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

December 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                  
11/1 JGSs-sales 11/4 12/2 10,000 41,500 10,003 0.001 0.001 46.5
1 CP-purchases 11/4 12/15 4,000 7,010 3,955 0.004 0.005 31.3
2 JGSs-purchases 11/7 2006/1/13 4,000 1,442 1,442 0.001 * 0.001
2 Bills-sales 11/4 12/1 12,000 21,000 12,004 0.002 0.001 35.8
2 Bills-purchases-Head 11/7 2006/2/22 8,000 26,786 8,007 0.002 0.003 40.6
4 JGSs-sales 11/8 12/2 6,000 19,450 6,002 0.001 0.001 55.6
4 Bills-purchases-All 11/8 2006/3/28 8,000 19,560 8,004 0.005 0.006 41.5
8 CP-purchases 11/10 12/22 4,000 6,703 3,968 0.004 0.005 75.8
8 Bills-purchases-Head 11/10 2006/3/8 8,000 22,010 8,005 0.002 0.002 82.0
9 JGSs-purchases 11/11 2006/1/20 4,000 1,132 1,132 0.001 * 0.001
11 Bills-purchases-Head 11/15 2006/3/16 8,000 21,420 8,009 0.001 0.002 19.4
15 JGSs-sales 11/17 12/2 10,000 28,050 10,000 0.001 0.001 50.0
15 CP-purchases 11/17 12/27 4,000 5,260 4,040 0.003 * 0.004
15 Bills-purchases-All 11/17 2006/3/30 8,000 13,389 8,005 0.001 0.002 52.7
16 JGSs-purchases 11/18 2006/1/27 4,000 847 847 0.001 * 0.001
16 Bills-purchases-Head 11/18 2006/3/20 8,000 5,355 5,355 0.001 * 0.001
18 CP-purchases 11/22 2006/1/12 4,000 7,363 3,987 0.006 0.007 77.5
18 Bills-purchases-Head 11/22 2006/3/24 8,000 920 920 0.001 * 0.001
21 Bills-purchases-All 11/24 2006/4/6 8,000 24,930 7,900 0.007 * 0.012
22 JGSs-purchases 11/25 2006/2/7 4,000 775 775 0.001 * 0.001
22 Bills-sales 11/24 12/2 10,000 51,000 10,004 0.001 0.001 20.5
24 CP-purchases 11/28 2006/1/19 4,000 6,112 3,989 0.005 0.006 53.8
24 Bills-purchases-Head 11/28 2006/4/11 8,000 19,970 8,002 0.004 0.005 77.8
25 Bills-purchases-All 11/29 2006/4/27 8,000 23,609 8,002 0.003 0.005 6.0
28 Bills-purchases-Head 11/30 2006/4/18 8,000 19,496 8,008 0.002 0.002 38.9
29 JGSs-purchases 12/1 2006/2/15 4,000 352 352 0.001 * 0.001
29 CP-purchases 12/1 2006/1/26 4,000 5,530 3,982 0.005 0.006 55.7
30 Bills-purchases-All 12/2 2006/5/1 8,000 18,224 8,007 0.002 0.003 4.5

<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                
11/4 Outright purchases 11/9 5,000 10,159 5,006 0.000 0.001 46.1
11 Outright purchases 11/16 5,000 11,610 5,004 0.000 0.000 79.6
21 Outright purchases 11/25 4,000 8,781 3,817 -0.008 * -0.001
25 Outright purchases 11/30 3,000 5,663 3,117 -0.015 * -0.007

<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              
11/16 11/18 1,000 979 783 0.000 0.001 42.7
25 11/29 1,000 304 244 0.000 0.000 80.3

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on November 2, 300.0 billion yen on November 9, 300.0 billion yen on November 16 and 300.0 billion yen on November 21. The purchases were exercised at 291.7 billion yen on November 8, 283.6 billion yen on November 14, 287.3 billion yen on November 21 and 300.9 billion yen on November 25, respectively.

(Memo2)

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

(Memo3)

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

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.