Intervention currency

Japanese: 介入通貨 - かいにゅうつうか（英語表記）intervention currency

The currency used by each country's monetary authorities when intervening in the foreign exchange market. Under the Bretton Woods Agreement, member countries were obligated to maintain the exchange rate of their own currency within 1% above or below the parity (this was expanded to 2.25% by a Council resolution after the Smithsonian Agreement in December 1971), and monetary authorities carried out intervention operations in the foreign exchange market, such as buying (buying with the intervention currency) when the exchange rate of their own currency fell, and selling (obtaining the intervention currency) when the exchange rate rose, thereby influencing the formation of the exchange rate. The US dollar has been mainly used as the intervention currency, but on the other hand, there was an asymmetry in that the United States did not intervene, but instead its fluctuation range was only half that of other currencies. For this reason, a multi-currency intervention system and an SDR intervention system that would symmetrically include currencies other than the US dollar as intervention currencies are being considered. The former is an attempt to expand the method actually used between the currencies of the European Union (EU) to at least several major currencies, and the currencies of the countries participating in this system are subject to intervention so that they do not deviate from any of the currencies by more than a certain margin. In contrast, the latter is a system in which the monetary authorities of member countries agree to buy and sell their own currencies unlimitedly at a certain margin above and below the parity rate in order to maintain margin obligations.

Source: Encyclopaedia Britannica Concise Encyclopedia About Encyclopaedia Britannica Concise Encyclopedia Information

Japanese:

各国の通貨当局が外国為替市場に介入する際使用する通貨のこと。ブレトンウッズ協定では，加盟国は自国通貨の為替相場を平価の上下1% (1971年 12月のスミソニアン合意後，理事会決議で 2.25%に拡大) に維持する義務があり，通貨当局は自国通貨の為替相場が下落した場合は買支え (介入通貨で買う) ，上昇した場合は売る (介入通貨を取得する) などの介入操作を為替市場で行い，相場形成に影響を与えた。介入通貨としては主として米ドルが使用されてきたが，反面アメリカは介入を行わないかわりに変動幅が他の通貨の半分しかないなどの非対称性があった。このため，シンメトリカルに米ドル以外の通貨をも介入通貨とする複数通貨介入制度やSDR介入制度が検討されている。前者は，ヨーロッパ連合 EUの通貨間で実際に行われている方法を少くともいくつかの主要通貨間に拡大しようとするものであり，この制度に参加している国の通貨はいずれの通貨に対しても一定マージン以上乖離 (かいり) しないように介入の対象とするという仕組みである。これに対して後者は，加盟国通貨当局間で平価の上下一定割合のマージンで自国通貨を無制限に売買することを約束し合うことによって，マージン義務を維持しようという制度である。

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