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

May 2, 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                  
4/1 CP-purchases 4/5 5/26 4,000 4,576 3,922 0.004* 0.006 -
4 Bills-sales 4/5 4/20 8,000 43,033 8,009 0.001 0.001 20.1
4 Bills-purchases-Head 4/6 8/15 8,000 4,435 4,435 0.001* 0.001 -
5 JGSs-sales 4/7 4/20 8,000 37,050 8,007 0.001 0.001 25.2
6 JGSs-purchases 4/8 6/13 4,000 3,311 3,311 0.001* 0.001 -
7 CP-purchases 4/11 6/9 4,000 4,696 3,941 0.001 0.002 72.2
7 Bills-purchases-All 4/11 12/8 10,000 12,828 10,007 0.001 0.001 78.0
8 JGSs-sales 4/12 4/20 8,000 46,650 8,006 0.001 0.001 17.8
11 JGSs-purchases 4/13 6/20 4,000 2,061 2,061 0.001* 0.001 -
12 JGSs-sales 4/14 4/25 8,000 38,800 8,001 0.001 0.001 21.8
12 CP-purchases 4/14 6/16 4,000 3,429 3,429 0.001* 0.001 -
12 Bills-purchases-Head 4/14 10/14 8,000 6,435 6,435 0.001* 0.001 -
14 JGSs-sales 4/18 5/9 8,000 35,050 8,005 0.001 0.001 35.6
14 Bills-purchases-All 4/18 12/15 10,000 14,660 10,014 0.001 0.001 68.3
18 JGSs-purchases 4/20 6/22 4,000 2,422 2,422 0.001* 0.001 -
19 CP-purchases 4/21 6/23 4,000 3,365 3,365 0.001* 0.001 -
19 Bills-purchases-Head 4/21 8/23 8,000 4,525 4,525 0.001* 0.001 -
21 Bills-purchases-All 4/25 12/21 10,000 14,253 10,013 0.001 0.001 70.3
25 JGSs-purchases 4/27 6/24 4,000 4,245 4,006 0.001 0.001 94.4
25 CP-purchases 4/27 6/29 4,000 2,921 2,921 0.001* 0.001 -
25 Bills-purchases-Head 4/27 10/27 8,000 7,204 7,204 0.001* 0.001 -
26 Bills-purchases-All 4/28 2006/1/13 10,000 15,210 10,006 0.001 0.001 64.0

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                
4/4 Outright sales 4/7 5,000 23,450 5,002 0.000 0.000 55.6
6 Outright purchases 4/11 6,000 9,989 6,003 -0.001 -0.001 90.8
7 Outright purchases 4/12 6,000 9,368 6,001 0.000 0.000 94.9
11 Outright sales 4/14 6,000 20,050 6,004 0.000 0.000 31.6
14 Outright sales 4/19 6,000 26,050 6,001 0.000 0.000 33.3
26 Outright purchases 5/2 6,000 17,478 6,016 0.000 0.001 14.6

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              
4/8 4/12 1,000 352 281 0.000 0.002 36.6
20 4/22 1,000 322 257 0.000 0.000 79.0

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on April 4, 300.0 billion yen on April 11, 300.0 billion yen on April 18 and 300.0 billion yen on April 25. The purchases were exercised at 301.0 billion yen on April 7, 300.2 billion yen on April 14, 300.3 billion yen on April 21 and 300.4 billion yen on April 28, respectively.

(Memo2)

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

(Memo3)

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

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.