Monetary Policy

Home > Monetary Policy > Monetary Policy Measures > Market Operations > Operation Timetable

Operation Timetable(Note 1)

As of May 1, 2018

1. Same-day operations

Table:Funds-Supplying Operations against Pooled Collateral, Purchase/Sale of Japanese Government Securities with Repurchase Agreements
Funds-Supplying Operations against Pooled Collateral Purchase/Sale of Japanese Government Securities with Repurchase Agreements
Head Office All Offices Purchase Sale
Offer 9:20 12:50 9:20 12:50 9:20 12:50 9:20 12:50
Bid-submission cut-off time 9:50 13:20 10:20 13:50 9:50 13:20 9:50 13:20
Notification of respective results to auction participants Around 10:05 Around 13:35 Around 10:35 Around 14:05 Around 10:05 Around 13:35 Around 10:05 Around 13:35
Cut-off time for submission of documents (for start) - -
Cut-off time for settlement on start day 16:15 (Note 2) 15:00
Cut-off time for submission of documents (for maturity) - -
Cut-off time for settlement on maturity date 16:15 (Note 2) 15:00
Table:Sale of Bills
Sale of Bills
Offer 9:20 12:50
Bid-submission cut-off time 9:50 13:20
Notification of respective results to auction participants Around 10:05 Around 13:35
Cut-off time for submission of documents (for start) - -
Settlement time on start day Around 14:30 (Note 3) Around 16:30 (Note 3, 4)
Cut-off time for submission of documents (for maturity) 10:30 on maturity date (Note 5)
Settlement time on maturity date Around 12:30 or 14:30 (Note 3)

2-1. Forward-day operations (morning offer)

Table:Purchase/Sale of Japanese Government Securities with Repurchase Agreements
Purchase/Sale of Japanese Government Securities with Repurchase Agreements
Purchase Sale
Offer 9:30
Bid-submission cut-off time 10:10
Notification of respective results to auction participants Around 10:25
Cut-off time for submission of documents (for start) -
Cut-off time for settlement on start day 15:00
Cut-off time for submission of documents (for maturity) -
Cut-off time for settlement on maturity date 15:00
Number of business days from offer to start (Note 6) T+1
Table:Purchases of CP with Repurchase Agreements
Purchases of CP with Repurchase Agreements
Offer 9:30
Bid-submission cut-off time 13:00
Notification of respective results to auction participants Around 13:40
Cut-off time for submission of documents (for start) 15:00 one business day prior to start day
Settlement time on start day Around 14:30 (Note 3)
Cut-off time for submission of documents (for maturity) 15:00 one business day prior to maturity date
Settlement time on maturity date At and after 10:30 (Note 3)
Number of business days from offer to start (Note 6) T+2
Table:Funds-Supplying Operations against Pooled Collateral, Outright Purchase/Sale of Treasury Discount Bills, Outright Purchases of Japanese Government Bonds
Outright Purchase/Sale of Treasury Discount Bills Outright Purchases of Japanese Government Bonds
Competitive Auction Method Fixed-Rate Method
Offer 10:10 10:10
Bid-submission cut-off time 11:20 11:40
Notification of respective results to auction participants Around 11:35 Around 12:00
Cut-off time for submission of documents (for start) - -
Cut-off time for settlement on start day 15:00 15:00
Cut-off time for submission of documents (for maturity) - -
Cut-off time for settlement on maturity date - -
Number of business days from offer to start (Note 6) T+1 T+1

2-2. Forward-day operations (afternoon offer)

Table:Funds-Supplying Operations against Pooled Collateral
Funds-Supplying Operations against Pooled Collateral
Head Office All Offices
Offer 13:00
Bid-submission cut-off time 13:30 14:00
Notification of respective results to auction participants Around 13:45 Around 14:15
Cut-off time for submission of documents (for start) -
Cut-off time for settlement on start day 16:15 (Note 2)
Cut-off time for submission of documents (for maturity) -
Cut-off time for settlement on maturity date 16:15 (Note 2)
Number of business days from offer to start (Note 6) T+1 and onwards T+1 and onwards
Table:Sale of Bills
Sale of Bills
Offer 13:00
Bid-submission cut-off time 13:30
Notification of respective results to auction participants Around 13:45
Cut-off time for submission of documents (for start) -
Settlement time on start day Around 14:30 (Note 3)
Cut-off time for submission of documents (for maturity) 10:30 on maturity date (Note 5)
Settlement time on maturity date Around 12:30 or 14:30 (Note 3)
Number of business days from offer to start (Note 6) T+1 and onwards
Table:Outright Purchases of Japanese Government Bonds
Outright Purchases of Japanese Government Bonds
Fixed-Rate Method
Offer 14:00
Bid-submission cut-off time 15:30
Notification of respective results to auction participants Around 15:50
Cut-off time for submission of documents (for start) -
Cut-off time for settlement on start day 15:00
Cut-off time for submission of documents (for maturity) -
Cut-off time for settlement on maturity date -
Number of business days from offer to start (Note 6) T+1

3. Other

Table:Securities Lending Facility
Securities Lending Facility (Note 7)
Acceptance of requests for offer 9:00 - 11:15 12:30 - 13:15
Offer 11:50 13:50
Bid-submission cut-off time 12:15 14:15
Notification of respective results to auction participants Around 12:30 Around 14:30
Cut-off time for submission of documents (for start) -
Cut-off time for settlement on start day 13:15 15:30 (Note 8)
Cut-off time for submission of documents (for maturity) -
Cut-off time for settlement on maturity date 15:00 15:00
Number of business days from offer to start (Note 6) T+0

Notes

  1. Notes 1: This is a standard timetable, and operations may be conducted on a timetable different from the above. The time for notification of respective results to auction participants is an approximation and may differ from that shown in the timetable.
  2. 2: The cut-off time shall be 17:15 on days when payments made through the Domestic Funds Transfer System are extended by 60 minutes.
  3. 3: Settlement will be made by the Bank of Japan.
  4. 4: Settlement time shall be around 17:30 on days when payments made through the Domestic Funds Transfer System are extended by 60 minutes.
  5. 5: Submission of documents is unnecessary when the bills are held in safekeeping.
  6. 6: In the "number of business days from offer to start," "T+2," for example, indicates that the start day is two business days after the offer date.
  7. 7: This operation is conducted as the sale of Japanese government securities with repurchase agreements.
  8. 8: Settlement time shall be 15:00 for issues on days when redemption or an interest payment is due on the following day.