Japanese banks in the international money markets

Mimoza Shabani, Alexis Stenfors, Jan Toporowski

Research output: Chapter in Book/Report/Conference proceedingChapter (peer-reviewed)peer-review


This chapter examines the impact that the monetary policy of the Bank of Japan has had on the international money markets through foreign exchange swaps. The chapter considers the fundamental difference between foreign exchange swaps as derivative instruments, and as money market instruments. It argues that the swaps are essentially money market instruments that are replacing the official money market. A conclusion looks at some of the implications for monetary policy of this structural change in the international money markets.
Original languageEnglish
Title of host publicationUnconventional Monetary Policy and Financial Stability
Subtitle of host publicationThe Case of Japan
EditorsAlexis Stenfors, Jan Toporowski
ISBN (Electronic)9780429032479
ISBN (Print)9780367145958
Publication statusPublished - 14 Jul 2020


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