The Japanese Foreign Exchange Market

ISBN-13: 9780415142328 / Angielski / Twarda / 1997 / 246 str.

Beate Reszat

Opis

A comprehensive overview of the the Japanese foreign exchange market, this text provides a comparative economic analysis of practices and risks as well as related policy issues. After a short introduction to the history of money in Japan, the work focuses on three areas. It looks at the general characteristics of the market such as market participants, trading strategies as well as accounting rules and practices and their influence on attitudes towards risks. In particular, the author searches for an explanation for the large currency losses Japanese firms experienced in recent years. The author then covers the nature of foreign exchange risks, the sources of exchange rate variability, the dangers of derivatives trading and the threats lurking in Japan's large-value interbank payment systems. The book also looks at policy issues, concentrating on prudential regulation and monetary policy co-opertion.

Spis treści

INTRODUCTION; MARKET HISTORY, Early beginning of money in Japan; Meiji Restoration and the birth of Yen; Post-war developments; Market liberalisation; In the aftermath of the bubble; GENERAL CHARACTERISTICS, Market participants; Foreign exchange banks and brokers; Customers, Market segments and transactions; Spot and forward markets; The role of foreign exchange swaps, Futures and options; Attitudes towards risks; Covering and Hedging; Position taking and arbitrage, Trading Techniques; Accounting; THE RISKS; Market risks; Measures of variability; Some stylised facts; Limits to forecastibility; Derivatives; Asymmetries and Nonlinearities; Risk management practices; Market linkages and operational risks; Payment system risks, Major payment systems; Private sector initiatives; POLICY ISSUES; Market regulation; Principles of bank regulation; Exchange restrictions; Risk monitoring and risk provision; Exchange rate stabilisation; Central bank interventions; International policy co-operation; CONCLUSION; Bibliogrpahy

O autorze

Beate Reszat