HOME お知らせ サイトマップ 免責事項	マーケット情報 ヒストリカルデータ 短期金融市況概況 ベンダーコード一覧	Market Topics マーケット最前線 マーケットアイ 特集	協会発表レート 国内金融セミナー 金融経済用語解説 耳寄り情報	投資信託 株レポ 投資勧誘方針 リンク	会社案内 グループ会社 営業部連絡先 お問い合わせ

金融市場英語解説

Structure of the call and bill markets

One of the characteristics of secured or collateralized call money transactions is that for these transactions "Tanshi Kaisha" ( money market broker and dealer firms ) act as dealers trading for their own accounts. And they raise funds from a large number of market participants ( their borrowing ) and place the funds thus raised to borrowing financial institutions ( their lending ).

Currently the three Tanshi Co.s ( Central, Tokyo, Ueda yagi ) are designated as such by the Financial service Agency. A method of trading in call money has been changed into a competitive bidding system ( referred to as an "offer / bid "system in the market ) under which each of bids and offers is matched one by one since November 1990.

Unsecured call money to be traded by brokering or intermediation of the Tanshi Co.s was introduced in July 1985.

In the discount bill market, the Tanshi Co.s trade also as dealers, in practice, however, they buy and sell each bill by bringing buyers and sellers together like brokers.

The call and bill markets are over-the-telephone markets. And the markets operate in the three cities of Tokyo, Osaka, ,and Nagoya, of which the Tokyo market plays a dominant role.

Items of the funds supply and demand table and
funds surplus and shortage factors

An overall funds surplus or shortage in the money markets as a whole is adjusted as described above by increases or decreases in bank reserves and in the Bank of Japan credit.

A table of the funds supply and demand indicates a funds surplus and shortage and their adjustments undertaken by the Bank of Japan on a monthly and yearly basis by summing up the daily figures.

Net issues of bank notes and net receipts ( excess withdrawal ) of the Treasury funds ,as they absorb funds from private sectors, represent funds shortage or credit tightening factors in the money markets.

On the other hand, net return-flows of bank notes and net payments of the Treasury funds ( excess supply ), as they inject funds into private sectors, work out as funds surplus or credit easing factors in the money market.

Thus the funds supply and demand table is an important indicator for monitoring money market conditions.

In the table, a triangular ( △ ） mark, representing a shortage factor, is attached to net issues of bank notes and net payments of the Treasury funds. The same triangular mark is added also to an decrease in reserve deposits and in the BOJ credit.

The Bank of Japan makes public estimates of a funds surplus or shortage for the next business day and the following month, and adjusted estimates and results for the day and the month.

topへ↑