Sooner or later, it looks as if Japanese policymakers could intervene in the FX market by using a three-step process.
Just recently we’ve seen two instances of intervention: FX intervention by the Bank of Japan (BoJ) and Bank of England (BoE) intervention in the gilt market.
Japan has begun FX intervention, but its chances of success could be compromised by the BoJ’s target band for JGB yields.
The most significant example of ongoing intervention in FX has been from the Swiss National Bank (SNB) as it tries to stop the franc from rising too rapidly against the...
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