Relative Economic Size and Relative Use of Currencies

(I-1) Relative Economic Size andRelative Use of Currencies
: Japan, United States and EU

(Unit : %)

	Japan	U.S.	Euro 11	EU 15
Relative Economic Size Nominal GDP(1997)	14.0	26.1	21.0	27.0
Trade (1997)	6.8	14.2	28.8 (Note1)	36.4 (Note1)
Population (1997, Unit : 100 million)	1.26	2.68	2.90	3.74
Relative Use of Currencies
World Trade(1992) (Note2)	5.0	48.0	-	31.0
Global Foreign Exchange Reserves (End-1997)	4.9	57.1	19.4 (Note3)	22.8 (Note4)

(Note 1) Includes intra-Euro11 and intra-EU15 trade, respectively.
(Note 2) Estimate based on export figures (Philip Hartman, "The Future of the Euro asan International Currency")
(Note 3) Sum of Deutsche mark, French franc, Netherlands guilder and ECU.
(Note 4) Euro 11+ Pound sterling

(Sources) International Monetary Fund, "World Economic Outlook, October1997", etc.

<Reference 1> Invoicing Currencies of Japan's Trade (Mar. 1999)

(Unit : %)

	Yen	U.S. dollar	Others
Exports	36.0	51.2	12.9
Imports	21.8	71.5	6.7

(Source)Data provided by Ministry of International Trade andIndustry

<Reference 2>Currency Distribution of Outstanding
External loans of financial institutions in Japan (End-1997)

(Unit : %)

	Yen	Others
Share	19.1	80.9

(Source) Data provided by Ministry of Finance

(I-2) Yen-invoiced Transactions inJapan's Trade
(Value Basis)

1_2

(I-2-(1)) Invoicing Currencies ofJapan's Trade by Region

(Unit : %)

Exports	World			United States			EU			Southeast Asia
Exports	Yen	U.S. dollar	Others	Yen	U.S. dollar	Others	Yen	U.S. dollar	Others	Yen	U.S. dollar	Others
1992 Sep.	40.1	46.6	13.1	16.6	83.2	0.1	40.3	11.1	48.4	52.3	41.6	5.9
1993 Sep.	39.9	48.4	11.7	16.5	83.3	0.2	41.0	7.5	51.5	52.5	44.3	3.2
1994 Sep.	39.7	48.3	12.0	19.0	80.8	0.2	36.6	9.0	54.4	49.0	47.9	3.1
1995 Mar.	37.6	51.5	10.9	17.5	82.3	0.2	37.2	11.3	51.5	47.2	49.9	2.9
1995 Sep.	36.0	52.5	11.5	17.0	82.9	0.1	34.9	12.2	52.9	44.3	53.4	2.3
1996 Mar.	35.9	53.1	10.9	15.9	83.9	0.2	36.1	12.5	51.3	44.1	53.5	2.3
1996 Sep.	35.2	53.3	11.5	14.5	85.4	0.1	33.3	12.4	54.4	46.3	51.3	2.4
1997 Mar.	35.8	52.8	11.3	16.6	83.2	0.2	34.3	13.4	52.3	45.5	51.7	2.7
1997 Sep.	35.8	52.1	12.1	15.3	84.5	0.2	34.2	12.3	53.5	47.0	50.2	2.7
1998 Mar.	36.0	51.2	12.9	15.7	84.1	0.1	34.9	13.2	51.9	48.4	48.7	2.9

Imports	World			United States			EU			Southeast Asia
Imports	Yen	U.S. dollar	Others	Yen	U.S. dollar	Others	Yen	U.S. dollar	Others	Yen	U.S. dollar	Others
1992 Sep.	17.0	74.5	8.5	13.8	86.0	0.2	31.7	17.9	50.4	23.8	73.9	2.3
1993 Sep.	20.9	72.4	6.7	13.8	86.1	0.1	45.0	18.2	36.8	25.7	72.0	2.3
1994 Sep.	19.2	73.9	7.0	13.3	86.4	0.3	38.6	21.9	39.5	23.6	74.2	2.2
1995 Mar.	24.3	68.9	6.8	18.4	80.9	0.6	40.6	20.2	39.2	34.1	64.2	1.7
1995 Sep.	22.7	70.2	7.1	21.5	78.4	0.2	44.8	16.1	39.2	26.2	71.9	2.0
1996 Mar.	20.5	72.2	7.3	17.5	82.7	0.1	40.9	15.3	43.0	23.9	74.1	2.0
1996 Sep.	20.6	72.4	6.9	16.4	83.2	0.4	46.1	12.5	41.5	24.0	73.8	2.3
1997 Mar.	18.9	74.0	7.1	14.2	85.6	0.2	41.3	17.0	41.7	23.3	74.9	1.7
1997 Sep.	22.6	70.8	6.6	22.0	77.8	0.2	49.3	13.1	37.7	25.0	73.0	1.9
1998 Mar.	21.8	71.5	6.7	16.9	83.0	0.1	44.3	14.3	41.4	26.7	71.6	1.7

(Note) "Southeast Asia" refers to ASEAN, NIES, Cambodia, India, Pakistan, Sri Lanka, Maldives, Bangladish, East Timor, Macao, Afganistan, Nepal, and Bhutan.
(Source)Data provided by Ministry of Internatinal Trade and Industry

(I-2-(2)) Invoicing Currencies of
Japan's Trade by Commodity (March, 1999)

I. Exports

(Unit : %)

		World			U.S.	EU	Southeast Asia
		Yen	U.S. dollar	others	Yen	Yen	Yen
Total		36.0	51.2	12.9	15.7	34.9	48.4
	Food stuff	52.7	42.9	4.4	17.6	37.9	59.2
	Textiles	35.7	59.0	5.3	16.3	59.8	28.2
	Chemicals	29.7	61.5	8.8	29.0	38.3	29.8
	Non-metallic mineralmanufactures	41.8	50.9	7.3	18.4	40.7	53.1
	Metals	21.3	74.3	4.4	11.2	34.2	23.2
	Machinery other than electric	38.1	50.2	11.7	17.7	32.6	59.7
	Electrical machinery	32.4	55.6	11.9	13.6	37.4	42.7
	(IC)	21.4	68.9	9.6	9.3	16.2	26.7
	Transport equipment	43.4	40.1	16.3	12.6	36.9	81.3
	(Motor vehicles)	37.6	40.7	21.7	13.6	37.8	87.7
	Precision instruments	37.1	45.6	17.3	20.9	34.5	61.5
	Others	27.2	55.6	17.1	16.6	23.8	40.3

II.Imports

			World			U.S.	EU	Southeast Asia
			Yen	U.S. dollar	others	Yen	Yen	Yen
Total			21.8	71.5	6.7	16.9	44.3	26.7
	Foodstuff		27.4	66.7	5.8	21.4	31.7	30.7
		Pork	81.9	16.2	1.9	61.4	92.5	99.6
		Beef	14.1	85.1	0.8	12.2	-	100.0
		Fish and shellfish	37.9	61.1	1.0	32.3	29.0	29.2
		Fruit	25.4	70.6	3.1	26.0	36.6	34.8
		Vegetables	19.4	76.6	3.9	11.6	4.8	14.9
	Raw materials		6.8	91.3	1.8	1.2	27.6	14.8
		Wood	7.8	90.5	1.6	1.3	29.9	11.6
	Mineral fuels		1.3	98.6	0.1	4.5	38.0	1.0
		Petroleum, crude and partly refined	0.5	99.3	0.2	-	-	4.6
		Petroleum products	0.9	98.9	0.2	1.7	29.8	1.0
	Products		28.2	62.2	9.5	16.9	46.5	33.7
		Chemicals	32.1	61.2	6.6	14.8	76.8	22.8
		Textile	18.5	72.5	9.0	11.1	41.8	16.6
		Metals	27.2	69.7	3.1	14.4	35.1	51.6
		Machinery and equipments	31.2	57.3	11.4	19.8	35.2	37.7
		(Office machinery)	31.9	65.4	2.7	32.6	16.5	34.9
		(emiconductors, etc.)	51.6	47.4	1.1	23.2	44.4	54.3
		(Motor vehicles)	43.0	14.2	42.8	26.0	45.7	90.5
		Other products	20.8	67.4	9.9	14.7	31.0	24.5

(Source) Data provided by Ministry of International Trade and Industry

(I-3) Share of Home-Currency InvoicedTransactions
in Trades of Major Industrialized Countries

Exports

(Unit : %)

	1980	1988	1995	1997
Japan	29.4	34.3	36.0	35.8
United States	97.0	96.0	-	-
United Kingdom	76.0	57.0	-	-
Germany	82.3	81.5	74.8	-
France	62.5	58.5	-	49.2
Italy	36.0	-	-	38.0

Imports

(Unit : %)

	1980	1988	1995	1997
Japan	2.4	13.3	22.7	22.6
United States	85.0	85.0	-	-
United Kingdom	38.0	40.0	-	-
Germany	43.0	52.6	51.5	-
France	33.1	48.9	-	46.6
Italy	18.0	-	-	38.1

(Note) For German exports and Italian exports and imports in 1988, data in 1987 areprovided.

(Sources)

For Year 1980 and 1988:

George S. Tavlas and Yuzuru Ozeki (1992), "The Internationalization of Currencies: An Appraisal of the Japanese Yen", IMF Occasional Paper No.90

For Year 1995 and 1997:

Central banks' data(As for Japan, data provided by Ministry of International Trade and Industry)

<Reference> InvoicingCurrencies of Trade by Region: Japan and Germany

(Japan: 1998, Germany: 1989, Unit: %)

		Exports			Imports
		Yen	U.S. dollar	Deutsche mark	Yen	U.S. dollar	Deutsche mark
Japan	to and from U.S.	15.7	84.1	n.a.	16.9	83.0	0.0
Germany	to and from U.S.	n.a.	37.0	62.0	n.a.	67.0	14.0
Japan	to and from EU	34.9	13.2	n.a.	44.3	14.3	19.4
Germany	to and from EU	n.a.	2.0	80.0	n.a.	11.0	60.0
Japan	to and from Southeast Asia	48.4	48.7	n.a.	26.7	71.6	0.2
Germany	to and from other regions	n.a.	12.0	82.0	n.a.	37.0	46.0

(Sources) Data provided by Ministry of International Trade and Industry,
Bundesbank, "Monthly Report of the Deutsche Bundesbank, November 1991"

(I-4) Currency Distribution ofInternational Bond Offerings

(Unit: %)

	1993	1994	1995	1996	1997
U.S. dollar	35.9	37.5	39.5	43.0	45.0
Deutsche mark	11.8	7.8	15.5	14.0	16.8
Yen	9.6	13.3	12.6	8.6	4.5
Pound sterling	10.8	8.8	5.9	8.8	8.9
French franc	8.7	7.0	2.8	6.4	6.4
Italian lila	3.1	5.5	3.8	4.9	5.4
Swiss Franc	6.1	4.8	5.6	3.3	2.6
Dutch guilder	2.6	3.0	3.2	2.9	2.3
Australian dollar	0.8	1.8	2.3	1.4	0.9
Peseta	0.8	0.5	0.9	1.3	1.3
Luxembourg franc	0.7	2.6	2.9	1.2	0.4
Canadian dollar	6.4	3.6	0.7	1.0	0.5
ECU	1.6	2.0	1.7	0.7	1.3
Other	1.1	1.8	2.6	2.5	3.7
Total	100.0	100.0	100.0	100.0	100.0

(Note) All currencies converted into U.S.dollar at constant (end-1990) exchange rates.
(Source) OECD, "Financial Market Trends, February 1998"

(I-4-(1)) Euro and Foreign BondOfferings

Euro issues by currency

(Unit : 100 million U.S. dollar)

	1993		1994		1995		1996		1997
	Value	Share	Value	Share	Value	Share	Value	Share	Value	Share
Yen	444	11.3%	673	18.3%	645	17.4%	412	7.0%	284	3.9%
U.S. dollar	1,477	37.4%	1,494	40.6%	1,444	38.9%	2,687	45.6%	3,617	49.2%
Deutsche mark	547	13.9%	316	8.6%	727	19.6%	1,001	17.0%	1,302	17.7%
Pound sterling	427	10.8%	304	8.3%	216	5.8%	518	8.8%	686	9.3%
ECU	71	1.8%	76	2.1%	71	1.9%	46	0.8%	98	1.3%
Total	3,946	100.0%	3,684	100.0%	3,713	100.0%	5,898	100.0%	7,351	100.0%

Foreign issues by market

	1993		1994		1995		1996		1997
	Value	Share	Value	Share	Value	Share	Value	Share	Value	Share
Japan	152	17.6%	112	18.6%	180	18.8%	355	29.8%	174	18.0%
United States	354	41.0%	150	24.9%	324	33.8%	405	34.0%	455	47.2%
Switzerland	270	31.3%	200	33.2%	271	28.2%	250	21.0%	210	21.8%
Luxembourg	35	4.1%	110	18.3%	138	14.4%	84	7.1%	29	3.0%
Spain	30	3.5%	16	2.7%	23	2.4%	63	5.3%	57	5.9%
Total	864	100.0%	602	100.0%	960	100.0%	1,190	100.0%	965	100.0%

(Source)OECD, "Financial Market Trends, February 1998"

(I-5) Currency Distribution ofOutstanding External
Loan of Financial Institutions in Japan

(

Unit):100 million U.S. dollar, %

	Outstanding		Share
	Foreign currencies	Yen	Foreign currencies	Yen
End-1985	1,344	352	79.2	20.8
End-1986	1,691	572	74.7	25.3
End-1987	2,182	804	73.1	26.9
End-1988	2,755	997	73.4	26.6
End-1989	3,373	1,083	75.7	24.3
End-1990	3,928	938	80.7	19.3
End-1991	3,997	1,015	79.7	20.3
End-1992	4,039	938	81.2	18.8
End-1993	3,846	965	79.9	20.1
End-1994	3,868	1,058	78.5	21.5
End-1995	4,186	1,319	76.0	24.0
End-1996	4,262	1,081	79.8	20.2
End-1997	3,988	944	80.9	19.1

?Source?Data provided by Ministry of Finance

(1-6) Currency Distribution ofInternational Bank Loans

(Unit: %)

	1993	1994	1995	1996	1997
Japanese yen	0.7	0.2	0.2	0.2	0.2
U.S. dollar	81.0	80.7	76.8	74.7	69.8
Pound sterling	2.2	8.6	11.7	12.5	15.6
French franc	1.9	1.6	1.5	4.8	5.3
Deutsche mark	3.2	1.1	4.1	4.2	3.3
Swiss franc	0.4	0.1	0.1	0.5	1.1
ECU	6.4	3.9	3.8	0.2	0.8
Other	4.2	3.8	1.8	2.9	3.9
Total	100.0	100.0	100.0	100.0	100.0

(Note 1) "International Bank Loans" refer to foreign and Euro medium-termbank loans.
(Note 2) Currency of denomination converted into U.S. dollar at constant (End-1990)exchange rates.

<Reference>
In euro medium-term note market in 1997, about 87 per centsof issues were in U.S. dollars, with the yen the next most used currency.

(Source) OECD, "Financial Market Trends, February 1998"

(I-7) Currency Distribution ofGlobal Traditonal
Foreign Exchange Market Activity
(Average daily turnover)

(Unit

: %)

Currency	April 1989	April 1992	April 1995	April 1998
U.S. dollar	90	82	83	87
Deutsche mark	27	40	37	30
Yen	27	23	24	21
Pound sterling	15	14	10	11
French franc	2	4	8	5
Swiss franc	10	9	7	7
Canadian dollar	1	3	3	4
Australian dollar	2	2	3	3
ECU, other EMS currencies	4	12	15	17
Other currencies	22	11	10	15
Total	200	200	200	200

(Note)In each transaction, two currencies are double-counted.

(Source)Bank for International Settlements, "Central Bank Survey of ForeignExchange and Derivatives Market Activity in April 1998 : Preliminary Global Data"

(I-8) Share of Currencies in TotalIdentified Official Holdings of Foreign Exchange

(Unit: %)

Year		End-1976	End-1980	End-1985	End-1990	End-1991	End-1992	End-1993	End-1994	End-1995	End-1996	End-1997
All countries	Yen	2.0	4.4	7.3	7.9	8.4	7.6	7.7	7.9	6.5	5.7	4.9
	U.S. dollar	76.5	68.6	55.3	49.4	50.0	54.2	55.6	55.7	56.4	59.6	57.1
	Deutsche mark	9.0	14.9	13.9	17.0	15.6	13.6	14.0	14.4	13.8	13.1	12.8
	Pound sterling	1.8	2.9	2.7	2.8	3.2	3.0	2.9	3.3	3.2	3.4	3.4
	French franc	1.6	1.7	0.8	2.3	2.8	2.5	2.2	2.4	2.3	1.8	1.2
	ECU	-	-	11.6	10.1	10.6	10.1	8.6	8.1	7.1	6.2	5.0
	Others	9.1	7.5	8.4	10.5	9.4	9.0	9.0	8.2	10.7	10.2	15.6
Industrial countries	Yen	1.8	3.3	7.6	8.5	9.5	7.5	7.7	8.2	6.6	5.6	5.4
	U.S. dollar	87.0	77.2	50.1	44.9	43.1	48.4	49.9	50.8	51.8	56.1	57.5
	Deutsche mark	6.2	14.3	16.7	19.4	18.0	14.9	16.2	16.3	16.4	15.6	16.6
	Pound sterling	0.8	0.8	1.6	1.4	1.6	2.2	2.0	2.3	2.1	2.0	1.9
	French franc	0.5	0.7	0.1	2.3	3.0	2.8	2.5	2.4	2.3	1.7	0.9
	ECU	-	-	20.1	14.5	16.6	16.7	15.2	14.6	13.4	12.0	10.7
	Others	3.7	3.7	3.8	9.0	8.2	7.5	6.5	5.4	7.4	7.0	7.0
Developing countries	Yen	2.2	5.4	6.8	6.6	7.0	7.9	7.6	7.5	6.3	5.9	4.4
	U.S. dollar	68.8	59.9	62.5	59.5	62.0	63.1	63.1	61.7	61.6	63.3	56.7
	Deutsche mark	11.4	15.4	9.8	11.5	11.5	11.5	11.1	12.1	10.9	10.5	9.5
	Pound sterling	2.6	5.1	4.3	6.1	5.8	4.2	4.0	4.5	4.4	4.8	4.7
	French franc	2.5	2.7	1.9	2.3	2.5	2.1	1.9	2.4	2.2	2.0	1.4
	ECU	-	-	-	-	-	-	-	-	-	-	-
	Others	12.5	11.5	14.7	14.0	11.2	11.2	12.3	11.8	14.6	13.5	23.3

(Note) ECU is not classified as a currency in 1976 and 1980.
(Source) International Monetary Fund, "Annual Report 1998"

(I-8-(1)) Share of 8 Major Currencies
in Total Identified Official Holdings

I-8-(1)

(Note 1)	The term "8 major currencies" refers to the yen, U.S. dollar, Deutsche mark (DM), Pound sterling, French franc (FF), Swiss franc, Netherlands guilder (NG), and the ECU.
(Note 2)	Share on a "quantity basis" is defined as the share of the sum of "quantity change" and the official holdings at the end of 1989. "Quantity change" is calculated by multiplying the difference in official holdings of each currency between the end of two consecutive quarters by the average of the two SDR rates of that currency prevailing on the corresponding dates.
(Source)	Estimates based on the International Monetary Fund's "Annual Report 1998"

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