Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/82087
Authors: 
Fatum, Rasmus
Hutchison, Michael M.
Year of Publication: 
2005
Series/Report no.: 
EPRU Working Paper Series 2005-05
Abstract: 
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?
Subjects: 
foreign exchange intervention
Japanese monetary policy
JEL: 
E51
E58
F31
Document Type: 
Working Paper

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