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

December 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                  
11/2 CP-purchases 11/5 11/19 4,000 6,792 3,980 0.100 0.108 20.2
2 JGSs-purchases 11/5 11/6 8,000 22,720 8,005 0.130 0.130 50.0
2 JGSs-purchases 11/5 11/12 6,000 20,683 6,009 0.130 0.132 33.0
2 FSOPC-Head 11/4 11/13 4,000 13,350 4,002 0.130 0.137 18.0
4 JGSs-purchases 11/6 11/9 8,000 26,450 8,004 0.130 0.130 50.5
4 JGSs-purchases 11/6 11/13 6,000 20,691 6,008 0.130 0.130 46.6
4 FSOPC-Head 11/6 2010/1/21 8,000 36,600 8,009 0.130 0.138 4.5
5 CP-purchases 11/9 12/21 4,000 4,950 3,970 0.100 0.105 65.8
5 JGSs-purchases 11/9 11/10 8,000 22,796 8,002 0.130 0.130 46.3
5 JGSs-purchases 11/9 11/16 6,000 21,950 6,004 0.130 0.130 35.2
6 JGSs-purchases 11/10 11/11 8,000 35,500 8,002 0.130 0.130 27.3
6 JGSs-purchases 11/10 11/17 6,000 23,858 6,003 0.130 0.134 23.8
6 SFSOFCF(note) 11/11 2010/2/1   3,287 3,287 0.100* 0.100  
6 FSOPC-Head 11/9 11/12 4,000 9,005 4,002 0.130 0.132 75.0
6 FSOPC-All 11/10 2010/2/4 8,000 45,630 8,006 0.140 0.141 60.9
9 JGSs-purchases 11/11 11/12 6,000 19,552 6,008 0.130 0.131 31.1
9 JGSs-purchases 11/11 11/18 6,000 20,300 6,005 0.130 0.133 24.3
9 FSOPC-Head 11/10 11/30 10,000 27,370 10,006 0.130 0.131 40.7
10 CP-purchases 11/12 12/10 4,000 5,560 3,950 0.100 0.105 55.2
10 JGSs-purchases 11/12 11/13 6,000 14,691 6,006 0.130 0.131 61.2
10 JGSs-purchases 11/12 11/19 6,000 21,000 6,003 0.130 0.133 32.5
11 JGSs-purchases 11/13 11/16 8,000 16,935 8,006 0.130 0.131 72.9
11 JGSs-purchases 11/13 11/20 6,000 20,939 6,009 0.130 0.130 34.1
11 FSOPC-Head 11/12 11/26 8,000 23,100 8,004 0.130 0.130 53.4
12 CP-purchases 11/16 11/30 4,000 4,434 3,984 0.100 0.106 80.5
12 JGSs-purchases 11/16 11/17 8,000 22,360 8,007 0.130 0.131 55.6
12 JGSs-purchases 11/16 11/24 6,000 18,400 6,005 0.130 0.131 39.6
12 FSOPC-Head 11/13 11/24 8,000 15,866 8,002 0.130 0.130 85.9
12 FSOPC-Head 11/16 2010/1/28 8,000 39,450 8,004 0.140 0.140 85.1
13 JGSs-purchases 11/17 11/18 8,000 23,350 8,003 0.130 0.131 53.9
13 JGSs-purchases 11/17 11/25 6,000 15,500 6,000 0.130 0.130 48.0
13 SFSOFCF(note) 11/18 2010/2/8   2,856 2,856 0.100* 0.100  
13 FSOPC-Head 11/16 11/30 4,000 13,350 4,008 0.130 0.130 43.8
13 FSOPC-All 11/17 2010/3/12 10,000 39,762 10,011 0.140 0.140 66.5
16 JGSs-purchases 11/18 11/19 6,000 16,314 6,005 0.130 0.130 62.5
16 JGSs-purchases 11/18 11/26 6,000 21,707 6,008 0.130 0.130 35.5
16 FSOPC-Head 11/17 11/27 6,000 18,635 6,004 0.130 0.130 55.3
17 CP-purchases 11/19 12/3 4,000 5,410 3,980 0.100 0.107 46.7
17 JGSs-purchases 11/19 11/20 6,000 18,917 6,004 0.130 0.130 54.0
17 JGSs-purchases 11/19 11/27 6,000 16,746 6,007 0.130 0.133 42.5
17 FSOPC-Head 11/18 12/3 4,000 12,937 4,004 0.130 0.133 33.9
18 JGSs-purchases 11/20 11/24 6,000 15,955 6,004 0.130 0.130 75.0
18 JGSs-purchases 11/20 11/30 6,000 19,760 6,002 0.130 0.131 38.1
18 SFSOFCF(note) 11/24 2010/2/16   3,734 3,734 0.100* 0.100  
18 FSOPC-Head 11/19 12/1 6,000 17,000 6,000 0.130 0.130 75.0
18 FSOPC-Head 11/19 12/7 6,000 20,603 6,007 0.130 0.130 45.5
19 CP-purchases 11/24 2010/1/5 4,000 4,424 3,970 0.100 0.100 90.3
19 JGSs-purchases 11/24 11/25 6,000 19,240 6,003 0.130 0.130 45.0
19 JGSs-purchases 11/24 12/1 6,000 18,000 6,009 0.130 0.132 30.7
19 FSOPC-Head 11/20 12/4 12,000 24,175 12,006 0.130 0.130 62.8
19 FSOPC-Head 11/24 2010/2/9 8,000 32,300 8,009 0.130 0.137 9.5
20 JGSs-purchases 11/25 11/26 6,000 16,753 6,001 0.130 0.130 57.4
20 JGSs-purchases 11/25 12/2 6,000 20,820 6,006 0.130 0.132 28.1
20 FSOPC-All 11/24 12/8 8,000 25,663 8,003 0.130 0.133 29.0
20 FSOPC-All 11/25 2010/2/15 8,000 35,564 8,011 0.130 0.136 10.7
24 CP-purchases 11/26 12/24 4,000 4,843 3,950 0.100 0.102 79.2
24 JGSs-purchases 11/26 11/27 8,000 27,510 8,005 0.130 0.136 12.9
24 JGSs-purchases 11/26 12/3 6,000 20,305 6,010 0.130 0.130 32.5
24 FSOPC-Head 11/25 12/7 12,000 39,777 12,010 0.130 0.133 24.4
24 FSOPC-Head 11/26 2010/2/12 8,000 29,550 8,007 0.130 0.135 15.8
25 JGSs-purchases 11/27 11/30 8,000 28,919 8,009 0.140 0.140 42.1
25 JGSs-purchases 11/27 12/4 6,000 23,750 6,003 0.140 0.140 96.5
25 SFSOFCF(note) 11/30 2010/2/23   3,109 3,109 0.100* 0.100  
25 FSOPC-Head 12/2 12/8 10,000 34,500 10,010 0.130 0.132 25.3
26 CP-purchases 11/30 12/14 4,000 6,430 3,960 0.110 0.110 85.3
26 JGSs-purchases 11/30 12/1 8,000 30,661 8,006 0.150 0.150 56.3
26 JGSs-purchases 11/30 12/7 6,000 22,000 6,006 0.140 0.140 57.2
26 FSOPC-Head 11/27 12/11 10,000 31,396 10,003 0.130 0.134 22.9
26 FSOPC-Head 12/2 12/14 10,000 32,600 10,007 0.130 0.132 25.4
27 JGSs-purchases 12/1 12/2 8,000 25,829 8,006 0.140 0.141 34.9
27 JGSs-purchases 12/1 12/8 6,000 18,700 6,001 0.140 0.141 88.7
27 FSOPC-Head 11/30 12/9 4,000 13,350 4,003 0.140 0.145 47.8
27 FSOPC-All 12/1 2010/2/17 8,000 30,345 8,012 0.130 0.137 12.8
30 JGSs-purchases 12/2 12/3 8,000 29,161 8,003 0.150 0.150 72.8
30 JGSs-purchases 12/2 12/9 6,000 19,000 6,004 0.140 0.142 50.9
30 SFSOFCF(note) 12/3 2010/2/25   5,471 5,471 0.100* 0.100  
30 FSOPC-Head 12/1 12/15 4,000 13,032 4,002 0.140 0.140 66.7
30 FSOPC-Head 12/2 2010/2/15 8,000 27,950 8,001 0.130 0.130 33.4
30 FSOPC-All 12/2 2010/2/25 8,000 29,754 8,007 0.130 0.134 21.8

(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 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                
11/6 Outright purchases of CP(note1) 11/11 3,000 0 0      
6 Outright purchases of T-Bills 11/11 4,000 16,011 4,001 0.007 0.008 70.2
9 Outright purchases of Corporate Bonds(note2) 11/13 1,500 141 127 0.000* 0.081  
12 Outright purchases of T-Bills 11/17 4,000 12,638 4,138 0.002* 0.003  
13 Outright purchases of CP(note1) 11/18 3,000 0 0      
20 Outright purchases of CP(note1) 11/26 3,000 0 0      
20 Outright purchases of T-Bills 11/26 4,000 20,153 4,002 0.000 0.001 80.0
27 Outright purchases of CP(note1) 12/2 3,000 0 0      
27 Outright purchases of T-Bills 12/2 4,000 14,073 4,005 -0.003 -0.002 80.3
  • (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                  
11/4 USD-FSOPC (F) (note1) 11/5 2010/1/14   0 0      
17 USD-FSOPC (F) (note2) 11/19 12/17   110 110 1.150* 1.150  
  • (note1) A fixed rate is 1.160%.
  • (note2) A fixed rate is 1.150%.

(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 November 4, Exercised at 310.2 billion yen on November 9
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on November 4, Exercised at 250.1 billion yen on November 9
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on November 11, Exercised at 250.2 billion yen on November 16
(Residual maturity of more than 10 years and up to 30 years) Offered worth 100.0 billion yen on November 11, Exercised at 100.1 billion yen on November 16
(Residual maturity of up to 1 year) Offered worth 310.0 billion yen on November 17, Exercised at 310.1 billion yen on November 20
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on November 17, Exercised at 250.1 billion yen on November 20
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on November 24, Exercised at 250.4 billion yen on November 27
(Inflation-indexed bonds) Offered worth 40.0 billion yen on November 24, Exercised at 40.2 billion yen on November 27

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in November.

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.