Research Programs: Macroeconomy and Low Birthrate/Aging Population

Exchange Rates and International Currency

Project Leader/Sub-Leader


OGAWA Eiji (Faculty Fellow)



In this project, we aim to further develop the research from our previous project "Exchange Rates and International Currency." In the previous project, to provide broad policy implications, we focused on four topics: Exchange rates and currency system; invoice currency and exchange rate pass-through; macroeconomic analysis of current account, capital account and trade structure; and exchange rates and Japanese firms' oversea business activities. In this project, we add a new topic; "choice of invoice currency, exchange rate risk management and export decision: Evidence for Japanese SMEs" to the previous four topics and deepen our research activities. Further, through publishing our original datasets (the Asian Monetary Unit, the Asian Monetary Unit Deviation Indicator and the Industry-specific Real Effective Exchange Rates), we open our research results to the public. We are also making efforts towards publication in reputable academic journals.

December 1, 2021 - May 31, 2024

(During the research project period, the research activity period is set from December 1, 2021 to November 30, 2023, and the data usage reporting period is set from December 1, 2023 to May 31, 2024.)

Major Research Results


RIETI Discussion Papers


RIETI Discussion Papers