The Effects of Japanese Foreign Exchange Market Interventions on the Yen/U.S. Dollar Exchange Rate Volatility PDF Download

Author: Michael Frenkel
Publisher:
ISBN:
Category :
Languages : en
Pages : 24

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Author: Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico
Publisher:
ISBN: 9789291319626
Category : Banks and banking, Central
Languages : es
Pages : 0

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Author: De-Shuang Huang
Publisher: Springer
ISBN: 3642259448
Category : Computers
Languages : en
Pages : 729

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This book constitutes the thoroughly refereed post-conference proceedings of the 7th International Conference on Intelligent Computing, ICIC 2011, held in Zhengzhou, China, in August 2011. The 94 revised full papers presented were carefully reviewed and selected from 832 submissions. The papers are organized in topical sections on intelligent computing in scheduling; local feature descriptors for image processing and recognition; combinatorial and numerical optimization; machine learning theory and methods; intelligent control and automation; knowledge representation/reasoning and expert systems; intelligent computing in pattern recognition; intelligent computing in image processing; intelligent computing in computer vision; biometrics with applications to individual security/forensic sciences; modeling, theory, and applications of positive systems; sparse manifold learning methods and applications; advances in intelligent information processing.

Author: Mr.George S. Tavlas
Publisher: International Monetary Fund
ISBN: 1451930992
Category : Business & Economics
Languages : en
Pages : 61

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Book Description
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.

Author: Mr.Dennis P. J. Botman
Publisher: International Monetary Fund
ISBN: 1475513429
Category : Business & Economics
Languages : en
Pages : 21

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During risk-off episodes, the yen is a safe haven currency and on average appreciates against the U.S. dollar. We investigate the proximate causes of yen risk-off appreciations. We find that neither capital inflows nor expectations of the future monetary policy stance can explain the yen’s safe haven behavior. In contrast, we find evidence that changes in market participants’ risk perceptions trigger derivatives trading, which in turn lead to changes in the spot exchange rate without capital flows. Specifically, we find that risk-off episodes coincide with forward hedging and reduced net short positions or a buildup of net long positions in yen. These empirical findings suggest that offshore and complex financial transactions should be part of spillover analyses and that the effectiveness of capital flow management measures or monetary policy coordination to address excessive exchange rate volatility might be limited in certain cases.

Author: Michael D. Bordo
Publisher: University of Chicago Press
ISBN: 022605151X
Category : Business & Economics
Languages : en
Pages : 453

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Book Description
During the twentieth century, foreign-exchange intervention was sometimes used in an attempt to solve the fundamental trilemma of international finance, which holds that countries cannot simultaneously pursue independent monetary policies, stabilize their exchange rates, and benefit from free cross-border financial flows. Drawing on a trove of previously confidential data, Strained Relations reveals the evolution of US policy regarding currency market intervention, and its interaction with monetary policy. The authors consider how foreign-exchange intervention was affected by changing economic and institutional circumstances—most notably the abandonment of the international gold standard—and how political and bureaucratic factors affected this aspect of public policy.

Author: Richard S. Thorn
Publisher: Institute of Southeast Asian Studies
ISBN: 9971988755
Category : History
Languages : en
Pages : 145

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Japan has become the world's second largest economy and the number one exporter of financial capital. Tokyo has taken its place as a first-tier financial centre alongside London and New York. This study analyses the far-reaching effects of these developments on both Japan and the world capital markets.

Author: Mr.Fei Han
Publisher: International Monetary Fund
ISBN: 1498325394
Category : Business & Economics
Languages : en
Pages : 19

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Book Description
The yen is an important barometer for the Japanese economy. Depreciations are typically associated with favorable economic developments such as increased corporate profits, rising equity prices, and upward pressure on domestic consumer prices. On the other hand, large and sharp appreciations run the risk of lowering actual and expected inflation, squeezing corporate profits, generating a negative wealth effect through depressed equity prices, and reducing confidence in the Bank of Japan’s efforts to reflate the domestic economy and achieve the inflation target. This paper takes a closer look at underlying drivers of rapid yen appreciations, highlighting the key role of carry-trade and the zero lower bound as important amplifiers.

Author: Dhruv Sharma
Publisher: Dhruv Sharma
ISBN: 1973410125
Category : Business & Economics
Languages : en
Pages : 182

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Book Description
This book documents, observes, and models the 'trial and error' period following Bretton Woods Collapse of Foreign Exchange Interventions by the G-3 Advanced Economies. The book serves as a narration and analytical reader for Exchange Rate Intervention Economics for this period of 1973 to 2004.

Author: Shinji Takagi
Publisher: OUP Oxford
ISBN: 0191024066
Category : Business & Economics
Languages : en
Pages : 360

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Book Description
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.