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

January 4, 2010
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
(b) (d) (e)		 Average Successful Bid Rate
(d) (e)		 Allocation on a Pro-rata Basis Rate
2009                  
12/1 CP-purchases 12/3 12/17 4,000 5,050 3,970 0.100 0.107 49.7
1 JGSs-purchases 12/3 12/4 8,000 24,036 8,004 0.140 0.140 59.5
1 JGSs-purchases 12/3 12/10 6,000 19,495 6,050 0.140* 0.140  
1 FSOPC-Head (M)(note1) 12/2 12/16 10,000 14,250 3,310 0.100* 0.100  
1 FSOPC-Head (M)(note1) 12/2 12/21 8,000 12,550 2,100 0.100* 0.100  
2 FSOPC-All (M)(note1) 12/2* 12/3 10,000 11,935 9,435 0.100* 0.101  
2 JGSs-purchases 12/4 12/7 25,000 37,094 25,008 0.100 0.105 68.2
2 JGSs-purchases 12/4 12/11 6,000 14,600 6,001 0.100 0.103 37.7
2 FSOPC-Head (M) 12/3 12/16 10,000 19,000 10,005 0.100 0.103 44.8
2 FSOPC-Head (M) 12/3 12/21 8,000 18,810 8,003 0.100 0.102 35.7
3 CP-purchases 12/7 2010/1/18 4,000 6,630 3,930 0.100 0.100 59.5
3 JGSs-purchases 12/7 12/8 20,000 49,096 20,010 0.100 0.101 38.8
3 JGSs-purchases 12/7 12/14 6,000 22,422 6,006 0.100 0.101 25.3
3 FSOPC-Head (M) 12/7 2010/2/15 8,000 29,300 8,008 0.100 0.104 18.5
3 FSOPC-All (M) 12/30 2010/1/4 10,000 28,650 10,005 0.100 0.109 17.6
4 JGSs-purchases 12/8 12/9 20,000 63,150 20,004 0.110 0.114 55.5
4 JGSs-purchases 12/8 12/15 6,000 23,300 6,003 0.110 0.112 68.7
4 FSOPC-Head (M) 12/7 12/18 6,000 29,506 6,001 0.120 0.128 31.3
4 FSOPC-All (M) 12/7 12/24 8,000 28,400 8,150 0.130* 0.130  
4 FSOPC-All (M) 12/8 2010/3/4 8,000 33,170 8,006 0.110 0.111 82.2
7 JGSs-purchases 12/9 12/10 30,000 73,906 30,003 0.120 0.128 26.8
7 JGSs-purchases 12/9 12/16 6,000 22,802 6,006 0.120 0.122 47.7
7 FSOPC-Head (M) 12/8 12/15 8,000 27,256 8,001 0.120 0.128 7.0
8 CP-purchases 12/10 2010/1/7 4,000 7,540 3,950 0.100 0.108 22.2
8 JGSs-purchases 12/10 12/11 30,000 60,319 30,002 0.110 0.118 46.3
8 JGSs-purchases 12/10 12/17 6,000 22,243 6,003 0.120 0.122 69.8
8 SFSOFCF(note2) 12/11 2010/3/5   8,227 8,227 0.100* 0.100  
8 FSOPC-Head (M) 12/10 2010/2/15 8,000 25,350 8,001 0.110 0.111 82.4
9 JGSs-purchases 12/11 12/14 25,000 54,572 25,006 0.110 0.111 66.0
9 JGSs-purchases 12/11 12/18 6,000 18,305 6,004 0.110 0.119 3.9
9 FSOPC-Head (M) 12/10 12/16 6,000 22,527 6,001 0.110 0.111 37.6
10 CP-purchases 12/14 12/28 4,000 6,580 3,960 0.100 0.108 26.2
10 JGSs-purchases 12/14 12/15 25,000 61,475 25,004 0.110 0.112 48.4
10 JGSs-purchases 12/14 12/21 6,000 28,867 6,005 0.120 0.122 56.5
10 FSOPC-Head (M) 12/11 12/17 8,000 21,500 8,001 0.110 0.111 48.1
10 FSOPC-All (M) 12/11 12/21 10,000 22,830 10,006 0.110 0.114 39.4
10 FSOPC-All (F)(note3) 12/14 2010/3/9 8,000 65,680 8,023 0.100 0.100 12.2
11 JGSs-purchases 12/15 12/16 25,000 46,886 25,006 0.110 0.111 72.5
11 JGSs-purchases 12/15 12/22 6,000 23,182 6,004 0.110 0.120 4.3
11 FSOPC-Head (M) 12/14 12/21 8,000 16,427 8,005 0.100 0.108 25.5
11 FSOPC-Head (M) 12/14 12/28 10,000 24,277 10,003 0.110 0.110 97.3
11 FSOPC-All (M) 12/15 2010/4/15 10,000 30,230 10,006 0.100 0.109 8.1
14 JGSs-purchases 12/16 12/17 18,000 59,921 18,006 0.110 0.111 45.2
14 JGSs-purchases 12/16 12/24 6,000 21,540 6,006 0.110 0.113 31.2
14 SFSOFCF(note2) 12/17 2010/3/11   8,659 8,659 0.100* 0.100  
15 CP-purchases 12/17 12/30 4,000 5,410 3,950 0.100 0.104 62.2
15 JGSs-purchases 12/17 12/18 20,000 61,261 20,004 0.120 0.121 66.5
15 JGSs-purchases 12/17 12/25 6,000 20,763 6,005 0.110 0.119 5.7
15 FSOPC-Head (M) 12/16 12/24 10,000 43,654 10,004 0.120 0.120 63.9
15 FSOPC-Head (M) 12/17 2010/2/23 8,000 28,800 8,005 0.110 0.110 93.1
16 JGSs-purchases 12/18 12/21 25,000 51,658 25,004 0.120 0.120 99.0
16 JGSs-purchases 12/18 12/28 6,000 23,852 6,004 0.120 0.120 60.3
16 FSOPC-All (M) 12/17 12/22 8,000 19,448 8,003 0.110 0.119 14.6
16 FSOPC-All (F)(note3) 12/18 2010/3/16 8,000 67,863 8,014 0.100 0.100 11.8
17 CP-purchases 12/21 2010/2/1 4,000 6,450 3,950 0.100 0.106 41.6
17 JGSs-purchases 12/21 12/22 35,000 55,901 35,004 0.100 0.112 8.7
17 JGSs-purchases 12/21 12/29 6,000 24,296 6,004 0.110 0.119 6.1
17 FSOPC-All (M) 12/21 2010/3/23 8,000 39,770 8,003 0.110 0.110 88.9
18 JGSs-purchases 12/22 12/24 25,000 60,006 25,002 0.110 0.111 89.0
18 JGSs-purchases 12/22 12/30 6,000 12,876 6,004 0.110 0.114 42.6
21 CP-purchases 12/24 2010/1/21 4,000 7,240 3,950 0.100 0.109 12.7
21 JGSs-purchases 12/24 12/25 20,000 50,808 20,003 0.100 0.110 1.2
21 JGSs-purchases 12/24 2010/1/4 6,000 20,592 6,003 0.120 0.120 91.0
21 SFSOFCF(note2) 12/25 2010/3/18   9,771 9,771 0.100* 0.100  
21 FSOPC-Head (M) 12/22 12/28 4,000 13,620 4,002 0.110 0.110 61.7
21 FSOPC-All (M) 12/30 2010/1/4 10,000 35,750 10,004 0.110 0.115 30.1
22 JGSs-purchases 12/25 12/28 18,000 44,517 18,005 0.100 0.110 2.9
22 JGSs-purchases 12/25 2010/1/5 6,000 18,610 6,002 0.110 0.117 15.0
22 FSOPC-Head (M) 12/24 12/29 8,000 23,300 8,004 0.100 0.106 17.8
22 FSOPC-Head (M) 12/24 2010/1/5 10,000 34,200 10,002 0.110 0.111 44.5
24 CP-purchases 12/28 2010/1/12 4,000 8,920 3,910 0.110 0.115 49.5
24 JGSs-purchases 12/28 12/29 20,000 54,585 20,007 0.110 0.110 56.1
24 JGSs-purchases 12/28 2010/1/6 6,000 22,721 5,999 0.110 0.118 7.9
24 FSOPC-Head (M) 12/25 2010/1/6 6,000 18,768 6,002 0.110 0.115 33.6
24 FSOPC-All (F)(note3) 12/28 2010/3/23 8,000 67,100 8,021 0.100 0.100 12.0
25 JGSs-purchases 12/29 12/30 25,000 65,005 25,003 0.120 0.127 39.6
25 JGSs-purchases 12/29 2010/1/7 6,000 22,137 6,005 0.120 0.125 29.9
25 FSOPC-Head (M) 12/28 2010/1/4 8,000 22,550 8,002 0.130 0.130 86.5
25 FSOPC-Head (M) 12/28 2010/1/7 6,000 18,900 6,003 0.120 0.122 47.4
  • (note1) All bids with bid rates (loan rates) at 0.09% and lower were excluded from the auction.
  • (note2) Initial loan rate for Special Funds-Supplying Operations to Facilitate Corporate Financing is 0.10%.
  • (note3) The loan rate for Funds-Supplying Operations against Pooled Collateral (Fixed rate) 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                
12/4 Outright purchases of CP(note1) 12/9 3,000 0 0      
4 Outright purchases of T-Bills 12/9 4,000 18,977 4,002 0.003 0.003 58.9
7 Outright purchases of Corporate Bonds(note2) 12/11 1,500 32 32 0.000* 0.000  
11 Outright purchases of CP(note1) 12/16 3,000 0 0      
11 Outright purchases of T-Bills 12/16 4,000 17,440 4,001 0.005 0.008 45.2
18 Outright purchases of CP(note1) 12/24 3,000 0 0      
18 Outright purchases of T-Bills 12/24 4,000 13,950 4,000 -0.002* 0.001  
25 Outright purchases of T-Bills 12/30 4,000 14,859 4,100 0.006* 0.006  
  • (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                  
12/1 USD-FSOPC (F)(note1) 12/3 2010/1/14   0 0      
15 USD-FSOPC (F)(note2) 12/17 2010/1/14   545 545 1.160* 1.160  
  • (note1) A fixed rate is 1.150%.
  • (note2) A fixed rate is 1.160%.

(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 December 3, Exercised at 310.1 billion yen on December 8
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on December 3, Exercised at 250.0 billion yen on December 8
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on Deceember 7, Exercised at 250.3 billion yen on December 10
(Residual maturity of more than 10 years and up to 30 years) Offered worth 100.0 billion yen on December 7, Exercised at 100.2 billion yen on December 10
(Residual maturity of up to 1 year) Offered worth 310.0 billion yen on December 16, Exercised at 310.3 billion yen on December 21
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on December 16, Exercised at 250.3 billion yen on December 21
(Residual maturity of more than 1 year and up to 10 years) Offered worth 250.0 billion yen on December 24, Exercised at 250.3 billion yen on December 29
(Floating-rate bonds) Offered worth 120.0 billion yen on December 24, Exercised at 120.1 billion yen on December 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,
34.9 billion yen on December 22 for Inflation-indexed bonds #6

The Bank sold securities under repurchase agreements are as follows,
Inflation-indexed bonds #6 worth 0.5 billion yen on December 22

NOTES:

  1. Bills-sales : Outright Sales of Bills Drawn by BOJ
    FSOPC-Head (M) : Funds-Supplying Operations against Pooled Collateral at Head Office (Multiple-rate competitive auction)
    FSOPC-All (M) : Funds-Supplying Operations against Pooled Collateral at All Offices (Multiple-rate competitive auction)
    FSOPC-Head (F) : Funds-Supplying Operations against Pooled Collateral at Head Office (Fixed rate)
    FSOPC-All (F) : Funds-Supplying Operations against Pooled Collateral at All Offices (Fixed rate)
    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; otherwise the figures denote pro-rata 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 for Special Funds-Supplying Operations to Facilitate Corporate Financing.
    5. (e) The figure represent the loan rate for Funds-Supplying Operations against Pooled Collateralre.
  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.