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

August1, 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                  
7/1 FSOPC-Head 7/2 7/16 10,000 48,200 10,003 0.560 0.565 26.0
1 FSOPC-Head 7/2 8/22 9,000 41,460 9,004 0.560 0.567 19.0
2 FSOPC-Head 7/3 7/15 3,000 18,160 3,004 0.560 0.562 82.6
3 JGSs-purchases 7/7 7/23 6,000 20,456 6,003 0.550 0.550 96.2
3 FSOPC-Head 7/4 7/18 10,000 35,312 10,003 0.540 0.545 28.8
4 JGSs-purchases 7/8 7/25 8,000 24,728 8,005 0.540 0.541 50.5
4 FSOPC-Head 7/7 7/28 4,000 16,098 4,004 0.540 0.547 20.7
4 FSOPC-All 7/8 9/22 8,000 36,116 8,009 0.560 0.566 55.3
7 Bills-sales 7/7* 7/8 2,000 5,980 2,002 0.510 0.500 29.3
7 FSOPC-Head 7/8 7/22 5,000 20,150 5,003 0.540 0.548 11.8
7 FSOPC-Head 7/9 10/7 8,000 36,752 8,006 0.570 0.579 15.1
8 FSOPC-Head 7/9 7/25 4,000 21,373 4,006 0.550 0.550 39.8
8 FSOPC-All 7/10 9/25 8,000 39,380 8,012 0.560 0.561 46.7
9 JGSs-purchases 7/11 7/31 8,000 22,228 8,003 0.540 0.547 20.8
9 FSOPC-Head 7/10 7/29 8,000 28,950 8,005 0.540 0.547 17.3
9 FSOPC-Head 7/10 8/4 6,000 30,630 6,003 0.550 0.556 23.2
10 JGSs-purchases 7/14 8/1 8,000 23,606 8,005 0.550 0.551 79.7
10 FSOPC-Head 7/11 8/8 6,000 37,059 6,005 0.550 0.554 20.8
10 FSOPC-Head 7/11 9/5 6,000 31,100 6,003 0.550 0.555 24.9
11 JGSs-purchases 7/15 8/5 8,000 22,409 8,007 0.550 0.552 54.2
11 FSOPC-Head 7/14 8/18 8,000 41,800 8,005 0.550 0.551 29.5
14 FSOPC-Head 7/15 8/27 2,000 9,750 2,000 0.550 0.552 30.0
14 FSOPC-Head 7/16 10/15 8,000 44,250 8,008 0.570 0.572 32.5
15 Bills-sales 7/15* 7/16 2,000 5,170 2,170 0.510* 0.501  
15 FSOPC-Head 7/16 8/1 4,000 13,419 4,004 0.540 0.545 21.5
15 FSOPC-Head 7/16 8/15 8,000 20,300 8,003 0.540 0.548 15.4
16 FSOPC-Head 7/17 8/5 8,000 24,828 8,005 0.540 0.541 46.5
17 JGSs-purchases 7/22 8/7 8,000 23,873 8,003 0.530 0.537 19.7
17 FSOPC-Head 7/18 9/19 10,000 29,251 10,002 0.540 0.542 41.0
17 FSOPC-All 7/22 10/9 8,000 45,947 8,010 0.570 0.575 43.3
18 FSOPC-Head 7/22 8/1 8,000 26,500 8,004 0.530 0.533 32.0
22 FSOPC-Head 7/23 8/22 6,000 30,000 6,008 0.530 0.538 6.2
22 FSOPC-Head 7/24 10/15 8,000 38,560 8,003 0.570 0.571 92.6
23 FSOPC-Head 7/24 8/14 10,000 42,500 10,005 0.530 0.533 32.7
23 FSOPC-All 7/25 10/10 8,000 48,895 8,016 0.570 0.571 51.4
24 FSOPC-Head 7/25 7/31 7,000 29,308 7,003 0.530 0.536 93.1
25 JGSs-purchases 7/29 8/15 6,000 20,488 6,007 0.530 0.535 27.8
25 FSOPC-Head 7/28 8/19 5,000 30,317 5,003 0.540 0.540 65.7
28 FSOPC-Head 7/29 8/7 3,000 16,050 2,950 0.550* 0.555  
28 FSOPC-Head 7/30 10/23 8,000 40,300 8,003 0.570 0.571 46.4
29 JGSs-purchases 7/31 8/19 6,000 17,460 6,005 0.540 0.547 23.6
29 FSOPC-Head 7/30 8/14 6,000 24,469 6,003 0.540 0.549 15.7
30 FSOPC-Head 7/31 8/29 7,000 28,750 7,004 0.540 0.545 35.1
31 JGSs-purchases 8/4 8/20 8,000 26,913 8,005 0.530 0.540 3.0
31 FSOPC-Head 8/1 8/15 7,000 30,350 7,006 0.530 0.538 9.9
31 FSOPC-All 8/4 10/22 8,000 48,550 8,012 0.570 0.571 44.5

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                
7/3 Outrightpurchases 7/8 4,000 12,503 4,001 0.002 0.004 16.9
8 Outrightpurchases 7/11 4,000 22,082 4,001 0.009 0.010 31.3
18 Outrightpurchases 7/24 4,000 12,707 4,001 0.005 0.006 45.3
25 Outrightpurchases 7/30 4,000 12,417 4,000 0.002 0.007 48.0
29 Outrightpurchases 8/1 4,000 20,067 4,002 0.003 0.004 15.4

(Memo1)

Outright purchase and sale operations of JGBs
The Bank ofJapan offered outright purchase operations of JGBs worth 300.0 billion yen on July 2, 300.0 billion yen on July 7, 300.0 billion yen on July 16 and 300.0 billion yen on July23. The purchases were exercised at 293.0 billion yen on July7, 300.1billion yen on July 10, 315.0 billion yen on July 22 and 300.1 billion yen on July 28, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in July.

NOTES:

  1. Bills-sales : Outright Sales ofBills Drawn by BOJ
    FSOPC-Head : Funds-SupplyingOperations against Pooled Collateral at Head Office
    FSOPC-All : Funds-SupplyingOperations against Pooled Collateral at All Offices
    CP-purchases : Purchases of CPunder Repurchase Agreements
    JGSs-purchases : Purchases of JGSsunder Repurchase Agreements
    JGSs-sales : Sales of JGSs underRepurchase Agreements
    Outright Purchases : Outright Purchasesof TBs/FBs
    Outright Sales : Outright Sales ofTBs/FBs
  2. * denotes dates when offers andtransactions were exercised on the same day.
    1. (a) Planned amounts on offer days.
    2. (b) * denotes non-pro-rata rates, loanrates; otherwise the figures denote pro-rata rates, loan rates.
    3. (c) The difference between the yield atwhich operation counterparts want to sell (purchase) and the correspondingyield determined by the Bank of Japan with the prevailing market yield(the "yield spread") taken into account for auctions. * denotesnon-pro-rata yield spreads; otherwise the figures denote pro-rata yieldspreads.
  4. Date of repurchase for Securitieslending as a secondary source of JGSs is as follows,
    those without * : the nextbusiness day after the offering date,
    those with * : thefourth business day after the offering date.