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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: KeepItSimple who wrote (175209)6/25/2002 5:36:41 PM
From: Tommaso   of 436258
 
>>>looks like BOJ tried to intervene in the dollar and then got destroyed minutes later as speculators flooded them with dollar sales

If there has ever been a successful example of currency intervention, I have not heard of it. It always seems to convince speculators to go in on the other side.

Well, with one exception. I think J. M. Keynes broke the market for the Portuguese currency when he was in the British finance ministry. Maybe there are other instances. But usually government intervention in any direction is a signal of failure in advance.

Or so I think--would be delighted to hear of contrary examples.
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