The phenomenon of "Undersubscription" was caused ..introduction coming.. for the first time because it ..Bank of Japan.. bought it the national treasury short-term instrument with the fund of the implementation lingua assets purchase etc. on the 20th.

The phenomenon of "Undersubscription" was caused ..introduction coming.. for the first time because it ..Bank of Japan.. bought it the national treasury short-term instrument with the fund of the implementation lingua assets purchase etc. on the 20th.
It is because the formation of price is misinterpreted by bulling the market a European crisis, and the government bond that can be brought in to the fund decreases.
The possibility of coming the purchase time limit at year-end without being filled in the limit amount what is more has come out from the Bank of Japan fund into which getting rid of from the deflation is introduced by the glare fanfare.

Whenever an additional relaxation is decided after the inclusive mitigation policy is introduced of October, 2010, Bank of Japan increases the purchase aggregate amount.
The treasury bill of present purchase upper limit 55 trillion yen is about 4.5 trillion yen.
The proposal from the financial institution remained in 32.3 billion yen in this operation, and it fell into the situation of the undersubscription that did not reach the notice forehead of Bank of Japan though the balance was stacked by open market operations of every day (operation).

Overseas money flows in the backdrop by a security-conscious becoming strong according to a European crisis, and the investment return of the national treasury short-term instrument of the thing for the thing for the thing for two months and three months and six months etc. has decreased rapidly.

Ministry of Finance decreases, and the national treasury short-term instrument of the thing months of two of the implementation lingua of the 20th is 0.0975% or less the successful bid investment return, and decreases the average to 0.0956%.
The average successful bid investment return traces 0.0994% and 0.1% to be purchased with 18 sunset note, and for Naochika, it interrupts across the board, and the government bond that can be brought in to the operation has traced the decreasing tendency to the thing surely for three months chiefly dealt with in the call loan market.

There are at present a lot of dispassionate reactions in the marketplace , saying that "The undersubscription of the treasury bill operation is in assumption" (synthesis director of Kin Shin Yu of Planning Division of the Central short-term loan).
However, it is likely to fall into the situation that the commitment to the policy is made a ruin if the overheat feeling of the treasury bill marketplace is not cooled because of the prolongment of a European crisis etc. , and it develops into the situation to which the note frequently cracks.

The purchase balance of the treasury bill reached 2,682,500,000,000 yen by Setokiten according to Bank of Japan last December.
However, if the treasury bill that has been purchased so far faces the redemption
There is a trial with "About 850 billion yen and as much as one trillion yen do not seem to be good at maintenance at the end of May" (Tokyo Short Term Fund), too.

The Hisashi Terada researcher of the short east research
It speaks with "It might be difficult to be going to stack 4.5 trillion yen by year-end with the interest rate plastic distorted".
There is a voice with "The review of the purchase scheme is separately urged on the economic effect" (foreign bank), too.

The source
http://jp.reuters.com/article/topNews/idJPTYE80J03Z20120120

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