## figure1-sf-5

## Source details

**Canonical URL:** [figure1-sf-5](https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-sf-5.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-sf-5.pdf.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-sf-5.pdf.json)

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### Description
- Title: Proportion of Intraday Price Variation Due to Jumps: In Japanese Yen/US Dollar (Percent)
- Horizontal axis: Day labels in sequence — Dec. 28, Dec. 29, Dec. 30, Dec. 31, Weekend, Jan. 1, Jan. 2, Jan. 3, Jan. 4
- Vertical axis: Proportion of jumps, labeled from 0 to 90 (increments shown at 0, 10, 20, 30, 40, 50, 60, 70, 80, 90)
- Annotation: "Day of flash crash (Japan time)" placed above the Dec. 30 position

### Notes and interpretation provided in the figure
- Sources: Bloomberg Finance L.P.; and IMF staff analysis.
- Definition: “Jumps” refer collectively to finite activity (large) and infinite activity (small) price jumps.
- Interpretation guidance: Uncovering significant evidence of infinite activity jumps in intraday data is interpreted as suggestive of liquidity strain.
- Color coding (as used in the figure): Red bars indicate days of predominantly liquidity-strained trading. Green bars correspond to days of significant news-related jumps, but not necessarily liquidity issues.

### Key observations conveyed by the figure (direct from figure elements)
- The figure reports the proportion of intraday price variation attributable to jumps for each labeled day between Dec. 28 and Jan. 4.
- Dec. 30 is annotated as the "Day of flash crash (Japan time)."
- Color scheme signals whether jumps on a given day are predominantly associated with liquidity strain (red) or with significant news-related jumps (green).

*Sources: Bloomberg Finance L.P.; and IMF staff analysis.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-sf-5.pdf_