Skip to Content

Reports and Papers (2026)

PRI Discussion Papers PRI Research Papers/PRI Staff Reports

PRI Discussion Papers

PRI “Discussion Paper” showcase fiscal and economic issues being developed by PRI Staff and/or Economists/Researchers. The purpose of this paper is to provide academic novelty on the issue.

The views expressed herein are those of the author and do not necessarily reflect the opinions of the Ministry of Finance or the Policy Research Institute. The author is entirely responsible for any errors in this paper.

Title/Keywords

Authors

Creation Date
/No.

Protecting Subsidiaries from Exchange Rate Risk: The Role of Ownership Ratios in Invoice Currency Choices(PDF:297KB)

Keywords:Ownership ratio, Invoice currency, Intra-firm trade, Overseas subsidiaries, Japan Customs transaction data
JEL Classification: F12, F13, F31
Faculty of International Social Sciences, Yokohama National University, Japan

Uraku Yoshimoto

Faculty of International Social Sciences, Yokohama National University, Japan

Kiyotaka Sato

Faculty of Economics, Chuo University, Japan

Taiyo Yoshimi

School of International Relations and Public Policy, Columbia University, USA

Takatoshi Ito

Faculty of Economics, Gakushuin University, Japan

Junko Shimizu

Faculty of Economics, Shiga University, Japan

Yushi Yoshida

February 2026
/26A-01

PRI Research Papers/PRI Staff Reports

PRI “Research Paper” showcase fiscal and economic issues being developed by PRI Staff and/or Economists/Researchers. The purpose of this paper is to give useful findings for the experts/practitioners in the areas such as Administration, Business and Academia.

PRI “Staff Report” showcase fiscal and economic issues being developed by PRI Staff and/or Economists/Researchers. The purpose of this paper is to give survey results and simple explanations on those.

The views expressed herein are those of the author and do not necessarily reflect the opinions of the Ministry of Finance or the Policy Research Institute. The author is entirely responsible for any errors in this paper.

Title/Keywords

Authors

Creation Date
/No.

 

Top of Page