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Skip to Content Japanese English Chinese About RIETI Site Map Help Contact Discussion Papers Search Site Search Menu Research Areas Research Programs (FY2024-2028) Research Programs (FY2020-2023) Research Programs (FY2016-2019) Research Programs (FY2011-2015) Policy Research Domains (FY2006-2010) Projects Survey Fellows According to Title Alphabetical order RIETI Alumni Research/Policy Papers Discussion Papers (English) Discussion Papers (Japanese) Policy Discussion Papers (English) Policy Discussion Papers (Japanese) Technical Papers (English) Technical Papers (Japanese) Non Technical Summaries List of Articles in Journals Research Digest Discussion Papers Search Publications RIETI Books (English) RIETI Books (Japanese) History of Japan's Trade and Industry Policy Authors' Words Other Publications (English) Other Publications (Japanese) Events Symposiums Workshops BBL Seminars Archived Seminar Series Data JIP Database R-JIP Database CIP Database Industry-Specific Nominal and Real Effective Exchange Rates AMU and AMU Deviation Indicators JSTAR RIETI-TID RIETI FDI Database ICPA Project Links Articles Column Special Series Newspapers & Magazines Fellows' Works VoxEU Column From IZA Perspectives from Around the World Other Contents RIETI Report Policy Update Keizai Sangyo Journal (METI Journal) Research Areas Fellows Research/Policy Papers Publications Events Data Articles Site Map Technical Issues Coontact Discussion Papers Search Close HomeResearch AreasResearch Programs (FY2024-2028)Macroeconomy and Low Birthrate/Aging Population Research Programs: Macroeconomy and Low Birthrate/Aging Population Exchange Rates and International Currency Print Project Leader/Sub-Leader OGAWA Eiji (Faculty Fellow) Leader Overview In this project, we aim to further develop the research from our previous project "Exchange Rates and International Currency." In the previous project, to provide broad policy implications, we focused on four topics: Exchange rates and currency system; invoice currency and exchange rate pass-through; macroeconomic analysis of current account, capital account and trade structure; and exchange rates and Japanese firms' oversea business activities. In this project, we add a new topic; "choice of invoice currency, exchange rate risk management and export decision: Evidence for Japanese SMEs" to the previous four topics and deepen our research activities. Further, through publishing our original datasets (the Asian Monetary Unit, the Asian Monetary Unit Deviation Indicator and the Industry-specific Real Effective Exchange Rates), we open our research results to the public. We are also making efforts towards publication in reputable academic journals. December 1, 2021 - May 31, 2024 (During the research project period, the research activity period is set from December 1, 2021 to November 30, 2023, and the data usage reporting period is set from December 1, 2023 to May 31, 2024.) Major Research Results 2024 RIETI Discussion Papers 24-E-054 "Drivers of Post-pandemic Currency Movement: Recurring impacts of sovereign risks and oil prices" (MASUJIMA Yuki and SATO Yuki) 2023 RIETI Discussion Papers 24-E-019 "Firms' Internationalization Decisions and Demand Learning" (TANI Naoki and OGAWA Eiji) 24-E-008 "Asymmetric Exchange Rate Pass-through between Unexpected Yen Appreciation and Depreciation: The case for Japanese machinery exports" (LIU Nan and SATO Kiyotaka) 24-E-006 "Global Risk Factors and Their Impacts on Interest Rates and Exchange Rates: Evidence from ASEAN+4 economies" (OGAWA Eiji and LUO Pengfei) 23-E-032"Export Experience and the Choice of Invoice Currency: Evidence from a questionnaire survey of Japanese SMEs" (GOTO Mizuki, HAYAKAWA Kazunobu, KOIBUCHI Satoshi and YOSHIMI Taiyo) 24-J-004 "2021 RIETI Survey on Currency Risk Management and Invoice Currency Choice of Japanese Listed Manufacturing Firms" (ITO Takatoshi, KOIBUCHI Satoshi, SATO Kiyotaka, SHIMIZU Junko and YOSHIMI Taiyo) 24-J-002 "Choice of Invoice Currency and Exchange Rate Risk Management: FY2022 questionnaire survey with Japanese overseas subsidiaries" (SATO Kiyotaka, KOIBUCHI Satoshi, ITO Takatoshi, SHIMIZU Junko and YOSHIMI Taiyo) 2022 RIETI Discussion Papers 23-E-013"Global Value Chains and Exchange Rate Pass-through into the Import Prices of Japanese Industries" (Fabien RONDEAU and YOSHIDA Yushi) 22-E-051"Cash-in-advance Payments and Transaction Size: Cash-constrained importers" (YOSHIDA Yushi, Kemal TÜRKCAN and YOSHIMI Taiyo) 2021 RIETI Discussion Papers 22-E-020"Exchange Rate Pass-through Under the Unconventional Monetary Policy Regime" (YOSHIDA Yushi, Weiyang ZHAI, SASAKI Yuri and Siyu ZHANG) Research Areas Research Programs (FY2024-2028) Macroeconomy and Low Birthrate/Aging Population International Trade and Investment Regional Economies Innovation Industry Frontiers Raising Industrial and Firm Productivity Human Capital Integrated Research Policy Assessment Special Projects Research Programs (FY2020-2023) Research Programs (FY2016-2019) Research Programs (FY2011-2015) Policy Research Domains (FY2006-2010) Major Common Themes: 2005 Major Common Themes: 2004 Projects Survey Communications Newsletter RSS Feed Facebook X YouTube Research Areas Research Programs (FY2024-2028) Research Programs (FY2020-2023) Research Programs (FY2016-2019) Research Programs (FY2011-2015) Policy Research Domains (FY2006-2010) Projects Survey Fellows Research/Policy Papers Discussion Papers (English) Discussion Papers (Japanese) Policy Discussion Papers (English) Policy Discussion Papers (Japanese) Technical Papers (English) Technical Papers (Japanese) Non Technical Summaries List of Articles in Journals Research Digest Discussion Papers Search Publications RIETI Books (English) RIETI Books (Japanese) History of Japan's Trade and Industry Policy Authors' Words Other Publications (English) Other Publications (Japanese) Events Symposiums Workshops BBL Seminars Archived Seminar Series Data JIP Database R-JIP Database CIP Database Industry-Specific Nominal and Real Effective Exchange Rates AMU and AMU Deviation Indicators JSTAR RIETI-TID RIETI FDI Database ICPA Project Links Articles Column Special Series Newspapers & Magazines Fellows' Works VoxEU Column From IZA Perspectives from Around the World Other Contents RIETI Report Policy Update Keizai Sangyo Journal (METI Journal) About RIETI Privacy Policy Site Policy Site Map Help Contact METI Web Site Research Institute of Economy, Trade and Industry, IAA (JCN 6010005005426)JCN: Japan Corporate Number Opinions expressed or implied on this website are solely those of the author, and do not necessarily represent the views of the Research Institute of Economy, Trade and Industry (RIETI).Titles, numbers, specific names, etc. on this website are as of the date of publication. 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