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Reforming Japan’s Foreign Exchange Policy

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  • Masanaga Kumakura

Abstract

Among major advanced countries Japan stands out with its large-scale, one-sided exchange market interventions and enormous foreign exchange reserves. While the country’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 Japan’s Foreign Exchange Fund Special Account, their relationship with its exchange rate policy, and their implication for the international financial system.

Suggested Citation

  • Masanaga Kumakura, 2012. "Reforming Japan’s Foreign Exchange Policy," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 13(1), pages 83-98, January.
    • Handle: RePEc:wej:wldecn:509
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