{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,8,3]],"date-time":"2026-08-03T11:49:23Z","timestamp":1785757763181,"version":"3.56.0"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":0,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/www.uspto.gov\/ip-policy\/copyright-policy\/copyright-basics"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>Using one-minute USD\/JPY bid and ask quotes, this paper examines price discovery and quoted liquidity around six Japanese yen-buying intervention episodes in 2022-2024. Event time is aligned using an exploratory price-based detector and fixed external sensitivity anchors. Pooled mean returns remain negative for 30-180 minutes, survive exclusion of the US-CPI-contaminated 11 July 2024 episode, and lie in the extreme lower tail of matched placebo distributions. Spread responses are heterogeneous: large price adjustments sometimes occur with modest widening. The evidence is descriptive rather than causal, but indicates rapid price discovery and episode-specific liquidity costs.<\/jats:p>","DOI":"10.2139\/ssrn.7219138","type":"posted-content","created":{"date-parts":[[2026,8,3]],"date-time":"2026-08-03T11:31:36Z","timestamp":1785756696000},"source":"Crossref","is-referenced-by-count":0,"title":["Liquidity and Price Discovery during Japanese Foreign-exchange Intervention"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0009-0005-8477-9393","authenticated-orcid":true,"given":"Boon Chuan","family":"Lim","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,8,3]],"date-time":"2026-08-03T11:31:36Z","timestamp":1785756696000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=7219138"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":0,"URL":"https:\/\/doi.org\/10.2139\/ssrn.7219138","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}