Working Paper

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


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

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.


JEL Classification
F31, F33, G14, G15

Key Words

  • Bank of Japan
  • Central bank interventions
  • Foreign exchange market
  • Press reports of interventions