This could affect a range of interest rates and the exchange rate. Though once again there is a question about the degree to which relative supplies of assets have an important bearing on relative rates of return. Moreover, such a strategy faces other obstacles. First, in Japan, foreign exchange operations are at the discretion of the Ministry of Finance.
With the possible exception of myself, the journal has attracted distinguished managing editors, including my colleagues from the Federal Reserve and my immediate predecessor, Luc Laeven from the European Central Bank. We have the strong support now of 55 sponsoring institutions, including the CBI and the Bank of Canada, which hosted last year's conference.