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Is Foreign Exchange Intervention Effective? : The Japanese Experiences in the 1990s
Ito, Takatoshi - 2021
official data. All the yen-selling (dollar-purchasing) interventions were carried out when the yen/dollar rate was below 125 …, while all the yen-purchasing (dollar-selling) interventions were carried out when the yen/dollar was above 125. The Japanese …. Profits amounted to 9 trillion yen (2% of GDP) in 10 years. Interventions are found to be effective in the second half of the …
Persistent link: https://www.econbiz.de/10013228719
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What Prompts Japan to Intervene in the Forex Market? A New Approach to a Reaction Function
Ito, Takatoshi; Yabu, Tomoyoshi - 2021
This paper analyzes and estimates the reaction function of the Japanese monetary authorities in deciding when to intervene in the foreign exchange (forex) markets, using daily Japanese intervention data from April 1, 1991 to December 31, 2002. This paper is the first in estimating the reaction...
Persistent link: https://www.econbiz.de/10013217948
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On the possibility of the yen bloc
Ito, Takatoshi - In: Proceedings (1992), pp. 317-361
Persistent link: https://www.econbiz.de/10005077978
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On the possibility of the yen bloc
Ito, Takatoshi - In: Proceedings (1992) Sep
Persistent link: https://www.econbiz.de/10005078136
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Price Discovery and Liquidity Recovery : Forex Market Reactions to Macro Announcements
Yamada, Masahiro - 2020
We examine whether the forex market quality, measured by the speed of price discovery and liquidity recovery after macro statistics announcements, has improved using the EBS high-frequency data for 20 years. Considering the recent rise of computer-based trading, a popular conjecture is that the...
Persistent link: https://www.econbiz.de/10012481993
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Intra-Day Seasonality in Activities of the Foreign Exchange Markets : Evidence From the Electronic Broking System
Ito, Takatoshi - 2006
This paper examines intra-day patterns of the exchange rate behavior, using the "firm" bid-ask quotes and transactions of USD-JPY and Euro-USD recorded in the electronic broking system of the spot foreign exchange markets. The U-shape of intra-day activities (deals and price changes) and return...
Persistent link: https://www.econbiz.de/10012466252
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Price Discovery and Liquidity Recovery : Forex Market Reactions to Macro Announcements
Yamada, Masahiro; Ito, Takatoshi - 2022
We examine whether the forex market quality, measured by the speed of price discovery and liquidity recovery after macro statistics announcements, has improved using the EBS high-frequency data for 20 years. Considering the recent rise of computer-based trading, a popular conjecture is that the...
Persistent link: https://www.econbiz.de/10013314316
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News from the U.S. and Japan: which moves the yen/dollar exchange rate?
Ito, Takatoshi; Roley, V. Vance - Federal Reserve Bank of Kansas City - 1986
Persistent link: https://www.econbiz.de/10005410808
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Why has the yen failed to become a dominant invoicing currency in Asia? A firm-level analysis of Japanese Exporters' invoicing behavior
Ito, Takatoshi - 2010
It has been a well-known puzzle why the yen has not been used more in trade invoicing among Japanese exporters. Despite … the yen's status as an only fully convertible currency in Asia, two patterns stand out as puzzling features of an … excessively small share of yen invoicing: First, a strong tendency of Japanese exporters to choose importer's currency in their …
Persistent link: https://www.econbiz.de/10012462424
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Why Has the Yen Failed to Become a Dominant Invoicing Currency in Asia? A Firm-Level Analysis of Japanese Exporters' Invoicing Behavior
Ito, Takatoshi - 2010
It has been a well-known puzzle why the yen has not been used more in trade invoicing among Japanese exporters. Despite … the yen's status as an only fully convertible currency in Asia, two patterns stand out as puzzling features of an … excessively small share of yen invoicing: First, a strong tendency of Japanese exporters to choose importer's currency in their …
Persistent link: https://www.econbiz.de/10013139736