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

July1, 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
6/2	FSOPC-Head	6/2*	6/3	6,000	20,102	6,003	0.550	0.559	18.3
2	FSOPC-Head	6/2*	6/3	4,000	10,890	4,190	0.550*	0.551
2	FSOPC-Head	6/3	6/16	9,000	22,600	9,002	0.540	0.552	23.2
2	FSOPC-Head	6/3	6/23	9,000	30,096	9,004	0.550	0.553	26.9
3	FSOPC-Head	6/3*	6/4	3,000	6,558	3,002	0.520	0.530	23.6
3	FSOPC-Head	6/4	6/20	8,000	21,500	8,004	0.540	0.547	45.3
3	FSOPC-Head	6/4	7/17	9,000	28,700	9,004	0.550	0.563	3.8
4	FSOPC-Head	6/5	6/27	10,000	27,130	10,002	0.540	0.543	94.0
5	JGSs-purchases	6/9	6/26	6,000	13,084	6,006	0.530	0.537	42.6
5	FSOPC-Head	6/6	6/23	5,000	11,588	5,001	0.520	0.529	37.5
5	FSOPC-Head	6/9	9/10	8,000	31,496	8,004	0.560	0.569	9.2
6	JGSs-purchases	6/10	7/3	8,000	22,794	8,004	0.550	0.559	14.9
6	FSOPC-All	6/10	9/5	8,000	45,340	8,010	0.570	0.571	46.6
9	FSOPC-Head	6/10	6/24	4,000	10,500	4,003	0.520	0.524	59.3
10	CP-purchases	6/12	7/24	3,000	5,006	2,990	0.580	0.589	61.0
10	FSOPC-Head	6/11	6/25	5,000	24,835	5,008	0.520	0.529	14.8
11	JGSs-purchases	6/13	6/24	8,000	20,246	8,002	0.520	0.533	17.3
11	FSOPC-Head	6/12	7/28	8,000	31,703	8,001	0.560	0.565	89.0
12	FSOPC-Head	6/12*	6/13	3,000	7,550	3,001	0.510	0.531	35.4
12	FSOPC-Head	6/13	6/26	3,000	16,490	3,004	0.530	0.539	8.5
12	FSOPC-Head	6/16	9/22	8,000	41,750	8,004	0.570	0.570	80.4
13	Bills-sales	6/13*	6/16	2,000	5,740	2,001	0.500	0.464	51.2
13	FSOPC-Head	6/16	6/30	3,000	18,492	3,000	0.550*	0.550
13	FSOPC-All	6/17	9/17	8,000	50,600	8,005	0.570	0.573	24.0
16	FSOPC-Head	6/17	6/25	2,000	11,600	2,001	0.550	0.564	9.1
18	JGSs-purchases	6/20	6/26	8,000	21,243	8,004	0.570	0.580	46.7
18	FSOPC-Head	6/19	7/11	7,000	29,765	7,005	0.580	0.585	31.7
18	FSOPC-Head	6/20	9/22	8,000	39,200	8,004	0.570	0.575	21.0
19	FSOPC-Head	6/20	7/18	2,000	17,355	2,004	0.590	0.596	13.8
20	JGSs-purchases	6/24	7/4	8,000	25,657	8,005	0.610	0.616	37.1
20	FSOPC-Head	6/23	7/1	8,000	34,318	8,003	0.620	0.633	10.5
23	JGSs-purchases	6/25	7/7	8,000	22,164	8,003	0.600	0.604	54.9
23	FSOPC-Head	6/24	7/3	4,000	24,882	4,004	0.620	0.631	5.3
24	JGSs-purchases	6/26	7/1	8,000	26,549	8,002	0.620	0.632	41.4
24	FSOPC-Head	6/25	7/8	6,000	40,230	6,004	0.620	0.629	7.7
25	JGSs-purchases	6/27	7/4	8,000	25,559	8,005	0.610	0.618	92.0
25	FSOPC-Head	6/26	7/1	6,000	25,510	6,002	0.640	0.650	79.5
26	JGSs-purchases	6/30	7/10	10,000	25,976	10,004	0.590	0.593	77.1
26	FSOPC-Head	6/27	7/1	7,000	29,250	7,155	0.640*	0.658
27	FSOPC-Head	6/30	7/8	8,000	39,570	8,003	0.600	0.618	34.8
27	FSOPC-All	7/1	9/22	8,000	50,528	7,970	0.580*	0.581
30	FSOPC-Head	6/30*	7/1	4,000	16,606	4,002	0.670	0.682	39.1
30	FSOPC-Head	6/30*	7/1	3,000	8,100	3,000	0.580	0.633	40.0
30	FSOPC-Head	7/1	7/15	5,000	31,260	5,002	0.570	0.579	21.3
30	FSOPC-Head	7/2	9/26	8,000	43,030	8,005	0.570	0.574	34.9

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
6/6	Outrightpurchases	6/11	4,000	9,866	3,996	0.002*	0.005
13	Outrightpurchases	6/18	4,000	16,076	4,099	0.011*	0.012
19	Outrightpurchases	6/24	4,000	16,419	4,000	0.007	0.008	40.0
23	Outrightpurchases	6/26	4,000	18,798	3,915	0.003*	0.004

(Memo1)

Outright purchase and sale operations of JGBs

(Memo2)

Securities lending as a secondary source of JGSs

The Bank of Japan offered securities lendings as a secondary source of JGSs worth 47.3 billion yen on June 3 for 10-year JGB #270, 47.3 billion yen on June 16 for 10-year JGB #270, 26.5 billion yen on June 20 for 10-year JGB #270, 47.3 billion yen on June 24 for 10-year JGB #270 and 100.0 billion yen on June 26 for 10-year JGB #246.
The Bank sold 10-year JGB #270 worth 3.5 billion yen on June 3, 10-year JGB #270 worth 41.6 billion yen on June 16, 10-year JGB #270 worth 1.0 billion yen on June 20, 10-year JGB #270 worth 1.5 billion yen on June 24 and 10-year JGB #246 worth 1.9 billion yen on June 26, under repurchase agreements, respectively.

NOTES:

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
* 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.
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.