Cai, Jun; Cheung, Yan-Leung; Lee, Raymond; Melvin, Michael - Department of Economics, W.P. Carey School of Business
The yen provided foreign exchange market participants with 'once-in-a-generation' volatility movements in 1998. For instance, after many months of uneven yen depreciation a remarkable period of yen appreciation was experienced where, in one two-day period, the U.S. dollar dropped in value by 20...