아ㆍ태지역에서 엔블럭의 형성과 APEC내 정책조정논의

Abstract

The findings described in this paper reveal the uses of the yen from various perspectives. Although Japanese exports and imports increased sharply, the use of the yen as a unit of account, as a vehicle, or as an asset in portfolio has not risen to a status parallel to commodity flows. Exports from and imports to Japan are predominantly denominated in dollars instead of yen, although the yen-invoice ratio has been increasing. This seems to be a result of Japan"s trading structure, and Japan"s closed capital markets.

More than half of Japan"s exports to Asian countries are denominated in yen, but only a quarter of Japan"s imports from Asian countries are denominated in yen. The yen is more important in the Asian region. This is reflected in the official reserve currency composition among the Asian countries. However, a major increase in the 1980s occurred because of appreciation of the yen instead of active rebalancing. The yen denominated external debt among the Asian countries has risen compared with debt denominated in other currencies, mostly in dollars.

Also, we have examined the yen bloc issues from trade, financial and optimum currency area perspectives. We have not found any strong currency ties to the yen. The increase in trade among Asian nations can be explained the new trade pattern and new foreign investment. On financial side, there is some evidence that Tokyo financial markets influence interest rates in Asian countries, but not to a greater extent that New York. Asian exchange rates are also more pegged to the dollar than to the yen. Similarly, the yen is not used extensively as an invoice or vehicle currency even in the Asian region. But, we have found the possibility of a macroeconomic coordination in the APEC.