Foreign Exchange Intervention and Monetary Policy in Japan, 2003-04

Arbeitspapier

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?

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: EPRU Working Paper Series ; No. 2005-05

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Money Supply; Credit; Money Multipliers ; Central Banks and Their Policies ; Foreign Exchange
• Thema: foreign exchange intervention ; Japanese monetary policy ; Wechselkurspolitik ; Geldpolitik ; Japan

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Fatum, Rasmus ; Hutchison, Michael M.
• Ereignis: Veröffentlichung
• (wer): University of Copenhagen, Economic Policy Research Unit (EPRU)
• (wo): Copenhagen
• (wann): 2005

Weitere Informationen

• Handle: http://hdl.handle.net/10419/82087
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ