Exchange rate exposure and risk management: The case of Japanese exporting firms
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- 作者：Takatoshi Itoa ; b ; ti2164@columbia.edu" class="auth_mail" title="E-mail the corresponding author ; Satoshi Koibuchic ; koibuchi@gmail.com" class="auth_mail" title="E-mail the corresponding author ; Kiyotaka Satod ; sato@ynu.ac.jp" class="auth_mail" title="E-mail the corresponding author ; Junko Shimizue ; junko.shimizu@gakushuin.ac.jp" class="auth_mail" title="E-mail the corresponding author
- 关键词：Exchange rate risk management ; Invoice currency ; Operational hedge ; Financial hedge ; Exchange rate pass-through
- 刊名：Journal of the Japanese and International Economies
- 出版年：2016
- 出版时间：September 2016
- 年：2016
- 卷：41
- 期：Complete
- 页码：17-29
- 全文大小：945 K
文摘
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We conducted the questionnaire survey of Japanese firms’ exchange risk management.
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Large foreign sales and US dollar invoicing lead to greater foreign exchange exposure.
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Both financial and operational hedging can reduce the foreign exchange exposure.
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Yen invoicing exports can also mitigate the firms’ foreign exchange exposure.
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Japanese firms need to use a combination of the tools to reduce the exchange rate risk.