Currency Intervention and the Global Portfolio Balance Effect : Japanese Lessons

This paper shows that the Japanese foreign exchange interventions in 2003/04 seem to have lowered long-term interest rates in a wide range of countries, including Japan. It seems that this decline was triggered by the investment of the intervention proceeds in US bonds and that a global portfolio balance effect spread the resulting decline in US yields to other bond markets, thus easing global monetary conditions

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Year of publication:	2014
Authors:	Gerlach-Kristen, Petra
Other Persons:	McCauley, Robert N. (contributor) ; Ueda, Kazuo (contributor)
Publisher:	[2014]: [S.l.] : SSRN
Subject:	Japan \| Wechselkurspolitik \| Exchange rate policy \| Währungsspekulation \| Currency speculation \| Öffentliche Anleihe \| Public bond

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Extent:	1 Online-Ressource (17 p)
Series:	BIS Working Paper ; No. 389
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments October 1, 2012 erstellt
Classification:	E5 - Monetary Policy, Central Banking and the Supply of Money and Credit ; G12 - Asset Pricing ; O24 - Trade Policy; Factor Movement Policy; Foreign Exchange Policy
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10013065337