This Finance survey examines that it seems likely that Japanese authorities intervened in the foreign exchange market recently to prop up the yen – see, for example: https://www.ft.com/content/455784ec-0465-46ee-8c73-fc5ce3e31c37. In such circumstances, intervention refers to purchases or sales of domestic or foreign currency without changing the monetary policy stance (a) Large-scale intervention by public authorities in currency markets can move exchange rates substantially (b) The effectiveness of foreign exchange interventions can last beyond one month
Keyword: currency manipulation
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This week’s IGM Economic Experts Panel statements:
A) Economic analysis can identify whether countries are using their exchange rates to benefit their own people at the expense of their trading partners’ welfare.
B) Bank of Japan monetary policies that result in a weaker yen make Americans generally worse off.
This week’s IGM Economic Experts Panel poll statement:
The Chinese government pursues policies that keep the renminbi's exchange rate vis à vis the dollar lower than it would be if the currency floated without those policies.
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