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Journal Article
Ancient history
Journal Article
Internationalization of the yen
Journal Article
The great foreign exchange intervention of 2011
In response to volatile market conditions, the G-7 financial authorities announced late on March 17 that they would jointly intervene the next day to reduce the value of the yen, citing concerns about ?excess volatility and disorderly movements.? The yen immediately depreciated and traded with much less volatility in the subsequent week.
Conference Paper
On the possibility of the yen bloc
Working Paper
Realignment of the yen-dollar exchange rate: aspects of the adjustment process in Japan
The paper first surveys recent estimates of the appropriate yen dollar exchange rate that have been proposed in the literature. Most of the more careful estimates suggest that the yen was substantially undervalued against the dollar in early 1985 when it began its steep ascent and some of the estimates suggest that further appreciation from today's strong level is warranted. ; We then turn to the adjustment process. First, we present evidence that a narrowing of Japan's record trade surplus has already started to occur, particularly in real terms. Next, we show that external adjustment has ...
Working Paper
What can the data tell us about carry trades in Japanese yen?
This paper examines the available data that may shed light on the carry trade in Japanese yen. We define an individual or a sector to be engaged in the carry trade if it has a short position in yen and a long position in other currencies. The tendency of large yen movements to be skewed toward appreciations is consistent with the existence of substantial carry positions, and other evidence from market prices provides some modest support for an effect from the carry trade. Data on bank loans and bond holdings by currency reveal a large apparent yen carry position of the Japanese official ...
Journal Article
Japanese foreign exchange intervention