• Search Research Projects
  • Search Researchers
  • How to Use
  1. Back to previous page

How Japanese Firms Accommodate to Yen Appreciation? Exchange Risk Management and Pricing Strategy under Global Value Chains

Research Project

Project/Area Number 19H01504
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypeSingle-year Grants
Section一般
Review Section Basic Section 07060:Money and finance-related
Research InstitutionYokohama National University

Principal Investigator

Kiyotaka Sato  横浜国立大学, 大学院国際社会科学研究院, 教授 (30311319)

Co-Investigator(Kenkyū-buntansha) SHRESTHA N.P.  横浜国立大学, 大学院国際社会科学研究院, 教授 (10647316)
章 沙娟  中央大学, 経済学部, 助教 (20783236)
清水 順子  学習院大学, 経済学部, 教授 (70377068)
Project Period (FY) 2019-04-01 – 2023-03-31
Project Status Completed (Fiscal Year 2023)
Budget Amount *help
¥17,160,000 (Direct Cost: ¥13,200,000、Indirect Cost: ¥3,960,000)
Fiscal Year 2022: ¥3,770,000 (Direct Cost: ¥2,900,000、Indirect Cost: ¥870,000)
Fiscal Year 2021: ¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000)
Fiscal Year 2020: ¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000)
Fiscal Year 2019: ¥4,810,000 (Direct Cost: ¥3,700,000、Indirect Cost: ¥1,110,000)
Keywords輸出価格設定行動 / 為替リスク管理 / 国際価値連鎖 / 産業連関分析 / 貿易建値通貨
Outline of Research at the Start

本研究は、大幅な為替レートの変動に常に直面してきた日本企業が為替変動への「耐久力」を高めてきているのか、すなわち①2007年以降の歴史的な円高局面と2012年末からの急激な円安局面でどのように価格設定行動や為替リスク管理を変化させてきたのか、②アジアを中心とした国際生産ネットワークの構築・発展によって、為替変動が企業の輸出価格設定行動と為替リスク管理に及ぼす影響がどのように変化しているかを分析する。

Outline of Final Research Achievements

This project empirically investigated how Japanese firms have managed foreign exchange risk in response to considerable exchange rate fluctuations. In addition to publicly available data, the project conducted a questionnaire survey with Japanese manufacturing firms to obtain unique firm-level data for empirical analysis. The project was also approved to use the Japan Customs import and export declaration data for empirical investigation. The research outputs were presented at academic conferences and workshops. They were also published as a Discussion/Working Paper and are currently under review by reputed refereed journals.

Academic Significance and Societal Importance of the Research Achievements

国際金融の分野では、輸出企業の価格設定行動や貿易建値通貨選択の実証研究が高い注目を集めており、近年では欧米諸国の税関データを用いた実証研究が盛んに発表されている。本研究は、企業アンケート調査に基づく個票データと、財務省の公募プロジェクトによる日本の輸出入申告統計を用いた実証分析によって、日本企業の貿易建値通貨選択や為替リスク管理に関する最先端の研究成果を発表している。この研究成果は、絶えず為替レートの変動の影響を受ける日本企業にとって、どのような為替リスク管理を行うべきかに関する指針となりうる。また、企業関係者、官公庁の政策担当者、大学生向けに、上記の学術的研究成果を本にまとめて出版している。

Report

(5 results)
  • 2023 Final Research Report ( PDF )
  • 2022 Annual Research Report
  • 2021 Annual Research Report
  • 2020 Annual Research Report
  • 2019 Annual Research Report
  • Research Products

    (34 results)

All 2024 2023 2022 2021 2019 Other

All Int'l Joint Research (9 results) Journal Article (8 results) (of which Int'l Joint Research: 6 results,  Peer Reviewed: 6 results) Presentation (7 results) (of which Int'l Joint Research: 1 results) Book (4 results) Funded Workshop (6 results)

  • [Int'l Joint Research] Columbia University(米国)

    • Related Report
      2022 Annual Research Report
  • [Int'l Joint Research] Sciences Po Aix/Aix Marseille School of Economics/Paris School of Business(フランス)

    • Related Report
      2022 Annual Research Report
  • [Int'l Joint Research] 中国社会科学院(中国)

    • Related Report
      2022 Annual Research Report
  • [Int'l Joint Research] Aix-Marseille University/Sciences Po-Aix(フランス)

    • Related Report
      2021 Annual Research Report
  • [Int'l Joint Research] 中国社会科学院 世界経済研究所(中国)

    • Related Report
      2021 Annual Research Report
  • [Int'l Joint Research] World Bank(米国)

    • Related Report
      2020 Annual Research Report
  • [Int'l Joint Research] 社会科学院(中国)

    • Related Report
      2020 Annual Research Report
  • [Int'l Joint Research] Aix-Marseille University(フランス)

    • Related Report
      2019 Annual Research Report
  • [Int'l Joint Research] 中国社会科学院(中国)

    • Related Report
      2019 Annual Research Report
  • [Journal Article] Invoicing Currency Choice: Strategic Complementarities and Currency Matching2024

    • Author(s)
      Yoshida, Yushi, Junko Shimizu, Takatoshi Ito, Kiyotaka Sato, Taiyo Yoshimi, Uraku Yoshimoto
    • Journal Title

      NBER Working Paper

      Volume: 32276

    • Related Report
      2022 Annual Research Report
    • Int'l Joint Research
  • [Journal Article] Invoice Currency Choice in Intra-Firm Trade: A Transaction-Level Analysis of Japanese Automobile Exports2024

    • Author(s)
      Yoshimi, Taiyo, Uraku Yoshimoto, Kiyotaka Sato, Takatoshi Ito, Junko Shimizu, Yushi Yoshida
    • Journal Title

      NBER Working Paper

      Volume: 32142

    • Related Report
      2022 Annual Research Report
    • Int'l Joint Research
  • [Journal Article] The influence of the renminbi and its macroeconomic determinants: A new Chinese monetary order in Asia?2022

    • Author(s)
      Keddad Benjamin、Sato Kiyotaka
    • Journal Title

      Journal of International Financial Markets, Institutions and Money

      Volume: 79 Pages: 101586-101586

    • DOI

      10.1016/j.intfin.2022.101586

    • Related Report
      2022 Annual Research Report 2021 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Exchange rate pass-through and invoicing currency choice between fixed and floating exchange rate regimes: Evidence from Malawi’s transaction-level data2021

    • Author(s)
      Montfaucon Angella Faith、Sato Kiyotaka、Shrestha Nagendra、Parsons Craig
    • Journal Title

      Economic Analysis and Policy

      Volume: 72 Pages: 562-577

    • DOI

      10.1016/j.eap.2021.09.006

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] A new assessment of economic integration in East Asia: Application of an industry-specific G-PPP model2021

    • Author(s)
      Kawasaki Kentaro、Sato Kiyotaka
    • Journal Title

      Japan and the World Economy

      Volume: 60 Pages: 101105-101105

    • DOI

      10.1016/j.japwor.2021.101105

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Global and regional shock transmission: an Asian perspective2021

    • Author(s)
      Shrestha Nagendra、Sato Kiyotaka
    • Journal Title

      Journal of Economic Structures

      Volume: 10 Issue: 1 Pages: 1-25

    • DOI

      10.1186/s40008-021-00257-1

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Firm predicted exchange rates and nonlinearities in pricing-to-market2019

    • Author(s)
      Nguyen Thi-Ngoc Anh、Sato Kiyotaka
    • Journal Title

      Journal of the Japanese and International Economies

      Volume: 53 Pages: 101035-101035

    • DOI

      10.1016/j.jjie.2019.101035

    • NAID

      210000172937

    • Related Report
      2019 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Invoice currency choice, nonlinearities and exchange rate pass-through2019

    • Author(s)
      Nguyen Thi-Ngoc Anh、Sato Kiyotaka
    • Journal Title

      Applied Economics

      Volume: 52 Issue: 10 Pages: 1048-1069

    • DOI

      10.1080/00036846.2019.1650884

    • Related Report
      2019 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Presentation] Nonlinear ARDL Estimation of Exchange Rate Pass-Through in Japanese Exports: Any Difference between Yen Appreciation and Depreciation Periods?2023

    • Author(s)
      Nan Liu and Kiyotaka Sato
    • Organizer
      The 18th International Convention of the East Asian Economic Association (EAEA)
    • Related Report
      2022 Annual Research Report
  • [Presentation] What Determines the Exchange Rate Exposure of Vietnamese Firms?2023

    • Author(s)
      Phuong Thao Nguyen and Kiyotaka Sato
    • Organizer
      The 18th International Convention of the East Asian Economic Association (EAEA)
    • Related Report
      2022 Annual Research Report
  • [Presentation] Foreign Exchange Liberalization and Exchange Rate Exposure: Firm-Level Evidence of the Japanese Automobile Industry2023

    • Author(s)
      Teru Nishikawa and Kiyotaka Sato
    • Organizer
      The 18th International Convention of the East Asian Economic Association (EAEA)
    • Related Report
      2022 Annual Research Report
  • [Presentation] Green Trade and Environment: Evidence for Asia-Pacific Economic Cooperation (APEC)2022

    • Author(s)
      Luu Hai Dang and Kiyotaka Sato
    • Organizer
      The 17th East Asian Economic Association International Convention (EAEA)
    • Related Report
      2022 Annual Research Report
  • [Presentation] Green Trade and Environment: Evidence for Asia-Pacific Economic Cooperation (APEC)2022

    • Author(s)
      Luu Hai Dang and Kiyotaka Sato
    • Organizer
      17th East Asian Economic Association International Convention
    • Related Report
      2021 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Invoice Currency Choice in Malawi’s Imports from Asia: Is There Any Evidence of Renminbi Internationalization?2019

    • Author(s)
      Lapukeni, Angella Faith and Kiyotaka Sato
    • Organizer
      RIETI-IWEP-CESSA Joint-Workshop on "Current Issues in the World Economy: Exchange Rate, Invoice Currency, Price Transmission and Localization"
    • Related Report
      2019 Annual Research Report
  • [Presentation] Do Exchange Rates Matter in Global Value Chains?2019

    • Author(s)
      Sato, Kiyotaka and Shajuan Zhang
    • Organizer
      YNU-AMSE Joint Workshop “Exchange Rate, Trade, and Productivity in Asia and the World”
    • Related Report
      2019 Annual Research Report
  • [Book] 円の実力:為替変動と日本企業の通貨戦略2023

    • Author(s)
      佐藤清隆
    • Total Pages
      276
    • Publisher
      慶應義塾大学出版会
    • Related Report
      2022 Annual Research Report
  • [Book] 悪い円安 良い円安:なぜ日本経済は通貨安におびえるのか2022

    • Author(s)
      清水順子
    • Total Pages
      200
    • Publisher
      日経BP 日本経済新聞出版本部
    • Related Report
      2022 Annual Research Report
  • [Book] 悪い円安 良い円安2022

    • Author(s)
      清水順子
    • Total Pages
      200
    • Publisher
      日経BP 日本経済新聞出版
    • ISBN
      4296115626
    • Related Report
      2021 Annual Research Report
  • [Book] 日本企業の為替リスク管理:通貨選択の合理性・戦略・パズル2021

    • Author(s)
      清水 順子、伊藤 隆敏、鯉渕 賢、佐藤 清隆
    • Total Pages
      288
    • Publisher
      日経BP 日本経済新聞出版本部
    • ISBN
      9784532135188
    • Related Report
      2020 Annual Research Report
  • [Funded Workshop] RIETI-IWEP-CESSA International Workshop (Online) on “Exchange Rate and International Currency”2023

    • Related Report
      2022 Annual Research Report
  • [Funded Workshop] RIETI-IWEP-CESSA International Workshop (Online) on “Exchange Rate and International Currency”2023

    • Related Report
      2021 Annual Research Report
  • [Funded Workshop] French-Japanese Webinar in Economics (FJWE)2022

    • Related Report
      2022 Annual Research Report
  • [Funded Workshop] French-Japanese Webinar in Economics (FJWE)2022

    • Related Report
      2021 Annual Research Report
  • [Funded Workshop] RIETI-IWEP-CESSA Joint-Workshop on "Current Issues in the World Economy: Exchange Rate, Invoice Currency, Price Transmission and Localization"2019

    • Related Report
      2019 Annual Research Report
  • [Funded Workshop] YNU-AMSE Joint Workshop on “Exchange Rate, Trade, and Productivity in Asia and the World”2019

    • Related Report
      2019 Annual Research Report

URL: 

Published: 2019-04-18   Modified: 2025-01-30  

Information User Guide FAQ News Terms of Use Attribution of KAKENHI

Powered by NII kakenhi