Title
Author(s)
Citation
Issue Date
Type
Effects of the Bank of Japan’s Intervention on
Yen/Dollar Exchange Rate Volatility
Watanabe, Toshiaki; Harada, Kimie
Journal of the Japanese and International
Economies, 20(1): 99-111
2006-03
Journal Article
Text Version author
URL
http://hdl.handle.net/10086/14585
Right
Copyright (C)2004, Elsevier Inc. The definitive
version is published in Journal of the Japanese
and International Economies.VOL. 20, ISSUE.1, 2006,
DOI:10.1016/j.jjie.2004.08.001.
Hitotsubashi University Repository
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2002/12/6
2002/7/17
2002/2/27
2001/10/3
2001/5/11
2000/12/20
2000/8/1
2000/3/14
1999/10/22
1999/6/3
1999/1/13
1998/8/20
1998/4/3
1997/11/10
1997/6/20
1997/1/31
1996/9/9
1996/4/19
1995/11/29
1995/7/11
1995/2/21
1994/9/27
1994/5/9
1993/12/20
1993/7/29
1993/3/11
1992/10/16
1992/5/29
1992/1/10
1991/8/19
1991/4/1
Yen/Dollar Exchange Rate
160
140
100
10000
80
5000
60
0
-5000
40
-10000
20
-15000
0
-20000
BOJ intervention (mil. Yen)
Figure 1 Yen/Dollar Exchange Rate and Bank of Japan Intervention
30000
25000
20000
120
15000
2003/1/22
2002/8/27
2002/4/8
2001/11/13
2001/6/19
2001/1/29
2000/9/5
2000/4/14
1999/11/24
1999/7/2
1999/2/11
1998/9/17
1998/4/29
1997/12/5
1997/7/15
1997/2/24
1996/9/27
1996/5/8
1995/12/15
1995/7/26
1995/3/7
1994/10/11
1994/5/19
1993/12/29
1993/8/6
1993/3/18
1992/10/22
1992/6/3
1992/1/14
1991/8/20
1991/4/1
Yen/Dollar Exchange Rate
160
140
100
200
80
0
60
-200
-400
40
-600
20
-800
0
-1000
Fed Intervention (mil. Dollar)
Figure 2 Yen/Dollar Exchange Rate and Intervention
by the Federal Reserve System
1000
800
600
120
400