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

October 3, 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                  
9/1 CP-purchases 9/5 10/20 4,000 5,638 3,952 0.002 0.003 60.9
6 CP-purchases 9/8 10/27 4,000 4,436 4,046 0.002 * 0.002
6 Bills-sales 9/7 9/12 12,000 81,300 12,004 0.001 0.001 14.8
9 Bills-sales 9/12 9/26 12,000 68,100 12,005 0.001 0.001 18.8
13 CP-purchases 9/15 11/4 4,000 4,059 4,059 0.002 * 0.003
15 JGSs-sales 9/20 9/28 8,000 35,650 8,004 0.001 0.001 29.0
15 Bills-sales 9/20 9/28 10,000 61,900 10,004 0.001 0.001 16.3
16 Bills-sales 9/20 9/30 8,000 43,500 8,005 0.001 0.001 18.7
20 JGSs-sales 9/22 9/30 4,000 19,050 4,004 0.001 0.001 26.0
20 CP-purchases 9/22 11/10 4,000 5,363 3,993 0.003 0.005 36.1
21 Bills-purchases-Head 9/26 2006/1/20 8,000 22,700 8,005 0.005 0.007 38.4
22 Bills-sales 9/26 10/4 6,000 23,200 5,900 0.024 * 0.015
27 JGSs-purchases 9/29 12/15 4,000 4,780 4,003 0.001 0.002 68.3
27 Bills-purchases-All 9/29 2006/4/12 8,000 35,291 8,002 0.012 0.017 56.6
30 CP-purchases 10/4 11/17 4,000 3,738 3,738 0.001 * 0.003
30 Bills-sales 10/3 10/11 5,000 33,500 5,007 0.001 0.001 15.6
30 Bills-purchases-Head 10/4 2006/1/26 8,000 19,400 8,000 0.004 0.006 60.0

<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                
9/2 Outright purchases 9/7 5,000 6,439 5,000 0.001* 0.001
9 Outright purchases 9/14 5,000 3,025 3,025 -0.007* -0.001
13 Outright sales 9/16 4,000 23,300 4,007 0.000 0.000 23.9
16 Outright purchases 9/22 4,000 12,578 4,135 0.001* 0.001
22 Outright purchases 9/28 4,000 14,167 4,002 0.003 0.003 83.4

<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              
9/7 9/9 1,000 207 165 0.000 0.001 72.4
21 9/26 1,000 555 444 0.001 0.002 67.6

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on September 2, 300.0 billion yen on September 14, 300.0 billion yen on September 20 and 300.0 billion yen on September 26. The purchases were exercised at 308.6 billion yen on September 7, 300.6 billion yen on September 20, 295.7 billion yen on September 26 and 301.0 billion yen on September 29, respectively.

(Memo2)

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

(Memo3)

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

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.