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

May1, 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                  
4/1 FSOPC-Head 4/1* 4/2 6,000 18,650 6,001 0.600 0.613 89.4
1 JGSs-purchases 4/2 4/18 8,000 25,454 8,006 0.560 0.569 19.5
1 FSOPC-Head 4/2 5/12 10,000 46,440 10,002 0.560 0.571 3.6
1 FSOPC-Head 4/3 6/20 8,000 35,930 8,002 0.560 0.560 68.5
2 JGSs-purchases 4/4 4/23 8,000 24,897 8,005 0.560 0.563 50.3
2 FSOPC-Head 4/3 4/17 3,000 21,655 3,003 0.570 0.579 28.0
3 JGSs-purchases 4/7 4/25 8,000 26,309 8,004 0.560 0.560 51.4
3 Bills-sales 4/3* 4/4 4,000 11,960 4,003 0.520 0.506 70.9
3 FSOPC-Head 4/4 5/21 6,000 35,200 6,006 0.560 0.562 27.4
3 FSOPC-All 4/7 6/16 8,000 40,880 8,010 0.560 0.561 36.8
4 Bills-sales 4/4* 4/7 3,000 10,750 3,160 0.510* 0.507  
4 FSOPC-Head 4/7 5/26 3,000 19,285 3,004 0.560 0.560 44.3
7 JGSs-purchases 4/9 4/28 8,000 27,082 8,005 0.550 0.550 57.9
7 FSOPC-Head 4/8 4/21 6,000 24,800 6,000 0.560 0.560 93.0
7 FSOPC-Head 4/8 5/9 8,000 45,095 8,003 0.560 0.560 79.9
8 JGSs-purchases 4/10 5/1 8,000 30,073 8,003 0.550 0.553 42.1
8 FSOPC-Head 4/9 4/22 7,000 38,200 7,004 0.550 0.558 9.0
9 FSOPC-Head 4/10 4/30 9,000 44,590 9,007 0.550 0.559 2.9
9 FSOPC-Head 4/11 6/26 8,000 37,500 8,000 0.560* 0.560  
10 JGSs-purchases 4/14 5/7 6,000 23,597 6,007 0.560 0.561 50.2
10 FSOPC-Head 4/11 4/21 8,000 40,755 8,004 0.560 0.560 63.2
10 FSOPC-All 4/14 6/20 8,000 50,577 8,008 0.560 0.563 21.9
11 FSOPC-Head 4/11* 4/14 4,000 8,312 4,002 0.520 0.525 43.8
11 JGSs-purchases 4/15 5/8 8,000 30,660 8,003 0.570 0.573 49.1
11 FSOPC-Head 4/14 6/9 3,000 20,163 3,003 0.570 0.570 53.3
14 JGSs-purchases 4/16 5/13 8,000 29,629 8,003 0.570 0.572 44.1
14 FSOPC-Head 4/15 5/7 4,000 27,513 4,003 0.580 0.587 40.7
14 FSOPC-Head 4/15 6/20 8,000 33,980 8,002 0.570 0.570 88.9
15 FSOPC-Head 4/15* 4/16 10,000 26,470 10,002 0.550 0.605 11.0
15 FSOPC-Head 4/17 7/9 8,000 31,750 8,005 0.560 0.568 12.9
16 FSOPC-Head 4/17 5/1 5,000 24,220 5,003 0.560 0.567 14.0
17 JGSs-purchases 4/21 5/12 8,000 29,579 8,002 0.570 0.570 81.5
17 FSOPC-Head 4/18 5/8 5,000 29,684 5,005 0.580 0.580 68.2
18 FSOPC-Head 4/21 5/26 10,000 53,204 10,004 0.570 0.575 18.0
18 FSOPC-All 4/22 6/20 8,000 50,715 8,013 0.570 0.572 41.5
21 FSOPC-Head 4/22 5/30 3,000 22,568 3,035 0.580* 0.580  
21 FSOPC-Head 4/23 7/24 8,000 45,200 8,005 0.570 0.572 51.7
22 FSOPC-Head 4/23 5/7 7,000 38,899 7,005 0.580 0.589 10.9
23 JGSs-purchases 4/25 5/15 8,000 30,973 8,006 0.570 0.575 30.9
23 FSOPC-Head 4/24 5/16 4,000 19,066 3,966 0.580* 0.581  
23 FSOPC-Head 4/24 6/9 8,000 29,850 8,003 0.570 0.571 83.9
24 Bills-sales 4/24* 4/25 3,000 4,395 3,000 0.580 0.526 13.7
24 JGSs-purchases 4/28 5/23 8,000 28,247 8,005 0.570 0.570 92.4
24 FSOPC-All 4/28 7/7 8,000 52,446 8,012 0.570 0.577 15.2
25 Bills-sales 4/25* 4/28 3,000 6,510 3,003 0.550 0.542 78.3
25 JGSs-purchases 4/30 5/28 8,000 25,616 8,005 0.570 0.574 29.7
25 FSOPC-Head 4/28 5/19 3,000 20,916 3,002 0.590 0.595 38.6
28 FSOPC-Head 4/28* 4/30 3,000 10,841 3,001 0.550 0.566 49.8
28 JGSs-purchases 5/1 5/23 8,000 23,063 8,004 0.580 0.587 40.3
28 FSOPC-Head 4/30 5/29 6,000 38,641 6,003 0.580 0.588 8.1
30 FSOPC-Head 4/30* 5/1 3,000 9,073 3,023 0.560* 0.562  
30 JGSs-purchases 5/2 5/19 8,000 22,886 8,002 0.560 0.564 59.8
30 FSOPC-Head 5/1 5/22 3,000 17,841 3,002 0.560 0.570 11.2

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                
4/1 Outright purchases 4/4 4,000 14,862 3,802 0.002* 0.006  
8 Outright purchases 4/11 4,000 19,674 4,002 0.004 0.006 63.3
15 Outright purchases 4/18 4,000 18,233 4,001 0.007 0.009 26.5
21 Outright purchases 4/24 4,000 18,340 4,010 0.010* 0.011  
28 Outright purchases 5/2 4,000 20,600 3,986 0.022* 0.038  

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on April 2, 300.0 billion yen on April 7, 300.0 billion yen on April 16 and 300.0 billion yen on April 23.The purchases were exercised at 303.5 billion yen on April 7,310.6 billion yen on April 10, 316.0 billion yen on April 21 and 301.5 billion yen on April 28, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

The Bank of Japan offered securities lendings as a secondary source of JGSs worth 72.2 billion yen on April 24 for 20-year JGB #57.
The Bank sold 20-year JGB #57 worth 2.3 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.