Japanese exporters' choice of invoice currencies is investigated using newly available official Customs declaration data, which records detailed information, including the trading partners' names, invoicing currency, and product descriptions. The strategic complementarity mechanism, that is,...

This study empirically investigates how the invoice currency choice differs between intra-firm and arm's-length exports. We also examine whether other firm- and product-level characteristics affect the choice of invoice currency. This study is the first to be granted access to highly...