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Bank of Japan Operations in the Money Markets (January 2003)

February 3, 2003
Bank of Japan
Financial Markets Department

Operations by Transactions Under or Similar to Repurchase Agreements (Borrowing of Securities)

Table: Operations by Transactions Under or Similar to Repurchase Agreements (Borrowing of Securities)(100 million yen, percent per annum)
Date of Offer Instrument Date of Exercise Date of
Resale or
Repurchase		 (a)
Amounts Offered		 Amounts of Competitive Bid Amounts of Successful Bid (b)
Pro-rata or Non-pro-rata Rate		 Average Successful Bid Rate Allocation on a Pro-rata Basis Rate
2003                  
1/6 Bills-sales 1/7 1/24 7,000 27,400 7,006 0.001 0.001 39.2
7 CP-purchases 1/9 3/13 4,000 3,517 3,517 0.001 * 0.002 -
7 Bills-sales 1/8 1/30 5,000 20,430 5,002 0.001 0.001 31.0
8 JGSs-purchases 1/10 3/11 4,000 6,354 4,006 0.001 0.001 55.8
8 Bills-sales 1/10 1/30 8,000 29,500 8,004 0.001 0.001 59.1
9 JGSs-sales 1/14 1/30 6,000 15,655 6,000 0.002 0.001 90.0
9 Bills-purchases-All 1/10 8/28 8,000 25,446 8,003 0.010 0.012 43.8
10 Bills-sales 1/14 1/30 7,000 15,600 7,100 0.001 * 0.001 -
14 CP-purchases 1/16 3/17 4,000 1,641 1,641 0.001 * 0.001 -
16 JGSs-purchases 1/17 4/15 4,000 9,937 3,979 0.006 * 0.009 -
16 Bills-sales 1/20 1/30 5,000 19,750 5,004 0.001 0.001 66.7
17 Bills-purchases-All 1/20 9/5 7,000 25,683 7,005 0.010 0.011 78.8
17 Bills-sales 1/21 1/30 5,000 16,250 5,002 0.001 0.001 81.3
20 CP-purchases 1/22 4/4 4,000 2,917 2,917 0.001 * 0.003 -
20 Bills-sales 1/22 2/4 7,000 18,080 7,003 0.002 0.001 19.8
21 Bills-purchases-Head 1/22 6/23 7,000 22,900 7,005 0.010 0.010 51.3
21 Bills-sales 1/23 2/4 5,000 17,910 5,004 0.002 0.002 24.9
22 JGSs-purchases 1/24 4/22 4,000 11,967 4,004 0.006 0.008 5.2
22 CP-purchases 1/24 4/9 4,000 1,847 1,847 0.001 * 0.001 -
22 Bills-purchases-All 1/23 9/12 8,000 24,208 8,007 0.010 0.010 80.9
23 JGSs-purchases 1/27 4/23 4,000 9,266 4,003 0.005 0.006 38.0
23 Bills-sales 1/27 2/4 7,000 25,580 7,000 0.002 0.002 40.0
27 JGSs-purchases 1/29 4/3 4,000 8,574 4,003 0.004 0.004 62.7
28 CP-purchases 1/30 4/14 4,000 2,383 2,383 0.001 * 0.001 -
29 JGSs-purchases 1/31 4/24 4,000 10,333 4,004 0.003 0.006 52.6
29 Bills-purchases-All 1/30 9/18 6,000 17,772 6,010 0.010 0.010 43.6
31 Bills-purchases-Head 2/3 6/27 5,000 17,431 5,005 0.010 0.011 20.1

Outright Purchases and Sales Operation of TBs and FBs

Table: Outright Purchases and Sales Operation of TBs and FBs(100 million yen, percent per annum)
Date
of
Offer		 Instrument Date of Exercise (a)
Amounts Offered Amounts of Competitive Bid		 Amounts of Successful Bid (c)
Pro-rata or Non-pro-rata Yield Spread		 Average Successful Yield Spread Allocation on a Pro-rata Basis Rate
2003                
1/9 Outright purchases 1/15 5,000 25,885 5,005 0.001 0.001 39.6
16 Outright purchases 1/21 5,000 26,814 5,005 0.002 0.002 82.8
23 Outright purchases 1/28 5,000 16,170 5,009 0.000 0.000 21.2
24 Outright purchases 1/29 5,000 16,477 5,005 -0.001 -0.001 62.8
30 Outright purchases 2/4 6,000 12,300 6,005 0.000 0.000 94.8
31 Outright purchases 2/5 6,000 9,897 6,010 -0.001 -0.001 57.7

(Memo)

Outright purchase and sales operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on January 8, 300.0 billion yen on January 15, 300.0 billion yen on January 21 and 300.0 billion yen on January 27. The purchases were exercised at 309.6 billion yen on January 14, 300.3 billion yen on January 20, 300.8 billion yen on January 24 and 300.2 billion yen on January 30, respectively.

NOTES:

  1. Bills-sales : Outright Sales of Bills Drawn by BOJ
    Bills-purchases-Head : Outright Purchases of Bills at Head Office
    Bills-purchases-All : Outright Purchases of Bills 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
    Outright Purchases : Outright Purchases of TBs/FBs
    Outright Sales : Outright Sales of TBs/FBs
  2. * denotes dates when offers and transactions were exercised on the same day.
    1. (a) Planned amounts on offer days.
    2. (b) * denotes non-pro-rata rates; otherwise the figures denote pro-rata rates.
    3. (c) 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.
      *denotes non-pro-rata yield spreads; otherwise the figures denote pro-rata yield spreads.