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

January 4, 2006
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                  
12/5 Bills-purchases-Head 12/7 2006/4/13 8,000 18,970 8,003 0.002 0.002 42.9
7 CP-purchases 12/9 2006/2/6 4,000 7,016 3,978 0.006 0.007 34.3
7 Bills-purchases-All 12/9 2006/5/9 8,000 35,928 8,009 0.003 0.004 25.5
12 Bills-purchases-Head 12/14 2006/4/21 8,000 16,654 8,007 0.002 0.003 22.4
13 CP-purchases 12/15 2006/2/9 4,000 7,215 3,964 0.007 0.008 43.9
15 Bills-sales 12/16 2006/1/6 12,000 34,255 12,003 0.003 0.002 46.5
16 JGSs-purchases 12/20 2006/3/6 4,000 2,022 2,022 0.001 * 0.001
16 Bills-sales 12/19 2006/1/12 10,000 15,820 10,000 0.003 0.003 90.0
16 Bills-purchases-All 12/20 2006/5/16 8,000 32,472 8,006 0.004 0.005 43.0
19 JGSs-sales 12/21 2006/1/16 10,000 20,800 10,000 0.005 0.003 61.9
19 Bills-purchases-Head 12/21 2006/5/12 8,000 28,820 8,004 0.003 0.004 5.5
20 CP-purchases 12/22 2006/2/16 4,000 10,590 3,996 0.012 0.015 19.5
21 JGSs-purchases 12/26 2006/3/10 4,000 2,082 2,082 0.001 * 0.001
22 CP-purchases 12/27 2006/2/23 4,000 9,745 3,985 0.024 * 0.030
22 Bills-sales 12/27 2006/1/16 8,000 13,600 8,001 0.010 0.007 55.5
22 Bills-purchases-All 12/27 2006/6/8 8,000 36,462 8,005 0.007 0.010 22.7
26 JGSs-purchases 12/28 2006/3/14 4,000 3,861 3,861 0.001 * 0.001
26 Bills-purchases-Head 12/28 2006/5/19 8,000 22,649 8,002 0.004 0.006 61.8
27 JGSs-sales 12/29 2006/1/16 6,000 15,300 6,000 0.017 0.012 50.0
27 Bills-sales 12/28 2006/1/16 8,000 15,740 8,020 0.021 * 0.017
27 Bills-purchases-All 12/29 2006/6/15 8,000 25,426 8,004 0.010 0.012 27.8

<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                
12/2 Outright purchases 12/7 3,000 3,392 3,062 -0.020* -0.014
9 Outright purchases 12/14 4,000 11,370 4,003 0.000 0.000 92.0
15 Outright sales 12/20 3,000 12,000 3,005 0.000 0.000 25.5
15 Outright sales 12/20 4,000 16,000 4,005 0.000 0.000 25.3
16 Outright purchases 12/21 5,000 10,102 5,133 -0.007* -0.003
20 Outright sales 12/26 8,000 18,800 8,003 0.004 0.003 72.0
21 Outright purchases 12/27 5,000 12,985 5,003 0.000 0.002 46.9
22 Outright sales 12/28 4,000 9,400 4,000 0.002 0.001 50.0
26 Outright purchases 12/29 4,000 12,136 4,004 0.000 0.000 47.5

<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              
12/8 12/12 1,000 40 32 0.000 0.000 80.0
21 12/26 1,000 1,211 961 0.000 0.010 51.4

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on December 2, 300.0 billion yen on December 7, 300.0 billion yen on December 20 and 300.0 billion yen on December 26. The purchases were exercised at 300.8 billion yen on December 7, 300.5 billion yen on December 12, 295.4 billion yen on December 26 and 314.0 billion yen on December 29, respectively.

(Memo2)

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

(Memo3)

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

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.