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.
Year of publication: |
2012-10
|
---|---|
Authors: | Gerlach, Petra ; McCauley, Robert N. ; Ueda, Kazuo |
Institutions: | Economic and Social Research Institute (ESRI) |
Keywords: | exchange/investment/US |
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