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MNI (London)
     TOKYO (MNI) - The Bank of Japan said Friday it would inject liquidity into
financial markets in a more flexible manner ahead of the end of the March 31
fiscal year end, the BOJ's Financial Markets Department said.
     "Considering the recent unstable movements in global financial and capital
markets, the BOJ has decided to implement the following measures in order to
ensure stability in financial markets toward the end of this March," the BOJ
     The BOJ noted it had "conducted unscheduled outright purchase of Japanese
government bonds today, which was not scheduled beforehand. The BOJ will
continue to conduct additional outright purchase of JGBs as needed, taking
account of market conditions", also announcing measures to maintain stability of
the repo market.
     In order to ensure stability in the market by easing excessive tightening
in supply and demand of JGSs in the repo market toward the end of this March,
the BOJ will implement the following temporary measures.
     "Increasing number of issues of JGSs offered in the Securities Lending
Facility (SLF) For the SLF to be offered between March 16 and April 3, in
principle, the Bank will offer all available JGSs held by the Bank. Meanwhile,
requests for issues of JGSs by counterparties in advance will be unnecessary,"
the BOJ said.
     It also announced it would conduct further Gensaki operations.
     "On March 25, the Bank will announce offers for sales of JGSs with
repurchase agreements, with the exercise date as March 31 and the repurchase
date as April 1. The Bank will announce additional offers for sales of JGSs with
repurchase agreements, as needed," the BOJ said.
--MNI Tokyo Bureau; tel: +81 90-2175-0040; email:
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