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

March 3, 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                  
2/1 FSOPC-Head 2/4 2/27 6,000 28,600 6,002 0.540 0.543 43.3
4 FSOPC-Head 2/5 2/26 6,000 31,405 6,004 0.540 0.541 42.3
5 FSOPC-Head 2/5* 2/6 2,000 7,150 2,003 0.520 0.527 18.0
5 FSOPC-Head 2/6 2/29 5,000 24,100 5,200 0.540* 0.540  
5 FSOPC-Head 2/7 4/22 8,000 41,150 8,005 0.550 0.550 93.0
6 FSOPC-Head 2/7 2/15 4,000 16,950 4,004 0.530 0.530 44.1
7 JGSs-purchases 2/12 2/28 8,000 28,750 8,000 0.530 0.537 13.0
7 Bills-sales 2/7* 2/8 3,000 7,830 3,002 0.510 0.502 72.7
7 FSOPC-Head 2/8 3/21 7,000 28,060 7,005 0.530 0.535 18.0
8 JGSs-purchases 2/12 3/3 6,000 16,749 6,004 0.530 0.531 43.7
8 FSOPC-Head 2/12 2/28 4,000 21,035 4,004 0.530 0.532 22.2
8 FSOPC-All 2/13 4/17 8,000 41,660 8,010 0.550 0.551 88.2
13 FSOPC-Head 2/14 3/13 5,000 26,917 5,003 0.540 0.540 73.4
13 FSOPC-Head 2/15 4/30 8,000 40,400 8,008 0.550 0.550 53.5
14 FSOPC-All 2/18 4/23 8,000 48,050 8,013 0.550 0.551 29.9
15 Bills-sales 2/15* 2/18 5,000 4,180 4,180 0.750* 0.678  
18 JGSs-purchases 2/20 3/6 8,000 28,226 8,007 0.540 0.540 50.4
18 FSOPC-Head 2/20 5/9 8,000 42,650 8,007 0.550 0.551 35.2
19 JGSs-sales 2/19* 2/20 4,000 10,910 4,000 0.600 0.562 47.3
19 FSOPC-Head 2/20 3/7 5,000 26,450 5,008 0.540 0.540 28.4
19 FSOPC-All 2/21 4/28 8,000 44,810 8,012 0.550 0.551 32.8
20 FSOPC-Head 2/21 3/21 8,000 38,010 8,003 0.540 0.541 29.7
21 JGSs-purchases 2/25 3/7 8,000 34,691 8,011 0.540 0.543 24.5
21 FSOPC-Head 2/21* 2/22 2,000 5,350 2,000 0.510 0.528 19.6
21 FSOPC-Head 2/22 3/10 8,000 41,250 8,003 0.540 0.540 27.8
21 FSOPC-Head 2/22 4/1 9,000 47,150 9,006 0.550 0.556 26.6
22 JGSs-purchases 2/25 3/5 8,000 17,467 8,006 0.540 0.543 63.6
22 FSOPC-Head 2/25 3/14 10,000 46,110 10,005 0.530 0.538 9.6
22 FSOPC-Head 2/25 3/28 9,000 31,900 9,003 0.540 0.540 86.2
25 FSOPC-Head 2/26 3/12 4,000 15,500 4,002 0.530 0.530 36.7
25 FSOPC-Head 2/26 4/7 6,000 33,256 6,007 0.550 0.552 24.6
26 FSOPC-Head 2/26* 2/27 3,000 10,100 3,001 0.510 0.515 35.1
26 FSOPC-Head 2/27 3/26 9,000 33,510 9,006 0.530 0.532 28.8
26 FSOPC-Head 2/28 5/16 8,000 34,060 8,008 0.550 0.554 19.3
27 FSOPC-Head 2/27* 2/28 5,000 15,650 5,000 0.520* 0.520  
27 JGSs-purchases 2/29 3/13 8,000 28,798 8,003 0.530 0.538 17.7
27 FSOPC-Head 2/28 3/10 8,000 27,800 8,005 0.530 0.530 34.4
27 FSOPC-Head 2/28 3/28 8,000 32,000 8,006 0.530 0.532 24.6
28 JGSs-purchases 3/3 3/17 8,000 26,782 8,006 0.530 0.533 37.5
28 FSOPC-Head 2/29 4/9 8,000 41,881 8,002 0.550 0.556 14.6
29 FSOPC-Head 2/29* 3/3 3,000 12,015 3,003 0.520 0.526 18.1
29 JGSs-purchases 3/4 3/21 8,000 25,005 8,005 0.530 0.537 24.4
29 FSOPC-Head 3/3 3/31 8,000 43,100 8,006 0.530 0.534 14.1
29 FSOPC-All 3/4 5/7 8,000 46,500 8,012 0.550 0.560 1.5

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
2008                
2/4 Outright purchases 2/7 4,000 22,528 4,192 0.010* 0.011  
14 Outright purchases 2/19 4,000 14,553 4,004 0.011 0.016 46.1
19 Outright purchases 2/22 4,000 18,805 4,001 0.009 0.010 31.8
28 Outright purchases 3/4 4,000 20,157 4,000 0.007 0.009 16.6

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on February 1, 300.0 billion yen on February 6, 300.0 billion yen on February 20 and 300.0 billion yen on February 25.The purchases were exercised at 300.5 billion yen on February 6, 300.2 billion yen on February 12, 296.0 billion yen on February 25 and 306.0 billion yen on February 28, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in February.

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.