 65.9
3 JGSs-purchases 9/7 9/8 10,000 26,333 10,003 0.120 0.127 31.2
3 JGSs-purchases 9/7 9/14 6,000 21,824 6,007 0.120 0.123 25.5
3 FSOPC-Head 9/4 9/14 10,000 33,500 10,007 0.120 0.122 44.5
3 FSOPC-Head 9/7 11/13 8,000 33,863 8,004 0.130 0.130 85.6
4 JGSs-purchases 9/8 9/9 8,000 16,033 8,005 0.120 0.121 93.5
4 JGSs-purchases 9/8 9/15 6,000 13,200 6,002 0.120 0.120 77.9
4 FSOPC-All 9/7 9/16 6,000 19,950 6,007 0.120 0.120 57.3
4 FSOPC-All 9/8 12/9 8,000 34,050 8,012 0.120 0.130 1.7
7 JGSs-purchases 9/9 9/10 8,000 21,508 8,003 0.110 0.117 40.4
7 JGSs-purchases 9/9 9/16 6,000 19,600 6,002 0.110 0.119 2.5
7 FSOPC-Head 9/8 9/14 6,000 20,300 6,004 0.110 0.110 45.8
8 CP-purchases 9/10 9/24 4,000 5,969 3,959 0.100 0.108 26.9
8 JGSs-purchases 9/10 9/11 6,000 21,682 6,004 0.110 0.110 49.8
8 JGSs-purchases 9/10 9/17 6,000 17,046 6,006 0.110 0.111 43.9
8 SFSOFCF(note) 9/11 12/3   6,048 6,048 0.100* 0.100  
8 FSOPC-Head 9/9 9/15 8,000 26,075 8,000 0.100 0.109 6.1
9 JGSs-purchases 9/11 9/14 6,000 18,261 6,003 0.110 0.110 65.5
9 JGSs-purchases 9/11 9/18 6,000 19,854 6,004 0.110 0.111 54.7
9 FSOPC-Head 9/10 9/17 10,000 28,920 10,004 0.110 0.110 96.9
9 FSOPC-All 9/30 10/1 8,000 28,600 8,004 0.150 0.154 88.8
10 CP-purchases 9/14 10/26 4,000 7,340 3,960 0.100 0.105 38.3
10 JGSs-purchases 9/14 9/15 6,000 20,385 6,003 0.110 0.113 36.6
10 JGSs-purchases 9/14 9/24 6,000 22,239 6,004 0.120 0.120 88.3
10 FSOPC-Head 9/11 9/25 10,000 32,630 10,003 0.120 0.120 74.1
10 FSOPC-Head 9/14 11/18 8,000 31,500 8,006 0.120 0.129 2.9
11 JGSs-purchases 9/15 9/16 8,000 23,670 8,001 0.120 0.128 23.4
11 JGSs-purchases 9/15 9/25 8,000 29,800 8,003 0.120 0.126 21.6
11 FSOPC-Head 9/14 10/2 4,000 24,154 4,003 0.130 0.130 41.9
11 FSOPC-All 9/15 12/15 8,000 38,203 8,007 0.130 0.130 54.4
14 JGSs-purchases 9/16 9/17 8,000 18,050 8,003 0.120 0.128 18.4
14 JGSs-purchases 9/16 9/28 8,000 23,769 8,006 0.120 0.125 23.4
14 SFSOFCF(note) 9/17 12/11   7,245 7,245 0.100* 0.100  
14 FSOPC-Head 9/15 9/28 6,000 23,670 6,008 0.120 0.126 15.6
15 CP-purchases 9/17 10/15 4,000 7,052 3,957 0.100 0.107 26.6
15 JGSs-purchases 9/17 9/18 8,000 20,836 8,002 0.120 0.129 15.2
15 JGSs-purchases 9/17 9/29 8,000 22,415 8,004 0.120 0.129 6.8
15 FSOPC-Head 9/16 10/7 8,000 31,400 8,005 0.130 0.134 31.9
15 FSOPC-All 9/30 10/1 8,000 24,800 8,003 0.140 0.157 34.4
16 JGSs-purchases 9/18 9/24 8,000 22,748 8,003 0.130 0.130 82.4
16 JGSs-purchases 9/18 9/30 8,000 23,670 8,007 0.120 0.129 3.0
16 FSOPC-Head 9/17 10/1 8,000 22,500 8,003 0.130 0.132 45.2
17 CP-purchases 9/24 10/8 4,000 5,995 3,955 0.110* 0.111  
17 JGSs-purchases 9/24 9/25 15,000 47,130 15,007 0.140 0.141 54.2
17 JGSs-purchases 9/24 10/1 8,000 29,694 8,003 0.140 0.142 89.7
17 FSOPC-Head 9/18 10/2 8,000 18,750 8,007 0.140 0.140 71.2
18 JGSs-purchases 9/25 9/28 15,000 40,406 15,005 0.140 0.146 25.5
18 JGSs-purchases 9/25 10/2 8,000 28,658 8,005 0.140 0.148 8.3
18 FSOPC-Head 9/24 9/25 10,000 31,560 10,003 0.150 0.161 18.4
18 FSOPC-All 9/25 10/8 8,000 39,570 8,011 0.140 0.148 8.5
24 CP-purchases 9/28 11/9 4,000 4,179 4,179 0.100* 0.109  
24 JGSs-purchases 9/28 9/29 15,000 42,104 15,006 0.160 0.162 58.2
24 JGSs-purchases 9/28 10/5 8,000 31,380 8,003 0.160 0.160 84.4
24 SFSOFCF(note) 9/29 12/17   10,265 10,265 0.100* 0.100  
24 FSOPC-Head 9/25 9/29 10,000 31,865 10,004 0.170 0.179 10.2
25 JGSs-purchases 9/29 9/30 20,000 39,738 20,003 0.170 0.176 89.5
25 JGSs-purchases 9/29 10/6 8,000 29,290 8,006 0.160 0.169 20.1
25 FSOPC-All 9/28 10/15 8,000 28,300 8,003 0.150 0.155 54.6
25 FSOPC-All 9/29 12/21 8,000 29,550 8,005 0.130 0.137 18.5
28 JGSs-purchases 9/30 10/1 30,000 52,895 30,004 0.150 0.173 44.1
28 JGSs-purchases 9/30 10/7 8,000 21,766 8,166 0.140* 0.145  
28 FSOPC-Head 9/29 10/6 6,000 23,200 6,002 0.130 0.141 28.7
28 FSOPC-Head 9/29 10/16 6,000 23,470 6,001 0.120 0.128 8.8
29 CP-purchases 10/1 10/29 4,000 3,680 3,680 0.100* 0.106  
29 JGSs-purchases 10/1 10/2 20,000 33,433 20,005 0.130 0.134 86.3
29 JGSs-purchases 10/1 10/8 8,000 22,385 8,003 0.130 0.130 85.3
29 FSOPC-Head 9/30 10/8 8,000 20,360 8,000 0.120 0.128 17.5
30 JGSs-purchases 10/2 10/5 15,000 34,070 15,004 0.120 0.120 91.1
30 JGSs-purchases 10/2 10/9 8,000 23,749 8,004 0.120 0.120 72.1
30 SFSOFCF(note) 10/5 12/25   9,411 9,411 0.100* 0.100  
30 FSOPC-Head 10/1 10/15 8,000 25,630 8,008 0.120 0.121 87.1
  • (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 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                
9/3 Outright purchases of T-Bills 9/8 4,000 14,255 4,002 0.002 0.003 41.2
4 Outright purchases of CP(note1) 9/9 3,000 120 120 0.000* 0.000  
7 Outright purchases of Corporate Bonds(note2) 9/11 1,500 278 278 0.000* 0.003  
10 Outright purchases of T-Bills 9/15 4,000 18,477 4,001 0.002 0.002 65.2
11 Outright purchases of CP(note1) 9/16 3,000 70 70 0.000* 0.000  
17 Outright purchases of T-Bills 9/25 4,000 9,014 4,000 0.000 0.003 50.5
18 Outright purchases of CP(note1) 9/28 3,000 0 0      
25 Outright purchases of T-Bills 9/30 4,000 16,090 4,001 0.005 0.006 71.0
  • (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 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                  
9/9 USD-FSOPC (F)(note) 9/10 12/3   170 170 1.190* 1.190  
18 USD-FSOPC (F) (note) 9/24 10/22   1,020 1,020 1.190* 1.190  
  • (note) 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 September 2, Exercised at 310.3 billion yen on September 7
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on September 2, Exercised at 250.7 billion yen on September 7
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on September 9, Exercised at 250.5 billion yen on September 14
(Residual maturity of more than 10 years and up to 30 years) Offered worth 100.0 billion yen on September 9, Exercised at 100.5 billion yen on September 14
(Residual maturity of up to 1 year) Offered worth 310.0 billion yen on September 16, Exercised at 310.5 billion yen on September 24
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on September 16, Exercised at 250.4 billion yen on September 24
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on September 24, Exercised at 250.4 billion yen on September 29
(Inflation-indexed bonds) Offered worth 40.0 billion yen on September 24, Exercised at 40.1 billion yen on September 29

(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,
5.8 billion yen on September 18 for Inflation-indexed bonds #5 and #15
2.1 billion yen on September 24 for Inflation-indexed bonds #15

The Bank sold securities under repurchase agreements are as follows,
Inflation-indexed bonds #5 and #15 worth 1.8 billion yen on September 18
Inflation-indexed bonds #15 worth 2.1 billion yen on September 24

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.