The monetary authorities in East Asian countries have been strengthening their regional monetary cooperation since the Asian Currency Crisis in 1997. In this paper, we propose a deviation measurement for coordinated exchange rate policies in East Asia to enhance the monetary authorities'...

The monetary authorities in East Asian countries have been strengthening their regional monetary cooperation since the Asian Currency Crisis in 1997. In this paper, we propose a deviation measurement for coordinated exchange rate policies in East Asia to enhance the monetary authorities'...

This publication is in Japanese. Neither an English translation of the publication nor an English abstract is available.

Ogawa and Shimizu (2005, 2006a) have proposed a possible way to create an Asian Monetary Unit (AMU) as a weighted average of the thirteen East Asian currencies (ASEAN + China, Japan, and Korea) and developed AMU Deviation Indicators for a surveillance process under the Chiang Mai Initiative....

In this paper, we investigate export competitiveness based on unit labor costs (ULCs) and nominal effective exchange rates (NEERs) for Japan, China, and Korea for the 12 two-digit manufacturing industries for the period 2001-2009. Japan's ULCs either are relatively stable or declining in most...

This paper provides a summary of the invoice currency choice and the exchange rate risk management of Japanese overseas subsidiaries based on the questionnaire survey sent and responded in August 2010. Our survey results show that the growing overseas production and sales network promotes U.S....

We estimate the equilibrium exchange rate (EER) of the Chinese renminbi (RMB) vis-a-vis the U.S. dollar from 1992 to 2008. In contrast to the recent empirical studies on the EER employing a large cross-country analysis, we focus on the supply side real factors in estimating the EER by extending...

The sharp depreciation of the yen from the end of 2012 was expected to have a positive impact on the Japanese trade balance, since Japan had recorded large trade deficits since the Great East Japan Earthquake in March 2011. Trade balance tends to deteriorate at the beginning due to the J-curve...

Prime Minister Shinzo Abe's economic stimulus package, Abenomics, depreciated the yen sharply from the end of 2012, which was expected to have a positive impact on Japan's trade balance. Contrary to the J-curve effect, however, Japan's trade balance has not shown any signs of improvement, even...

This paper examines the firm-level pricing behavior of Japanese exports to present new evidence and determinants of an invoice currency. We interviewed twenty-three major Japanese exporting firms to collect information on their currency invoicing behavior and also on their explicit...