| THE INTERNATIONAL CENTRE FOR THE STUDY OF EAST ASIAN DEVELOPMENT |
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〈ワーキング・ペーパー〉 ICSEAD Working Paper Series 2001 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1997-1998 Note) The ICSEAD Working Paper Series include papers in Japanese.
Vol. 2001-38
This paper investigates whether the recent increase in financial interdependence between Japan and East Asia has served to facilitate the international use of the yen in the East Asian region, by investigating not only the changing patterns of capital flows between Japan and the East Asian region but also the currency denomination of these flows. Japan's balance of payments with the East Asian region are also examined to clarify whether Japan has played a role of financial intermediary in terms of the yen to the region. We reveal that the use of the yen in financial transactions is in fact far smaller than the casual observation, and discuss what impedes the yen-denominated transactions in the East Asian region. We emphasize that the further use of the yen in trade transactions is particularly important for the yen internationalization in the region, by analogy with the internationalization of the Deutsche Mark.
Vol. 2001-37
This paper assesses the empirical suitability of the East Asian economies for potential monetary integration. The structural vector autoregression (VAR) method is employed to identify the underlying shocks using a three-variable VAR model across the East Asian economies. We use the estimates of the EEC as a benchmark to compare the size of the underlying shocks and the speed of adjustment to shocks in both regions to determine the feasibility of an optimum currency area (OCA) in East Asia. The empirical results do not display strong support for forming an OCA in the East Asian region. The results do imply, however, that some small sub-regions are potential candidates for OCAs, since their disturbances are correlated and small and these economies adjust rapidly to shocks.
Vol. 2001-36
Rules of origin are a necessary part of every free trade area (FTA), because member countries maintain independent tariff and non-tariff barriers against non-members. This paper examines the effects of restrictive rules of origin in a model of oligopoly with quotas on imports from non-members in a FTA in order to investigate the possibility of using rules of origin as a strategic trade policy. Specifically, the ability of firms within the FTA to capture profits and the effect of the FTA on profits of non-member firms is examined. This paper shows that although the restrictiveness of the quota does not change at all, profits earned by firms from non-member countries as a result of the quota are reduced by rules of origin.
Vol. 2001-35
Rules of origin and their discriminating treatments are likely to become increasingly important issues with the proliferation of preferential trading arrangements (PTAs) in recent years. This paper investigates the effects of PTAs with rules of origin on industrial location and welfare of member and non-member countries. First, a static general equilibrium model based on economic geography is developed to explore possible outcomes. The role of tariff preferences and rules of origin governing the eligibility of producers to enjoy the preferences play an important role on producers’ location decisions in this model. This paper shows that the restrictive rules of origin produce the distortion cost to the manufactured good producers and always reduce economic welfare. Therefore, the rules are necessary but they must be achievable to the manufactured good producers.
Vol. 2001-34
近年では，「世界の工場」になりつつある中国を発着する輸出入貨物は急増している。華南地域に加え，華東，華北，東北地域の主要省を含む環黄海地域の輸出入貿易の伸びも急激である。しかし中国（特に環黄海地域）の対外輸送は，中枢港の整備と関連サービスが依然として需要に追いついていないため，香港，釜山，神戸，高雄など周辺諸国（地域）の主要港での中継を必要としている。本稿は，東アジア関係港湾が大きな関心を持っている中国企業の國際中継港選択行動に焦点を当てて，1997年と1999年の２時点の調査データを用い，ロジットモデル分析を行った。同分析結果からは次のことが分かった。1) 荷主の中継港選択行動に対して，条件変数（港湾利用コスト変数と港湾取扱能力変数）が互いに反対方向の影響を与えている。中継港選択確率の条件変数弾力性が低いものの，上昇する傾向がある。2)貿易相手の地域属性が企業の中継港選択行動に重要かつ安定な影響を与えている。北米や日本向け（から）の貨物を輸出入する企業は，釜山および神戸での中継を選択する確率が高いことに対して，欧州・東南アジアなど地域向け（から）の貨物を輸出入する企業は，香港を選好する。3)貨物の特性も企業の中継港選択行動に影響を与えている。電子・機械製品の輸出入企業が香港港を選好することに対して，農水産品や繊維製品など非機械製品の輸出入企業が利用コストの低い釜山港を選好する。
Vol. 2001-33
This paper investigates how rules of origin imposed on a vertically integrated multinational firm's subsidiary affect output and welfare under a Cournot competition. Two types of rules are investigated: one requiring the multinational firm's subsidiary a minimum ratio of expenditures on its domestic intermediate inputs to those on its total intermediate inputs, and the other requiring a minimum ratio of the subsidiary's expenditures on domestic components to its total revenue. It is shown that both types of rules lead the multinational firm to shift their component factories from the source country to the host country. However, they may have the opposite effects on output of the final good. Furthermore, when the domestic firm has higher marginal cost than the multinational firm's subsidiary, the second type of rule of origin can increase both domestic and foreign welfare.
Vol. 2001-32
This paper describes the major channels through which imported technologies from the advanced countries are transferred to Indonesia and then tries to assess the extent to which each of these channels has contributed to the development of local technological capabilities (TCs). The development of these TCs is crucial to raise the international competitiveness of Indonesia's manufacturing sector, which has emerged as the major engine of Indonesia's economic growth and the major source of export earnings after the end of the oil boom era in the early 1980s. Based on several micro studies at the firm-level, this paper finds that the major channels of technology transfer to Indonesia, including foreign direct investment, technical licensing agreements, capital goods imports and participation in world trade, have generally contributed to the basic operational (production) capabilities, and occasionally also the acquisitive (investment) and adaptive (minor change) capabilities. None of these channels, however, has been able to encourage firms, whether FDI firms or local firms, to develop the more demanding innovative (major change) capabilities. To achieve this goal, two basic conditions are needed, namely a proper incentive system, including sound macro-economic policies and pro-competition policies, and a greater and better investment in human resources in order to raise the 'supply-side capabilities' of the firms.
Vol. 2001-31
The purpose of this paper is to compare labor productivity in local plants and plants of foreign multinational corporations (MNCs) by nationality in Thai manufacturing in 1996 and 1998. Differences between nationality groups of foreign MNCs and local plants are statistically insignificant in the vast majority of year-industry-nationality group combinations examined. The results for the relatively few cases in which statistically significant differences were observed suggest a weak tendency for MNCs from Europe, Japan, and the United States to have relatively high labor productivity. However, even when significant differences are observed, there is little consistency in productivity differentials across years, industries, or nationality groups, and a few significant differentials are negative. This makes it very difficult to provide a meaningful economic explanation for the pattern of differentials that is observed and suggests that differentials between foreign nationality groups and local plants may have little economic relationship to the nationality of foreign plants. In this respect, the results of this study are consistent with results from previous studies, which reveal relatively large variation in the relationship between foreign ownership, however measured, and labor productivity in Thai manufacturing, depending on foreign ownership type, labor type, industry, plant size, and year.
Vol. 2001-30
The primary goal of this paper is to examine how the roles of foreign MNCs in Hawaii, and Japanese MNCs in particular, have changed over the last 2 decades. The major findings are (1) foreign MNCs are relatively large in Hawaii by U.S. standards, but not that large by internationalstandards, (2) large increases in fixed investment by foreign MNCs were an important element of large increases in aggregate demand in the late 1980s and early 1990s and were both a cause and result of increased economic growth in this period, (3) the scale of foreign MNC activities in Hawaii has trended downwards in recent years and the decline has been much larger if measured in terms of fixed asset stocks than in terms of employment, and (4) tourism-related investments by JapaneseMNCs, in particular commercial property investments, continue to dominate the activities of foreign MNCs in Hawaii, even though Japanese MNCs have apparently been selling off numerous properties in recent years.
Vol. 2001-29
This study examines the relationship between Japan's manufactured exports to individual markets and the economic activities of foreign manufacturing affiliates of Japanese multinational corporations (MNCs) and U.S. MNCs in those markets. First, the relationship s between Japanese export levels and employment in foreign affiliates of Japanese MNCs are analyzed in the context of a typical gravity model explaining the cross-country variation of Japan's manufacturing exports.Second, the paper examines the effects of the presence of affiliates of U.S. MNCs on Japanese export levels. And third, it analyzes the relation of changes in Japanese exports to levels of and changes inemployment in Japanese and U.S. MNC affiliates. The level of Japan's manufactured exports to a country is almost always positively related to employment in foreign manufacturing affiliates of Japanese MNCs there. There is no evidence that Japanese-owned host country production replaces Japanese exports. However, production by U.S. MNC affiliates in a country often tends to reduce Japanese exports to that market. In some industries and periods, the initial level of Japanese affiliate employment, or changes in Japanese affiliate employment, are positively and significantly correlated with changes in Japan'sexports, and there are no cases of significant negative relationships. The predominant effect of U.S. affiliates' presence on changes in Japanese exports to a country is negative, but the evidence for thateffect is not strong.
Vol. 2001-28
Abstract not available
Vol. 2001-27
Abstract not available
Vol. 2001-26
This paper analyzes wage differentials between local plants and MNC plants in the Thai manufacturing sector at each industry level, focusing on the different effects of capital types (machinery capital and office equipment capital) and trade status on wages between local plants and MNC plants. First, this paper finds that the existence of positive wage differentials tend to be conspicuous in the plant groups with small machinery capital share and in the less exporting plant groups. However, the wage differentials tend to disappear in the plant groups with large machinery capital share and the more exporting plant groups. Then, the existence of wage differentials is associated with plant-specific effects rather than industry-specific effects. Second, this paper finds that the effects of capital types and trade on wage levels are different between the local plant group and the MNC plant group. Third, combined with those two findings, positive wage differentials disappear in the plant groups with large machinery capital share because MNC plants with large machinery capi-tal share tend to pay lower wages. The positive wage differentials also disappear with the more ex-porting plant groups partly because more exporting local plants tend to pay higher wages, or partly because more exporting MNC plants tend to pay lower wages.
Vol. 2001-25
Abstract not available
Vol. 2001-24
Abstract not available
Vol. 2001-23
Japan and Singapore are expected to sign a free trade agreement (FTA) by April 2002. This paper provides a preliminary assessment of the Japan-Singapore FTA using an 18-region, 15-sector dynamic computable general equilibrium (CGE) model. Bilateral removal of trade barriers in all sectors other than agriculture and food and reductions in customs costs are incorporated in the scenarios. In the absence of positive spillovers to productivity, the FTA is estimated to have a negligible impact. Were the FTA to raise total factor productivity via network externalities within and between the trading partners, the potential benefits of the trade agreement would increase substantially. Furthermore, the relative degree of trade diversion would be significantly smaller in the latter scenario.
Vol. 2001-22
China has experienced a huge economic transformation due to economic reform. First, was the ownership transformation. In the process of China's economic transformation from planned economy to market economy, the state-owned enterprises (SOEs) became more and more incompetent and weak, decreased in size and were replaced by other sectors, such as Joint Ventures, wholly Foreign-owned enterprises, private companies, and TVEs (Towns and Village Enterprises). Second, was economic structure transformation from agriculturally dominated economy to an industrial and service one. During this process, there was a huge labor migration, especially rural laborers moved into cities. It was estimated that there were more than 80 million rural populations on the move, among which 20-30% lived in 25 cities with population over 1 million. The report has 5 parts. The first part is a macro economic analysis of rural migrants' background. The second part presents the cause of rural migrants. The third and fourth parts are the effects of rural migrants on rural and urban economy respectively. The final part shows a brief conclusion and the effects of rural migrants on the China's economy. In our paper, we concluded the relationship between rural labor migration and economic transformation in China, the consumption level of rural migrants, as well as, the effects of rural migrants on rural and urban economy. First, rural migrants formation was a coincidence with China's major economic transformation, such as industrial structure transition and ownership structure transition. Thus the non-government sectors and the tertiary industry became the main absorption of laborers, including rural migrants absorption. Rural migrants were also the result of push-pull factors from rural and urban areas, mainly due to the large income gap between rural and urban areas. Second, rural migrants contributed a lot of remittance to their rural households, which increased the incomes of rural households. According to our survey, there was obvious difference in income and operation between rural households with and without rural migrants, between relatively developed rural areas and less developed areas. Third, rural migrants lowered labor cost in urban cities. They normally worked in traditional service sectors (informal sector) such as construction, peddlers, daily fast food and household service s etc. Various researches suggested that the urban labor market was divided by the formal labor market and informal labor market. Instead of competing the same jobs with urban local labor forces, rural migrants tended to be employed in different types of employment. Even if the rural labors were employed by SOEs and COEs, they would not be treated the same as the local employees. Their wages were relatively lower than that of local employees. They also would not enjoy any benefits as local employees do. Therefor, low cost of rural migrants and human capital inflow are treasures for the city. Our research mainly focused on urban areas where rural migrants were concentrated. We did a comparative study that compared the incomes of rural migrants with local employees' and urban residence, their expenses and potential consumption level. Fourth, rural migrants had positive effects on urban as well as the national economy. Some experts argued that rural migrants made the unemployment worse in the urban areas; however, we believe that unemployment happened in both rural and urban areas, but it caused by different reasons. Urban unemployment became serious after state-owned enterprises reformed its system. It was a systematic structural phenomenon, rather than caused by rural migrants. Urban and rural areas also need different labor pool with different skills. In other words, there was no strong evidence that rural migrant made urban unemployment worse. Finally, rural migrants are capital outflow and re-concentration of assets for urban areas, but it is an economic loss for rural areas. On the other hand, they made people's life in their native rural areas better by bringing money back (remittance). They injected necessary capital back rural areas, along with their new ideas, which helped to develop their hometown. It should be mentioned that there were also a lot of rural migrants in TVEs, especially in coastal areas where second industry were developed fast. Most of rural migrants are beneficiary of urbanization of rural industrialization. Rural migrants' income increased quite a bit when comparing with native farmers. Their consumption patterns were different from those native farmers either. They became large consumption group with high potential consumption level. In the process of reform, the income gap between rural and urban areas in China was actually large. It would be much larger if there were no rural migrants. In the sense of China's market potential, we must keep in mind that most of the population in China is low-income living in rural areas. Their migration made some, and will make more people enjoy higher income potentially resulting in higher spending which is a very important part of China's market.
Vol. 2001-21
Abstract not available
Vol. 2001-20
Abstract not available
Vol. 2001-19
Abstract not available
Vol. 2001-18
The theoretical literature on trade and foreign direct investment (FDI) indicates that they could be either substitutes or complements. The empirical evidence on U.S.-Japan and APEC countries suggests that trade and FDI exhibit a complementary relationship. In this paper, we employ a six-region applied general equilibrium model that incorporates FDI to evaluate the impact of APEC trade and investment liberalization on output and the interplay between FDI and trade adjustments. The preliminary results suggest that FDI liberalization would bring about greater benefits to most of the APEC economies than trade liberalization. In the manufacturing sector, trade and FDI are found to be complements in the APEC regions.
Vol. 2001-17
本稿の目的は日本の家計消費への資産効果を検討し，韓国と台湾の結果と比較することである。韓国と台湾は文化的に日本に類似した点が多いので，この3国間で比較することにより，家計消費の決定要因のうち，文化的要因以外の要因に焦点をあてることが可能となると考えられる。特にこれらの3国では他国に比べて高い貯蓄率を経験しており，高貯蓄率の決定要因の研究として興味深い。韓国と台湾では家計の資産データとして『資金循環勘定表』，つまり金融資産しか利用できない。しかしながら，野村（1999）によれば家計消費に影響を与えるのは総資産というよりも金融資産であると考えられるので，この問題はさほど深刻ではないと考えられる。本稿の主要な結論は以下の通りである。(1) 3国とも純キャピタルゲイン（ロス）の大きさはかなり大きいが，日本以外の国では家計部門でバブルが発生していたとまでは言えない，(2) 消費関数ではキャピタルゲインを明示的に考慮したモデル，特にヒックス流の所得概念を用いたモデルが重要である，(3) Campbell (1987) の恒常所得仮説の共和分的含意は構造変化を考慮した共和分検定を用いれば，日本と韓国について成立している。
Vol. 2001-16
バブル経済の崩壊後，家計消費は大きく冷え込み，日本経済の長期停滞の大きな要因となっている。家計消費が停滞している原因とされているのは，資産価格の下落による逆資産効果である。しかしながら，家計消費と資産との関係についてはあまり厳密な検証がなされているとは言えない。本稿では，資産効果をより詳細に検討するために，資産価格変動によるキャピタル・ゲインに着目し，キャピタル・ゲインが家計消費とどのような関係にあるかを分析した。その際，時系列分析の手法として近年発展してきた単位根・共和分検定を用い，長期的な関係とその安定性についても検討した。検定の結果，(1)家計の消費行動は恒常所得仮説に従っている，(2)家計消費の決定には実物資産（土地など）からのキャピタル・ゲインはあまり影響を与えていないが金融資産（株式など）からのキャピタル・ゲインは影響を与えている，(3)家計消費とキャピタル・ゲインの長期的関係は1989年に構造変化を経験している，と考えることができる。
Vol. 2001-15
This paper analyzes the wage differentials between plants belonging to foreign multinational corporations (MNCs) and plants belonging to local firms in the Thai manufacturing sector. First, this paper finds evidence of positive wage differentials between MNC plants and local plants for both non-production and production workers after controlling for other plant characteristics. The magnitude of the wage differential is larger for non-production workers than for production workers. The magnitude of the wage differentials for both types of labor are also smaller for large plants and larger for plants that import a majority of their raw materials and parts. Second, this study also finds evidence of a positive correlation between the share of output by MNC plants to total output in an industry and the wage paid by local plants in the same industry.
Vol. 2001-14
This paper examines intra-industry productivity spillovers derivedfrom the existence of foreign multinational plants in the Indonesianmanufacturing sector. The main purpose of the paper is to explore therelationship between the degree of the eRects and characteristics offoreign multinational plants. The empirical evidence, first suggeststhe existence of positive spillovers. Second, results also indicatethat the extent of spillovers was positively related to the share offoreign-owned plants in Indonesia's manufacturing employment. Third,the results suggest that the magnitude of spillovers were also smallerin industry-year combinations where the share of majority-foreignplants was relatively large. Forth, the results also indicated thatspillovers tended to be relatively small in industries wheretechnological gaps between foreign and locally-owned plants wererelatively large. These results imply that encouraging foreign directinvestment by foreign multinational corporations does not necessarilypromote spillovers, especially in technologically backward industries.
Vol. 2001-13
The purpose of this paper is to compare labor productivity in plants of foreign multinational corporations (MNCs) and plants belonging to local firms in Thai manufacturing in 1996 and 1998. In view of the theoretical expectation that foreign MNCs will be more productive than local firms or plants, perhaps the most important result of this study is the lack of evidence suggesting that foreign MNCshave systematically higher labor productivity than local plants. This result is consistent with results from previous studies of Thai manufacturing, but contrasts with previous results for manufacturing in Indonesia and Mexico. Another important result is the apparent lack of a strong positive correlation between labor productivity and foreign ownership shares. Rather, these estimates indicate widevariation in the relationship between foreign ownership and labor productivity in Thai manufacturing depending on foreign ownership share, type of labor, industry, plant size, and year. Correspondingly, although foreign ownership shares appear to have increased after the 1997 crisis, these results do not suggest systematic changes in the relationship between foreign ownership and labor productivitybetween 1996 and 1998.
Vol. 2001-12
Abstract not available
Vol. 2001-11
In this study, we develop a set of models to analyze corporate loan guarantee to better understand the Korean government's regulation policies. We find that corporate loan guarantees are efficiency-neutral under a set of ideal economic conditions characterized by perfect and symmetric information, no agency problems, and no governmental interference in private financial con-tracts. In reality, though, corporate loan guarantees have negative as well as positive effects on firms' behavior. Negative effects arise from principal-agent problems as well as government interferences in private financial contracts.
Vol. 2001-10
Chinese sulfur dioxide emissions cause acid rain in China and in Japan. The China-Japan acid rain problem is an interesting case of unidirectional transboundary pollution which has received little attention in the economics literature. We construct a simple model to highlight the key incentives underlying environmental policy making in each country. We examine simultaneous and sequential noncooperative games to illustrate the shortcomings of decentralized policy making. Sequentiality seems to be important, since one may interpret China's disposition against limiting its sulfur dioxide emissions as a sign of policy leadership vis-a-vis Japan. Motivated by the inefficiency of decentralized behavior, we design international schemes under which an international agency (IA) is in charge of implementing income transfers from Japan to China. Participation in each scheme is voluntary. We show that the proposed international schemes are Pareto efficient and implementable. We also show that policy leadership play no role in the allocation of resources when the IA is a common follower.
Vol. 2001-09
The purpose of this paper is to empirically analyze Korea's trade patterns based on the gravity model and to suggest possible ways to expand trade by identifying important factors determining Korea's bilateral trade flows. The gravity model assumes that trade flows between two countries are positively related to their economic size and negatively related to the distance between them. By taking into account geographical factors, such as distance, population and adjacency, which had long been disregarded by international trade theorists, the gravity model is now recognized as one of the best models for explaining international trade volumes.
Vol. 2001-08
Abstract not available
Vol. 2001-07
This paper analyses recent changes in the technological intensity of foreign trade in East-European and Asian transitional economies. The paper deals with 14 transitional economies, including economies whose trade patterns have not been extensively analyzed previously (such as constituent parts of the former Soviet Union). To evaluate the trade performance of transitional economies, the paper uses as a benchmark the technological intensity of Asian Newly Industrialized Economies. The primary conclusion of the paper is that in almost every transitional economy the share of technologically-intensive manufacturing products still remains very low, exceeding 10 per cent in only 3 economies (Hungary, China, and Estonia). After identifying manufacturing sectors in which transitional economies most significantly expanded their comparative advantages, I found that instead of the much-needed technological restructuring, several transitional economies even further deepened their original specialization in technologically unsophisticated industries. The paper considers possible explanations for the failure of most transitional economies to upgrade the technological intensity of their exports.
Vol. 2001-06
Trade and investment policy have undergone fundamental change in Indonesia since the oil boom ended. Significant trade liberalization began in 1986 and continued until the currency and financial crisis hit in 1997. Parallel to trade reform were reforms in the treatment of foreign investment, with ownership restrictions all but eliminated by 1995. This paper examines the deregulation experience and performance of the economy during the pre-crisis, crisis and post-crisis periods. The evidence suggests that deregulation was and is a success. Preparation for increased global and domestic competition will require on-going efforts to keep the pace of reform brisk. Indonesia will also need to develop its human and institutional capacities to manage its international economic relations and meet its domestic challenges in the 21st Century. In particular, market access issues will be high on the agenda of international negotiations. Obstacles in the form of contingent protection, rising discriminatory regionalism and domestic decentralization will heighten the urgency of building capacities in the areas of regulatory impact assessment, international trade law and economics, and in analytical research in support of negotiating positions.
Vol. 2001-05
Abstract not available
Vol. 2001-04
Abstract not available
Vol. 2001-03
This paper defines the medium term as the residual component of time series after extracting secular trend and seasonal variation. To select an optimal detrending method, I apply a distance metric, which measures the distortionary effect of linear filters on the spectrum of detrended time series. In particular, the metric identified substantial distortions of conventional detrending methods, including first-differencing and deterministic linear detrending. After examining major detrending methods, the paper singles out the Hodrick-Prescott and Baxter-King filters as the least-distorting ones. The paper also illustrates the consequences of alternative approaches to detrend data by estimating the Almost Ideal Demand System in Japan for major consumption categories. As predicted by the distance metric, first - differencing introduced an excessive noise in the spectrum of detrended data, which resulted in the 'masking' of significant relationships in the estimated demand system. In contrast, detrending with Hodrick-Prescott and (sigma-adjusted) Baxter-King filters produced estimates that avoided the excesses of deterministic linear detrending and first differencing.
Vol. 2001-02
This paper asks two types of questions. One is about the behavior offoreign-owned firms in Indonesian labor markets and the other is about the effect of the presence of foreign-owned firms on Indonesian wages. We ask first whether foreign-owned establishments pay more than locally-owned establishments for workers of a given quality, given the characteristics of the establishments such as their size, industry, and location. The answer is that foreign firms do pay more. The second is whether a larger presence of foreign-owned establishments results in higher wages overall and in locally-owned establishments. The answer is that higher foreign presence leads to higher wages in locally-owned establishments and, since the foreign establishments pay higher wages than locally-owned ones, that higher foreign presence raises the general wage level in a province and industry.
Vol. 2001-01
This paper examines the currency invoicing of Japan's exports to East Asia by applying the theory of pricing-to-market (PTM). The notable features of this paper are, first, to use a number of sample commodities obtained from the data on monthly series of H.S. code nine-digit exports, and second, to examine currency invoicing of Japanese exporters by making a distinction between the long-run and the short-run PTM under the framework of the error-correction model. Contrary to the results of the previous literature, we show that Japanese exporters of the electric machinery industry tend to stabilize the export price in terms of the U.S. dollars even in their exports to East Asia, which implies that Japan's electric machinery exports to East Asia tend to be invoiced in U.S. dollars. Given the large presence of the electronics industry for trade and investment between Japan and East Asia, it is hard to expect the further use of the yen in trade transactions in the near future.
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