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

April 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                  
3/1 Bills-purchases-All 3/3 2006/1/11 10,000 22,273 10,008 0.001 0.001 44.9
3 Bills-purchases-Head 3/3* 2006/1/18 5,000 11,816 5,005 0.001 0.001 42.4
3 CP-purchases 3/7 4/18 4,000 4,642 4,097 0.002* 0.002 -
3 Bills-purchases-Head 3/7 7/8 8,000 6,881 6,881 0.001* 0.001 -
7 Bills-purchases-All 3/9 11/11 10,000 8,823 8,823 0.001* 0.001 -
8 CP-purchases 3/10 4/27 4,000 3,730 3,730 0.001* 0.001 -
9 JGSs-purchases 3/11 5/10 4,000 8,787 4,005 0.001 0.001 45.4
10 Bills-purchases-Head 3/14 9/22 8,000 7,580 7,580 0.001* 0.001 -
15 CP-purchases 3/17 5/12 4,000 5,613 3,932 0.001 0.003 18.3
16 Bills-purchases-All 3/18 11/22 10,000 38,910 10,010 0.001 0.001 20.2
17 Bills-sales 3/22 3/25 18,000 55,900 18,004 0.001 0.001 36.9
18 Bills-sales 3/22 3/25 12,000 45,600 12,005 0.001 0.001 28.4
22 CP-purchases 3/24 5/19 4,000 6,460 3,967 0.005 0.008 45.0
23 JGSs-purchases 3/25 6/7 4,000 18,252 4,001 0.004 0.005 16.4
24 JGSs-sales 3/28 4/4 4,000 2,700 2,700 0.090* 0.037 -
24 JGSs-sales 3/28 4/11 4,000 2,600 2,600 0.090* 0.027 -
25 JGSs-purchases 3/29 4/7 4,000 18,014 4,182 0.014* 0.020 -
25 Bills-sales 3/28 4/11 6,000 15,122 6,006 0.050 0.029 56.6
28 Bills-sales 3/30 4/11 6,000 14,008 6,025 0.039* 0.029 -
29 Bills-sales 3/30 4/20 3,000 13,412 2,900 0.018* 0.015 -
29 Bills-purchases-All 3/31 6/15 4,000 22,011 4,004 0.002 0.003 4.0
30 Bills-sales 3/31 4/20 3,000 12,032 3,001 0.013 0.012 73.0

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                
3/3 Outright purchases 3/8 10,000 33,892 9,898 0.001* 0.001 -
10 Outright purchases 3/15 6,000 20,219 6,008 0.001 0.002 26.3
17 Outright purchases 3/23 6,000 20,258 6,006 0.002 0.003 52.5
24 Outright purchases 3/29 6,000 10,340 6,003 0.001 0.002 36.8

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              
3/9 3/11 1,000 1,096 876 0.000 0.000 76.6
23 3/25 1,000 902 721 0.002 0.011 59.0

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on March 1, 300.0 billion yen on March 9, 300.0 billion yen on March 16 and 300.0 billion yen on March 23. The purchases were exercised at 293.1 billion yen on March 4, 301.0 billion yen on March 14, 310.4 billion yen on March 22 and 300.6 billion yen on March 28, respectively.

(Memo2)

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

(Memo3)

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

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.