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

November 2, 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 annumc
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                  
10/1 CP-purchases 10/5 10/19 4,000 4,460 3,940 0.100 0.100 89.8
1 JGSs-purchases 10/5 10/6 12,000 27,493 12,004 0.110 0.116 39.0
1 JGSs-purchases 10/5 10/13 6,000 14,655 5,870 0.120* 0.120  
1 FSOPC-Head 10/2 10/13 8,000 24,250 8,005 0.110 0.114 34.2
1 FSOPC-Head 10/5 12/15 8,000 29,000 8,008 0.120 0.123 25.3
2 JGSs-purchases 10/6 10/7 10,000 34,437 10,001 0.110 0.119 7.0
2 JGSs-purchases 10/6 10/14 6,000 15,468 6,002 0.110 0.114 31.2
2 FSOPC-Head 10/5 10/14 4,000 26,905 4,008 0.110 0.118 4.7
2 FSOPC-All 10/6 12/21 8,000 35,720 8,000 0.120 0.122 23.0
5 JGSs-purchases 10/7 10/8 8,000 26,930 8,007 0.120 0.121 52.6
5 JGSs-purchases 10/7 10/15 6,000 19,149 6,004 0.120 0.120 65.3
5 SFSOFCF(note) 10/8 2010/1/5   5,152 5,152 0.100* 0.100  
6 CP-purchases 10/8 10/22 4,000 4,475 3,950 0.100 0.102 87.0
6 JGSs-purchases 10/8 10/9 8,000 24,854 8,004 0.120 0.129 8.7
6 JGSs-purchases 10/8 10/16 6,000 19,981 6,001 0.120 0.129 8.6
6 FSOPC-Head 10/7 10/14 6,000 28,500 6,003 0.130 0.130 69.0
6 FSOPC-Head 10/8 12/15 8,000 32,150 8,006 0.120 0.123 20.5
7 JGSs-purchases 10/9 10/13 10,000 30,008 10,004 0.130 0.132 57.0
7 JGSs-purchases 10/9 10/19 6,000 21,050 6,000 0.130 0.130 55.9
7 FSOPC-All 10/8 10/15 8,000 18,423 8,002 0.120 0.126 34.5
7 FSOPC-All 10/9 12/21 8,000 34,789 8,004 0.120 0.125 15.0
8 CP-purchases 10/13 11/24 4,000 4,420 3,950 0.100 0.100 90.2
8 JGSs-purchases 10/13 10/14 10,000 30,119 10,003 0.130 0.133 43.6
8 JGSs-purchases 10/13 10/20 6,000 21,610 6,005 0.130 0.130 56.1
8 FSOPC-Head 10/9 10/16 8,000 17,100 8,002 0.120 0.122 95.7
8 FSOPC-Head 10/9 10/22 8,000 25,800 8,001 0.120 0.121 50.7
9 JGSs-purchases 10/14 10/15 10,000 29,082 10,003 0.120 0.127 24.3
9 JGSs-purchases 10/14 10/21 6,000 18,174 6,002 0.130 0.130 92.0
9 FSOPC-Head 10/13 10/19 6,000 21,920 6,005 0.120 0.124 23.2
13 CP-purchases 10/15 11/12 4,000 4,410 3,960 0.100 0.100 90.8
13 JGSs-purchases 10/15 10/16 10,000 33,819 10,007 0.130 0.136 18.3
13 JGSs-purchases 10/15 10/22 6,000 21,291 6,005 0.130 0.130 56.5
13 FSOPC-Head 10/14 10/21 6,000 27,950 6,002 0.130 0.135 47.3
13 FSOPC-Head 10/14 10/27 6,000 28,300 6,004 0.130 0.130 67.1
14 JGSs-purchases 10/16 10/19 10,000 26,918 10,005 0.130 0.132 47.8
14 JGSs-purchases 10/16 10/23 6,000 19,920 6,007 0.130 0.130 52.1
14 SFSOFCF(note) 10/19 2010/1/13   8,743 8,743 0.100* 0.100  
14 FSOPC-Head 10/15 10/19 4,000 20,880 4,005 0.130 0.132 29.3
14 FSOPC-Head 10/20 10/26 8,000 28,900 8,006 0.130 0.132 60.7
15 CP-purchases 10/19 11/2 4,000 5,954 3,934 0.100 0.100 67.2
15 JGSs-purchases 10/19 10/20 10,000 31,701 10,003 0.130 0.132 63.5
15 JGSs-purchases 10/19 10/26 6,000 21,861 6,002 0.130 0.130 85.0
16 JGSs-purchases 10/20 10/21 10,000 31,478 10,003 0.130 0.132 56.8
16 JGSs-purchases 10/20 10/27 6,000 21,550 6,001 0.130 0.130 86.3
16 FSOPC-Head 10/19 10/27 4,000 29,860 4,007 0.130 0.132 19.1
16 FSOPC-All 10/20 2010/1/7 8,000 36,200 8,006 0.140 0.141 91.3
19 JGSs-purchases 10/21 10/22 8,000 22,523 8,003 0.120 0.127 15.1
19 JGSs-purchases 10/21 10/28 6,000 23,602 6,002 0.130 0.130 86.8
19 SFSOFCF(note) 10/22 2010/1/19   3,119 3,119 0.100* 0.100  
19 FSOPC-Head 10/20 10/28 8,000 20,150 8,006 0.120 0.127 16.4
19 FSOPC-Head 10/20 10/30 8,000 21,388 8,007 0.120 0.128 9.5
20 CP-purchases 10/22 11/5 4,000 5,910 3,960 0.100 0.108 34.7
20 JGSs-purchases 10/22 10/23 8,000 29,320 8,002 0.120 0.124 24.9
20 JGSs-purchases 10/22 10/29 6,000 23,477 6,006 0.120 0.126 15.4
20 FSOPC-Head 10/21 10/27 6,000 18,100 6,007 0.120 0.120 37.3
20 FSOPC-Head 10/21 11/2 6,000 25,050 6,002 0.130 0.130 81.1
21 JGSs-purchases 10/23 10/26 6,000 18,125 6,008 0.120 0.124 25.8
21 JGSs-purchases 10/23 10/30 6,000 20,763 6,006 0.120 0.121 27.9
21 FSOPC-Head 10/22 11/4 4,000 28,822 4,004 0.130 0.130 40.8
21 FSOPC-All 10/23 2010/1/18 8,000 38,437 8,014 0.130 0.137 11.2
22 CP-purchases 10/26 12/7 4,000 5,340 3,970 0.100 0.106 55.9
22 JGSs-purchases 10/26 10/27 6,000 22,404 6,008 0.120 0.126 12.8
22 JGSs-purchases 10/26 11/2 6,000 23,000 6,008 0.120 0.129 2.9
22 FSOPC-Head 10/23 10/30 4,000 23,650 4,002 0.130 0.130 45.0
23 JGSs-purchases 10/27 10/28 6,000 23,846 6,005 0.130 0.132 37.0
23 JGSs-purchases 10/27 11/4 6,000 24,900 6,009 0.130 0.130 34.9
23 FSOPC-Head 10/26 11/6 8,000 30,750 8,007 0.130 0.131 33.6
23 FSOPC-Head 10/27 12/21 8,000 32,650 8,006 0.130 0.130 56.3
26 JGSs-purchases 10/28 10/29 6,000 21,370 6,005 0.130 0.133 37.9
26 JGSs-purchases 10/28 11/5 6,000 22,391 6,001 0.130 0.130 37.2
26 FSOPC-Head 10/27 11/2 4,000 24,710 4,003 0.130 0.135 17.3
27 CP-purchases 10/29 11/26 4,000 5,390 3,970 0.100 0.107 49.9
27 JGSs-purchases 10/29 10/30 6,000 20,640 6,004 0.130 0.135 43.1
27 JGSs-purchases 10/29 11/6 6,000 23,286 6,005 0.130 0.130 42.9
27 FSOPC-Head 10/29 2010/1/8 8,000 35,150 8,007 0.130 0.134 15.2
28 JGSs-purchases 10/30 11/2 8,000 25,113 8,004 0.130 0.131 48.9
28 JGSs-purchases 10/30 11/9 6,000 19,184 6,003 0.130 0.132 62.8
28 FSOPC-Head 10/29 11/9 4,000 22,480 4,005 0.130 0.134 22.2
29 CP-purchases 11/2 11/16 4,000 6,894 3,944 0.100 0.107 29.7
29 JGSs-purchases 11/2 11/4 8,000 24,309 8,003 0.130 0.132 50.2
29 JGSs-purchases 11/2 11/10 6,000 20,881 6,006 0.130 0.130 60.5
29 FSOPC-All 10/30 11/5 8,000 21,575 8,005 0.130 0.133 41.1
29 FSOPC-All 11/2 2010/1/27 8,000 42,161 8,014 0.130 0.138 5.8
30 JGSs-purchases 11/4 11/5 6,000 18,100 6,006 0.130 0.131 44.4
30 JGSs-purchases 11/4 11/11 6,000 19,350 6,004 0.130 0.130 54.3
30 SFSOFCF(note) 11/5 2010/1/25   8,432 8,432 0.100* 0.100  
30 FSOPC-Head 11/2 11/11 4,000 21,770 4,001 0.140 0.140 83.0

(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                
10/2 Outright purchases of T-Bills 10/7 4,000 16,337 4,005 0.000 0.000 58.7
5 Outright purchases of Corporate Bonds(note1) 10/9 1,500 96 96 0.000* 0.007  
8 Outright purchases of T-Bills 10/14 4,000 16,940 4,001 0.001 0.004 29.0
9 Outright purchases of CP(note2) 10/15 3,000 0 0      
16 Outright purchases of T-Bills 10/21 4,000 23,211 4,002 0.003 0.005 38.1
22 Outright purchases of T-Bills 10/27 4,000 17,315 4,005 0.005 0.006 70.5
23 Outright purchases of CP(note2) 10/28 3,000 0 0      
30 Outright purchases of CP(note2) 11/5 3,000 0 0      
30 Outright purchases of T-Bills 11/5 4,000 17,024 4,003 0.005 0.005 36.0
  • (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                    
10/6 USD-FSOPC(F)(note1) 10/8 12/17   135 135 1.160 1.160* 1.160  
20 USD-FSOPC(F)(note2) 10/22 11/19   510 510 1.170 1.170* 1.170  
  • (note1) A fixed rate is 1.160%.
  • (note2) A fixed rate is 1.170%.

(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 October 5, Exercised at 310.6 billion yen on October 8
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on October 5, Exercised at 250.2 billion yen on October 8
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on October 13, Exercised at 250.4 billion yen on October 16
(Residual maturity of more than 10 years and up to 30 years) Offered worth 100.0 billion yen on October 13, Exercised at 100.0 billion yen on October 16
(Residual maturity of up to 1 year) Offered worth 310.0 billion yen on October 19, Exercised at 311.3 billion yen on October 22
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on October 19, Exercised at 250.6 billion yen on October 22
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on October 27, Exercised at 250.7 billion yen on October 30
(Floating-rate bonds) Offered worth 120.0 billion yen on October 27, Exercised at 120.3 billion yen on October 30

(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,
5.3 billion yen on October 29 for Floating-rate bonds #19

The Bank sold securities under repurchase agreements are as follows,
Floating-rate bonds #19 worth 2.6 billion yen on October 29

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.