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

November 4, 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                  
10/1 FSOPC-Head 10/1* 10/8 8,000 38,510 8,000 0.750* 0.753  
1 Bills-sales 10/1* 10/2 4,000 13,310 4,200 0.500* 0.500  
1 FSOPC-All 10/1* 10/7 8,000 27,245 8,004 0.750 0.752 67.5
2 FSOPC-Head 10/2* 10/9 10,000 20,320 10,170 0.700* 0.732  
2 JGSs-purchases 10/6 10/24 12,000 41,398 12,002 0.600 0.619 63.9
2 FSOPC-All 10/2* 10/3 6,000 6,005 6,005 0.500* 0.659  
2 Bills-sales 10/2* 10/3 4,000 6,535 3,985 0.530* 0.438  
3 FSOPC-Head 10/3* 10/6 8,000 15,070 8,001 0.600 0.644 35.6
3 JGSs-purchases 10/7 10/27 12,000 35,818 12,001 0.600 0.613 73.0
3 FSOPC-Head 10/7 12/11 12,000 37,950 12,001 0.610 0.637 89.0
3 Bills-sales 10/3* 10/6 4,000 8,390 4,002 0.500 0.469 64.4
6 FSOPC-Head 10/6* 10/17 10,000 30,706 10,001 0.620 0.655 29.0
6 Bills-sales 10/6* 10/7 3,000 7,510 3,000 0.470 0.349 39.3
7 FSOPC-Head 10/7* 10/15 10,000 44,540 10,002 0.650 0.686 34.8
7 FSOPC-Head 10/9 12/15 10,000 58,580 10,003 0.650 0.657 65.9
8 FSOPC-All 10/8* 10/16 15,000 47,260 14,980 0.710* 0.739  
8 JGSs-purchases 10/10 10/29 12,000 44,629 12,004 0.660 0.676 47.5
8 FSOPC-Head 10/8* 10/9 6,000 17,873 6,000 0.740 0.744 73.9
8 FSOPC-All 10/10 12/9 10,000 80,270 10,004 0.750 0.760 80.4
9 FSOPC-All 10/9* 10/14 10,000 26,300 9,850 0.740* 0.749  
9 FSOPC-All 10/9* 10/15 10,000 30,385 10,006 0.750 0.756 76.4
9 JGSs-purchases 10/14 11/4 12,000 39,891 12,003 0.700 0.732 91.5
9 FSOPC-All 10/9* 10/10 20,000 26,112 20,005 0.500 0.604 40.8
9 FSOPC-All 10/14 12/15 10,000 56,658 10,002 0.760 0.771 80.9
10 FSOPC-All 10/10* 10/14 20,000 32,189 20,000 0.700 0.744 31.5
10 JGSs-purchases 10/15 11/5 12,000 37,296 12,002 0.730 0.754 85.6
10 FSOPC-All 10/10* 10/14 15,000 18,820 15,050 0.530* 0.672  
10 FSOPC-Head 10/10* 10/14 10,000 18,671 10,000 0.600* 0.625  
10 FSOPC-Head 10/14 10/22 20,000 65,150 20,004 0.740 0.763 5.2
14 FSOPC-Head 10/14* 10/15 10,000 26,394 10,002 0.610 0.633 53.7
14 FSOPC-Head 10/14* 10/15 10,000 14,707 10,000 0.610* 0.610  
14 Bills-sales 10/14* 10/15 8,000 9,580 8,000 0.500 0.364 60.0
14 FSOPC-Head 10/16 12/22 15,000 47,638 15,003 0.620 0.683 11.8
14 Bills-sales 10/14* 10/15 6,000 9,230 6,000 0.500 0.396 20.0
15 Bills-sales 10/15* 10/16 10,000 18,970 9,930 0.470* 0.396  
15 Bills-sales 10/15* 10/16 12,000 16,140 12,005 0.500 0.430 54.3
15 FSOPC-All 10/17 2009/1/22 15,000 47,655 15,004 0.620 0.655 65.6
15 Bills-sales 10/15* 10/16 6,000 6,707 6,057 0.700* 0.546  
16 FSOPC-Head 10/16* 10/17 6,000 15,094 6,084 0.600* 0.635  
16 JGSs-purchases 10/20 11/7 12,000 33,580 12,002 0.610 0.628 25.3
16 CP-purchases 10/20 11/27 3,000 3,640 2,980 0.670* 0.731  
16 FSOPC-Head 10/17 10/23 10,000 47,308 10,003 0.620 0.636 33.2
16 Bills-sales 10/16* 10/17 3,000 8,810 3,140 0.480* 0.451  
17 JGSs-purchases 10/21 11/13 12,000 39,127 12,003 0.620 0.628 93.9
17 Bills-sales 10/17* 10/20 3,000 6,840 2,900 0.500* 0.488  
20 FSOPC-Head 10/21 11/6 12,000 47,800 12,003 0.620 0.632 10.1
20 FSOPC-Head 10/22 2009/1/27 10,000 51,400 10,004 0.620 0.632 18.5
21 FSOPC-All 10/22 10/30 8,000 32,776 8,003 0.630 0.636 35.1
21 FSOPC-All 10/22 11/11 10,000 33,436 10,010 0.630 0.634 65.4
21 FSOPC-All 10/23 2009/1/26 10,000 40,820 10,006 0.630 0.636 90.0
22 JGSs-purchases 10/24 10/31 10,000 34,518 10,002 0.630 0.640 86.3
22 FSOPC-Head 10/23 10/28 8,000 33,478 8,003 0.650 0.650 78.8
23 JGSs-purchases 10/27 11/4 10,000 38,467 10,004 0.650 0.653 55.3
23 FSOPC-Head 10/23* 10/24 6,000 12,380 6,080 0.560* 0.601  
23 FSOPC-Head 10/24 10/29 12,000 32,508 12,002 0.650 0.666 17.2
24 JGSs-purchases 10/28 11/5 10,000 35,833 10,004 0.650 0.658 33.7
24 FSOPC-Head 10/24* 10/27 6,000 16,892 6,000 0.570 0.608 70.8
24 FSOPC-Head 10/27 10/31 10,000 36,280 10,002 0.650 0.657 23.6
27 JGSs-purchases 10/29 11/6 10,000 29,415 10,004 0.660 0.660 95.0
27 FSOPC-Head 10/27* 10/28 6,000 21,898 6,002 0.620 0.631 50.5
28 JGSs-purchases 10/30 11/7 16,000 28,967 16,002 0.640 0.655 34.0
28 FSOPC-All 10/29 11/6 10,000 29,077 10,001 0.660 0.669 26.0
28 FSOPC-Head 10/30 2009/1/16 10,000 24,747 10,047 0.630* 0.640  
29 JGSs-purchases 10/31 11/10 16,000 23,337 16,001 0.410 0.499 82.7
29 Bills-sales 10/29* 10/30 5,000 13,355 5,001 0.400 0.348 52.1
30 Bills-sales 10/30* 10/31 15,000 15,610 14,960 0.700* 0.528  
30 CP-purchases 11/4 11/17 4,000 6,310 3,920 0.510* 0.528  
30 Bills-sales 10/30* 10/31 4,000 6,590 4,005 0.750 0.726 23.3
30 Bills-sales 10/31 11/4 6,000 11,980 6,080 0.700* 0.671  
30 FSOPC-All 11/4 2009/1/9 10,000 40,370 10,003 0.460 0.507 62.4
30 Bills-sales 10/30* 10/31 3,000 7,240 2,800 0.720* 0.681  
31 Bills-sales 10/31* 11/4 6,000 11,180 6,002 0.650 0.604 53.2
31 FSOPC-Head 10/31* 11/4 15,000 13,533 13,533 0.120* 0.278  
31 FSOPC-Head 11/4 11/11 8,000 43,060 7,860 0.420* 0.443  

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                
10/3 Outrightpurchases 10/8 4,000 19,687 4,001 0.010 0.014 66.7
10 Outrightpurchases 10/16 4,000 12,421 3,820 0.020* 0.042  
17 Outrightpurchases 10/22 4,000 13,201 4,002 0.010 0.014 81.3
24 Outrightpurchases 10/29 4,000 18,871 4,059 0.013* 0.014  
30 Outrightpurchases 11/5 4,000 16,480 4,001 0.011 0.018 32.6

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                  
10/7 USD-FSOPC(M)(note1) 10/9 2009/1/5 20,000 36,299 20,000 3.110 4.135 58.0
10/21 USD-FSOPC(F)(note2) 10/23 11/20   50,168 50,168 2.110* 2.110  
  • (note1) Maximum bid ding amount and minimum bid ding rate are 4,000 million dollars and 1.390%, respectively.
  • (note2) A fixed rate is 2.110%.

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on October 6, 300.0 billion yen on October 15,
300.0 billion yen on October 20 and 300.0 billion yen on October 27. The purchases were exercised at 300.5 billion yen on October 9,
282.6 billion yen on October 20, 314.5 billion yen on October 23 and 297.1 billion yen on October 30, 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,
3.3 billion yen on October 20 for 5-year JGB #49
25.8 billion yen on October 24 for 10-year JGB #285
75.2 billion yen on October 29 for 5-year JGB #53

The Bank sold securities under repurchase agreements are as follows,
5-year JGB #49 worth 0.7 billion yen on October 20
10-year JGB #285 worth 2.1 billion yen on October 24
5-year JGB #53 worth 0.6 billion yen on October 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(M) : US Dollar Funds-Supplying Operations against Pooled Collateral (Multiple rate competitive auction)
    USD-FSOPC(F) : US Dollar Funds-Supplying Operations against Pooled Collateral (Fixed rate)
  2. * denotes dates when offers and transactions were exercised on the same day.
    1. (a) Planned amounts on offer days.For the case of US Dollar Funds-Supplying Operations against Pooled Collateral (Fixed rate) ,funds are provided for unlimited amount against pooled collateral.
    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.