Working Paper
An assessment of the impact of Japanese foreign exchange intervention: 1991-2004
Humpage, Owen F.; Chaboud, Alain P. (2005)
We analyze the short-term price impact of Japanese foreign exchange intervention operations between 1991 and 2004, using official data from Japan's Ministry of Finance. Over the period as a whole, we find some evidence of a modest "against the wind" effect, but interventions do not have value as a forecast that the exchange rate will move in a direction consistent with the operations. Interventions conducted between 1995 and 2002, which were large and infrequent, met with a much higher degree of success. For the most recent episode of intervention, in 2003 and 2004, despite the record size ...
International Finance Discussion Papers , Paper 824