26, issue 5 (September 2007): pp. 663-81. The following paper focuses on a recent decline in volatility in foreign exchange rates. Ilzetzki, E., Reinhart, C. M., and Rogoff, K. S., "Will the Secular Decline in Exchange Rate and Inflation Volatility Survive COVID-19?" NBER Working Paper, no. 28108, 2020.
In addition, regarding analysis on the foreign exchange rate regime with a focus on the relative size of balance sheets of the Federal Reserve and the Bank, see Sakurai, M. and Kimata, T., "An Essay on Japan's Monetary Policy Experience and Lessons," November 6, 2020, https://www.boj.or.jp/en/announcements/press/koen_2020/data/ko201106a.pdf.