Reforming Japanâ€™s Foreign Exchange Policy
Among major advanced countries Japan stands out with its large-scale, one-sided exchange market interventions and enormous foreign exchange reserves. While the countryâ€™s exchange market activism is often attributed to its obsession with export-led growth, there are institutional reasons why such a policy remains unchecked. This paper discusses the problems of Japanâ€™s Foreign Exchange Fund Special Account, their relationship with its exchange rate policy, and their implication for the international financial system.
Volume (Year): 13 (2012)
Issue (Month): 1 (January)
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