U.S. Monetary Authorities Did Not Intervene in FX Markets During the Fourth Quarter: “During the fourth quarter, the U.S. dollar’s nominal trade-weighted exchange value increased 1.0 percent as measured by the Federal Reserve Board’s major currencies index. Th e dollar appreciated 11.3 percent against the Japanese yen and depreciated 2.5 percent against the euro, though it remained relatively little changed against most other major currencies over the period. The dollar’s notable appreciation against the yen occurred amid expectations of greater fiscal and monetary accommodation resulting from a change in political leadership in Japan. The U.S. monetary authorities did not intervene in the foreign exchange markets during the quarter.”