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

April 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                  
3/3 FSOPC-Head 3/3* 3/4 3,000 13,560 3,002 0.530 0.534 47.1
3 JGSs-purchases 3/4 3/24 6,000 16,935 6,005 0.530 0.534 32.3
3 FSOPC-Head 3/4 3/18 7,000 29,000 7,005 0.530 0.533 35.2
3 FSOPC-Head 3/4 4/11 7,000 35,420 7,005 0.550 0.555 13.4
4 FSOPC-Head 3/5 3/21 7,000 24,624 7,002 0.530 0.531 53.7
5 FSOPC-Head 3/6 3/19 9,000 22,606 9,002 0.520 0.525 52.7
5 FSOPC-Head 3/7 6/4 8,000 37,150 8,005 0.550 0.560 2.4
6 JGSs-purchases 3/10 3/28 8,000 20,226 8,005 0.520 0.531 3.8
6 FSOPC-Head 3/7 3/24 9,000 32,385 9,004 0.520 0.527 33.6
6 FSOPC-All 3/10 5/23 8,000 48,940 8,009 0.560 0.561 85.6
7 FSOPC-Head 3/10 3/26 6,000 24,750 6,002 0.530 0.530 94.5
7 FSOPC-Head 3/10 4/14 8,000 46,830 8,119 0.560* 0.560  
10 FSOPC-Head 3/11 3/24 4,000 20,100 4,005 0.530 0.536 11.4
10 FSOPC-Head 3/12 6/13 8,000 40,350 8,005 0.550 0.560 1.4
11 FSOPC-Head 3/12 5/8 6,000 36,495 6,004 0.560 0.560 36.8
12 FSOPC-Head 3/13 4/1 8,000 43,350 8,003 0.570 0.577 34.2
12 FSOPC-All 3/14 6/5 8,000 43,783 8,008 0.560 0.562 34.5
13 FSOPC-Head 3/13* 3/14 2,000 9,028 1,884 0.540* 0.545  
13 JGSs-purchases 3/17 4/2 8,000 29,592 8,006 0.580 0.582 74.6
13 FSOPC-Head 3/14 3/24 4,000 20,588 4,001 0.570 0.570 57.2
13 FSOPC-Head 3/14 4/3 8,000 37,734 8,002 0.590 0.590 93.4
14 FSOPC-Head 3/17 3/26 4,000 21,488 4,003 0.590 0.600 30.9
14 Bills-sales 3/14* 3/17 2,000 3,070 2,170 0.700* 0.638  
17 FSOPC-Head 3/17* 3/18 4,000 10,269 4,003 0.530 0.541 66.6
17 FSOPC-Head 3/18 3/27 7,000 27,110 7,002 0.610 0.629 17.4
18 FSOPC-Head 3/18* 3/19 4,000 9,733 4,001 0.530 0.542 21.6
18 JGSs-purchases 3/21 4/7 10,000 35,674 10,156 0.660* 0.675  
18 FSOPC-Head 3/21 6/13 8,000 48,900 8,003 0.600 0.609 39.7
19 JGSs-purchases 3/24 4/9 8,000 25,010 8,002 0.660 0.670 35.0
19 FSOPC-Head 3/19* 3/21 3,000 11,294 3,002 0.540 0.554 8.3
19 FSOPC-Head 3/21 3/28 8,000 34,898 8,000 0.650 0.663 60.0
21 FSOPC-Head 3/21* 3/24 4,000 19,010 4,000 0.600 0.603 60.0
21 JGSs-purchases 3/25 4/11 8,000 21,245 8,002 0.660 0.672 47.4
21 FSOPC-Head 3/21* 3/24 3,000 10,972 3,002 0.550 0.586 37.7
21 FSOPC-Head 3/24 3/26 10,000 46,562 10,001 0.680 0.690 95.5
24 FSOPC-Head 3/24* 3/25 6,000 20,230 6,001 0.560 0.599 17.7
24 JGSs-purchases 3/26 4/14 10,000 24,466 9,866 0.640* 0.650  
24 CP-purchases 3/26 5/12 3,000 4,410 3,080 0.640* 0.675  
24 FSOPC-Head 3/25 4/1 8,000 44,239 8,002 0.700 0.710 29.1
24 FSOPC-All 3/26 6/13 6,000 35,538 6,005 0.610 0.625 59.9
25 FSOPC-Head 3/25* 3/26 3,000 9,817 3,001 0.540 0.553 34.2
25 JGSs-purchases 3/26 4/17 10,000 21,206 10,003 0.580 0.594 72.7
25 Bills-sales 3/26 4/2 6,000 14,850 6,001 0.720 0.671 38.5
26 JGSs-purchases 3/28 4/1 10,000 27,522 10,002 0.620 0.660 25.8
26 Bills-sales 3/26* 3/27 2,000 5,660 2,100 0.500* 0.500  
26 FSOPC-Head 3/27 4/8 8,000 26,725 8,002 0.610 0.629 33.7
26 FSOPC-Head 3/27 5/26 9,000 19,376 9,001 0.560 0.579 9.4
27 JGSs-purchases 3/31 4/2 10,000 30,303 10,002 0.680 0.689 63.2
27 FSOPC-Head 3/28 4/1 8,000 20,199 8,002 0.630 0.644 45.3
27 FSOPC-Head 3/28 4/7 8,000 23,500 7,800 0.600* 0.608  
28 FSOPC-Head 3/28* 3/31 6,000 24,447 5,977 0.570* 0.589  
28 JGSs-purchases 3/31 4/4 10,000 24,052 10,002 0.640 0.645 73.1
28 FSOPC-Head 3/31 4/2 10,000 48,842 10,001 0.700 0.713 74.8
31 FSOPC-Head 3/31* 4/1 15,000 38,739 15,003 0.740 0.741 77.8
31 FSOPC-Head 3/31* 4/1 15,000 31,514 15,100 0.730* 0.733  
31 FSOPC-Head 4/1 4/16 8,000 47,447 8,001 0.580 0.586 88.0
31 FSOPC-Head 4/1 5/27 10,000 40,450 10,005 0.560 0.561 60.3

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                
3/3 Outright purchases 3/6 4,000 10,331 4,079 0.000* 0.000  
10 Outright purchases 3/13 4,000 19,146 4,000 0.006 0.007 71.0
19 Outright purchases 3/25 4,000 14,460 4,001 0.010 0.013 27.1
25 Outright purchases 3/28 4,000 11,940 3,886 -0.005* -0.002  

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on March 5, 300.0 billion yen on March 10, 300.0 billion yen on March 17 and 300.0 billion yen on March 26. The purchases were exercised at 294.0 billion yen on March 10, 300.5 billion yen on March 13, 300.2 billion yen on March 21 and 302.9 billion yen on March 31, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in March.

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.