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Working Paper

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

Kiel Working Papers, 1108

Authors

  • Frenkel
  • M.
  • Pierdzioch
  • C.
  • Stadtmann
  • G.

Publication Date

JEL Classification

F31 F33 G14 G15

Key Words

Bank of Japan

Central bank interventions

Foreign exchange market

Press reports of interventions

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.

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