• Title/Summary/Keyword: Japanese Yen

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Declining Japanese Yen in the Changing International Monetary System

  • Ogaw, Eiji;Muto, Makoto
    • East Asian Economic Review
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    • v.21 no.4
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    • pp.317-342
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    • 2017
  • The US dollar has kept as a position of key currency in the global economy in the changing international monetary system where the euro was introduced to some states of the EU in 1999. It is an evidence of inertia of the US dollar as a key currency. Our previous study (Ogawa and Muto, 2017b) conducted empirical analysis to investigate effects of several events on inertia of the US dollar. One of our findings was that the introduction of the euro increased utility of euro while utility of US dollar was kept unchanged. This paper examines the effects of the global financial crisis and the euro zone crisis as well as the introduction of the euro on the utility of the Japanese yen. The introduction of the euro significantly decreased the utility of the Japanese yen. It indicates that the introduction of the euro increased the utility of the euro while reducing the utility of the Japanese yen rather than the utility of the US dollar. The utility of the Japanese yen has significantly decreased while the global financial crisis and the euro zone crisis occurred. The Japanese yen has a declining trend in terms of its utility over time in the changing international monetary system.

Analysis of Japanese Demand for Alaska Groundfish

  • Dae-Kyum Kim
    • The Journal of Fisheries Business Administration
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    • v.16 no.2
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    • pp.75-87
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    • 1985
  • In 1977, the United States enacted the Magnuson Fishery Conservation and Management Act (MFCMA), which established U.S. Fisheries Conservation Zone (FCZ). The MFCMA grants preference to U.S. harvesters over foreign fleets in the U.S. FCZ. At present, the large stocks of groundfish in the U.S. FCZ off the Alaska coast have been under-utilized in the U.S. domestic market and the fisheries for these groundfish are dominated by foreign fleets. Hence, expected benefits from replacing foreign fisheries by domestic fleets will accrue to the U.S. fishery only by exporting the increased U.S. products to foreign countries. U.S. exports may be dependent on the price levels in the foreign markets raised by the reduced foreign catch from U,S. waters. In this paper, Japanese demand models for Alaska groundfish were estimated. The derived coefficient from the estimated models suggest that a decrease in the Japanese landings from the U.S. FCZ by a thousand metric tons will increase pollock price by 0.017 Yen/kg, cod price by 0.351 Yen/kg, flatfish by 1.074 Yen/kg, and ocean perch by 1.347 Yen/kg in the Japanese market. These results based on percentage would increase 19 percent for pollock price, 11 percent for cod price, 40 percent for flatfish, and 2 percent for ocean perch price.

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Long-run and Short-run Causality from Exchange Rates to the Korea Composite Stock Price Index

  • LEE, Jung Wan;BRAHMASRENE, Tantatape
    • The Journal of Asian Finance, Economics and Business
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    • v.6 no.2
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    • pp.257-267
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    • 2019
  • The paper aims to test long-term and short-term causality from four exchange rates, the Korean won/$US, the Korean won/Euro, the Korean won/Japanese yen, and the Korean won/Chinese yuan, to the Korea Composite Stock Price Index in the presence of several macroeconomic variables using monthly data from January 1986 to June 2018. The results of Johansen cointegration tests show that there exists at least one cointegrating equation, which indicates that long-run causality from an exchange rate to the Korean stock market will exist. The results of vector error correction estimates show that: for long-term causality, the coefficient of the error correction term is significant with a negative sign, that is, long-term causality from exchange rates to the Korean stock market is observed. For short-term causality, the coefficient of the Japanese yen exchange rate is significant with a positive sign, that is, short-term causality from the Japanese yen exchange rate to the Korean stock market is observed. The coefficient of the financial crises i.e. 1997-1999 Asian financial crisis and 2007-2008 global financial crisis on the endogenous variables in the model and the Korean economy is significant. The result indicates that the financial crises have considerably affected the Korean economy, especially a negative effect on money supply.

An Empirical Study on the Determinants of Foreign Market Entrance of Japanese Enterprises -focusing on the Viewpoint Macro Economy- (일본기업의 해외시장 진출의 결정요인에 관한 경험적 연구 -거시경제 관점을 중심으로-)

  • Kim, il sik
    • International Area Studies Review
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    • v.13 no.3
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    • pp.385-412
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    • 2009
  • This study first analyzes economical environment change (factor) of investment nation Japan and Japanese enterprise at the analysis of Japanese enterprise's over-seas expansion factor and influence. As a result of an analysis of the factor about Japanese enterprise's overseas expansion from 1990 to 1996 and from 1998 to 2006, commonly applied factors were Yen exchange rate, interest rates, wage, enterprise profit, facility investment, and consumption expenditure. Especially, as a result of regression analysis, a sudden change of "low interest rate" was main factor at Japanese enterprise's overseas expansion from 1990 to 1996, and Japan's "Yen ex-change rate" was drawn as an important factor from 1998 to 2006. That is, from 1990 to 1996, a shock by a sudden rise in Yen value could be viewed gradually accumulated and absorbed inside Japanese economy from 1998 to 2006. Whereas it could be said that Japanese enterprise's overseas expansion was accelerated under Japanese government's overseas supporting policy and "low interest rate" together with the factor in the rise of Yen value from 1998 to 2006.

Maximum Likelihood Estimation of Continuous-time Diffusion Models for Exchange Rates

  • Choi, Seungmoon;Lee, Jaebum
    • East Asian Economic Review
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    • v.24 no.1
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    • pp.61-87
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    • 2020
  • Five diffusion models are estimated using three different foreign exchange rates to find an appropriate model for each. Daily spot exchange rates expressed as the prices of 1 euro, 1 British pound and 100 Japanese yen in US dollars, respectively denoted by USD/EUR, USD/GBP, and USD/100JPY, are used. The maximum likelihood estimation method is implemented after deriving an approximate log-transition density function (log-TDF) of the diffusion processes because the true log-TDF is unknown. Of the five models, the most general model is the best fit for the USD/GBP, and USD/100JPY exchange rates, but it is not the case for the case of USD/EUR. Although we could not find any evidence of the mean-reverting property for the USD/EUR exchange rate, the USD/GBP, and USD/100JPY exchange rates show the mean-reversion behavior. Interestingly, the volatility function of the USD/EUR exchange rate is increasing in the exchange rate while the volatility functions of the USD/GBP and USD/100Yen exchange rates have a U-shape. Our results reveal that more care has to be taken when determining a diffusion model for the exchange rate. The results also imply that we may have to use a more general diffusion model than those proposed in the literature when developing economic theories for the behavior of the exchange rate and pricing foreign currency options or derivatives.

Research and Development of Polymer Electrolyte Fuel Cells in Japan

  • Miyata, Seizo
    • Proceedings of the Polymer Society of Korea Conference
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    • 2006.10a
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    • pp.60-61
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    • 2006
  • New Energy and Industrial Technology Development Organization (NEDO) promotes R&D that individual private sector enterprises can not undertake by themselves. To do this, it utilizes an extensive network that supports cooperation between industries, universities, and public research organizations. NEDO's government-funded R&D budget for FY2005 totals approximately 148.8 billion yen. Fuel cells and hydrogen technology development project is one of NEDO's emphasizing projects. The budget size was ${\yen}$20.8 billion, corresponding to about 60% of annual expenditure of Japanese government for fuel cells in FY2005. These projects consist of 8 programs as follows.

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Japanese Private Detective Investigation of Long Term Missing Person (일본 탐정의 장기미제 실종자 조사)

  • Shin, Jae-Hun;Kim, Sang-Woon
    • The Journal of the Korea Contents Association
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    • v.19 no.7
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    • pp.412-420
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    • 2019
  • The purpose of this study is to suggest legalization of private investigation system by giving an example of Japanese detective investigation on people who have been missing for a long time. To accomplish the research purpose, this study reviewed literature and used preceding researches on Japanese detective system to complete theoretical background. This study also identified the missing people in Korea and Japan to accomplish the research purpose. Conclusion: In Japan, about 80,000 people are reported to be missing every year. Although most of them are found on that day or within a week, some of them are not found for more than a week. There even a case where the person was missing for more than 3 years. In such case, the Japanese citizens requests detectives to find the missing person instead of depending on the police. When Japanese detectives are paid by their client, they provide the security service requested by the client. Japanese detectives receive about 100,000 yen to 700,000 yen for finding missing person and they find the missing person through investigation on voluntary or involuntary missing person. Such activities of Japanese detectives point out the necessity of introducing private investigation system in Korea. Currently, most missing people are not found in Korea. Introduction of private investigation system will help in finding the missing person, reducing the excessive workload of police, and creating jobs.

Effect of Keeping a Household Account Book on Economic Life of Japanese in their 20s to 30s in a Single-Family Household -Using an Internet survey of household account books- (일본의 20-30대 미혼 독신가계의 가계관리 특성 및 가계부 기록의 효과 -인터넷 리서치를 통한 가계부 조사를 이용하여-)

  • Lee, Sujin
    • Journal of Family Resource Management and Policy Review
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    • v.18 no.1
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    • pp.115-140
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    • 2014
  • In light of today's socioeconomic scenario, life management skills, especially economic life management skills are essential. This study focuses on a household account book as a tool for economic education. This study aims to assess the characteristics of household economic management in terms of the effect of keeping a household account book on Japanese in their 20s to 30s in a single-family household. It also compares the awareness of the change in economic life behavior between before and after keeping a household account book. Moreover, it analyzes the determinants of continuity in keeping a household account book. This Study used data obtained from an Internet survey of household account books by the Institute for Research on Household Economics in Japan. The study sample consist of 1,255 Japanese in their 20s to 30s who kept household account records for a month as well as preliminary and post-survey information about these people. The results were as follows. First, the average annual income of the subjects was at most 3,000,000 yen; their level of financial assets was at most 1,000,000 yen, their economic life behavior became future-oriented after practice of keep a household account book in that they established a budget and savings plan. Second, keeping a household account book had a positive effect on the people that they have budget and spending plans for the next year. Finally, factors that affected the continuity in keeping a household account book included the experience of keeping one from before.

Influence of Global versus Local Rating Agencies to Japanese Financial Firms

  • Han, Seung Hun;Reinhart, Walter J.;Shin, Yoon S.
    • The Journal of Asian Finance, Economics and Business
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    • v.5 no.4
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    • pp.9-20
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    • 2018
  • Global rating agencies, such as Moody's and S&P, have assigned credit ratings to corporate bonds issued by Japanese firms since 1980s. Local Japanese rating agencies, such as R&I and JCR, have more market share than the global raters. We examine the yield spreads of 1,050 yen-denominated corporate bonds issued by financial firms in Japan from 1998 to 2014 and find no evidence that bonds rated by at least one global agency are associated with a significant reduction in the cost of debt as compared to those rated by only local rating agencies. Unlike non-financial firms, the reputation effect of global rating agencies does not exist for Japanese financial firms. We also observe that firms with less information asymmetry are more likely to acquire ratings from Moody's or S&P. Additionally, the firm's financial profile does not affect its choice to seek out ratings from global raters. Our findings are contradictory to those by Han, Pagano, and Shin (2012), who employ bonds issued by non-financial firms in Japan. Our conjecture is that the asymmetric nature of financial firms makes investors less likely to depend on a credit risk assessment by rating agencies in determining the yields of new bonds.

A Study on Japanese Export Promotion Strategy for agricultural products and our countermeasures (일본의 농산물 수출촉진 전략과 우리의 대응)

  • Lee, Won-Keun
    • THE INTERNATIONAL COMMERCE & LAW REVIEW
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    • v.47
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    • pp.357-377
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    • 2010
  • The Ministry of Agriculture, Forestry and Fisheries(MAFF) of Japan established the aim which exports the agriculture, forestry and Fisheries products amounting to a trillion Yen until 2013 in 2004, endeavoring to realize the aim in strengthening both overseas publicity activities and domestic product system. Such changes means that the Japanese agriculture is exchanging defence into attack and gives a important meaning to our agricultures which have a similar agriculture base as Japan. The countermeasures for agricultural products export promotion by MAFF is greeting a 5th year now and obtains a considerable result in agricultural products exports and the export item. Meantime, There are also opinions that the Japanese agriculture has to make efforts to cut the product cost by a large margin in order to prepares a competitive power. we have to consider the counter-measure which will be able to accommodate harmoniously both of two facts that first, Japanese Export Promotion Strategy for agricultural products is giving a hope in the Japanese rural society which have been considered that remaking will be impossible until now, and secondly, the agricultural reform which the cutting of cost and price of agricultural products will be possible in has to be promoted.

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