2,629 research outputs found
News and the Dollar/Yen Exchange Rate, 1931-1933: The End of the Gold Standard, Imperialism, and the Great Depression
No full textAccording to the efficient market hypothesis, news in Tokyo is responsible for the exchange rate changes during the Tokyo market hours, while the U.S. news is responsible for changes in the New York hours. The intra-daily dynamics of the $/yen exchange rate from December 1931 to November 1933 is analyzed. Japan's decision to go off gold in December 1931 depreciated yen by 30% in a month, mostly in the Tokyo market. During 1932, the yen depreciated another 30%, mainly due to Japan's aggression in China and resulting diplomatic isolation. In 1933, the yen appreciated against the dollar, mainly in the New York market, due to the U.S. decision to go off gold. However, exchange rate volatility and its sensitivity to news declined over the two year period, because of increasing capital controls. Changes in the interest rate differential was found insignificant for the changes in the exchange rate. Political regime changes, such as a decision to go off gold, most influenced the exchange rate for the period considered. There were no policy decisions by Japan to cause yen depreciation to promote export and limit import in 1931-33.
Intraday Yen/Dollar Exchange Rate Movements: News or Noise?
No full textIntraday movements in the yen/dollar rate are examined over the 1980-86 period using opening and closing quotes in the New York and Tokyo markets. The results indicate that random-walk behavior is violated about half of the time in various subsamples. However, the economic significance of departures from the random-walk model diminishes over time. Large jumps in the exchange rate also are examined, and some evidence on subsequent mean reversion is presented. Finally, the response of Japanese and U.S. stock prices suggests that intraday yen/dollar rate movements do contain at least some relevant information.
Taxonomic revision, phylogeny and conservation status of scaphochlamys (Zingiberaceae) / Sam Yen Yen
No full textThe genus Scaphochlamys is a group of small wild gingers in the tribe Zingibereae Meisn., subfamily Zingiberoideae Haask.. The main objective of the current study is to revise the genus based on its morphological characters. In addition, it also aims to investigate the interspecific relationship, the endemism and distribution patterns and assess the conservation status of the Scaphochlamys species.
The present taxonomic treatment recognises 41 species and 5 varieties which includes the addition of 10 new species; 1 species is reinstated and 2 varieties are synonymised. Likewise, 18 unknown taxa were also identified. The group is highly polymorphic with many local species found within a small distribution range. Examination on its morphology shows that there is no single character to separate the Scaphochlamys species and its closely allied genera; instead a combination of characters is used for identification. Based on the detailed morphological study, a taxonomic key has been successfully established for Scaphochlamys species.
Results from the current molecular phylogenetic study confirmed that Scaphochlamys is monophyletic. A total of 31 species investigated using nuclear ribosomal ITS sequences resulted in 2 main clades which correspond with the phytogeographical regions of Malaya (Peninsular Malaysia) and Borneo. One of the clades consists of the Bornean species (except S. polyphyla) plus Myxochlamys while another clade incorporates Peninsular Malaysian and Peninsular Thailand species.
The genus Scaphochlamys is distributed in the tropical evergreen rainforest of West Malesian region, from Peninsular Thailand, through Peninsular Malaysia to northern Borneo and central Sumatra. The genus is most diverse and highly endemic in Peninsular Malaysia where 70 % (29 species) of the species are found here and 27 of them are endemics. Peninsular Thailand has 5 species of which 3 are endemics and 2 are also found in Peninsular Malaysia. There are 9 species in Borneo and all are endemics while Sumatra has 1 undescribed species. The distribution pattern of Scaphochlamys has a very strong Riau Pocket element with high diversity observed in Terengganu, southeast Johor and northwest Sarawak. Results from the phytogeographical and phylogenetic analyses suggest a pre-Pleistocene migration for the lineage of Scaphochlamys and its closely allied genera.
The genus is highly endangered with 59% of the taxa listed in the threatened categories: 5 taxa are Critically Endangered, 18 taxa are Endangered and 3 are Vulnerable. The endangerment is mainly due to their narrow distribution and occurrence in the production forest of the Permanent Reserved Forest network, where the potential threats in the form of habitat loss and continuing decline in the quality of habitat arising from harvesting practices are projected in the future
Four new species of Scaphochlamys (Zingiberaceae) from Peninsular Malaysia
No full textSam, Yen Yen, Ibrahim, Halijah, Saw, Leng Guan (2015): Four new species of Scaphochlamys (Zingiberaceae) from Peninsular Malaysia. Phytotaxa 221 (1): 21-34, DOI: http://dx.doi.org/10.11646/phytotaxa.221.1.2, URL: http://dx.doi.org/10.11646/phytotaxa.221.1.
FIGURE 2. Scaphochlamys baukensis. A in Four new species of Scaphochlamys (Zingiberaceae) from Peninsular Malaysia
No full textFIGURE 2. Scaphochlamys baukensis. A. Plants in loose clumps. B. Habit. C. Inflorescence. D. Flower. Photos by Y.Y. Sam.Published as part of Sam, Yen Yen, Ibrahim, Halijah & Saw, Leng Guan, 2015, Four new species of Scaphochlamys (Zingiberaceae) from Peninsular Malaysia, pp. 21-34 in Phytotaxa 221 (1) on page 24, DOI: 10.11646/phytotaxa.221.1.2, http://zenodo.org/record/477964
FIGURE 4. Scaphochlamys endauensis. A. Habit. B in Four new species of Scaphochlamys (Zingiberaceae) from Peninsular Malaysia
No full textFIGURE 4. Scaphochlamys endauensis. A. Habit. B. Hairs on under surface midrib. C. Floral bract. D. First bracteole. E. Ovary and calyx. F. Lateral corolla lobe. G. Dorsal corolla lobe. H. Staminode. I. Labellum. J. Stamen front view (J'), side view (J''), back view (J'''). K. Stigma front view. L. Fruit. M. Seed front view (M'), side view (M''). A–M from Y.Y. Sam, K. Apok & H.L. Kueh FRI 50204 (KEP).Published as part of Sam, Yen Yen, Ibrahim, Halijah & Saw, Leng Guan, 2015, Four new species of Scaphochlamys (Zingiberaceae) from Peninsular Malaysia, pp. 21-34 in Phytotaxa 221 (1) on page 26, DOI: 10.11646/phytotaxa.221.1.2, http://zenodo.org/record/477964
Coping with the rising yen: Japan's recent export experience
No full textDespite an appreciating yen, Japanese firms have managed to maintain strong export sales growth during the first half of the 1990s. Their strategies? Cutting the yen price of exports and shifting production to higher-value merchandise.Exports ; Japan ; Foreign exchange rates
Scaphochlamys endauensis Y. Y. Sam & H. Ibrahim 2015, sp. nov.
No full text2. Scaphochlamys endauensis Y. Y. Sam & H. Ibrahim, sp. nov. (Figs. 3–4) Scaphochlamys endauensis resembles S. breviscapa but it differs in having a channelled petiole compared to the terete petiole in S. breviscapa. It also has a shorter bladeless sheath than S. breviscapa (6.5–10.5 cm versus 11.5–18 cm long). Type:— PENINSULAR MALAYSIA. Johor: Endau Rompin State Park, Kuala Jasin, trail to Gunung Janing Barat, 30–60 m, 9 August 2006, Y. Y . Sam, K. Apok & H. L. Kueh FRI 50204 (holotype: KEP!, isotypes: KLU!, SAN!, SING!). Rhizomatous herb, (20–)30–50(–70) cm tall. Rhizome 3–5 mm diameter when dried, creeping horizontally on or below ground surface. Successive shoots clustering together and forming loose clump of 1–3 leafy shoots. Bladeless sheathes 2–3, the largest 6.5–10.5 cm long, dark purple red or green, hairy, not persistent. Leaf 1 per shoot, base slightly swollen; sheath 1.5–1.8 cm long, edges thin, hairy or glabrous, not persistent; ligule small, densely hairy; petiole plus sheath 10–36 cm long, channelled, dark purple red or green, glabrous or hairy; lamina 15–26.5(–33) × 7.3–12 cm, narrowly elliptic to oblanceolate, base cuneate to attenuate, apex broadly acute to obtuse, adaxial surface glabrous, abaxial surface glabrous or sparsely hairy, densely hairy along midrib, hairs fine, long and appressed, pale green with reddish tinge on apex. Inflorescence 4.5–16.5(–19) cm long, green or red; peduncle 1–10(–12.5) cm long, hairy; rachis 2–7.5 cm long, compact, axis not visible, consisted of (4)6–13 floral bracts, bracts overlapping and closely appressed to axis. Largest floral bract (23–26)30–35 × 11–13 mm, boat-shaped, dark purple red or green, sparsely hairy, more dense along the edges and apex, thick fleshy, margin incurved but not overlapped, apex acute, pointed upright. Cincinnus with (3)4–7 flowers in each bract. First bracteole 12–21 mm long, narrow, 8–10 mm width when flattened, 2-keeled, hairy or sparsely hairy on upper half, apex acute or blunt; subsequent bracteoles reducing in size. Flowers (40) 46–55 mm long, white, except labellum. Calyx 8–12 mm long, ca. 2 mm width, tubular, hairy, split 3–5 mm unilaterally from apex, apex truncate or acute. Floral tube 28–32 mm long; dorsal corolla lobe 11–15 mm long, near triangular, edges inflexed, apex hooded, tip pointed; lateral corolla lobes 10–14 mm, edges inflexed, apex acute. Staminodes 8–12 × 3–5 mm, oblanceolate, apex broadly acute or near rounded, abaxial surface covered by glandular hairs. Labellum 13–20 × 10–17 mm, obovate, apex bilobed, cleft 3–5 mm from apex, abaxial surface covered by glandular hairs, yellow median band with or without purple streaks at both sides. Stamen 6–9 mm long, covered by glandular hairs on abaxial surface; filament 2–4 mm long; pollen sacs 3–3.5 mm long, basal spurred, dehiscing longitudinally; anther-crest 1–3 × 2.5–4 mm, apex trilobed or entire, extended and recurved. Stigma ca. 1 × 1 mm, funnel-shaped, hairy. Ovary 1–2 × ca. 1 mm, hairy, unilocular, ca. 2 ovules. Epigynous glands 2, filiform, ca. 5 mm long. Fruit ellipsoid, ca. 11 × 7 mm, wall thin, fleshy, near transparent, enclosed 2–3 seeds. Seed kidney-shaped, ca. 7 × 3 mm, covered with aril. Etymology:—The epithet ‘Endau’ refers to the Endau River and its tributaries that flow through the state park where the plants are most commonly found and abundant. Distribution and habitat:—Endemic in Johor, Peninsular Malaysia. Lowland dipterocarp forest, 25–370 m elevation, forest floor, level and undulating terrain, in shaded areas. Conservation status:—Near Threatened, NT. The species meets the area requirements under criterion B for Endangered (extent of occurence = 262 km 2 and area of occupancy = 16 km 2). However, the plants are commonly found and well protected in Endau Rompin State Park, a Totally Protected Area. Among all the known locations, only the populations in the Lenggor Forest Reserve are threatened by logging but this is unlikely to cause the species to extinct or becoming critically endangered in the future. Therefore, the listing is justified under the NT category (IUCN, 2012). Additional specimens examined (paratypes):—PENINSULAR MALAYSIA. Johor: Mersing, Gunung Janing, 20 October 1892, H. W . Lake & H. Kelsall s. n. (SING!); Gunung Janing Barat, base of sandstone rock face, 15 May 1985, R . Kiew RK 1727 (SING!); 27 August 1985, R . Kiew RK 1909 (KEP!); Island at Kuala Kemapan, downstream end, bank of Sungai Endau, downstream from Kuala Kemapan, 5 September 1985, K. M . Wong FRI 30894 (KEP!); Endau Rompin State Park, Kuala Jasin, trail to Gunung Janing Barat, 103° 22.13’ E, 2° 31.83’ N, 370 m, 9 August 2006, Y. Y . Sam FRI 50205 (KEP!); Endau Rompin State Park, NERC, trail to dam, 25 m, 10 August 2006, Y. Y . Sam FRI 50210 (KEP!); Segamat, Endau Rompin State Park, Sungai Selai, across Sungai Selai, on the ridge, 200 m, 16 August 2002, Y. Y . Sam FRI 47096 (KEP!); Sam Y. Y. FRI 47097 (KEP!); 60 m, 3 April 2007, Y. Y . Sam FRI 50218 (KEP!); Kluang, Lenggor Forest Reserve, 7 December 2006, Y. Y . Sam FRI 50243 (KEP!). Discussion:— Scaphochlamys endauensis is common on the forest floor of Endau Rompin State Park. Previously, the plant was wrongly identified as S. oculata Holttum (1950: 92). However, both are very different upon close examination, differing in the number of flowers in each cincinnus (S. oculata has 1–3 flowers in each cincinnus compared to 4–7 flowers in S. endauensis) and the distinctive coloured streaks beside the yellow median band on the labellum (S. oculata has bright red streaks but they are purple in S. endauensis). Scaphochlamys endauensis Holttum (1950: 95) is actually more similar to S. breviscapa. However, these two species are different principally in the cross section of petiole (channelled in S. endauensis versus terete in S. breviscapa) and the size of bladeless sheath (6.5–10.5 cm long in S. endauensis versus 11.5–18 cm long in S. breviscapa). In addition, the leaf sheath of S. endauensis (1.5–1.8 cm) is consistently longer than S. breviscapa (0.7–1 cm). Its lamina is elliptic to oblanceolate with broadly acute to obtuse apex and cuneate to attenuate base whereas S. breviscapa has elliptic to broadly ovate lamina with acute apex and rounded or cuneate base. Furthermore, S. endauensis has larger floral bracts (30–35 × 11–13 mm) as compared to S. breviscapa (20–30 × 7–17 mm). The staminodes of S. endauensis is oblanceolate with broadly acute to near rounded apex which differ from the linear ones with truncate apex in S. breviscapa. Both S. endauensis and S. breviscapa are found on the East Coast Range of Peninsular Malaysia. The mountainous range extends from northeast to south of the peninsula and at the central part, it is intercepted by large swamps (Raj, 2009). Scaphochlamys breviscapa is distributed in the Terengganu Highlands in Terengganu and Pahang whilst S. endauensis is found at the south of Peninsular Malaysia.Published as part of Sam, Yen Yen, Ibrahim, Halijah & Saw, Leng Guan, 2015, Four new species of Scaphochlamys (Zingiberaceae) from Peninsular Malaysia, pp. 21-34 in Phytotaxa 221 (1) on pages 24-27, DOI: 10.11646/phytotaxa.221.1.2, http://zenodo.org/record/477964
FIGURE 8. Scaphochlamys tahanensis. A. Habit. B. Floral bract. C. First bracteole. D. Ovary and calyx. E. Dorsal corolla lobe. H. Lateral corolla lobe. G. Staminode. H. Labellum. I in Four new species of Scaphochlamys (Zingiberaceae) from Peninsular Malaysia
No full textFIGURE 8. Scaphochlamys tahanensis. A. Habit. B. Floral bract. C. First bracteole. D. Ovary and calyx. E. Dorsal corolla lobe. H. Lateral corolla lobe. G. Staminode. H. Labellum. I. Stamen front view (I'), back view (I''), back view (I'''). J. Stigma side view (J'), front view (J''). A–J from L.G. Saw FRI 44667 (K).Published as part of Sam, Yen Yen, Ibrahim, Halijah & Saw, Leng Guan, 2015, Four new species of Scaphochlamys (Zingiberaceae) from Peninsular Malaysia, pp. 21-34 in Phytotaxa 221 (1) on page 32, DOI: 10.11646/phytotaxa.221.1.2, http://zenodo.org/record/477964
FIGURE 6. Scaphochlamys johorensis. A. Habit. B in Four new species of Scaphochlamys (Zingiberaceae) from Peninsular Malaysia
No full textFIGURE 6. Scaphochlamys johorensis. A. Habit. B. Hairs on midrib on abaxial surface. C: Floral bract. D. First bracteole. E. Second bracteole. F. Ovary and calyx. G. Lateral corolla lobe. H. Dorsal corolla lobe. I. Staminode. J. Labellum. K. Stamen front view (K'), back view (K''), back view (K'''). L. Stigma front view. A–L from S. Syahida-Emiza FRI 66566 (KEP).Published as part of Sam, Yen Yen, Ibrahim, Halijah & Saw, Leng Guan, 2015, Four new species of Scaphochlamys (Zingiberaceae) from Peninsular Malaysia, pp. 21-34 in Phytotaxa 221 (1) on page 29, DOI: 10.11646/phytotaxa.221.1.2, http://zenodo.org/record/477964
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