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

October 1, 2003
Bank of Japan
Financial Markets Department

Operations by Transactions under Repurchase Agreements and Purchases and Sales of Bills

Table: Operations by Transactions under Repurchase Agreements and Purchases and Sales of Bills(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                  
9/1 Bills-purchases-Head 9/3 12/15 10,000 27,495 10,003 0.017 0.022 71.3
2 JGSs-purchases 9/4 12/5 4,000 8,684 3,959 0.012 * 0.014 -
2 Bills-sales 9/3 9/12 8,000 35,250 8,008 0.001 0.001 23.3
3 CP-purchases 9/5 10/29 4,000 7,067 3,908 0.012 * 0.014 -
3 Bills-sales 9/4 9/12 5,000 24,000 5,007 0.001 0.001 22.1
4 Bills-purchases-All 9/8 2004/3/5 10,000 35,242 10,001 0.028 0.036 84.1
5 Bills-sales 9/8 9/18 10,000 20,650 10,004 0.001 0.001 75.2
5 Bills-sales 9/8 9/22 10,000 32,400 10,003 0.001 0.001 40.9
8 CP-purchases 9/10 11/7 4,000 5,160 3,961 0.010 0.011 70.7
8 Bills-sales 9/9 9/19 5,000 16,930 5,007 0.001 0.001 32.1
8 Bills-purchases-Head 9/10 12/15 8,000 30,687 8,002 0.018 0.020 35.7
9 Bills-sales 9/10 9/19 5,000 15,600 5,004 0.001 0.001 33.8
10 Bills-purchases-All 9/12 2004/3/11 8,000 27,475 8,058 0.039 * 0.039 -
11 Bills-sales 9/12 9/22 8,000 22,300 8,005 0.001 0.001 37.8
12 CP-purchases 9/17 11/13 4,000 4,267 3,887 0.002 * 0.008 -
12 Bills-sales 9/16 9/25 10,000 19,700 10,004 0.001 0.001 52.9
16 Bills-sales 9/17 9/25 10,000 17,120 10,003 0.002 0.002 63.8
16 Bills-sales 9/17 9/29 10,000 19,150 10,002 0.002 0.001 48.9
16 Bills-purchases-Head 9/18 12/22 8,000 30,387 8,001 0.027 0.028 63.7
17 Bills-sales 9/18 9/24 6,000 12,650 6,002 0.002 0.002 70.5
17 Bills-sales 9/18 9/25 6,000 14,400 6,004 0.002 0.002 43.9
17 Bills-purchases-Head 9/19 11/28 8,000 19,986 8,086 0.027 * 0.033 -
18 JGSs-purchases 9/22 10/15 4,000 13,451 4,000 0.020 0.024 31.7
18 Bills-sales 9/19 10/2 4,000 9,780 4,170 0.023 * 0.019 -
18 Bills-sales 9/19 10/10 4,000 10,300 4,000 0.023 0.018 79.0
19 Bills-sales 9/22 9/29 8,000 17,200 8,004 0.002 0.002 85.1
22 Bills-sales 9/24 9/29 8,000 20,600 8,004 0.002 0.001 40.9
24 Bills-sales 9/25 9/29 4,000 9,750 4,001 0.002 0.001 20.2
24 Bills-sales 9/25 10/20 8,000 20,742 8,003 0.025 0.021 42.8
24 Bills-purchases-All 9/26 12/22 8,000 25,156 8,002 0.030 0.036 64.9
25 Bills-sales 9/26 10/20 4,000 14,972 4,005 0.020 0.018 27.6
26 JGSs-purchases 9/30 10/15 4,000 7,991 4,000 0.004 0.008 46.9
26 Bills-sales 9/29 10/27 4,000 11,202 4,001 0.017 0.015 55.1
30 Bills-sales 10/1 10/8 10,000 32,020 10,003 0.001 0.001 45.9

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                
9/4 Outright purchases 9/9 6,000 15,455 6,006 -0.005 -0.003 21.7
11 Outright purchases 9/17 6,000 28,993 6,009 0.003 0.004 29.8
18 Outright purchases 9/24 6,000 22,433 6,005 0.001 0.003 46.3
19 Outright purchases 9/25 6,000 16,883 6,005 0.000 0.001 20.5
25 Outright purchases 9/30 6,000 8,880 6,006 -0.005 -0.003 53.4

Outright Purchase Operations of ABCP

Table: Outright Purchase Operations of ABCP(100 million yen, percent per annum)
Date of Offer Date of Exercise Maximum Purchase Amount Amounts of Competitive Bid Amounts of Successful Bid (d)
Pro-rata or Non-pro-rata Yield Spread		 Average Successful Yield Spread Allocation on a Pro-rata Basis Rate
2003              
9/5 9/9 500 852 492 0.000 0.002 36.0

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on September 3, 300.0 billion yen on September 10, 300.0 billion yen on September 17 and 300.0 billion yen on September 24. The purchases were exercised at 301.2 billion yen on September 8, 300.3 billion yen on September 16, 300.7 billion yen on September 22 and 297.7 billion yen on September 29, respectively.

(Memo2)

Outright purchases of asset-backed bonds
The Bank of Japan decided to purchase asset-backed bonds worth 1.0 billion yen on September16.

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.
    4. (d) The difference between the yield at which operation counterparts want to sell and the corresponding floor yield determined by the Bank of Japan with the maturities and 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.