The effectiveness of joint intervention on the yen/US dollar exchange rate

This paper assesses the effectiveness and its duration of joint intervention on the yen/US dollar exchange rate by utilizing the intervention analysis model and employing the data for the period from 15 August 1996 to 6 January 1999 that are released from Reuters. The results suggest that there should be no significant difference between the effectiveness of joint intervention and independent intervention. In addition, joint intervention has significant impact on the exchange rate, but only lasts for short periods of time.