کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5086402 | 1375175 | 2008 | 21 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: Japanese vocal intervention and the yen/dollar exchange rate Japanese vocal intervention and the yen/dollar exchange rate](/preview/png/5086402.png)
This paper examined the patterns of Japanese vocal intervention and its influence on the yen/dollar exchange rate using the daily data between January 2000 and August 2003. The major findings of this paper are as follows. First, vocal intervention that is leaning against the wind was found to be successful as opposed to lean-with-the-wind intervention which had mixed results in its effectiveness. Second, vocal intervention turned out to be more effective when it was intended for yen depreciation than for yen appreciation. Third, in the cases of leaning against the wind and yen depreciation intended interventions, the Japanese authorities normally relied on vocal intervention and engaged in actual intervention only when repeated vocal intervention proved ineffective.
Journal: Japan and the World Economy - Volume 20, Issue 1, January 2008, Pages 61-81