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

October 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                  
9/1 FSOPC-Head 9/2 9/26 7,000 35,270 7,003 0.540 0.541 49.1
1 FSOPC-Head 9/3 11/28 8,000 34,500 8,005 0.560 0.566 15.5
2 FSOPC-Head 9/3 9/11 3,000 23,100 3,006 0.540 0.547 10.2
2 FSOPC-All 9/4 11/25 8,000 55,140 8,014 0.560 0.570 0.7
3 FSOPC-Head 9/4 9/22 10,000 52,000 10,005 0.540 0.541 30.7
4 JGSs-purchases 9/8 9/24 8,000 21,582 8,005 0.540 0.540 65.7
4 FSOPC-Head 9/5 9/18 6,000 18,409 6,005 0.540 0.540 81.9
4 FSOPC-Head 9/5 9/30 8,000 38,835 8,005 0.540 0.555 4.0
5 FSOPC-Head 9/8 9/16 4,000 19,040 4,004 0.540 0.540 76.4
8 JGSs-purchases 9/10 9/26 8,000 25,150 8,006 0.530 0.538 17.4
8 FSOPC-Head 9/9 9/19 2,000 11,848 2,004 0.540 0.540 43.1
9 FSOPC-Head 9/10 10/3 8,000 53,126 8,002 0.590 0.593 60.1
10 FSOPC-Head 9/11 9/25 6,000 26,595 6,002 0.560 0.568 89.5
10 FSOPC-Head 9/12 12/5 8,000 54,770 8,004 0.570 0.579 3.5
11 JGSs-purchases 9/16 9/30 8,000 20,974 8,001 0.560 0.563 73.3
11 FSOPC-All 9/16 12/4 8,000 54,938 8,009 0.580 0.582 35.1
12 FSOPC-Head 9/16 10/9 10,000 46,248 10,003 0.600 0.606 69.6
12 Bills-sales 9/12* 9/16 1,000 3,730 970 0.480* 0.469  
16 FSOPC-Head 9/16* 9/17 15,000 26,699 15,003 0.550 0.566 67.5
16 FSOPC-Head 9/16* 9/17 10,000 15,010 10,002 0.540 0.609 42.3
16 FSOPC-Head 9/17 9/24 8,000 33,822 8,004 0.620* 0.647  
17 FSOPC-Head 9/17* 9/18 20,000 42,573 20,001 0.640 0.675 50.0
17 FSOPC-Head 9/17* 9/18 10,000 18,557 10,002 0.540 0.580 54.5
17 FSOPC-Head 9/18 10/10 8,000 51,477 8,002 0.720 0.735 41.6
18 FSOPC-Head 9/18* 9/19 15,000 34,402 15,002 0.600 0.645 63.2
18 JGSs-purchases 9/22 10/2 16,000 49,350 16,002 0.730 0.751 79.8
18 FSOPC-Head 9/18* 9/19 10,000 13,340 10,001 0.540 0.566 70.9
18 FSOPC-Head 9/19 9/22 8,000 40,640 8,000 0.710 0.741 76.2
19 FSOPC-Head 9/19* 9/22 20,000 32,793 20,004 0.650 0.668 86.1
19 JGSs-purchases 9/24 10/3 12,000 38,876 12,007 0.730 0.739 43.1
19 FSOPC-Head 9/19* 9/22 10,000 14,423 10,002 0.580 0.639 65.3
19 FSOPC-Head 9/22 9/24 10,000 51,210 10,000 0.740 0.744 66.0
22 FSOPC-Head 9/22* 9/24 15,000 33,667 15,002 0.710 0.726 73.1
22 JGSs-purchases 9/25 10/6 16,000 42,269 16,004 0.730 0.736 79.7
22 Bills-sales 9/24 9/30 18,000 20,770 18,001 0.730 0.666 39.5
22 FSOPC-All 9/25 10/10 9,000 54,283 9,002 0.760 0.774 12.0
24 FSOPC-Head 9/24* 9/25 15,000 35,752 15,001 0.730 0.759 59.2
24 JGSs-purchases 9/26 10/8 16,000 38,650 16,002 0.720 0.740 39.6
24 Bills-sales(note) 9/25 10/6 6,000 3,460 1,350 0.750* 0.709  
24 FSOPC-Head 9/26 10/16 15,000 42,687 15,004 0.750 0.823 64.9
25 JGSs-purchases 9/29 10/17 12,000 22,654 12,003 0.650 0.681 78.3
25 CP-purchases 9/29 11/13 3,000 5,180 2,990 0.750 0.803 56.0
25 FSOPC-Head 9/25* 9/26 10,000 21,442 10,000 0.740 0.751 19.0
25 Bills-sales 9/26 9/29 6,000 11,260 5,990 0.700* 0.667  
26 FSOPC-Head 9/26* 9/29 8,000 20,330 8,001 0.750 0.750 61.1
26 JGSs-purchases 9/30 10/20 12,000 25,578 12,001 0.590 0.627 45.9
26 FSOPC-Head 9/26* 9/29 7,000 8,046 7,000 0.550 0.704 19.5
26 Bills-sales 9/26* 9/29 3,000 8,530 3,001 0.640 0.561 35.1
29 FSOPC-Head 9/29* 9/30 15,000 34,329 15,001 0.730 0.746 65.5
29 FSOPC-Head 9/29* 9/30 4,000 11,904 4,001 0.740 0.741 65.7
29 FSOPC-Head 9/30 10/1 10,000 40,900 10,003 0.750 0.751 69.1
29 Bills-sales 10/1 10/8 15,000 15,580 15,003 0.750 0.686 88.8
30 FSOPC-Head 9/30* 10/1 20,000 38,590 20,002 0.750 0.751 69.8
30 JGSs-purchases 10/2 10/21 12,000 30,127 12,004 0.570 0.589 34.4
30 FSOPC-Head 9/30* 10/1 10,000 27,639 10,003 0.750 0.750 63.6
  • (note) All bids with discount rates above 0.770% were excluded from the auction.

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                
9/2 Outright purchases 9/5 4,000 14,154 4,000 0.007* 0.008  
11 Outright purchases 9/17 4,000 15,954 3,854 0.005* 0.007  
18 Outright purchases 9/24 4,000 8,676 3,910 0.011* 0.020  
26 Outright purchases 10/1 4,000 10,660 4,001 -0.014 -0.010 79.2

US Dollar Funds-Supplying Operations against Pooled Collateral

Table : US Dollar Funds-Supplying Operations against Pooled Collateral(1 million dollars, percent per annum)
Date of Offer Instrument Date of Exercise Date of Repayment (a)
Amounts Offered		 Amounts of Competitive Bid Amounts of Successful Bid (b)
Pro-rata, Non-pro-rata Rate		 Average Successful Bid Rate Rate Allocation on a Pro-rata Basis Rate
2008                  
9/24 USD-FSOPC(note) 9/25 10/23 30,000 29,622 29,622 1.940* 3.448  
  • (note) Maximum bid ding amount and minimum bid ding rate are 6,000 million dollars and 1.940%, respectively.

(Memo1)

Outright purchase and sale operations of JGBs
The Bank ofJapan offered outright purchase operations of JGBs worth 300.0 billion yenon September 3, 300.0 billion yen on September 10, 300.0 billion yen onSeptember 19 and 300.0 billion yen on September 24. The purchases wereexercised at 300.8 billion yen on September 8, 300.4 billion yen onSeptember 16, 304.1 billion yen on September 25 and 293.7 billion yen onSeptember 29, respectively.

(Memo2)

Securities lending as a secondary source of JGSs

The Bank of Japan offered securities lendings as a secondary source of JGSs under repurchase agreements are as follows,
13.0 billion yen onSeptember 16 for 5-year JGB #54*and 10-yearJGB #273*
49.8 billion yen onSeptember 17 for 10-year JGB #226
100.0 billion yen onSeptember 22 for 10-year JGB #264, #266, #279, #281, #283, #285 and20-year JGB #39
100.0 billion yen onSeptember 25 for 10-year JGB #280
11.0 billion yen onSeptember 26 for 5-year JGB #65
100.0 billion yen onSeptember 29 for 10-year JGB #275

The Bank sold securities under repurchase agreements are as follows,
10-year JGB #273* worth 1.3 billion yen on September 16
10-year JGB #226worth 2.9 billion yen on September 17
10-year JGB #264,#279 and #283 worth 52.6 billion yen on September 22
10-year JGB #280worth 1.3 billion yen on September 25
5-year JGB #65 worth4.1 billion yen on September 26
10-year JGB #275worth 11.6 billion yen on September 29

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
    USD-FSOPC : US Dollar Funds-Supplying Operations against Pooled Collateral
  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.
  5. Dates of Exercise and Repayment for US Dollar Funds-Supplying Operations against Pooled Collateral are in Eastern Standard Time.