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Bank of Japan Operations in the Money Markets (August 2005)]

September 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                  
8/1 JGSs-purchases 8/3 10/14 4,000 6,660 4,002 0.001 0.001 60.1
1 Bills-purchases-All 8/3 2006/5/26 8,000 30,990 8,003 0.002 0.002 50.5
2 CP-purchases 8/4 9/22 4,000 3,962 3,962 0.001* 0.002
2 Bills-purchases-Head 8/4 2006/1/19 8,000 3,530 3,530 0.001* 0.001
3 Bills-purchases-All 8/5 2006/6/7 8,000 38,394 8,002 0.003 0.003 39.6
4 JGSs-purchases 8/8 10/14 4,000 5,669 4,003 0.001 0.001 62.0
4 Bills-purchases-Head 8/8 2006/1/26 8,000 4,200 4,200 0.001* 0.001
8 Bills-purchases-All 8/10 2006/6/15 8,000 33,600 8,003 0.004 0.005 22.9
9 CP-purchases 8/11 10/4 4,000 2,812 2,812 0.001* 0.004
11 JGSs-sales 8/15 8/22 8,000 22,950 8,002 0.001 0.001 66.6
12 Bills-sales 8/15 8/22 6,000 24,000 6,006 0.001 0.001 26.6
16 CP-purchases 8/18 10/7 4,000 4,871 3,982 0.001 0.003 20.0
18 JGSs-purchases 8/22 10/19 4,000 8,351 4,004 0.001 0.001 44.1
18 Bills-purchases-Head 8/22 2006/2/8 8,000 12,159 8,004 0.001 0.002 32.5
19 Bills-sales 8/22 8/25 4,000 27,650 4,009 0.001 0.001 14.7
23 CP-purchases 8/25 10/13 4,000 4,413 3,988 0.001 0.002 82.1
23 Bills-purchases-All 8/25 2006/4/14 8,000 32,260 8,005 0.007 0.007 50.6

<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                
8/5 Outright purchases 8/10 6,000 5,577 5,577 -0.002 * 0.000
12 Outright purchases 8/17 6,000 15,683 6,004 0.001 0.001 50.4
19 Outright purchases 8/24 6,000 13,641 6,013 0.000 0.000 46.3
26 Outright purchases 8/31 6,000 5,035 5,035 -0.012 * -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              
8/3 8/5 1,000 630 503 0.000 0.001 61.1
17 8/19 1,000 956 749 0.001 0.001 89.2

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on August 1, 300.0 billion yen on August 8, 300.0 billion yen on August 17 and 300.0 billion yen on August 24. The purchases were exercised at 300.9 billion yen on August 4, 300.6 billion yen on August 11, 300.9 billion yen on August 22 and 293.1 billion yen on August 29, respectively.

(Memo2)

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

(Memo3)

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

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.