ECB paper on Japanese forex intervention

Based on a GARCH framework and change point detection, the ECB Working Paper "A structural break in the effects of Japanese foreign exchange intervention on yen/dollar exchange rate volatility" tests for a structural break in the effectiveness of Japanese foreign exchange intervention.

While up to the late 1990s Japanese foreign exchange intervention was fully sterilized, Japanese monetary authorities left foreign exchange intervention unsterilized when Japan entered the liquidity trap in 1999

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