Signaling Effects of Foreign Exchange Interventions and Expectation Heterogeneity among Traders

This paper explores whether official intervention signaling effects on short-run exchange rate movements depend on market conditions. We find evidence that announced interventions significantly affect the level and reduce the volatility of the yen/dollar rate when traders' expectations of future exchange rates are relatively heterogeneous. To compensate for the lack of daily exchange rate expectation survey data, we use implied volatility as a proxy since these are highly correlated. These results are consistent with predictions from the market microstructure models with asymmetric information across agents and the signaling hypothesis of foreign exchange interventions. Our findings indicate that the efficacy of intervention hinges not only on the firmness of signals but also on the degree of expectation heterogeneity among traders.Foreign exchange intervention, Announcements, Expectation heterogeneity

Robustness and the generalist niche of polyploid species: Genome shock or gradual evolution?

The prevalence of polyploidy in wild and crop species has stimulated debate over its evolutionary advantages and disadvantages. Previous studies have focused on changes occurring at the polyploidization events, including genome-wide changes termed “genome shock,” as well as ancient polyploidy. Recent bioinformatics advances and empirical studies of Arabidopsis and wheat relatives are filling a research gap: the functional evolutionary study of polyploid species using RNA-seq, DNA polymorphism, and epigenomics. Polyploid species can become generalists in natura through environmental robustness by inheriting and merging parental stress responses. Their evolvability is enhanced by mutational robustness working on inherited standing variation. The identification of key genes responsible for gradual adaptive evolution will encourage synthetic biological approaches to transfer polyploid advantages to other species

Challenges in studies on flowering time: interfaces between phenological research and the molecular network of flowering genes

Flowering time is a well-studied subject in ecology, evolution and molecular biology. Long-term phenological studies have shown relationships between flowering time and environmental and endogenous factors in many species. In contrast, molecular studies using model plants have revealed a complex regulatory network of flowering. We propose that flowering would be a model trait for the integrated study of ecology, evolution and molecular biology. We introduce briefly the flowering regulatory pathways of Arabidopsis thaliana, followed by molecular techniques such as transgenic manipulation, quantitative real-time PCR and detection of differentially expressed genes that could facilitate the study of ‘nonmodel' species of ecological interest but with little available genome information. Application of the flowering gene network to wild species will be illustrated by two examples: modeling and prediction of the expression of flowering genes in Arabidopsis halleri, and the latitudinal cline of bud set and cessation in Populus. Finally, we discuss the challenges in integrating knowledge of the regulatory network on flowering into ecologically unique flowering phenomena such as synchronous intermittent mass flowering—the topic of this special issu