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Bank of Japan Operations in the Money Markets (January 2008)

February 1, 2008
Bank of Japan
Financial Markets Department

Short-term Operations (excluding Outright Purchase and Sale Operations of TBs and FBs)

Table : Short-term Operations (excluding Outright Purchase and Sale Operations of TBs and FBs)(100 million yen, percent per annum)
Date of Offer Instrument Date of Exercise Date of Resale or Repurchase or Repayment (a)
Amounts Offered		 Amounts of Competitive Bid Amounts of Successful Bid (b)
Pro-rata, Non-pro-rata Rate / Loan Rate		 Average Successful Bid Rate or Loan Rate Allocation on a Pro-rata Basis Rate
2008                  
1/4 Bills-sales 1/4* 1/7 4,000 10,780 4,080 0.520* 0.501  
7 Bills-sales 1/7* 1/8 4,000 11,210 4,002 0.510 0.505 68.0
7 JGSs-purchases 1/8 1/28 6,000 18,209 6,001 0.530 0.535 50.0
7 JGSs-sales 1/7* 1/8 2,000 4,770 2,070 0.600* 0.556  
7 FSOPC-Head 1/8 2/19 8,000 24,550 7,900 0.540* 0.542  
8 Bills-sales 1/8* 1/9 3,000 9,370 3,002 0.510 0.506 68.9
8 FSOPC-Head 1/9 1/31 5,000 24,075 5,005 0.530 0.532 59.5
8 FSOPC-Head 1/10 3/31 8,000 23,488 8,002 0.540 0.542 81.2
9 Bills-sales 1/9* 1/10 2,000 9,750 2,002 0.510 0.508 60.7
9 JGSs-purchases 1/11 2/1 8,000 24,098 8,007 0.530 0.534 47.2
9 FSOPC-Head 1/10 1/22 5,000 22,270 5,005 0.530 0.532 54.4
9 FSOPC-All 1/11 3/28 8,000 34,110 8,014 0.540 0.541 43.1
10 JGSs-purchases 1/15 2/5 8,000 22,526 8,005 0.540 0.546 34.9
10 FSOPC-Head 1/11 1/28 5,000 20,450 5,004 0.530 0.531 34.8
10 FSOPC-Head 1/11 2/15 6,000 13,653 6,004 0.530 0.535 30.3
11 JGSs-purchases 1/15 1/22 6,000 15,776 6,003 0.540 0.545 71.8
11 FSOPC-Head 1/15 2/1 4,000 15,115 4,002 0.540 0.540 57.9
11 FSOPC-Head 1/15 3/10 6,000 24,972 6,003 0.540 0.541 55.9
15 FSOPC-Head 1/15* 1/16 6,000 14,404 6,002 0.530 0.536 44.6
15 FSOPC-Head 1/16 2/21 9,000 38,132 9,008 0.540 0.541 55.1
16 FSOPC-Head 1/16* 1/17 5,000 12,345 5,003 0.510 0.519 25.4
16 JGSs-purchases 1/17 2/7 8,000 24,287 8,003 0.540 0.541 63.3
16 FSOPC-Head 1/17 1/30 6,000 25,992 6,005 0.540 0.540 75.1
16 FSOPC-Head 1/17 2/14 9,000 36,392 9,005 0.540 0.540 80.8
17 JGSs-purchases 1/18 2/12 8,000 22,098 8,004 0.530 0.535 27.5
17 FSOPC-Head 1/18 2/5 4,000 22,875 4,005 0.530 0.537 7.9
17 FSOPC-Head 1/21 4/3 8,000 43,738 8,003 0.550 0.567 12.0
18 JGSs-purchases 1/21 2/8 8,000 26,000 8,005 0.530 0.530 71.6
18 Bills-sales 1/18* 1/21 4,000 8,580 4,002 0.520 0.500 73.4
18 FSOPC-Head 1/21 2/22 8,000 32,020 8,005 0.530 0.530 56.6
18 FSOPC-All 1/22 3/31 8,000 31,400 8,006 0.530 0.531 59.0
21 FSOPC-Head 1/23 4/15 8,000 43,100 8,008 0.550 0.553 55.5
22 FSOPC-Head 1/23 2/18 3,000 19,990 3,007 0.530 0.531 21.1
22 FSOPC-All 1/24 4/8 8,000 37,300 8,004 0.540 0.551 2.5
23 JGSs-purchases 1/25 2/13 8,000 21,505 8,007 0.530 0.533 49.5
23 FSOPC-Head 1/24 2/15 4,000 23,843 4,002 0.530 0.532 28.2
24 FSOPC-Head 1/25 2/21 7,000 31,900 7,003 0.530 0.533 26.2
25 FSOPC-Head 1/28 2/14 7,000 29,908 7,005 0.530 0.533 26.1
25 FSOPC-Head 1/28 3/11 8,000 29,892 8,003 0.530 0.535 38.9
28 JGSs-purchases 1/30 2/15 8,000 31,181 8,008 0.530 0.532 36.7
29 FSOPC-Head 1/30 3/18 6,000 27,487 6,005 0.530 0.539 2.3
29 FSOPC-Head 1/31 4/15 8,000 42,392 8,006 0.540 0.548 12.5
30 FSOPC-Head 1/31 2/15 8,000 40,346 8,002 0.530 0.540 1.6
31 JGSs-purchases 2/4 2/22 8,000 39,245 8,007 0.540 0.540 71.2
31 FSOPC-Head 2/1 2/13 3,000 20,100 3,004 0.540 0.542 28.8
31 FSOPC-All 2/4 4/11 8,000 46,940 8,013 0.550 0.551 92.6

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
2008                
1/7 Outrightpurchases 1/10 4,000 17,160 4,000 -0.004 0.000 30.9
15 Outrightpurchases 1/18 4,000 16,537 4,002 0.006 0.008 58.4
22 Outrightpurchases 1/25 4,000 12,922 3,890 0.000* 0.001  
29 Outrightpurchases 2/1 4,000 11,571 4,002 0.003 0.007 24.7

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on January 8,  300.0 billion yen on January 17, 300.0 billion yen on January 23 and 300.0 billion yen on January 28. The purchases were exercised at 300.7 billion yen on January 11, 300.4 billion yen on January 22, 302.3billion yen on January 28 and 300.3 billion yen on January 31, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

The Bank of Japan offered securities lendings as a secondary source of JGSs worth 100.0 billion yen on January 21 for 10-year JGB #280.
The Bank sold 10-year JGB #280 worth 5.5 billion yen under repurchase agreements, respectively.

NOTES:

  1. Bills-sales : Outright Sales of Bills Drawn by BOJ
    FSOPC-Head : Funds-Supplying Operations against Pooled Collateral at Head Office
    FSOPC-All : Funds-Supplying Operations against Pooled Collateral 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, loan rates; otherwise the figures denote pro-rata rates, loan 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. Date of repurchase for Securities lending as a secondary source of JGSs is as follows,
    those without * : the next business day after the offering date,
    those with * : the fourth business day after the offering date.