Publication

This paper assesses the accuracy of press reports on foreign exchange interventions by the Bank of Japan (BoJ). It surveys the period January 1995 to December 1998. It finds that reports of interventions in the financial press serve as relatively poor indicators of the actual number of interventions by the BoJ. It also shows that the accuracy of press reports of BoJ interventions is higher for interventions carried out jointly by the BoJ and the US Federal Reserve.