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Foreign Central Banks

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None of the four major central banks has changed its policy setting since early February. Japan’s official foreign exchange reserves grew by $104 billion in the first two months of this year. The Bank of Japan normally does not participate in the government’s currency interventions, and its stated foreign currency assets are essentially unchanged from a year ago. The limitations of the government’s budget, however, led to a December 2003 agreement with the Ministry of Finance for the Bank to purchase up to about $100 billion of U.S. Treasury notes from the Foreign Exchange Fund Special Account with a resale clause. That temporary facility was to expire on March 31, 2004.

Suggested citation: "Foreign Central Banks," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-04, pp. 18, 04.01.2004.

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