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....

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...

The currency invoicing patterns of firms in Japan is one of the most interesting research issues, because, unlike other developed countries, it is not the yen but the U.S. dollar that plays a major role in currency invoicing of Japanese trade. However, detailed data on the invoicing choice is...

This paper, through interviews with 12 major Japanese firms, has revealed new "stylized facts" of the Japanese firms' strategy of currency invoicing, foreign exchange risk managements, and price-setting in recent years. It is also investigated whether these stylized facts are consistent with...

In this paper, we present new findings of Japanese firms' exchange rate risk managements based on a questionnaire survey sent to all Tokyo Stock Exchange listed firms in 2009. Using their responses, we conduct empirical analysis to investigate the relation between respective risk management...

In this paper, we estimate Japanese firms' exchange rate exposure and investigate the impact of exchange rate risk management on them. By using the results of the questionnaire survey sent to all Tokyo Stock Exchange listed firms in 2009, we conduct empirical analysis to investigate whether each...

This paper is the first comprehensive research using a questionnaire survey on the choice of invoicing currency with all Japanese manufacturing firms listed in the Tokyo Stock Exchange. Questionnaires were sent out to 920 Japanese firms in September 2009, and 227 firms responded. We present new...

Currency invoicing in Japanese exports has two puzzling patterns concerning an excessively small share of yen invoicing: one is a strong tendency of Japanese firms to choose the importer's currency invoicing in exports to developed countries, and the other is the prevalence of U.S. dollar...