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

July 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                  
6/1 Bills-purchases-Head 6/3 10/14 8,000 1,955 1,955 0.001 * 0.001
2 Bills-purchases-All 6/6 2006/2/7 10,000 26,568 10,012 0.001 0.001 37.7
6 JGSs-purchases 6/8 8/8 4,000 3,228 3,228 0.001 * 0.001
6 Bills-purchases-Head 6/8 10/18 8,000 3,273 3,273 0.001 * 0.001
7 CP-purchases 6/9 7/27 4,000 7,551 3,981 0.003 0.004 50.0
7 Bills-purchases-All 6/9 2006/2/9 10,000 22,512 10,014 0.001 0.001 43.2
8 Bills-purchases-Head 6/10 10/26 8,000 1,430 1,430 0.001 * 0.001
9 Bills-purchases-All 6/13 2006/2/15 10,000 6,710 6,710 0.001 * 0.001
14 JGSs-sales 6/16 6/27 6,000 32,850 6,008 0.001 0.001 18.6
14 CP-purchases 6/16 8/4 4,000 6,542 3,819 0.003 * 0.004
16 JGSs-sales 6/20 6/27 8,000 33,500 8,007 0.001 0.001 23.9
16 JGSs-sales 6/20 7/4 8,000 37,000 8,002 0.001 0.001 22.2
17 Bills-sales 6/20 6/27 18,000 124,651 18,015 0.001 0.001 14.6
21 CP-purchases 6/23 8/11 4,000 5,242 3,962 0.002 0.003 76.6
21 Bills-purchases-All 6/23 2006/3/7 8,000 10,855 8,007 0.001 0.001 73.8
23 JGSs-purchases 6/27 8/15 4,000 1,950 1,950 0.001 * 0.001
23 Bills-purchases-Head 6/27 11/9 8,000 2,048 2,048 0.001 * 0.001
27 CP-purchases 6/29 8/18 4,000 5,553 3,878 0.003 * 0.004
28 Bills-purchases-All 6/30 2006/3/17 8,000 5,035 5,035 0.001 * 0.001
30 JGSs-purchases 7/4 8/24 4,000 1,557 1,557 0.001 * 0.001
30 Bills-purchases-Head 7/4 11/15 8,000 2,608 2,608 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                
6/3 Outright purchases 6/8 6,000 8,969 6,001 0.001 0.001 90.7
10 Outright purchases 6/15 6,000 3,543 3,543 -0.001 * 0.000
17 Outright purchases 6/22 6,000 11,163 6,004 0.000 0.000 73.1
24 Outright purchases 6/29 6,000 4,065 4,065 -0.001 * -0.001

<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              
6/8 6/10 1,000 28 22 0.000 0.000 78.6
22 6/24 1,000 493 386 0.000 0.001 73.0

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on June 1, 300.0 billion yen on June 8, 300.0 billion yen on June 15 and 300.0 billion yen on June 22. The purchases were exercised at 301.1 billion yen on June 6, 301.5 billion yen on June 13, 300.3 billion yen on June 20 and 300.6 billion yen on June 27, respectively.

(Memo2)

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

(Memo3)

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

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.