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

December 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                  
11/4 JGSs-purchases 11/6 11/13 10,000 40,194 10,002 0.450 0.457 60.3
4 Bills-sales 11/4* 11/5 6,000 6,915 6,001 0.500 0.411 29.7
4 FSOPC-Head 11/5 11/12 4,000 25,680 4,002 0.490 0.492 86.5
4 FSOPC-Head 11/6 2009/1/28 8,000 39,950 8,004 0.450 0.463 58.6
5 Bills-sales 11/5* 11/6 6,000 11,220 6,010 0.440* 0.409  
5 JGSs-purchases 11/7 11/14 16,000 34,494 16,006 0.460 0.465 94.5
5 FSOPC-Head 11/6 11/11 6,000 20,150 6,000 0.490 0.492 80.0
5 FSOPC-Head 11/6 11/20 8,000 47,710 8,004 0.490 0.494 62.1
5 Bills-sales 11/5* 11/6 6,000 8,675 6,002 0.480 0.430 88.9
5 JGSs-sales(note1) 11/5* 11/6 8,000 7,850 7,550 0.500* 0.491  
6 JGSs-purchases 11/10 11/17 16,000 32,644 16,005 0.470 0.475 91.0
6 CP-purchases 11/10 12/22 6,000 5,285 5,285 0.100* 0.303  
6 Bills-sales 11/6* 11/7 6,000 13,245 6,003 0.450 0.429 45.1
6 FSOPC-All 11/7 11/18 14,000 28,460 14,160 0.490* 0.492  
6 FSOPC-All 11/10 2009/1/21 8,000 32,889 8,008 0.460 0.477 8.4
7 JGSs-purchases 11/11 11/18 10,000 31,443 10,005 0.470 0.477 25.6
7 FSOPC-Head 11/11 2009/2/5 8,000 43,246 8,001 0.470 0.470 86.5
7 Bills-sales 11/7* 11/10 4,000 11,915 4,002 0.380 0.287 26.3
10 JGSs-purchases 11/12 11/19 10,000 32,261 10,004 0.480 0.480 74.0
10 FSOPC-Head 11/11 11/17 14,000 41,860 14,003 0.480 0.488 19.5
10 JGSs-sales 11/10* 11/11 4,000 7,350 4,000 0.490 0.477 90.0
11 JGSs-purchases 11/13 11/20 16,000 34,962 16,005 0.480 0.482 61.7
11 FSOPC-All 11/13 2009/1/29 8,000 36,350 8,004 0.480 0.485 81.0
12 JGSs-purchases 11/14 11/21 20,000 38,206 20,004 0.480 0.483 63.0
12 FSOPC-Head 11/13 11/19 6,000 35,268 6,005 0.490 0.491 67.3
13 JGSs-purchases 11/17 11/18 20,000 24,235 20,085 0.430* 0.477  
13 JGSs-purchases 11/17 11/25 16,000 24,702 15,892 0.460* 0.474  
13 CP-purchases(note2) 11/17 12/1 6,000 5,704 4,974 0.100* 0.320  
13 FSOPC-Head 11/14 11/27 6,000 25,430 6,002 0.470 0.479 34.5
13 FSOPC-Head 11/17 2009/2/10 8,000 34,374 8,003 0.450 0.464 79.3
13 Bills-sales 11/13* 11/14 6,000 6,795 6,001 0.490 0.363 56.9
14 JGSs-purchases 11/18 11/19 20,000 24,028 20,001 0.410 0.436 90.9
14 JGSs-purchases 11/18 11/26 10,000 23,496 10,002 0.450 0.457 62.8
14 Bills-sales 11/14* 11/17 4,000 6,475 4,002 0.400 0.318 22.9
14 FSOPC-All 11/17 11/25 8,000 23,170 8,002 0.450 0.466 4.8
14 FSOPC-All 11/18 2009/2/9 8,000 23,850 8,006 0.450 0.458 82.0
14 Bills-sales 11/14* 11/17 4,000 3,970 3,970 0.450* 0.380  
17 JGSs-purchases 11/19 11/20 20,000 27,008 20,003 0.400 0.414 40.7
17 JGSs-purchases 11/19 11/27 10,000 22,061 10,001 0.430 0.443 8.0
17 Bills-sales 11/17* 11/18 8,000 11,325 8,003 0.440 0.377 50.5
17 FSOPC-Head 11/19 2009/2/13 8,000 35,663 8,002 0.440 0.443 95.5
17 Bills-sales 11/17* 11/18 4,000 5,420 3,800 0.470* 0.418  
18 JGSs-purchases 11/20 11/21 20,000 25,883 20,004 0.400 0.415 11.3
18 JGSs-purchases 11/20 11/28 16,000 29,819 16,011 0.430 0.436 54.2
18 Bills-sales 11/18* 11/19 6,000 10,035 5,865 0.410* 0.375  
18 FSOPC-Head 11/19 11/26 7,000 27,350 7,001 0.440 0.445 88.9
18 FSOPC-All 11/20 2009/2/12 8,000 27,831 8,009 0.440 0.444 69.2
18 Bills-sales 11/18* 11/19 4,000 7,370 4,003 0.450 0.422 36.4
19 JGSs-purchases 11/21 11/25 20,000 27,731 20,005 0.400 0.407 66.5
19 JGSs-purchases 11/21 12/1 16,000 30,619 16,005 0.430 0.436 85.9
19 Bills-sales 11/19* 11/20 8,000 15,985 8,004 0.400 0.383 56.6
19 FSOPC-Head 11/20 11/28 10,000 30,833 10,002 0.400 0.417 33.4
19 FSOPC-Head 11/21 2009/1/20 8,000 46,075 8,004 0.440 0.448 24.3
19 Bills-sales 11/19* 11/20 6,000 13,772 6,003 0.440 0.403 22.5
20 JGSs-purchases 11/25 11/26 20,000 25,612 20,003 0.400 0.402 87.5
20 JGSs-purchases 11/25 12/2 16,000 25,047 16,003 0.420 0.426 88.4
20 CP-purchases 11/25 2009/1/5 6,000 6,706 5,986 0.110 0.275 79.9
20 Bills-sales 11/20* 11/21 8,000 10,915 8,001 0.420 0.389 67.8
20 FSOPC-Head 11/21 12/4 6,000 30,360 6,002 0.430 0.433 51.8
20 Bills-sales 11/20* 11/21 6,000 12,680 6,003 0.440 0.426 8.9
21 JGSs-purchases 11/26 11/27 20,000 29,087 20,007 0.400 0.405 60.0
21 JGSs-purchases 11/26 12/3 10,000 25,958 10,006 0.420 0.423 34.3
21 Bills-sales 11/21* 11/25 8,000 15,992 8,004 0.400 0.389 62.0
21 FSOPC-All 11/26 2009/1/13 8,000 33,890 8,005 0.450 0.459 23.6
21 Bills-sales 11/21* 11/25 6,000 15,147 6,006 0.400 0.395 89.2
25 JGSs-purchases 11/27 11/28 20,000 25,668 20,003 0.400 0.410 18.4
25 JGSs-purchases 11/27 12/4 10,000 30,792 10,005 0.430 0.434 43.9
25 CP-purchases 11/27 2009/1/8 4,000 4,767 3,983 0.120 0.207 47.5
25 Bills-sales 11/25* 11/26 6,000 12,350 6,003 0.390 0.370 56.8
25 FSOPC-Head 11/26 12/5 10,000 50,060 10,001 0.450 0.453 88.3
25 Bills-sales 11/25* 11/26 3,000 9,850 2,950 0.340* 0.330  
26 JGSs-purchases 11/28 12/1 20,000 29,835 20,002 0.460 0.474 10.9
26 JGSs-purchases 11/28 12/5 16,000 37,638 16,005 0.450 0.463 6.3
26 Bills-sales 11/26* 11/27 8,000 10,535 8,002 0.400 0.376 61.9
26 FSOPC-Head 11/27 12/4 8,000 26,793 8,001 0.480 0.488 44.5
26 FSOPC-Head 11/28 2009/2/17 8,000 33,110 8,005 0.470 0.471 64.3
27 JGSs-purchases 12/1 12/2 20,000 27,533 20,004 0.490 0.493 91.1
27 JGSs-purchases 12/1 12/8 16,000 35,164 16,006 0.480 0.486 52.1
27 CP-purchases 12/1 12/15 4,000 7,190 4,010 0.420* 0.526  
27 Bills-sales 11/27* 11/28 8,000 10,962 8,003 0.400 0.383 54.7
27 FSOPC-Head 11/28 12/15 8,000 51,266 8,008 0.490 0.501 11.5
28 FSOPC-All 11/28* 12/1 8,000 21,959 8,002 0.490 0.493 49.3
28 JGSs-purchases 12/2 12/3 30,000 33,980 30,000 0.470 0.495 22.0
28 JGSs-purchases 12/2 12/9 16,000 31,478 16,003 0.490 0.498 77.8
28 FSOPC-All 12/1 12/12 8,000 34,270 8,010 0.500 0.502 57.5
28 FSOPC-All 12/2 2009/2/13 8,000 36,161 8,008 0.490 0.504 38.8
28 Bills-sales 11/28* 12/1 8,000 16,980 7,900 0.380* 0.282  
28 JGSs-sales 11/28* 12/1 8,000 9,250 8,000 0.300* 0.250  
  • (note1) All bids with bid rates at 0.55% and higher were excluded from the auction.
  • (note2) All bids with bid rates at 0.07% and lower 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                
11/4 Outright purchases 11/7 4,000 15,055 4,001 0.031 0.033 22.5
13 Outright purchases 11/18 4,000 13,915 4,000 0.008* 0.016  
21 Outright purchases 11/27 4,000 9,581 4,083 0.003* 0.011  
28 Outright purchases 12/3 4,000 14,704 4,000 0.021 0.026 88.0

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 Allocation on a Pro-rata Basis Rate
2008                  
11/4 USD-FSOPC(F)(note1) 11/6 2009/1/29   44,239 44,239 1.600* 1.600  
11/18 USD-FSOPC(F)(note2) 11/20 12/18   32,751 32,751 1.510* 1.510  
  • (note1) A fixed rate is 1.600%.
  • (note2) A fixed rate is 1.510%.

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on November 6, 300.0 billion yen on November 10,
300.0 billion yen on November 19 and 300.0 billion yen on November 25. The purchases were exercised at 300.6 billion yen on November 11, 286.5 billion yen on November 13, 300.0 billion yen on November 25 and 300.2 billion yen on November 28, 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,
20.3 billion yen on November 21 for 20-year JGB #96

The Bank sold securities under repurchase agreements are as follows,
20-year JGB #96 worth 3.0 billion yen on November 21

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.