BOJ fails to sell planned funds

The Bank of Japan failed to drain a planned amount of funds in its money market operation on Thursday 24 March for the first time in some 49 months, the central bank said.

As the BOJ offered to sell 800 billion yen in Japanese government bonds under repurchase agreements, bids were limited to 530 billion yen, it said.

The previous undersubscription in the BOJ's fund-draining operation was seen on Feb. 15, 2001.