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

August 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                  
7/5 CP-purchases 7/7 8/25 4,000 5,680 3,983 0.003 0.004 70.4
5 Bills-purchases-All 7/7 2006/4/7 8,000 16,175 8,010 0.001 0.001 47.8
7 JGSs-purchases 7/11 9/6 4,000 1,304 1,304 0.001 * 0.001
7 Bills-purchases-Head 7/11 11/24 8,000 1,094 1,094 0.001 * 0.001
8 Bills-purchases-All 7/12 2006/4/14 8,000 11,250 8,012 0.001 0.001 70.7
11 Bills-purchases-Head 7/13 12/9 8,000 1,500 1,500 0.001 * 0.001
12 CP-purchases 7/14 9/5 4,000 5,098 3,992 0.001 0.003 25.7
12 Bills-purchases-All 7/14 2006/4/19 8,000 9,475 8,012 0.001 0.001 84.6
14 JGSs-purchases 7/19 9/13 4,000 1,281 1,281 0.001 * 0.001
14 Bills-purchases-Head 7/19 12/15 8,000 2,945 2,945 0.001 * 0.001
15 Bills-purchases-All 7/20 2006/4/26 8,000 6,020 6,020 0.001 * 0.001
19 CP-purchases 7/21 9/8 4,000 5,853 3,945 0.001 0.001 64.1
19 Bills-purchases-Head 7/21 12/19 8,000 1,300 1,300 0.001 * 0.001
20 Bills-purchases-All 7/22 2006/5/10 8,000 7,962 7,962 0.001 * 0.001
21 JGSs-purchases 7/25 9/20 4,000 3,500 3,500 0.001 * 0.001
22 Bills-purchases-Head 7/26 12/22 8,000 800 800 0.001 * 0.001
25 JGSs-purchases 7/27 10/5 4,000 564 564 0.001 * 0.001
25 CP-purchases 7/27 9/15 4,000 5,490 3,942 0.001 0.002 56.4
25 Bills-purchases-All 7/27 2006/5/17 8,000 9,139 8,009 0.001 0.001 87.6
26 Bills-purchases-Head 7/28 2006/1/12 8,000 1,137 1,137 0.001 * 0.001
27 Bills-purchases-All 7/29 2006/5/23 8,000 18,920 8,000 0.002 * 0.002
28 JGSs-purchases 8/1 10/12 4,000 6,743 4,003 0.001 0.001 59.4
29 Bills-purchases-Head 8/2 2006/1/17 8,000 2,700 2,700 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                
7/1 Outright purchases 7/6 6,000 5,587 5,587 -0.001 * 0.000
8 Outright purchases 7/13 6,000 5,732 5,732 0.000 * 0.000
15 Outright purchases 7/21 6,000 5,864 5,864 -0.002 * -0.001
22 Outright purchases 7/27 6,000 10,041 6,004 0.000 0.000 74.7
29 Outright purchases 8/3 6,000 13,303 6,002 0.000 0.000 35.4

<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
2005              
7/7 7/11 1,000 103 82 0.000 0.000 79.6
20 7/22 1,000 183 146 0.000 0.000 79.8

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on July 4, 300.0 billion yen on July 8, 300.0 billion yen on July 19 and 300.0 billion yen on July 25. The purchases were exercised at 307.6 billion yen on July 7, 300.4 billion yen on July 13, 300.4 billion yen on July 22 and 301.4 billion yen on July 28, respectively.

(Memo2)

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

(Memo3)

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

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.