Dollar funding auctions run through March 2027 at fixed rates
Dollar funding operations at the Bank of Japan (BoJ) will run from November 2026 through March 2027 at fixed rates. Auction amounts are unlimited against pooled collateral, with a 14-day operation spanning year-end.
Twenty-one auctions across five months
The BoJ schedules 21 U.S. dollar funding auctions.
November 2026 auction dates are November 4, 9, 17 and 24; December dates are December 1, 8, 15 and 22. In 2027, January auctions fall on January 5, 12, 19 and 26; February auctions on February 2, 9, 16 and 24; and March auctions on March 2, 9, 16, 23 and 30. Announcements are at 10:40 Japan Standard Time (JST), with bids due at 11:30. Counterparties receive individual results around 11:45, when the BoJ also publishes aggregate results.
All operations carry fixed rates and offer unlimited amounts against pooled collateral.
The schedule does not specify numerical loan rates or auction amounts.
Year-end funding lasts 14 days
Terms range from six to 14 days, with most operations lasting seven days.
The December 22 auction settles December 24, 2026 and matures January 7, 2027.
The first auction, November 4, settles November 6 and matures November 12. The final auction, March 30, settles April 1 and matures April 8, 2027.
Auction and result dates use JST; settlement and repayment dates use U.S. Eastern Time.
The BoJ plans to publish its next schedule, covering operations through June 2027, at the end of January 2027.
Collateral bounds the unlimited offer
Unlimited auction amounts remain conditional on collateral availability.
The 14-day year-end operation spans December 24 to January 7, rather than the usual seven-day term.
The document sets an operating calendar but gives no numerical funding rate.