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

2018 Fiscal Year Final Research Report

• Project/Area Number: 15K03548
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Money/ Finance
• Research Institution: Gakushuin 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
• 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

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.

Free Research Field

国際金融

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。