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N. Yamori, Y. Kurihara, “The day-of-the-week effect in foreign exchange markets: multi-currency evidence,” Research in International Business and Finance 18(1), 2004, PP. 51-57

has been cited by the following article:

• TITLE: Is the Tokyo Foreign Exchange Market Efficient from Two Perspectives of Forward Bias and Anomaly?

  AUTHORS: Yutaka Kurihara

  KEYWORDS: Anomaly, Exchange Rate, Foreign Exchange Market, Intervention

  JOURNAL NAME: Modern Economy, Vol.2 No.4, September 21, 2011

  ABSTRACT: This paper examines the efficiency of the Tokyo Foreign Exchange Market from two perspectives. One is whether or not forward bias in this market has existed and the other is the effect of interventions in the market with a focus on whether or not a day-of-the-week anomaly exists in it. Empirical results show that forward exchange rates are a biased predictor of future spot exchange rates; however, there are some anomalies in the market. The findings suggest the conclusion that this market has not been completely efficient.