Invoicing-Currency Effects in the Pricing of Japanese Exports of Manufactures
The ratio of Japanese export prices to the domestic output price of manufacturers is sensitive to the real exchange rate of the U.S. dollar as well as to that of the yen in the short run. In the long run, however, only the yen real exchange rate is significant. These findings are attributed to the use of the U.S. dollar as an invoicing currency for a large proportion of Japanese exports (even those destined for non-U.S. markets), in conjunction with lags between price-setting and delivery.
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Volume (Year): 30 (1997)
Issue (Month): 4 (November)
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