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Yen's Challenge in Asia: Role as an International Currency

Research Project

Project/Area Number 15K03548
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Money/ Finance
Research InstitutionGakushuin University

Principal Investigator

SHIMIZU JUNKO  学習院大学, 経済学部, 教授 (70377068)

Co-Investigator(Renkei-kenkyūsha) Institute of World Economics and Politics(IWEP), Chinese Academy of Social Sciences(CASS)  
ASEAN+3 Macroeconomic Research Office(AMRO)  
Research Collaborator Sun Jie  IWEP, CASS, Professor
Lee Jae Young  AMRO, Group Head and Lead Economist
Choi Jinho  AMRO, Senior Specialist
Project Period (FY) 2015-04-01 – 2019-03-31
Project Status Completed (Fiscal Year 2018)
Budget Amount *help
¥2,990,000 (Direct Cost: ¥2,300,000、Indirect Cost: ¥690,000)
Fiscal Year 2017: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2016: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2015: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Keywords円の国際化 / 貿易建値通貨 / 為替リスク / 基軸通貨 / セーフティネット / チェンマイイニシアチブ / 為替協調政策 / 流動性供給 / 準備通貨 / 決済通貨 / 人民元の国際化 / 通貨スワップ / 通貨政策 / アジア / 域内金融協力 / 為替制度 / 貿易建値 / 現地通貨建て / 直接交換市場 / オフショア市場 / クリアリングバンク
Outline of Final Research Achievements

The purpose of this research is to clarify what kind of internationalization strategy will be needed if the yen plays a role as a key currency in Asia.  In 2018, which was extended from the final year, Shimizu focused on the possibility of the yen as a reserve currency, and conducted research from the perspective of the safety-net in Asia.
The AMRO collaboration research on the role of Asian currency in the Chiang Mai Initiative (CMIM) conducted by Shimizu with researchers from China, Korea, and Thailand, further heightens the use of Asian currencies including yen and yuan for trade settlement in the region. As a results, we conclude that such an expanding of local currency usage promote a possibility of using yen and yuan in CMIM, which is a safety-net in Asia currently built in US dollars. Among Asian countries, there are countries that have Bilateral Swap Agreements with Japan in terms of the Yen also will be expected to play a significant role in supporting Yen’s role in Asia.

Academic Significance and Societal Importance of the Research Achievements

昨今の米中貿易摩擦により米ドル基軸が揺らいでいる中で、円をはじめとするアジア通貨の域内利用促進を図る本研究の重要性は高い。シンガポールを中心に行ったインタビュー調査やアジア各国の研究者との共同研究により、アジア通貨利用が域内貿易決済を中心として徐々に拡大していることが確認された。このような傾向が続けば、現在ある金融危機対応としての米ドル建て流動性供給の仕組みであるチェンマイ・イニシアチブに加えて、域内のセーフティネットとしての円や人民元の役割が期待されるだろう。本研究の成果は、今後アジア各国が過度なドル依存から脱却し、域内での為替協調政策を推進する上で大きな貢献となるだろう。

Report

(5 results)
  • 2018 Annual Research Report   Final Research Report ( PDF )
  • 2017 Research-status Report
  • 2016 Research-status Report
  • 2015 Research-status Report
  • Research Products

    (28 results)

All 2019 2018 2017 2016 2015 Other

All Int'l Joint Research (3 results) Journal Article (9 results) (of which Int'l Joint Research: 2 results,  Peer Reviewed: 9 results,  Open Access: 6 results,  Acknowledgement Compliant: 1 results) Presentation (10 results) (of which Int'l Joint Research: 2 results,  Invited: 3 results) Book (1 results) Remarks (5 results)

  • [Int'l Joint Research] ASEAN+3 Macro Economic Research Office(シンガポール)

    • Related Report
      2018 Annual Research Report
  • [Int'l Joint Research] AMRO(ASEAN, China, Korea)

    • Related Report
      2017 Research-status Report
  • [Int'l Joint Research] 中国社会科学院 世界経済・政治研究所(中国)

    • Related Report
      2015 Research-status Report
  • [Journal Article] 日本の輸出企業の為替リスク管理とその効果の検証2019

    • Author(s)
      清水順子 佐藤清隆
    • Journal Title

      フィナンシャル・レビュー

      Volume: 136 Pages: 78-99

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Effects of US Interest Rate Hikes and Global Risk on Daily Capital Flows in Emerging Market Countries2019

    • Author(s)
      Eiji Ogawa, Junko Shimizu and Luo Pengfei
    • Journal Title

      RIETI Discussion Paper

      Volume: 19-E-019 Pages: 1-107

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] 33.日本企業の為替リスク管理とインボイス通貨選択:「2017年度日本企業の貿易建値通貨の選択に関するアンケート調査」結果2018

    • Author(s)
      伊藤 隆敏氏、鯉渕 賢氏、佐藤 清隆、清水順子
    • Journal Title

      RIETI Discussion Paper

      Volume: 18-J-025 Pages: 1-86

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] International use of the renminbi for invoice currency and exchange risk management: Evidence from the Japanese firm-level data2018

    • Author(s)
      Sato Kiyotaka、Shimizu Junko
    • Journal Title

      The North American Journal of Economics and Finance

      Volume: 46 Pages: 286-301

    • DOI

      10.1016/j.najef.2018.04.013

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Regional Integration and Use of Local Currencies in the Region2018

    • Author(s)
      Junko Shimizu, Jae Young Lee and Jinho Choi
    • Journal Title

      AMRO Thematic Studies

      Volume: Chapter 2 Pages: 1-40

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] A currency basket and future exchange rate arrangements in Asia2018

    • Author(s)
      Shimizu Junko、Sato Kiyotaka
    • Journal Title

      Economic and Political Studies

      Volume: 6 Issue: 1 Pages: 53-68

    • DOI

      10.1080/20954816.2018.1426360

    • Related Report
      2017 Research-status Report
    • Peer Reviewed
  • [Journal Article] The International Use of the Renminbi: Evidence from Japanese firm-level data2018

    • Author(s)
      Kiyotaka Sato and Junko Shimizu
    • Journal Title

      North American Journal of Economics and Finance

      Volume: 印刷中

    • Related Report
      2017 Research-status Report
    • Peer Reviewed
  • [Journal Article] Industry-Specific Exchange Rate Volatility and Intermediate Goods Trade in Asia2016

    • Author(s)
      Sato, Kiyotaka, Junko Shimizu, Nagendra Shrestha and Shajuan Zhang
    • Journal Title

      Scottish Journal of Political Economy

      Volume: 63(1) Issue: 1 Pages: 89-109

    • DOI

      10.1111/sjpe.12112

    • Related Report
      2016 Research-status Report
    • Peer Reviewed / Open Access / Int'l Joint Research / Acknowledgement Compliant
  • [Journal Article] Exchange Rate Exposure and Risk Management: The Case of Japanese Exporting Firms2016

    • Author(s)
      Takatoshi Ito, Satoshi Koibuchi, Kiyotaka Sato and Junko Shimizu
    • Journal Title

      Journal of the Japanese and International Economies

      Volume: 41 Pages: 17-29

    • DOI

      10.1016/j.jjie.2016.05.001

    • NAID

      210000172711

    • Related Report
      2016 Research-status Report
    • Peer Reviewed / Int'l Joint Research
  • [Presentation] RFAs in the Global Ecosystem of Surveillance2019

    • Author(s)
      Junko Shimizu
    • Organizer
      Lessons from CMIM-AMRO for the Global Financial Safety Net A Workshop Funded by the Japan Foundation Center for Global Partnership, Boston University
    • Related Report
      2018 Annual Research Report
    • Invited
  • [Presentation] 日本企業の為替リスク管理とインボイス通貨選択:「2017 年度日本企業の貿易 建値通貨の選択に関するアンケート調査」2018

    • Author(s)
      清水順子
    • Organizer
      日本金融学会2018年度秋季大会(名古屋市立大学)
    • Related Report
      2018 Annual Research Report
  • [Presentation] AMRO Collaborative Research: Regional Integration and Use of Local Currencies in the Region2018

    • Author(s)
      Junko Shimizu
    • Organizer
      AMRO Task Force Retreat Meeting in Seoul
    • Related Report
      2018 Annual Research Report
  • [Presentation] Prospect of Local Currencies’ Usage in Asia - Exploring possibility of CMIM contribution by local currencies -2018

    • Author(s)
      Junko Shimizu
    • Organizer
      Political Economy of Asia’s Monetary and Financial Landscape
    • Related Report
      2017 Research-status Report
    • Invited
  • [Presentation] Internationalization of the yen: where has it gone?2017

    • Author(s)
      JunkoShimizu
    • Organizer
      Hitotsubashi University and IMF Joint Seminar
    • Place of Presentation
      ANA Intercontinental, Tokyo
    • Year and Date
      2017-03-09
    • Related Report
      2016 Research-status Report
    • Int'l Joint Research
  • [Presentation] Use of the Renminbi: Evidence from Japanese firm-level data2016

    • Author(s)
      JunkoShimizu
    • Organizer
      ECN-YNU International Conference
    • Place of Presentation
      横浜国立大学
    • Year and Date
      2016-07-08
    • Related Report
      2016 Research-status Report
    • Int'l Joint Research
  • [Presentation] The International Use of the Renminbi: Evidence from Japanese firm-level data2016

    • Author(s)
      JunkoShimizu
    • Organizer
      日本金融学会2016年度春季大会(武蔵大学)
    • Place of Presentation
      武蔵大学
    • Year and Date
      2016-05-14
    • Related Report
      2016 Research-status Report
  • [Presentation] The International Use of the Renminbi:Evidence from Japanese Firm-Level Data2016

    • Author(s)
      清水順子
    • Organizer
      日本金融学会2016年度春季大会
    • Place of Presentation
      武蔵大学
    • Year and Date
      2016-05-14
    • Related Report
      2015 Research-status Report
  • [Presentation] 国際マクロから考える日本経済の課題2016

    • Author(s)
      清水順子
    • Organizer
      RIETI政策シンポジウム:日本経済を新たな成長軌道へ-エビデンスに基づくグランドデザイン
    • Place of Presentation
      経済産業研究所
    • Year and Date
      2016-02-18
    • Related Report
      2015 Research-status Report
    • Invited
  • [Presentation] The International Use of the Renminbi:Evidence from Japanese Firm-Level Data2015

    • Author(s)
      Junko Shimizu
    • Organizer
      RIETI-IWEP-CESSA Joint-Workshop
    • Place of Presentation
      経済産業研究所
    • Year and Date
      2015-12-14
    • Related Report
      2015 Research-status Report
  • [Book] Managing Currency Risk: How Japanese Firms Choose Invoicing Currency Managing Currency Risk: How Japanese Firms Choose Invoicing Currency2018

    • Author(s)
      T. Ito, S. Koibuchi, K. Sato and J. Shimizu
    • Total Pages
      224
    • Publisher
      Edward Elgar
    • Related Report
      2017 Research-status Report
  • [Remarks] Asia and the CMIM

    • URL

      http://www.amro-asia.org/asia-and-the-cmim-in-the-evolving-international-monetary-system/

    • Related Report
      2018 Annual Research Report
  • [Remarks] Local Currency Contribution to the CMIM

    • URL

      https://amro-asia.org/local-currency-contribution-to-the-chiang-mai-initiative-multilateralisation/

    • Related Report
      2018 Annual Research Report
  • [Remarks] Asia and the CMIM in the Evolving IMS

    • URL

      http://www.amro-asia.org/asia-and-the-cmim-in-the-evolving-international-monetary-system/

    • Related Report
      2017 Research-status Report
  • [Remarks] RIETI-IWEP-CESSA Joint-Workshop

    • URL

      http://www.rieti.go.jp/jp/events/15121401/info.html

    • Related Report
      2015 Research-status Report
  • [Remarks] 第30回外国為替等分科会:香港・上海出張報告

    • URL

      https://www.mof.go.jp/about_mof/councils/customs_foreign_exchange/sub-foreign_exchange/proceedings/material/gai20160323/02.pdf

    • Related Report
      2015 Research-status Report

URL: 

Published: 2015-04-16   Modified: 2020-03-30  

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