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Bank of Japan Operations in the Money Markets (January 2005)

February 1, 2005
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
2005                  
1/4 Bills-sales 1/5 1/11 8,000 46,100 8,004 0.001 0.001 17.4
5 JGSs-purchases 1/7 3/10 4,000 2,471 2,471 0.001* 0.001 -
5 CP-purchases 1/7 2/24 4,000 9,177 3,970 0.006 0.008 50.7
6 Bills-purchases-All 1/11 7/27 10,000 35,540 10,011 0.001 0.001 24.2
11 JGSs-purchases 1/13 3/15 4,000 1,590 1,590 0.001* 0.001 -
11 CP-purchases 1/13 3/10 4,000 5,726 3,954 0.004 0.005 54.7
12 Bills-purchases-Head 1/14 6/15 8,000 15,180 8,004 0.001 0.001 49.4
13 JGSs-purchases 1/17 2/22 4,000 2,694 2,694 0.001* 0.001 -
14 Bills-sales 1/17 1/25 8,000 48,000 8,007 0.001 0.001 16.8
14 Bills-purchases-All 1/18 8/5 10,000 29,030 10,014 0.001 0.001 30.9
17 JGSs-purchases 1/19 3/15 4,000 851 851 0.001* 0.001 -
17 Bills-sales 1/18 1/25 10,000 66,182 10,008 0.001 0.001 15.1
18 CP-purchases 1/20 3/17 4,000 4,038 4,038 0.001* 0.003 -
18 Bills-purchases-Head 1/20 6/21 8,000 12,450 8,005 0.001 0.001 63.1
19 JGSs-sales 1/21 1/31 8,000 38,650 8,008 0.001 0.001 20.8
19 JGSs-sales 1/21 2/2 8,000 34,650 8,004 0.001 0.001 24.6
19 Bills-purchases-All 1/21 8/15 10,000 22,300 10,009 0.001 0.001 42.8
20 JGSs-purchases 1/24 2/22 4,000 1,806 1,806 0.001* 0.001 -
20 CP-purchases 1/24 2/15 4,000 6,302 3,945 0.001 0.003 25.0
21 Bills-purchases-Head 1/25 6/29 8,000 12,660 8,003 0.001 0.001 61.8
24 JGSs-purchases 1/26 4/5 4,000 5,354 4,006 0.001 0.001 59.8
24 Bills-purchases-All 1/26 8/15 10,000 14,548 10,007 0.001 0.001 67.4
25 CP-purchases 1/27 3/24 4,000 3,557 3,557 0.001* 0.002 -
25 Bills-purchases-Head 1/27 7/7 8,000 4,802 4,802 0.001* 0.001 -
27 JGSs-purchases 1/31 3/10 4,000 1,574 1,574 0.001* 0.001 -
27 CP-purchases 1/31 2/21 4,000 3,432 3,432 0.001* 0.001 -
28 Bills-purchases-All 2/1 9/8 10,000 12,102 10,010 0.001 0.001 82.4
31 JGSs-purchases 2/2 4/7 4,000 4,406 4,005 0.001 0.001 90.9
31 Bills-purchases-Head 2/2 7/13 8,000 2,300 2,300 0.001* 0.001 -

Outright Purchase and Sale Operations of TBs and FBs

Table: Outright Purchase and Sale Operations 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
2005                
1/6 Outright purchases 1/12 6,000 3,249 3,249 -0.002* 0.000 -
7 Outright purchases 1/13 6,000 3,410 3,410 -0.002* 0.000 -
13 Outright purchases 1/18 6,000 2,975 2,975 -0.001* 0.000 -
18 Outright purchases 1/21 6,000 9,976 6,002 -0.001 -0.001 58.4
20 Outright purchases 1/25 6,000 7,638 6,004 -0.001 0.000 50.3
27 Outright purchases 2/1 6,000 10,368 6,007 0.000 0.000 69.2

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
2005              
1/12 1/14 1,000 975 781 0.000 0.000 69.2
26 1/28 1,000 832 660 0.000 0.000 76.1

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on January 5, 300.0 billion yen on January 11, 300.0 billion yen on January 19 and 300.0 billion yen on January 26. The purchases were exercised at 300.7 billion yen on January 11, 300.7 billion yen on January 14, 300.2 billion yen on January 24 and 300.6 billion yen on January 31, respectively.

(Memo2)

Outright purchases of asset-backed bonds
No purchases in January.

(Memo3)

Securities lending as a secondary source of JGSs
No purchases in January.

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.
  4. Date of repurchase for Securities lending as a secondary source of JGSs:
    those without *: the next business day after the offering date.
    those with *: the fourth business day after the offering date.