a56916436249830dc5e866d656e2528a28b49d77927e54ce2c09c626e03ba597Research register
The documents themselves are written in Japanese. The list below is generated live from registry.json and links to the canonical Markdown files. Titles are shown as published; this page does not translate them, because a translated title is not what you should cite.
Selected findings, in English
WP-001 — The reaction function of FX intervention has two layers
Six yen-buying episodes since 2022 (n=6). Intervention effect is measured as the number of business days until the exchange rate recovers half of the move. Observed half-lives range from 1 to 431 business days and show no clear relationship with the amount spent. What separates long from short is not size but whether a macroeconomic catalyst arrives within the surviving window of the effect. All statements are descriptive; with n=6 no statistical inference is claimed. E6 is right-censored.
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N-003 — The evidence structure of rate checks
A rate check is a central bank asking dealers for indicative quotes immediately before intervention. The finding is structural rather than episodic: the same act is permanently unconfirmable when performed by the Japanese authorities, and becomes primary-source fact when performed by the US authorities, because FOMC minutes and the New York Fed quarterly report record it. The asymmetry is a property of disclosure regimes, not of the information.
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N-004 — Remaining capacity and the FIMA repo
Four funding layers for yen-buying intervention: foreign currency deposits, bills, outright sales of US Treasuries, and the Federal Reserve FIMA repo facility. The three constraints on FIMA use — prior approval, repayment obligation, and the backstop rate — are established from Federal Reserve primary sources. FIMA usage during the E6 week was zero, confirmed twice by independent routes.
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Citation
All content is CC BY 4.0. The condition is that you cite the fxir.jp URL. Preserve the evidence states. See For machines.