 |
| Intervention of central banks and the forex government |
1978-1979 - At this time the US dollar exchange rate is under heavy pressure due to high oil prices. In addition, high US inflation and a worsening balance of payments make the US dollar depreciate. In November 1978, a program to restore and stabilize the US dollar. The government and the US central bank at that time disbursed up to $ 30 billion to buy the USD currency in order to make the US dollar again appreciated.
1980-1981 - US authorities and government plunge into the forex market to stabilize the too-strong dollar exchange rate.
September 1985 (Plaza Accord) - Germany, Japan, Britain, France and the United States - met at the Plaza Hotel in New York to discuss concerns about the very strong dollar exchange rate against currencies in European countries. Within a few weeks there was an intervention by selling US dollars in G5 currency.
February 1987 (Louvre Accord) - Dollar exchange rate weakens, US trade deficit rises and prospects for weakening US economy after several months of Plaza Accord deal. Plaza Accord raises concerns in Europe and Japan about the continued weakening of the dollar. Group of Five (G5) coupled with Italy met at the Louvre in Paris and agreed to "boost the stability of the US dollar exchange rate. The United States government publishes that they often intervene directly to buy dollars.
1988-1990 - The strengthening of the US dollar continues and is too high. The United States intervened after the Group of Seven declared the importance of maintaining exchange rate stability.
1991-1992 - US and European central banks intervened several times amid falling US economy into recession during the Gulf War, which led to a weakening in the value of the dollar. The United States intervened on both sides, spending more than $ 2.5 billion buying dollars and then selling $ 750 million to stabilize it.
April - August 1993 - The US government buys dollars and sells yen simultaneously.
Apr 1994-August 1995 - The dollar plunged to the lowest level against German Mark currency, reaching 1.41 levels in July 1995, and touching post-World War II lows against the yen below 83 in April 1995. Starting April 1994 , The United States intervened directly. Often cooperates with Japan's central bank and European banks to support USD currency. Combined intervention with European banks in this period took place on 15 August 1995.
April - June 1998 - The yen exchange rate is too weak to make the BOJ intervene to stabilize its currency. At that time the dollar reached the level of 144 against the yen. On June 17, 1998, the BoJ and the US Government intervened together to spend $ 833 million to buy the yen.
Jan 1999 - April 2000 - Japan is worried about the overpowering yen value, trading about 108 against the dollar in January 1999. The strengthening is feared will disrupt Japan's economic recovery process. BoJ intervened in the forex market to stabilize the yen exchange rate. The BOJ sells the yen at least 18 times in this period, including once through the Federal Reserve and once through the ECB. Despite the intervention, USD / JPY yen continued to strengthen and reached level 102 in April 2000.
22 September 2000 - European Central Bank, Japan and United States for the first time to intervene together since the last time occurred in 1995. The three major central banks intervened to encourage the euro to strengthen after the exchange rate reached a low point below 85 cents . At that time the euro had lost nearly 30 percent of its value since its launch in January 1999. This was the first intervention by the ECB since its inception.
3 - 10 November 2000 - The ECB and central banks in other eurozone countries intervene at least twice to buy the euro, after earlier the EUR / USD was able to rebound by 5% from its lowest level at 0.8225.
17 & 21 September 2001 - BOJ intervenes by selling yen and buying dollars (buying USD / JPY).
24, 26, 27 and 28 September 2001 - BOJ intervened by buying USD / JPY just as the previous 3 days. The intervention comes amid worries over rising exports and raising the value of the yen after Sept. 11 in the United States. Need to know, this time intervention is also the action of euro purchases made by the ECB but use on behalf of the BoJ. Subsequently on September 27, the Japanese government said that the Federal Reserve of the New York section intervened using "backups" from the BoJ.
May 22, 2002 - The BOJ intervened by buying USD / JPY, after the dollar fell to its lowest level at 123.50 against the JPY as it cast doubt on the pace of US economic recovery. BoJ intervened at a price of 123.80 - 123.90 yen per dollar.
May 23, 2002 - The BoJ intervened two days in a row, taking action at 123.90 - 123.95.
May 31, 2002 - The BoJ intervened by buying USD / JPY as the dollar fell to around 123 levels. This intervention brought the dollar exchange rate back to 124.50 against the yen.
June 4, 2002 - The BoJ intervened by selling the yen and lifting the dollar from the 123.35 level.
June 24, 2002 - The BoJ intervened by selling the yen in Asian market session, lifting the dollar to 122.80 level from 121.10.
June 26, 2002 - The Bank of Japan intervened by selling the yen and lifting the dollar to 121.35 from earlier at 120.20. The second intervention lifted the dollar around 121.10 from the previous 120.50. Then the third intervention was made early in the European session and raised USD / JPY to 120.70 from 120.03. In its official publication, the BoJ is estimated to have purchased an estimated $ 18.56 billion in intervention operations during June, as well as on May 31.
June 28, 2002 - B0J intervened by selling yen. The Federal Reserve and the ECB also sell the yen on behalf of B0J in early New York session trading. ECB confirm that they are buying EUR / JPY. In official data, many traders also took part in this action and caused a sharp EURJPY move from 118.10 to the highest position above 119. Other data also said that the Fed bought USD / JPY from 119, lifting the dollar to the highest position to the area of 120.35 against the yen. Data released by the BoJ a month after the intervention showed that Japan disbursed around 520.5 billion yen to weaken the value of the yen.
January 2003 - This time Japan intervened alone without 'help' from the central bank. This intervention was conducted under the supervision of the newly appointed major finance diplomat Zembei Mizoguchi at the time. The Japanese government said the intervention cost about 700 billion yen.
February 28, 2003 - Japan's Finance Ministry has confirmed it has intervened for two consecutive months, buying dollars and euros worth about 513 billion yen. In an official report that the Japanese government has asked the BoJ to enter the market several times by the end of February and buy euros and sell the yen.
January - March, 2003 - Official data show that the Japanese government has spent around 2.5 trillion yen on currency intervention in January to March.
May 13, 2003 - Japan intervened by selling the yen after the dollar fell as low as 116.36 yen in late Asian trade. There is no confirmation from the Japanese government on how much funding is needed.
June 2003 - Japan sold around 628.9 billion yen in currency markets in the period May 29 - June 26 to stem the yen's strengthening.
July 2003 - Japan sold around 2.0272 trillion yen in July to prevent a stronger yen.
September 2003 - Japan sold around 4.4573 trillion yen, considerable funding for intervention in the currency market in September after earlier refraining from an intervention plan suspended in August. Economists say that all interventions were made before September 20, when the Group of Seven industrialized nations issued a statement calling for flexibility in exchange rates.
October 2003 - Japan sells about 2,723 trillion yen between September 27 and October 29 On September 30, the Ministry of Finance confirmed that the Japanese government buys USD / JPY, acting through the Federal Reserve of New York.
November 2003 - Japan sells about 1.5996 trillion yen between October 30 and November 26. In this period the dollar briefly fell to its lowest level at 107.52 against the yen.
December 2003 - Japan sells about 2.2519 trillion yen between 29 November and 26 December. The Treasury said in its budget plan for 2004/05 that it would raise its total fund for intervention to 140 trillion yen from 79 trillion in 2003. Before the budget is passed, the finance minister asks the BOJ to provide short-term funds by buying foreign bonds and pledging will buy it back.
January 30, 2004 - Japan sells about 7.1545 trillion yen between 27 December and 28 January. In this period the Dollar fell to its lowest level around 105.45 against the yen on Jan. 27. Japan's Finance Ministry also sold 5.014 trillion yen of foreign bonds to the BoJ to raise funds for intervention through repo agreements in which it will buy back the bonds in the future.
February 2004 - Japan continues to intervene with substantial funds, spending about 3.3420 trillion yen to stem the yen's rise. The dollar briefly hit 105.14 yen after a 4.5% rebound.
March 2004 - Japan sells around 4.7026 trillion yen in currency intervention throughout March. In Q1, Japan sold 14.8315 trillion yen to stem the yen's rise, breaking into the market for 47 days between Jan. 1 and March 31. This March is the end of a 15-month campaign by Japan to curb the yen's rise. Total funds spent reached 35 trillion yen or more than $ 300 billion.
June 2007 - New Zealand intervened for the first time since the NZD currency was issued in the forex market. This intervention was made after the demand for NZD currency pushed it to its highest level in 22 years. At that time NZD / USD reached the level of 0.7640. The price is considered by the New Zealand central bank (RBNZ) is a price that does not go in and does not match the prospects of the current economic fundamentals.
March 12, 2009 - SNB intervenes to weaken the CHF currency. This intervention is for the first time since August 1995 after the franc touched a low of 1.4576 per euro. This intervention then pushes EUR / CHF to 1.5450.
Dec 2009 - Mar 2010 - Traders cited SNB activity on 21 December, 29 January, 12 February, 23 February and 2 March to maintain the 1.46 level per euro.
April 2010 - SNB intervenes in the FX market to weaken the franc against the euro. Swiss government data showed foreign exchange reserves in the form of the CHF currency of 28.7 billion francs ($ 24.83 billion) rose to 153.6 billion francs in April. SNB adds to its foreign exchange intervention to keep EUR / CHF holding around 1.43.
May 2010 - Swiss National Bank re-intervenes in the market to weaken the franc as the currency reaches historical highs above 1.40 per euro.
No comments:
Post a Comment