A near-annual coupled ocean-atmosphere mode in the equatorial Pacific is studied using the NCEP ocean assimilation data set. This fast mode of tropical Pacific climate variability is superimposed on the slow 3--5 year El Ni¿o-Southern Oscillation (ENSO) phenomenon. Anomalous zonal advection plays a crucial role in generating this fast mode. It is suggested that this fast mode can be understood in terms of a coupled Pacific basin mode. It is responsible for the occurrence of some minor El Ni¿o and La Ni¿a events and has implications for the prediction of ENSO events.