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

September1, 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                  
8/1 FSOPC-Head 8/4 8/26 3,000 15,950 3,003 0.540 0.540 63.2
4 FSOPC-Head 8/5 8/13 6,000 20,338 6,004 0.530 0.535 21.4
4 FSOPC-Head 8/5 9/18 8,000 36,020 8,001 0.540 0.540 85.5
5 FSOPC-Head 8/6 8/18 7,000 17,750 7,006 0.530 0.531 38.6
6 JGSs-purchases 8/8 8/26 6,000 16,151 6,003 0.520 0.530 6.4
6 FSOPC-Head 8/7 9/3 8,000 26,044 8,002 0.530 0.530 42.9
6 FSOPC-Head 8/8 10/30 8,000 35,150 8,008 0.560 0.565 19.2
7 FSOPC-Head 8/8 8/21 8,000 21,800 8,003 0.520 0.522 46.8
7 FSOPC-All 8/11 10/28 8,000 41,415 8,011 0.560 0.564 15.9
8 Bills-sales 8/8* 8/11 2,000 6,000 2,200 0.520* 0.505  
8 FSOPC-Head 8/11 9/1 4,000 13,675 4,005 0.520 0.528 8.4
11 Bills-sales 8/11* 8/12 5,000 9,240 4,840 0.530* 0.515  
11 FSOPC-Head 8/12 8/19 4,000 16,420 4,003 0.530 0.530 69.3
11 FSOPC-Head 8/13 11/7 8,000 32,800 8,003 0.560 0.560 41.3
12 FSOPC-Head 8/13 9/4 8,000 27,500 8,007 0.530 0.532 48.3
13 JGSs-purchases 8/15 9/1 8,000 22,830 8,009 0.530 0.538 12.9
13 FSOPC-Head 8/14 9/9 7,000 35,590 7,009 0.530 0.537 7.8
14 JGSs-purchases 8/18 9/4 6,000 20,480 6,007 0.530 0.531 31.1
14 FSOPC-Head 8/15 8/27 10,000 33,200 10,005 0.530 0.531 36.9
14 FSOPC-All 8/18 11/4 8,000 56,570 8,013 0.560 0.562 21.6
15 FSOPC-Head 8/18 9/10 3,000 14,950 3,002 0.530 0.538 6.9
15 Bills-sales 8/15* 8/18 2,000 2,020 2,020 0.750* 0.660  
18 JGSs-purchases 8/20 9/5 6,000 22,057 6,007 0.530 0.536 17.9
18 FSOPC-Head 8/19 8/26 4,000 18,390 4,004 0.540 0.540 43.6
19 FSOPC-Head 8/20 9/8 9,000 36,050 9,005 0.540 0.540 57.2
20 FSOPC-Head 8/21 10/1 9,000 31,630 9,003 0.560 0.563 40.7
20 FSOPC-Head 8/22 11/13 8,000 40,825 8,009 0.560 0.563 20.6
21 JGSs-purchases 8/25 9/8 6,000 20,951 6,004 0.530 0.535 28.7
21 FSOPC-All 8/25 11/12 8,000 50,108 8,009 0.560 0.563 23.7
22 FSOPC-Head 8/25 9/3 6,000 24,133 6,004 0.540 0.540 61.1
25 FSOPC-Head 8/26 9/22 8,000 29,100 8,003 0.540 0.540 88.3
25 FSOPC-Head 8/27 11/21 8,000 41,457 8,006 0.560 0.562 31.9
26 FSOPC-Head 8/27 9/10 6,000 20,300 6,001 0.540 0.541 53.0
26 FSOPC-All 8/28 11/19 8,000 35,900 8,013 0.560 0.563 29.4
27 JGSs-purchases 8/29 9/16 8,000 19,927 8,004 0.530 0.539 15.7
27 FSOPC-Head 8/28 9/29 10,000 35,000 10,001 0.540 0.545 52.7
28 FSOPC-Head 8/29 9/5 4,000 15,050 4,002 0.530 0.538 12.4
28 FSOPC-Head 8/29 9/12 8,000 28,600 8,007 0.530 0.533 29.5
29 FSOPC-Head 9/1 9/17 5,000 16,550 5,005 0.530 0.532 41.5
29 FSOPC-Head 9/1 10/8 8,000 49,023 8,002 0.570 0.571 85.6

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                
8/7 Outright purchases 8/12 4,000 14,546 4,002 0.001 0.003 25.1
14 Outright purchases 8/19 4,000 19,818 4,070 0.003* 0.005  
19 Outright purchases 8/22 4,000 14,926 4,004 0.003 0.005 3.8
29 Outright purchases 9/3 4,000 13,341 3,970 0.005* 0.006  

(Memo1)

Outright purchase and sale operations of JGBs

The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on August 6,300.0 billion yen on August 11, 300.0 billion yen on August 18 and 300.0 billion yen on August 25.The purchases were exercised at 300.1 billion yen on August 11,300.4billion yen on August 14, 314.8 billion yen on August 21 and 300.0 billion yen on August 28, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

No purchases in August.

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.