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

January 5, 2009
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                  
12/1 JGSs-purchases 12/3 12/4 40,000 40,557 40,057 0.150* 0.458 89.5
1 JGSs-purchases 12/3 12/10 10,000 21,374 9,984 0.480* 0.485 61.7
1 FSOPC-Head 12/2 12/8 10,000 17,013 10,002 0.480 0.489 43.6
1 FSOPC-Head 12/3 2009/2/18 8,000 28,188 8,004 0.480 0.487 83.7
1 Bills-sales 12/1* 12/2 8,000 14,640 8,004 0.360 0.343 80.1
2 Bills-sales 12/2* 12/3 6,000 15,410 6,002 0.340 0.333 34.0
2 JGSs-purchases 12/4 12/5 40,000 47,988 40,001 0.210 0.320 47.9
2 JGSs-purchases 12/4 12/11 10,000 19,920 10,000 0.380 0.443 17.7
2 CP-purchases 12/4 2009/1/19 4,000 7,383 3,973 0.500 0.539  
2 Bills-sales 12/2* 12/3 8,000 16,222 8,004 0.340 0.317 30.1
2 FSOPC-All 12/3 12/10 8,000 18,366 8,078 0.390* 0.431 81.0
2 FSOPC-All 12/4 2009/2/13 8,000 27,090 8,001 0.460 0.479 7.3
2 Bills-sales 12/2* 12/3 10,000 17,080 10,001 0.350 0.326 23.4
3 Bills-sales 12/3* 12/4 10,000 27,830 10,008 0.320 0.296 86.6
3 JGSs-purchases 12/5 12/8 35,000 40,635 35,001 0.210 0.283 18.4
3 JGSs-purchases 12/5 12/12 16,000 22,116 16,002 0.330 0.357 39.0
3 Bills-sales 12/3* 12/4 8,000 17,745 8,002 0.310 0.300 31.3
3 Bills-sales 12/3* 12/4 8,000 13,885 8,002 0.310 0.296 45.7
3 FSOPC-Head 12/4 12/22 10,000 29,038 10,003 0.350 0.371 55.7
3 Bills-sales 12/3* 12/4 6,000 13,785 6,003 0.290 0.263  
4 Bills-sales 12/4* 12/5 15,000 32,100 15,007 0.300 0.294  
4 JGSs-purchases 12/8 12/9 30,000 32,983 29,983 0.230* 0.287 81.4
4 JGSs-purchases 12/8 12/15 16,000 23,905 16,005 0.330* 0.340 97.6
4 CP-purchases 12/8 12/18 6,000 6,742 5,982 0.130 0.186  
4 Bills-sales 12/4* 12/5 15,000 21,069 15,006 0.300 0.293 37.7
4 Bills-sales 12/4* 12/5 10,000 10,550 9,900 0.350* 0.305 37.7
4 FSOPC-Head 12/5 12/17 8,000 18,195 8,004 0.340 0.356  
5 Bills-sales 12/5* 12/8 15,000 18,350 15,002 0.310 0.292 23.1
5 JGSs-purchases 12/9 12/10 30,000 34,302 30,102 0.250* 0.289 71.9
5 JGSs-purchases 12/9 12/16 16,000 21,647 16,004 0.330 0.350  
5 Bills-sales 12/5* 12/8 10,000 13,784 10,003 0.310 0.287 67.1
5 FSOPC-Head 12/8 12/15 8,000 22,942 7,942 0.350* 0.357  
5 Bills-sales 12/5* 12/8 4,000 8,745 4,001 0.300 0.280  
8 Bills-sales 12/8* 12/9 15,000 13,430 13,430 0.380* 0.308 70.3
8 JGSs-purchases 12/10 12/11 35,000 45,716 35,166 0.260* 0.316 94.7
8 JGSs-purchases 12/10 12/17 10,000 26,687 10,002 0.360 0.379 51.7
8 FSOPC-Head 12/9 2009/1/15 10,000 34,400 10,002 0.490 0.492 95.3
8 Bills-sales 12/8* 12/9 5,000 10,658 5,002 0.350 0.308 27.0
9 Bills-sales 12/9* 12/10 10,000 19,390 10,005 0.310 0.305 83.9
9 JGSs-purchases 12/11 12/12 40,000 51,216 40,000 0.250 0.295  
9 JGSs-purchases 12/11 12/18 10,000 24,100 10,005 0.380 0.391 74.8
9 CP-purchases 12/11 2009/1/14 6,000 9,193 5,893 0.490* 0.533 85.4
9 Bills-sales 12/9* 12/10 10,000 14,392 10,002 0.320 0.301  
9 FSOPC-Head 12/10 2009/1/8 10,000 31,315 10,003 0.500 0.503 61.8
9 Bills-sales 12/9* 12/10 5,000 6,540 5,040 0.350* 0.311  
10 Bills-sales 12/10* 12/11 15,000 23,360 15,001 0.320 0.304 36.5
10 JGSs-purchases 12/12 12/15 40,000 45,166 39,866 0.210* 0.256 55.8
10 JGSs-purchases 12/12 12/19 8,000 19,871 8,000 0.360 0.389  
10 JGSs-purchases 12/12 2009/1/5 8,000 24,924 8,002 0.490 0.500 46.0
10 Bills-sales 12/10* 12/11 15,000 14,895 14,895 0.500* 0.347 33.6
10 FSOPC-Head 12/12 2009/3/10 8,000 28,309 8,000 0.480 0.487 79.4
11 Bills-sales 12/11* 12/12 20,000 31,320 20,004 0.350 0.316  
11 JGSs-purchases 12/15 12/16 40,000 50,317 40,003 0.230 0.270 47.7
11 JGSs-purchases 12/15 12/22 8,000 17,607 8,107 0.370* 0.390  
11 JGSs-purchases 12/15 2009/1/6 8,000 22,551 8,003 0.490 0.498 46.6
11 CP-purchases 12/15 2009/1/16 6,000 8,327 5,997 0.420* 0.486 75.9
11 Bills-sales 12/11* 12/12 12,000 21,100 12,003 0.340 0.321 20.5
11 FSOPC-All 12/12 2009/2/2 8,000 34,296 8,003 0.500 0.513  
11 Bills-sales 12/11* 12/12 8,000 12,195 8,001 0.400 0.333 72.7
12 Bills-sales 12/12* 12/15 20,000 33,670 19,830 0.320* 0.299 13.7
12 JGSs-purchases 12/16 12/17 40,000 58,774 40,005 0.250 0.276 50.2
12 JGSs-purchases 12/16 12/24 8,000 17,416 8,005 0.380 0.401 15.3
12 JGSs-purchases 12/16 2009/1/7 8,000 20,910 8,007 0.490 0.495  
12 Bills-sales 12/12* 12/15 10,000 16,415 10,002 0.340 0.314 54.0
12 Bills-sales 12/12* 12/15 10,000 11,620 10,070 0.400* 0.345  
12 FSOPC-Head 12/15 2009/1/5 8,000 27,000 8,001 0.500 0.503 28.7
15 Bills-sales 12/15* 12/16 20,000 18,780 18,780 0.500* 0.325 27.5
15 JGSs-purchases 12/17 12/18 40,000 60,173 40,004 0.280 0.304  
15 JGSs-purchases 12/17 2009/1/8 10,000 21,960 10,001 0.480 0.493 17.0
15 Bills-sales 12/15* 12/16 8,000 8,140 7,910 0.490* 0.352  
15 FSOPC-All 12/17 2009/3/5 8,000 25,980 8,004 0.480 0.500 67.2
15 Bills-sales 12/15* 12/16 8,000 7,500 7,500 0.500* 0.379 24.0
16 Bills-sales 12/16* 12/17 12,000 31,220 12,002 0.310 0.303  
16 JGSs-purchases 12/18 12/19 40,000 55,262 40,002 0.260 0.289  
16 JGSs-purchases 12/18 2009/1/13 8,000 21,250 8,200 0.480* 0.485 88.4
16 CP-purchases 12/18 2009/1/7 6,000 7,010 5,960 0.200* 0.378 63.3
16 Bills-sales 12/16* 12/17 15,000 25,980 15,003 0.320 0.308  
16 Bills-sales 12/16* 12/17 8,000 14,531 8,005 0.310 0.299 57.8
16 Bills-sales 12/17 12/26 8,000 22,390 7,800 0.390* 0.378 88.9
16 FSOPC-Head 12/18 2009/1/14 8,000 28,020 8,005 0.490 0.494 75.0
16 Bills-sales 12/16* 12/17 8,000 9,780 8,002 0.400 0.336 74.4
17 Bills-sales 12/17* 12/18 20,000 27,520 20,002 0.330 0.307  
17 JGSs-purchases 12/19 12/22 30,000 47,326 30,002 0.260 0.290 10.8
17 JGSs-purchases 12/19 2009/1/14 8,000 17,926 8,037 0.370* 0.440 51.4
17 Bills-sales 12/17* 12/18 10,000 17,790 10,002 0.350 0.306 28.8
17 Bills-sales 12/18 12/29 12,000 19,900 12,003 0.370 0.345 77.0
17 FSOPC-All 12/18 2009/1/6 8,000 23,917 8,001 0.350 0.412 51.7
17 Bills-sales 12/17* 12/18 8,000 10,380 8,002 0.400 0.360 39.9
18 Bills-sales 12/18* 12/19 30,000 34,660 30,001 0.480 0.356 38.3
18 JGSs-purchases 12/22 12/24 30,000 64,113 30,002 0.290 0.299  
18 JGSs-purchases 12/22 2009/1/15 8,000 21,826 8,002 0.300 0.328  
18 CP-purchases 12/22 2009/2/2 6,000 5,288 5,288 0.100* 0.151  
18 Bills-sales 12/18* 12/19 15,000 7,526 7,526 0.500* 0.495  
18 Bills-sales (note1) 12/18* 12/19 12,000 11,110 11,010 0.500* 0.488  
18 Bills-sales 12/19 12/22 10,000 18,390 9,970 0.440* 0.392 35.8
19 Bills-sales 12/19* 12/22 20,000 24,190 19,940 0.490* 0.369  
19 JGSs-purchases 12/24 12/25 25,000 52,621 25,002 0.300 0.312 50.2
19 JGSs-purchases 12/24 2009/1/9 10,000 25,189 10,006 0.310* 0.320 4.5
19 FSOPC-All 12/19* 12/22 20,000 39,410 20,002 0.100 0.162  
22 JGSs-purchases 12/25 12/26 30,000 63,667 30,003 0.190 0.208 43.3
22 CP-purchases(note2) 12/25 2009/1/22 6,000 3,758 3,228 0.100* 0.120 24.0
22 FSOPC-All 12/30 2009/1/5 10,000 47,540 10,003 0.280 0.290 4.6
24 JGSs-purchases 12/26 12/29 30,000 66,683 30,002 0.240 0.254 30.6
24 FSOPC-All 12/30 2009/1/5 10,000 22,400 10,003 0.280 0.292 17.0
25 JGSs-purchases 12/29 12/30 30,000 57,518 30,002 0.270 0.286  
25 CP-purchases 12/29 2009/1/13 3,000 5,325 2,990 0.130 0.176 86.0
26 JGSs-purchases 12/30 2009/1/5 30,000 44,427 29,807 0.250* 0.273  
29 JGSs-purchases 2009/1/5 2009/1/6 30,000 50,209 30,002 0.120 0.139  
29 JGSs-purchases 2009/1/5 2009/1/13 8,000 16,645 7,849 0.130* 0.137 20.0
29 CP-purchases(note3) 2009/1/5 2009/2/16 6,000 5,339 5,319 0.100* 0.107 42.4
30 JGSs-purchases 2009/1/6 2009/1/7 25,000 36,866 25,004 0.110 0.124  
30 JGSs-purchases 2009/1/6 2009/1/14 8,000 16,328 8,004 0.120 0.124  

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                
12/4 Outright purchases 12/9 4,000 13,121 4,190 0.008* 0.015  
12 Outright purchases 12/17 4,000 12,906 3,839 0.010* 0.013  
18 Outright purchases 12/24 4,000 7,597 4,000 0.010* 0.011  
26 Outright purchases 2009/1/5 4,000 13,023 4,000 -0.004 0.005 80.8

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                  
12/2 USD-FSOPC(F)(note1) 12/4 2009/2/26   30,584 30,584 1.420* 1.420  
12/16 USD-FSOPC(F)(note2) 12/18 2009/1/15   27,893 27,893 1.280* 1.280  
12/30 USD-FSOPC(F)(note3) 2009/1/5 2009/3/26   15,678 15,678 1.200* 1.200  
  • (note1) A fixed rate is 1.420%.
  • (note2) A fixed rate is 1.280%.
  • (note3) A fixed rate is 1.200%.

(Memo1)

Outright purchase and sale operations of JGBs
The Bank of Japan offered outright purchase operations of JGBs worth 300.0 billion yen on December 1, 300.0 billion yen on December 8,
300.0 billion yen on December 11 and 350.0 billion yen on December 24. The purchases were exercised at 300.2 billion yen on December 4, 301.8 billion yen on December 11, 300.0 billion yen on December 16 and 341.1 billion yen on December 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,
38.2 billion yen on December 18 for 20-year JGB #86

The Bank sold securities under repurchase agreements are as follows,
20-year JGB #86 worth 1.4 billion yen on December 18

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.