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Change in Unit for Bid Rates in Competitive Yield Auctions

July 21, 2006
Bank of Japan

Currently, in competitive yield auctions for money market operations, the Bank of Japan receives bids on every 0.001% (three decimal places)*1. As of July 24, 2006, the Bank will start receiving bids on every 0.01% (two decimal places) for competitive yield auctions carried out by the Bank, except for outright purchases/sales of JGBs and TBs/FBs*2.

  1. *1This measure was introduced from May to July 2001. (Please refer to "Measures for Facilitating Money Market Operations ," May 18, 2001, for details.)
  2. *2That is; 1) Funds-Supplying Operations against Pooled Collateral (at All Offices and at Head Office), 2) Purchases of CP under repurchase agreements, 3) Purchases/Sales of JGSs under repurchase agreements, 4) Sales of Bills, 5) Securities lending as a secondary source of JGSs.

For further information, please contact

Tadaaki Kumagai, Tel: +81-3-3277-1284
Tetsuya Sakamoto, Tel: +81-3-3277-1234

Open Market Operations , Financial Markets Department