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Erscheinungsjahr: 
2005
Schriftenreihe/Nr.: 
EPRU Working Paper Series No. 2005-05
Verlag: 
University of Copenhagen, Economic Policy Research Unit (EPRU), Copenhagen
Zusammenfassung: 
This article examines the rationale behind the massive increase in Japanese foreign exchange market intervention operations in 2003-04, and evaluates its effectiveness both in limiting yen exchange rate appreciation and influencing the direction of monetary policy. The two main questions addressed in this study are: Was the intervention effective in slowing exchange rate appreciation compared to a counterfactual case with no intervention? And, has intervention on such a large scale authorized by the Ministry of Finance been able to directly influence liquidity creation or indirectly influence the stance of Bank of Japan policy?
Schlagwörter: 
foreign exchange intervention
Japanese monetary policy
JEL: 
E51
E58
F31
Dokumentart: 
Working Paper

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