2026.06.19（金）AGIセミナー「New Evidence of Japanese Exporters’ Currency Invoicing Behavior」（オンライン）

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日時

令和8年6月19日（金）14：00～16：00
※終盤は質疑応答の予定です。

講師

横浜国立大学大学院国際社会科学研究院教授
佐藤清隆氏

テーマ

New Evidence of Japanese Exporters’ Currency Invoicing Behavior

要旨

It is widely recognized that the U.S. dollar (USD) is the most commonly used invoice currency for Japanese exports. We present new evidence that, in practice, most Japanese firms invoice their exports in Japanese yen (JPY). Specifically, smaller Japanese firms tend to choose JPY-invoiced exports, while very large firms with global production networks prefer to invoice in USD. Using fixed-effect panel estimation, we show that intra-firm and arm’s-length export transactions are invoiced differently. Large Japanese firms typically export to overseas subsidiaries in USD or the importer’s currency to insulate them from exchange rate risk. Within their global network, large firms tend to centralize group-wide foreign exchange management through operational hedging, offsetting USD-invoiced import payments with export revenues. In contrast, smaller Japanese firms with fewer overseas subsidiaries are unlikely to employ group-wide foreign exchange management and are more likely to opt for JPY-invoiced exports due to their limited capacity for financial hedging.