This paper examines the intraday effectiveness of the Bank of Japan (BOJ)'s foreign exchange interventions over the period May 13 1991 to Mar 16 2004. The existing literature has generally failed to provide a comprehensive study on the effects of the BOJ's interventions, and particularly, the...

The impact of domestic and spillover macroeconomic news from the U.S., the Eurozone and China on national sovereign credit default swap (CDS) spreads and spread volatility are examined over a recent period of financial instability from November 2007 to March 2012. We find that better than...

This paper presents a framework for quantitatively evaluating the macroeconomic effects of corporate restructuring and applies it to Japan. Using firm-level financial statement data, it estimates total factor productivity (TFP) of individual Japanese firms. Given the estimated distribution of...