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The Japanese Foreign Exchange Market by Beate Reszat Pdf
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 Effects of Japanese Foreign Exchange Market Interventions on the Yen/U.S. Dollar Exchange Rate Volatility by Michael Frenkel,Christian Pierdzioch,Georg Stadtmann Pdf
Effectiveness of Official Daily Foreign Exchange Market Intervention Operations in Japan by Rasmus Fatum,Michael M. Hutchison Pdf
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 by Michèle Schmiegelow Pdf
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.
The Japanese Yen as an International Currency by Mr.George S. Tavlas,Yusuru Ozeki Pdf
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.
Author : Richard S. Thorn Publisher : Institute of Southeast Asian Studies Page : 145 pages File Size : 44,8 Mb Release : 1987 Category : History ISBN : 9789971988753
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.
Conquering the Fear of Freedom by Shinji Takagi Pdf
Conquering the Fear of Freedom presents an analytical review of Japanese exchange rate policy from the end of World War II to the present. It examines how authorities, starting with the imposition of draconian controls over all international financial flows, moved toward eliminating virtually all state interference regulating foreign exchange transactions, including official intervention in the foreign exchange market. It describes how policy and institutional frameworks evolved, explains their domestic and international contexts, and assesses the impacts and consequences of policy actions. Following successful exchange rate-based stabilization in the early 1950s, Japan entered the world trading system with an overvalued currency, which helped perpetuate exchange and capital controls. As the culture of administrative control became ingrained, Japan took a decidedly gradualist approach to establishing current and capital account convertibility. The protracted capital account liberalization, coupled with slow domestic financial liberalization, created large swings in the yen's exchange rate when it was floated in the 1970s. Politicization by major trading partners of Japan's large bilateral trade surplus pressured authorities to subordinate domestic stability to external objectives. The ultimate outcome was costly: from the late 1980s, Japan successively experienced asset price inflation, a banking crisis, and economic stagnation. The book concludes by arguing that the shrinking trade surplus against the background of profound structural changes, the rise of China that has diminished the political intensity of any remaining bilateral economic issues, and the world's sympathy over two decades of deflation have given Japan, at least for now, the freedom to use macroeconomic policies for domestic purposes.
Managing Currency Risk by Takatoshi Ito,Satoshi Koibuchi,Kiyotaka Sato,Junko Shimizu Pdf
This book demonstrates how exporters’ decisions regarding choice of invoice currency can be influenced by many factors including firm size, product competitiveness, intra/inter-firm trades, and the geography of export destination. The aim is to enhance our understanding of exporters’ behavior in terms of managing currency risk. It contains detailed research and insightful data focusing on Japanese exporters and shows how they face an important trade-off in choosing the invoice currency. If exports are invoiced in yen, then exchange rate fluctuations will pass through to retail prices ultimately affecting sales volumes. However, if they choose to invoice in the importer’s currency, then sales volumes are largely unchanged.
Banking and Finance in Japan by Kazuo Tatewaki Pdf
The Tokyo market has often been a difficult financial environment for the non-Japanese to understand. This volume, written for an international readership provides a study of the financial centre behind one of the world's largest economies.
The Japanese Foreign Exchange Market by Beate Reszat Pdf
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.