엔화환율 변동에 따른 일본기업의 수출가격 전략과 시사점: 아베노믹스 이후 사례를 중심으로

Abstract

This paper intends to analyse the export-price strategy of Japanese firms in response to fluctuations in the yen’s exchange rate using rolling regression method. The parameter was estimated over a rolling window with a 24 sample size over the period 1Q 1980-2Q 2015. From the estimation results, we found out that the extent of pass-through into the contract-currency-denominated price of Japanese firms following yen exchange rate changes has been lowering over time. That is, Japanese firms are recently emphasizing Pricing-to-market rather than Pass-through as a strategy unlike in the past. In the period of the yen’s sharp depreciation following the launching of the so-called Abenomics era, such depreciation has not been fully reflected in the contract-currency-denominated price of export products. This means that Japanese export firms put emphasis on the profit margin rather than market share By this strategy Japanese firms can accumulate fund for R&D investment or wage increase, internal reserves expansion, among others.