Statements by Monetary and Government Authorities in the United States, Germany and Japan

This chapter examines the statements by the American, German and Japanese monetary and political authorities. It describes the dynamic exchange rate and market sentiment context in which they are made – and which contributes to shape them. The chapter also examines the statements by Bundesbank Council members, which constitute the largest group, then those by German government officials and by their most influential advisors. In the United States the division of tasks regarding communication to the public and to the financial markets seems to be quite precise: the Governor of the Fed, Greenspan, generally intervenes on monetary policy and interest rates. The chapter describes high number of events and statements relating to the Japanese economy and to the Yen. The statements have been classified by the person making the statement, by subject and by expected positive or negative effect on the exchange rate.