The Accuracy of Press Reports Regarding the Foreign Exchange Interventions of the Bank of Japan

20 Pages Posted: 14 May 2002

See all articles by Michael Frenkel

Michael Frenkel

WHU Otto Beisheim Graduate School of Management

Christian Pierdzioch

Saarland University - Department of Economics and Statistics

Georg Stadtmann

WHU Otto Beisheim School of Management

Date Written: March 28, 2002

Abstract

This paper presents evidence on the accuracy of press reports regarding the foreign exchange market interventions conducted by the Bank of Japan (BoJ) between January 1995 and December 1999. We find that the reports of interventions in the financial press are a relatively inaccurate indicator for the actual interventions of the BoJ. We also find that the accuracy of press reports of BoJ interventions is higher for those interventions which were carried out jointly by the BoJ and the Federal Reserve.

Keywords: Foreign exchange market, Central bank interventions, Press reports of interventions, Bank of Japan

JEL Classification: F31, F33, G14, G15

Suggested Citation

Frenkel, Michael and Pierdzioch, Christian and Stadtmann, Georg, The Accuracy of Press Reports Regarding the Foreign Exchange Interventions of the Bank of Japan (March 28, 2002). Available at SSRN: https://ssrn.com/abstract=309919 or http://dx.doi.org/10.2139/ssrn.309919

Michael Frenkel

WHU Otto Beisheim Graduate School of Management ( email )

Burgplatz 2
Vallendar, 56179
Germany
0049 261 6509281 (Phone)
0049 261 6509279 (Fax)

Christian Pierdzioch

Saarland University - Department of Economics and Statistics ( email )

P.O. Box 151150
D-66041 Saarbruecken
Germany
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+49 681 302 58193 (Fax)

Georg Stadtmann (Contact Author)

WHU Otto Beisheim School of Management ( email )

Burgplatz 2
D-56179 Vallendar
Germany
+49 261 6509 273 (Phone)
+49 261 6509 279 (Fax)