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Official Japanese Intervention In The Jpy Usd Exchange Rate Market
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Book Synopsis Official Japanese Intervention in the JPY/USD Exchange Rate Market by : Rasmus Fatum
Download or read book Official Japanese Intervention in the JPY/USD Exchange Rate Market written by Rasmus Fatum and published by . This book was released on 2009 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper investigates whether official Japanese intervention in the JPY/USD exchange rate over the January 1999 to March 2004 time period is effective. By integrating the official intervention data with a comprehensive set of newswire reports capturing days on which there is a rumor or speculation of intervention, the paper also attempts to shed some light on through which of the two channels, the signaling channel in a broad sense or the portfolio balance channel, effective Japanese intervention works. The results suggest that Japanese intervention is effective during the first 5 years of the sample and ineffective during the last 3 months of the sample, thereby providing an ex-post rationale for why Japan intervened as well as for why the interventions stopped. Moreover, the results suggest that when Japanese intervention is effective, it works through a portfolio-balance channel. The results do not rule out that effective intervention also works through signaling."--Author's abstract.
Book Synopsis EPRU Working Papers by : Rasmus Fatum
Download or read book EPRU Working Papers written by Rasmus Fatum and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis EPRU Working Papers by : Rasmus Fatum
Download or read book EPRU Working Papers written by Rasmus Fatum and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Effectiveness of Official Daily Foreign Exchange Market Intervention Operations in Japan by : Rasmus Fatum
Download or read book Effectiveness of Official Daily Foreign Exchange Market Intervention Operations in Japan written by Rasmus Fatum and published by . This book was released on 2003 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Japanese official intervention in the foreign exchange market is of by far the largest magnitude in the world, despite little or no evidence that it is effective in moving exchange rates. This paper investigates the effectiveness of intervention using recently published Japanese official daily data and an event study methodology. Focusing on daily Japanese and US official intervention operations, we identify separate intervention episodes' and analyze the subsequent effect on the exchange rate. Using the non-parametric sign test and matched-sample test, we find strong evidence that sterilized intervention systemically affects the exchange rate in the short-run (less than one month). This result holds even when intervention is not associated with (simultaneous) interest rate changes, whether or not intervention is secret' (in the sense of no official reports or rumors of intervention reported over the newswires), and against other robustness checks. Large-scale (amounts over $1 billion) intervention, coordinated with the Bank of Japan and the Federal Reserve working in unison, give the highest success rate.
Book Synopsis The Effects of Japanese Foreign Exchange Market Interventions on the Yen/U.S. Dollar Exchange Rate Volatility by : Michael Frenkel
Download or read book The Effects of Japanese Foreign Exchange Market Interventions on the Yen/U.S. Dollar Exchange Rate Volatility written by Michael Frenkel and published by . This book was released on 2003 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Committee on Ways and Means. Subcommittee on Trade Publisher : ISBN 13 : Total Pages :196 pages Book Rating :4.F/5 ( download)
Book Synopsis Current Exchange Rate Relationship of the U.S. Dollar and the Japanese Yen by : United States. Congress. House. Committee on Ways and Means. Subcommittee on Trade
Download or read book Current Exchange Rate Relationship of the U.S. Dollar and the Japanese Yen written by United States. Congress. House. Committee on Ways and Means. Subcommittee on Trade and published by . This book was released on 1983 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Is Foreign Exchange Intervention Effective? by : Takatoshi Itō
Download or read book Is Foreign Exchange Intervention Effective? written by Takatoshi Itō and published by . This book was released on 2002 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines Japanese foreign exchanges interventions from April 1991 to March 2001 based on newly disclosed official data. All the yen-selling (dollar-purchasing) interventions were carried out when the yen/dollar rate was below 125, while all the yen-purchasing (dollar-selling) interventions were carried out when the yen/dollar was above 125. The Japanese monetary authorities, by buying the dollar low and selling it high, have produced large profits, in terms of realized capital gains, unrealized capital gains, and carrying (interest rate differential) profits, from interventions during the ten years. Profits amounted to 9 trillion yen (2% of GDP) in 10 years. Interventions are found to be effective in the second half of the 1990s, when daily yen/dollar exchange rate changes were regressed on various factors including interventions. The US interventions in the 1990s were always accompanied by the Japanese interventions. The joint interventions were found to be 20-50 times more effective than the Japanese unilateral interventions. Japanese interventions were found to be prompted by rapid changes in the yen/dollar rate and the deviation from the long-run mean (say, 125 yen). The interventions in the second half were less predictable than the first half.
Book Synopsis Conquering the Fear of Freedom by : Shinji Takagi
Download or read book Conquering the Fear of Freedom written by Shinji Takagi and published by OUP Oxford. This book was released on 2015-04-16 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conquering the Fear of Freedom presents an analytical review of Japanese exchange rate policy from the end of World War II to the present. It examines how authorities, starting with the imposition of draconian controls over all international financial flows, moved toward eliminating virtually all state interference regulating foreign exchange transactions, including official intervention in the foreign exchange market. It describes how policy and institutional frameworks evolved, explains their domestic and international contexts, and assesses the impacts and consequences of policy actions. Following successful exchange rate-based stabilization in the early 1950s, Japan entered the world trading system with an overvalued currency, which helped perpetuate exchange and capital controls. As the culture of administrative control became ingrained, Japan took a decidedly gradualist approach to establishing current and capital account convertibility. The protracted capital account liberalization, coupled with slow domestic financial liberalization, created large swings in the yen's exchange rate when it was floated in the 1970s. Politicization by major trading partners of Japan's large bilateral trade surplus pressured authorities to subordinate domestic stability to external objectives. The ultimate outcome was costly: from the late 1980s, Japan successively experienced asset price inflation, a banking crisis, and economic stagnation. The book concludes by arguing that the shrinking trade surplus against the background of profound structural changes, the rise of China that has diminished the political intensity of any remaining bilateral economic issues, and the world's sympathy over two decades of deflation have given Japan, at least for now, the freedom to use macroeconomic policies for domestic purposes.
Book Synopsis Foreign-Exchange Intervention Strategies and Market Expectations by : Jean-Yves Gnabo
Download or read book Foreign-Exchange Intervention Strategies and Market Expectations written by Jean-Yves Gnabo and published by . This book was released on 2008 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study extends the traditional set of central bank's interventions to include official announcements in order to provide empirical evidence on two pivotal questions: i) are FX authorities able to influence market expectations with different instruments? ii) how should interventions be designed to have the greatest impact? Using Japanese data over 1992-2004 and an event-study approach, we estimate the effect of different strategies on the USD/JPY exchange rate risk neutral density. Overall, transparent policies (public and oral interventions) appear to be the most effective. Moreover, the effect is greater when policies involve a financial cost (risk) suggesting that simple announcements can only be deemed as an imperfect substitute for actual interventions.
Book Synopsis Dollar and Yen by : Ronald I. McKinnon
Download or read book Dollar and Yen written by Ronald I. McKinnon and published by MIT Press. This book was released on 1997 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dollar and Yen analyzes the friction between the United States and Japan from the viewpoint of exchange rate economics. From the mid-1950s to the early 1990s, Japan grew faster than any other major industrial economy, displacing the United States in dominance of worldwide manufacturing markets. In the 1970s and 1980s, many books appeared linking the apparent decline of the United States in the world economy to unfair Japanese practices that closed the Japanese market to a wide range of foreign goods. Dollar and Yen analyzes the friction between the United States and Japan from the viewpoint of exchange rate economics. The authors argue against the prevailing view that the trade imbalance should be corrected by dollar depreciation, saying that adjustment through the exchange rate is both ineffective and costly. Stepping outside the traditional dichotomy between international trade and international finance, they link the yen's tremendous appreciation from 1971 to mid-1995 to mercantile pressure from the United States arising from trade tensions between the two countries. Although sometimes resisted by the Bank of Japan, this yen appreciation nevertheless forced unwanted deflation on the Japanese economy after 1985--resulting in two major recessions (endaka fukyos). The authors argue for relaxing commercial tensions between the two countries, and for limiting future economic downturns, by combining a commercial compact for mutual trade liberalization with a monetary accord for stabilizing the yen-dollar exchange rate.
Book Synopsis Japanese Foreign Exchange Intervention and the Yen/dollar Exchange Rate by : Eric Hillebrand
Download or read book Japanese Foreign Exchange Intervention and the Yen/dollar Exchange Rate written by Eric Hillebrand and published by . This book was released on 2006 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use realized volatility to study the influence of central bank interventions on the yen/dollar exchange rate. Realized volatility is a technical innovation that allows specifying a system of equations for returns, realized volatility, and interventions without endogeneity bias. We find that during the period 1995 through 1999, interventions of the Japanese monetary authorities did not have the desired effect with respect to the exchange rate level and we measure an increase in volatility associated with interventions. During the period 1999 through 2004, the estimations are consistent with successful interventions, both in depreciating the yen and in reducing exchange rate volatility.
Download or read book Japan's Currency Intervention written by and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Japan's intervention to slow the upward appreciation of the yen has raised concerns in the United States and brought charges that Tokyo is manipulating its exchange rate in order to gain unfair advantage in world trade. This coincides with similar charges being made with respect to the currencies of the People's Republic of China and South Korea. In the 109th Congress, S. 377 (Fair Currency Enforcement Act of 2005) would require negotiation and appropriate action with respect to certain countries that engage in currency manipulation. H.R. 3283 (United States Trade Rights Enforcement Act) would require the Secretary of the Treasury to provide to Congress a periodic assessment of countries -- including Japan -- that intervene to influence the value of their currency. Japan intervened (bought dollars and sold yen) extensively to counter the yen's appreciation in 1976-1978, 1985-1988, 1992-1996, and 1998-2004. Since March 2004, the Japanese government has not intervened significantly, although some claim that Tokyo continues to "talk down the value of the yen." This heavy buying of dollars has resulted in an accumulation of official foreign exchange reserves now exceeding a record $800 billion by Japan. The intervention, however, seems to have had little lasting effect. It may only have slowed the rise in value of the yen, since the yen rose from 296 yen per dollar in 1976 to 103 yen per dollar at the end of 2004. In late 2005, the exchange value of the yen had depreciated to about 115 yen per dollar. Japan's intervention, therefore, amounted to what is called "leaning against the wind" or intervening to smooth strong short-term trends rather than to reverse the direction of change. Estimates on the cumulative effect of the interventions range from an undervaluation of the yen of about 3 or 4 yen to as much as 20 yen per dollar. In March and November 2005, the U.S. Secretary of the Treasury indicated that it had not found currency manipulation by any country, including by Japan. An April 2005 report by the Government Accountability Office reported that Treasury had not found currency manipulation because it viewed "Japan's exchange rate interventions as part of a macroeconomic policy aimed at combating deflation..." In its August 2005 report on consultations with Japan, the International Monetary Fund, likewise, did not find currency manipulation by Japan. The criteria for finding currency manipulation, however, allows for considerable leeway by Treasury and the IMF. One problem with the focus on currency intervention to correct balance of trade deficits is that only about half of the increase in the value of a foreign currency is reflected in prices of imports into the United States. Periods of heaviest intervention also coincided with slower (not faster) economic growth rates for Japan. Major policy options for Congress include (1) let the market adjust (do nothing); (2) clarify the definition of currency manipulation; (3) require negotiations and reports; (4) require the President to certify which countries are manipulating their currencies and take remedial action if the manipulation is not halted; and (5) take the case to the World Trade Organization under the dispute settlement mechanism or appeal to the IMF. This report will be updated as circumstances require.
Book Synopsis The Japanese Yen as an International Currency by : Mr.George S. Tavlas
Download or read book The Japanese Yen as an International Currency written by Mr.George S. Tavlas and published by International Monetary Fund. This book was released on 1991-01-01 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of the Japanese yen as an international currency is assessed. It is found that the determinants of international-currency use imply some increase for the yen’s use in international finance; however, the implications for the yen’s use in international trade are mixed. It is also shown that, despite Japan’s emergence as the world’s largest net creditor nation, Japan’s capital outflows have not significantly facilitated the yen’s internationalization. Data are presented showing that, although the yen’s use as an international currency has increased, it is still rather modest. Wider use of the yen as a regional currency in Asia has occurred, though a “yen-zone” does not appear to be emerging.
Book Synopsis Monetary Policy, Intervention, and Exchange Rates in Japan by : Reuven Glick
Download or read book Monetary Policy, Intervention, and Exchange Rates in Japan written by Reuven Glick and published by . This book was released on 1993 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Structural Break in the Effects of Japanese Foreign Exchange Intervention on Yen/dollar Exchange Rate Volatility by : Eric Hillebrand
Download or read book A Structural Break in the Effects of Japanese Foreign Exchange Intervention on Yen/dollar Exchange Rate Volatility written by Eric Hillebrand and published by . This book was released on 2006 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Plaza Agreement, Official Foreign Exchange Intervention and Exchange Rate Policy in Japan 1985-2002 by : Michiko Yoshida Hayhurst
Download or read book The Plaza Agreement, Official Foreign Exchange Intervention and Exchange Rate Policy in Japan 1985-2002 written by Michiko Yoshida Hayhurst and published by . This book was released on 2004 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Development, Operation and Control of the Japanese Foreign Exchange Market by : Peter Roope
Download or read book The Development, Operation and Control of the Japanese Foreign Exchange Market written by Peter Roope and published by . This book was released on 1975 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
