Yen
Reserve managers continue push into diverse currencies
Latest data from the IMF shows non-traditional reserve currencies continue to see their share of global reserve holdings grow; sterling, yen and the Swiss franc fall in favour
Yen volatility drives record turnover, central bank surveys reveal
Volume was up across foreign exchange products in the UK and US in April 2013, with nearly $1 trillion traded daily in the US and more than $2.5 trillion in the UK
Japan government pension fund re-jig could see BoJ pick up $80bn in JGBs
Japan’s sovereign welfare fund signals could sell up to ¥8 trillion worth of domestic bonds; BoJ could potentially absorb them as it seeks to drive up the country’s monetary base
BoJ's Miyao sees weaker yen as key to ending deflation
Leading proponent of monetary easing highlights a change in the dollar-yen exchange rate as key to hitting Bank of Japan's 2% inflation target
Renminbi internationalisation to get boost from 60m overseas Chinese
Use of the renminbi by the 60-million strong Chinese diaspora will accelerate the currency’s use in global trade and reserves management. By Gary Smith.
G-20 vows to resist entering currency wars
Commentators including Paul Krugman and Christine Lagarde reject concerns over possible currency war, as G-20 reaffirms commitment to exchange rate flexibility
IMF paper explores currency value at times of risk aversion
Research published by the International Monetary Fund says currency movements in periods of risk aversion are increasingly reliant on yield
BoJ mirrors BoE’s FLS and steps up easing
Bank of Japan launches scheme with similarities to Bank of England’s funding for lending and steps up the size of its asset purchase programme by $138 billion
Bundesbank starts foreign reserve operations in Tokyo
German central bank upgrades Tokyo representative office on 25th anniversary to full trading office; starts trading in Asian timezone to lower costs and gain information edge
Bank of Japan concerned about wrong-way risk on banks’ cross-holdings
Helping banks by purchasing stock will create moral hazard, says Bank of Japan director-general
BIS paper reviews Japan’s attempts to internationalise the yen
Bank for International Settlements study says policy to internationalise the yen in the mid-1980s helped liberalise the country’s economy
Japan and South Korea reinforce yen-won swap agreement
Bank of Japan and Bank of Korea increase size of bilateral yen-won swap arrangement tenfold; Japanese government also expands swap agreement with South Korea
Central banks shy away from euro reserves
New data from the IMF’s currency reserves database suggests reserves accumulation has slowed during 2011 and the appetite to hold euro reserves has also waned, particularly in emerging markets
Dallas Fed paper identifies sizeable asymmetries in FX and bond markets
Dallas Federal Reserve paper highlights asymmetries between returns of government bond and exchange rates
BoJ prepared to react to strengthening yen, says Miyao
Bank of Japan policy board member Ryuzo Miyao says central bank stands ready to stem deflationary pressures resulting from rising yen
BoJ minutes outline central bank's QE strategy
Bank of Japan minutes show boost in asset purchase programme aimed to influence longer end of yield curve; confirms intervention in yen foreign exchange markets
Japan’s new prime minister to tackle economic recovery
Ambitious monetary policy likely to continue as Yoshihiko Noda takes over as prime minister of Japan
Japan moves to halt yen gains with new facility
Japan’s finance minister Yoshihiko Noda reveals plans to set up $100 billion facility that will encourage companies to exchange yen for foreign currency assets
Exchange rates are influenced by macroeconomic performance: Buba paper
Bundesbank study finds link between macroeconomic fundamentals and exchange rate movements through expectation of monetary policy
Japan takes unilateral action to counter currency appreciation
Japanese government and central bank on Thursday move to weaken yen as country recovers from the earthquake and tsunami tragedies
The folly of foreign exchange intervention
The G-7’s bid to stem the yen’s appreciation threatens to damage Japan’s economy, Geoffrey Wood believes
G-7 pledges intervention to stem yen appreciation
Finance ministers and central bank governors say they will cooperate to counter volatility of Japanese currency in aftermath of Tohoku earthquake
IMF takes final step in changing SDR basket
Fund sets exchange rate for SDR; continues to peg unit of account to yen, dollar, euro and sterling
Russia advances Canadian dollar position
Bank of Russia will increase holdings of Canadian dollar denominated assets to diversify foreign exchange reserves