The Japanese Foreign Exchange Market
The Japanese Foreign Exchange Market

Author: Beate Reszat

Publisher: Routledge

Published: 2002-04-12

Total Pages: 285

ISBN-13: 1134766181

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In recent years, Japan's financial market has seen dramatic changes, in particular the explosive growth of currency trading and the increasing international role of the yen. This book gives a comprehensive overview of this activity. This work is the first non-Japanese language title to examine the prolific rise of Japan's foreign currency exchange market, its idiosyncracies, and its future role in the global economy. It is vital reading for economists and students of Japan-related subjects.

The Japanese Yen as an International Currency
The Japanese Yen as an International Currency

Author: Mr.George S. Tavlas

Publisher: International Monetary Fund

Published: 1991-01-01

Total Pages: 61

ISBN-13: 1451930992

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The role of the Japanese yen as an international currency is assessed. It is found that the determinants of international-currency use imply some increase for the yen’s use in international finance; however, the implications for the yen’s use in international trade are mixed. It is also shown that, despite Japan’s emergence as the world’s largest net creditor nation, Japan’s capital outflows have not significantly facilitated the yen’s internationalization. Data are presented showing that, although the yen’s use as an international currency has increased, it is still rather modest. Wider use of the yen as a regional currency in Asia has occurred, though a “yen-zone” does not appear to be emerging.

Effectiveness of Official Daily Foreign Exchange Market Intervention Operations in Japan
Effectiveness of Official Daily Foreign Exchange Market Intervention Operations in Japan

Author: Rasmus Fatum

Publisher:

Published: 2003

Total Pages: 52

ISBN-13:

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Japanese official intervention in the foreign exchange market is of by far the largest magnitude in the world, despite little or no evidence that it is effective in moving exchange rates. This paper investigates the effectiveness of intervention using recently published Japanese official daily data and an event study methodology. Focusing on daily Japanese and US official intervention operations, we identify separate intervention episodes' and analyze the subsequent effect on the exchange rate. Using the non-parametric sign test and matched-sample test, we find strong evidence that sterilized intervention systemically affects the exchange rate in the short-run (less than one month). This result holds even when intervention is not associated with (simultaneous) interest rate changes, whether or not intervention is secret' (in the sense of no official reports or rumors of intervention reported over the newswires), and against other robustness checks. Large-scale (amounts over $1 billion) intervention, coordinated with the Bank of Japan and the Federal Reserve working in unison, give the highest success rate.

Japan's Response to Crisis and Change in the World Economy
Japan's Response to Crisis and Change in the World Economy

Author: Michèle Schmiegelow

Publisher: Routledge

Published: 2018-10-24

Total Pages: 221

ISBN-13: 131723510X

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Originally published in 1986, after a period of global changes and financial crisis in the majority of industrialised countries, this book explores how Japan’s economy seemed to maintain its success. This study provides an overview of the Japanese case and the main schools of thought that arose from it by dealing with export-related issues such as reforms in foreign exchange and trade control laws and the internationalisation of Japan’s financial markets as well as more domestic issues such as employment and wages. This title will be of interest to students of Asian Studies and Economics.

Currency Competition and Foreign Exchange Markets
Currency Competition and Foreign Exchange Markets

Author: Philipp Hartmann

Publisher: Cambridge University Press

Published: 1998-12-10

Total Pages: 212

ISBN-13: 0521632730

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Currency Competition and Foreign Exchange Markets by Philipp Hartmann of the European Central Bank is a major theoretical and empirical study of international currencies, which focuses on the role which the Euro will play in the international monetary and financial system along with the US dollar and the Japanese yen. In contrast to much of the existing literature which approaches the subject from a macroeconomic perspective, Philipp Hartmann develops a theoretical model which uses game theory, time series and panel econometrics, and links financial markets analysis with transaction cost economics. The results of Currency Competition and Foreign Exchange Markets are presented with reference to political, historical and institutional considerations, and provide accessible answers to policy-makers, business people and scholars worldwide. The sections on Spread Estimation and Multiple Vehicles with Inter-Dealer Price and Entry Competition will be of particular use for finance professionals.

Conquering the Fear of Freedom
Conquering the Fear of Freedom

Author: Shinji Takagi

Publisher: Oxford University Press, USA

Published: 2015

Total Pages: 333

ISBN-13: 0198714653

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This book documents changes in the foreign exchange rate regime and policy in Japan since the end of the Second World War from a historical perspective.

The Rising Yen
The Rising Yen

Author: Richard S. Thorn

Publisher: Institute of Southeast Asian Studies

Published: 1987

Total Pages: 145

ISBN-13: 9971988755

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Japan has become the world's second largest economy and the number one exporter of financial capital. Tokyo has taken its place as a first-tier financial centre alongside London and New York. This study analyses the far-reaching effects of these developments on both Japan and the world capital markets.