1993 Fiscal Year Final Research Report Summary
A COMPREHENSIVE STUDY ON THE TREATMENT OF FOREIGN CURRENCIES
| Project/Area Number |
04451097
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| Research Category |
Grant-in-Aid for General Scientific Research (B)
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| Allocation Type | Single-year Grants |
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| Research Field |
Civil law
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| Research Institution | THE UNIVERSITY OF TOKYO |
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Principal Investigator |
ISHIGURO Kazunori THE UNIVERSITY OF TOKYO FACULTY OF LAW PROFESSOR, 法学部, 教授 (00009854)
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| Project Period (FY) |
1992 – 1993
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| Keywords | FOREIGN CURRENCY / MONETARY SOVEREIGNTY / CLAIMS UNDER THE LOCAL CURRENCY / TIME OF CONVERSION / SCHADENSWAHRUNG / CROSS-BORDER SET-OFF |
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| Research Abstract |
THE TREATMENT OF FOREIGN CURRENCIES UNDER THE JAPANESE LAW HAS BEEN KEPT IN A GREAT CONFUSION,ALTHOUGH THE JAPANESE FINANCIAL INSTITUTIONS ARE VERY ACTIVE IN FOREIN,ESPECIALLY IN EURO-CURRENCY MARKETS.ONE OF THE MAIN REASON FOR THAT UNCERTAINTY IS THE SIMPLE SEPARATION PREVAILING IN JAPAN BETWEEN DOMESTIC AND INTERNATIONAL MATTERS.UNDER THE JAPANESE LAW,ALMOST EVERYBODY THINKS THAT DAMAGES IN TORTS CASES MUST BE CLAIMED IN YEN (THE JAPANESE CURRENCY), FOLLOWING AN OLD COURT CASE.HOWEVER,THE REASON FOR THAT TREATMENT IS NOT ENOUGH.IN ENGLAND,MORE THAN 400 YEARS,SIMILAR TREATMENT HAD BEEN ADOPTED BY COURTS,BUT IT WAS SWEPT AWAY.THERE WAS A VERY INTERESTING DEVELOPMENTS IN THE U.S.A.AND CANADA,TOO.IN THIS STUDY,I CONCLUDED THAT THERE WAS NO REASON TO SUPPORT THE ABOVE-MENTIONED TREATMENT,AND THAT,AS IN CONTRACT CASES,FOREIGN CURRENCY CLAIMS IN TORTS SHOULD BE ADMITTED.
UNDER THE JAPANESE LAW,THERE HAS BEEN NO NOTION OF "SCHADENSWAHRUNG". THAT HAS BEEN THE CAUSE OF WINDFALL PROFITS IN CASES INVOLVING FOREIGN CURRENCIES.IN THIS STUDY,I CONCLUDED,UNDER A COMPARATIVE STUDY,THAT SUCH A NOTION SHOULD BE INTRODUCED IN THE JAPANESE LAW,TOO,AND THE CURRENCY UNDER WHICH THE DAMAGES HAD BEEN FELT MUST BE IDENTIFIED IN COURT PPOCEEDINGS.
THESE ISSUES ARE THE EXAMPLES WHICH MUST BE CLARIFIED AS THE PREREQUISITES FOR CONFLICT-OF-LAWS PROBLEMS.THE LATTER ASPECTS OF THE JAPANESE LAW WERE CLARIFIED IN THIS STUDY,TOO.THE TREATMENT OF THE JAPANESE AND FOREIGN TAX CLAIMS IN CROSS-BORDER BANKRUPTCY CASES IS ONE OF THE MAJOR ISSUES TREATED IN THIS STUDY.
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Research Products
(4 results)
