ABSTRACT This paper examines the efficiency of the Tokyo Foreign Exchange Market from two perspectives. One is whether or not forward bias in this market has existed and the other is the effect of interventions in the market with a focus on whether or not a day-of-the-week anomaly exists in it. Empirical results show that forward exchange rates are a biased predictor of future spot exchange rates; however, there are some anomalies in the market. The findings suggest the conclusion that this market has not been completely efficient.
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nullY. Kurihara, "Is the Tokyo Foreign Exchange Market Efficient from Two Perspectives of Forward Bias and Anomaly?," Modern Economy, Vol. 2 No. 4, 2011, pp. 597-601. doi: 10.4236/me.2011.24067.
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