current allocation, with only negligible
ramifications for non-CHF exchange rates such as EURMSD.
The Bank of Japan is unlikely to intervene directly in the foreign exchange market
to build ... against the USD so as to keep their FX allocations constant. Indeed,
fluctuations in EURMSD are tightly correlated with changes in global reserves
(Figure 25), though this correlation naturally captures
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01458291.pdf