BANK OF JAPAN TO SELL 600 BILLION YEN IN BILLS
The Bank of Japan will sell 600 billion
yen in 60-day financing bills tomorrow through 36-day
repurchase agreements maturing June 3 to roll over a previously
issued 400 billion yen of such bills maturing tomorrow, money
traders said.
    The yield on the bills for sale to banks and securities
houses by money houses will be 3.8498 pct compared with the
one-month commercial bill discount rate today of 3.8125 pct and
the one-month certificate of deposit rate of 4.18/07 pct.
    The traders estimate the surplus tomorrow at about 700
billion yen. The remaining 300 billion yen is mainly due to
increased cash holdings by the banking system because of
central bank dollar purchases.
    The operation will put the outstanding supply of such bills
to 3,500 billion yen.
 REUTER
