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

  • Rasmus Fatum

    (School of Business, University of Alberta)

  • Michael M. Hutchison

    (Department of Economics, University of California)

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?

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File URL: http://www.econ.ku.dk/epru/files/wp/wp-05-05.pdf
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Paper provided by Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics in its series EPRU Working Paper Series with number 05-05.

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Length: 21 pages
Date of creation: Oct 2004
Date of revision: Jan 2005
Handle: RePEc:kud:epruwp:05-05
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Web page: http://www.econ.ku.dk/epru/
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  1. Takatoshi Ito, 2002. "Is Foreign Exchange Intervention Effective?: The Japanese Experiences in the 1990s," NBER Working Papers 8914, National Bureau of Economic Research, Inc.
  2. Rasmus Fatum & Michael Hutchison, 2003. "Effectiveness of Official Daily Foreign Exchange Market Intervention Operations in Japan," NBER Working Papers 9648, National Bureau of Economic Research, Inc.
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