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

June2, 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                  
5/1 FSOPC-Head 5/7 7/30 8,000 48,300 8,005 0.570 0.573 63.5
2 Bills-sales 5/2* 5/7 5,000 8,140 5,090 0.570* 0.536  
2 Bills-sales 5/2* 5/7 3,000 11,325 3,001 0.580 0.561 50.4
2 FSOPC-All 5/8 7/25 8,000 55,400 8,009 0.570 0.575 33.4
7 FSOPC-Head 5/8 5/21 3,000 17,320 3,004 0.550 0.556 19.5
7 FSOPC-Head 5/9 8/11 8,000 45,879 8,004 0.570 0.571 75.1
8 Bills-sales 5/8* 5/9 2,000 8,870 2,002 0.510 0.502 54.0
8 FSOPC-Head 5/9 5/29 6,000 33,591 6,002 0.560 0.560 71.6
9 Bills-sales 5/9* 5/12 2,000 6,520 2,002 0.510 0.503 17.6
9 JGSs-purchases 5/13 5/30 8,000 27,400 8,006 0.560 0.560 54.5
9 FSOPC-Head 5/12 5/27 10,000 51,479 10,003 0.560 0.560 40.0
9 FSOPC-All 5/13 8/6 8,000 50,530 8,008 0.570 0.572 36.7
12 JGSs-purchases 5/14 6/4 6,000 22,200 6,002 0.570 0.570 59.6
12 FSOPC-Head 5/13 5/30 10,000 35,417 10,002 0.570 0.570 82.2
12 FSOPC-Head 5/14 8/15 8,000 40,800 8,005 0.570 0.573 44.7
13 FSOPC-Head 5/13* 5/14 3,000 8,363 3,002 0.540 0.547 33.5
13 JGSs-purchases 5/15 6/5 8,000 24,707 8,008 0.570 0.572 37.3
14 FSOPC-Head 5/14* 5/15 3,000 8,918 3,002 0.550 0.552 58.8
14 JGSs-purchases 5/16 6/10 6,000 19,839 6,006 0.570 0.570 57.8
14 FSOPC-Head 5/15 6/2 2,000 13,100 2,002 0.580 0.580 83.4
15 FSOPC-Head 5/16 6/11 6,000 35,025 6,004 0.570 0.570 52.7
15 FSOPC-All 5/19 8/12 8,000 44,653 8,012 0.570 0.574 18.0
16 JGSs-purchases 5/20 6/20 8,000 22,000 8,002 0.560 0.561 58.6
16 FSOPC-Head 5/19 6/6 2,000 11,464 1,822 0.570* 0.570  
19 Bills-sales 5/19* 5/20 3,000 9,390 3,002 0.510 0.507 75.5
19 FSOPC-Head 5/20 6/16 6,000 23,634 6,004 0.560 0.562 91.4
19 FSOPC-Head 5/20 6/20 8,000 30,070 8,001 0.550 0.560 7.0
20 FSOPC-Head 5/21 6/10 2,000 11,710 2,000 0.560 0.560 90.5
21 FSOPC-Head 5/22 6/5 9,000 27,150 9,002 0.550 0.558 26.9
21 FSOPC-Head 5/23 8/28 8,000 38,781 8,007 0.570 0.573 30.3
22 JGSs-purchases 5/26 6/13 8,000 26,717 8,004 0.550 0.557 21.6
22 FSOPC-Head 5/23 6/6 7,000 25,981 7,005 0.550 0.552 49.8
22 FSOPC-All 5/26 8/21 8,000 49,149 8,000 0.570 0.574 22.0
23 FSOPC-Head 5/26 6/11 6,000 17,050 6,004 0.540 0.548 15.5
23 FSOPC-Head 5/26 6/17 8,000 33,339 8,004 0.550 0.554 58.3
26 FSOPC-Head 5/27 6/24 4,000 12,884 4,002 0.550 0.557 19.0
26 FSOPC-Head 5/28 9/4 8,000 31,900 8,005 0.570 0.571 54.9
27 FSOPC-Head 5/28 6/23 4,000 16,281 4,002 0.550 0.553 61.7
27 FSOPC-All 5/29 8/29 8,000 39,351 8,009 0.570 0.572 36.4
28 JGSs-purchases 5/30 6/18 8,000 23,788 8,006 0.550 0.553 84.8
28 FSOPC-Head 5/29 6/16 5,000 22,528 5,006 0.550 0.553 20.0
29 JGSs-purchases 6/2 6/25 8,000 24,437 8,003 0.550 0.550 70.0
29 FSOPC-Head 5/30 6/12 4,000 17,250 4,001 0.560 0.560 88.9
29 FSOPC-Head 5/30 6/19 8,000 29,250 8,006 0.550 0.552 45.1
30 FSOPC-Head 5/30* 6/2 3,000 9,299 3,001 0.540 0.548 23.4
30 FSOPC-Head 6/2 6/17 8,000 19,000 7,900 0.550* 0.553  
30 FSOPC-Head 6/2 6/30 9,000 33,210 9,004 0.550 0.551 30.3

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                
5/7 Outright purchases 5/12 4,000 20,173 4,000 0.008 0.012 18.5
16 Outright purchases 5/21 4,000 14,869 4,000 0.022* 0.024  
20 Outright purchases 5/23 4,000 13,557 4,001 0.006 0.012 19.6
27 Outright purchases 5/30 4,000 13,850 4,002 0.006 0.007 47.3

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on May 7, 300.0 billion yen on May 16, 300.0 billion yen on May 22 and 300.0 billion yen on May 26.The purchases were exercised at 299.7 billion yen on May 12,292.0 billion yen on May 21, 300.0 billion yen on May 27 and 294.5 billion yen on May 29, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

The Bank of Japan offered securities lendings as a secondary source of JGSs worth 79.1 billion yen on May 26 for 5-year JGB #59.
The Bank sold 5-year JGB #59 worth 1.0 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.