Japan and the World Economy最新文献

The diminishing impact of exchange rates on China’s exports 汇率对中国出口的影响正在减弱

IF 1.2 4区经济学

Japan and the World Economy Pub Date : 2025-09-28 DOI: 10.1016/j.japwor.2025.101329

Willem Thorbecke , Chen Chen , Nimesh Salike

引用次数: 0

Towards sustainable floral business in Japan: Evidence from dynamic demand system between domestic and imported cut flowers 日本花卉产业的可持续发展：来自国内和进口鲜切花动态需求系统的证据

IF 1.2 4区经济学

Japan and the World Economy Pub Date : 2025-08-14 DOI: 10.1016/j.japwor.2025.101322

Chun-Fu Hsu , Cho-Han Su , Kuo-I Chang

{"title":"Towards sustainable floral business in Japan: Evidence from dynamic demand system between domestic and imported cut flowers","authors":"Chun-Fu Hsu , Cho-Han Su , Kuo-I Chang","doi":"10.1016/j.japwor.2025.101322","DOIUrl":"10.1016/j.japwor.2025.101322","url":null,"abstract":"<div><div>Japan has been addressed the largest market for cut flower imports and consumption in Asia. Since 2000, the floral industry in Japan has faced a decline in production due to an aging workforce and rising costs, while domestic demand for cut flowers has remained stable. The supply-demand gap has been boosted by increasing imports. The import and household consumption survey data from January 2002 to December 2021 and dynamic EC-AIDS model are employed to estimate the expenditure, own-price compensated, and cross-price elasticities between domestic and imported cut flowers in Japan. Our findings show that domestic floral business promotion policy enacted since 2014 had no significant impacts on structural change of demand between imported and domestic cut flowers. The empirical results indicate that domestic cut flowers in Japan are substitutes for those from major import source countries, though the degree of substitutions are limited. Notably, not only the complementary relationship of orchids but also an expenditure elasticity with 2.62 of Chrysanthemum between Japan and Taiwan, suggesting a greater sustainable potential in the Japanese Market.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"75 ","pages":"Article 101322"},"PeriodicalIF":1.2,"publicationDate":"2025-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144861338","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Do lifelong experiences of land prices affect homeownership in Japan? 在日本，土地价格的终身经历会影响房屋所有权吗？

IF 1.3 4区经济学

Japan and the World Economy Pub Date : 2025-07-07 DOI: 10.1016/j.japwor.2025.101320

Kiichi Tokuoka

引用次数: 0

Effects of welfare receipt on well-being: Evidence from older people in Japan 福利收入对幸福感的影响：来自日本老年人的证据

IF 1.3 4区经济学

Japan and the World Economy Pub Date : 2025-06-30 DOI: 10.1016/j.japwor.2025.101321

Kodai Matsumoto

引用次数: 0

Foreign exchange liberalization and exchange rate exposure: Firm-level evidence of the Japanese Automobile Industry 外汇自由化与汇率风险：日本汽车工业的企业层面证据

IF 1.3 4区经济学

Japan and the World Economy Pub Date : 2025-06-03 DOI: 10.1016/j.japwor.2025.101312

Teru Nishikawa , Kiyotaka Sato

{"title":"Foreign exchange liberalization and exchange rate exposure: Firm-level evidence of the Japanese Automobile Industry","authors":"Teru Nishikawa , Kiyotaka Sato","doi":"10.1016/j.japwor.2025.101312","DOIUrl":"10.1016/j.japwor.2025.101312","url":null,"abstract":"<div><div>This paper empirically examines the effect of the drastic amendment of the Foreign Exchange and Foreign Trade Act (FEFTA) in 1998 on the exchange rate exposure of ten Japanese automobile firms. By conducting panel estimation using the firm-level explanatory variables constructed originally, we find that (1) the degree of automobile firms’ exchange rate exposure increased significantly during the post-1998 FEFTA amendment period; (2) however, more profitable automobile firms with higher ROE and facing larger exchange rate volatility could reduce their exposures after the 1998 FEFTA amendment because they could conduct efficient operational hedging through expanding supply chains and more readily utilize efficient hedging instruments to reduce group-wide foreign exchange risk; (3) more sales in and exports to Southeast Asian countries significantly reduced automobile firms’ exposures, because they tended to invoice their exports to Southeast Asian countries not in USD but in the yen. Our findings would be insightful for Asian economies that move gradually toward foreign exchange liberalization. Efficient operational and financial hedging, as well as invoice currency choice, significantly affect the degree of exposure after foreign exchange liberalization.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"75 ","pages":"Article 101312"},"PeriodicalIF":1.3,"publicationDate":"2025-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144307846","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The knowledge transfer patterns of multinational firms: The evidence from Korean firm-level analysis 跨国公司的知识转移模式：来自韩国企业层面分析的证据

IF 1.3 4区经济学

Japan and the World Economy Pub Date : 2025-06-02 DOI: 10.1016/j.japwor.2025.101313

Hyunjung Cho , Gahee Bak , Junyun Kim , Hongshik Lee

引用次数: 0

Corrigendum to “A nowcasting model of industrial production using alternative data and machine learning approaches” [Jpn. World Econ. 71 (2024) 101271] “使用替代数据和机器学习方法的工业生产临近预测模型”的勘误表[Jpn。世界经济，71 (2024)101271 [j]

IF 1.3 4区经济学

Japan and the World Economy Pub Date : 2025-06-01 DOI: 10.1016/j.japwor.2025.101297

Kakuho Furukawa , Ryohei Hisano , Yukio Minoura , Tomoyuki Yagi

引用次数: 0

Regret aversion in Japanese and U.S. stock markets: Analyzing the effects of market conditions 日本和美国股市的后悔厌恶情绪：分析市场状况的影响

IF 1.3 4区经济学

Japan and the World Economy Pub Date : 2025-05-09 DOI: 10.1016/j.japwor.2025.101311

Somyung Kim , Kiyool Ohk

{"title":"Regret aversion in Japanese and U.S. stock markets: Analyzing the effects of market conditions","authors":"Somyung Kim , Kiyool Ohk","doi":"10.1016/j.japwor.2025.101311","DOIUrl":"10.1016/j.japwor.2025.101311","url":null,"abstract":"<div><div>This study examines the effects of investors’ regret aversion and regret premium on investment decision-making and stock returns in the Japanese and U.S. stock markets from a behavioral finance perspective. Using regret variables, we demonstrate that regret aversion significantly impacts asset pricing. Our empirical results show that investors demand a higher regret premium when holding high-regret assets, and this relationship persists even after controlling for various firm characteristics. By analyzing market states and dynamics, we find that regret aversion is particularly strong in down markets, though its influence weakens in up markets. Market dynamics analysis reveals that regret premiums are most pronounced during simultaneous upward market trends. Robustness tests using cumulative returns and industry-adjusted short-term return reversals further confirm the significant influence of regret on stock returns. Additionally, our analysis of irrational investor behavior, including the disposition effect and psychological price barriers, shows that regret aversion is more pronounced in the context of unrealized capital losses and when asset prices deviate significantly from psychological price barriers. This study provides comprehensive insights into the impact of regret aversion and market dynamics on investor behavior and asset pricing, challenging traditional finance theories grounded in the assumption of rational decision-making.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"74 ","pages":"Article 101311"},"PeriodicalIF":1.3,"publicationDate":"2025-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144069862","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Does SME policy enhance the adjustment of trade credit? Evidence from a revision of the Subcontract Act in Japan 中小企业政策是否促进了贸易信贷的调整？来自日本《分包法》修订的证据

IF 1.3 4区经济学

Japan and the World Economy Pub Date : 2025-04-30 DOI: 10.1016/j.japwor.2025.101310

Daisuke Tsuruta

{"title":"Does SME policy enhance the adjustment of trade credit? Evidence from a revision of the Subcontract Act in Japan","authors":"Daisuke Tsuruta","doi":"10.1016/j.japwor.2025.101310","DOIUrl":"10.1016/j.japwor.2025.101310","url":null,"abstract":"<div><div>In this paper, we examine whether small and medium enterprises (SMEs) face severe constraints in adjusting their trade receivables by focusing on the 2016 revision of the Subcontract Act of Japan. Small businesses typically have weaker bargaining power than their customers because they are likely to depend on certain customers. Accordingly, many small businesses face severe constraints in the adjustment of their trade receivables. The Subcontract Act prohibits customer firms from receiving trade credit from small businesses over the long term, and this was enforced more strictly after 2016 following a regulatory revision. This made it easier for small businesses to adjust their trade receivables if their level was considered excessive, serving to enhance the speed of adjustment. We find that trade receivables decreased by an average of 2.1 days following the policy change for the main target firms of the Subcontract Act. Our results also show that small businesses could more rapidly adjust their trade receivables than large firms, both before and after the revision. On this basis, we conclude that while the policy effects on the level of trade receivables are significant, those on the adjustment are not.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"74 ","pages":"Article 101310"},"PeriodicalIF":1.3,"publicationDate":"2025-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143894921","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Influence of exclusive subcontracting on technological innovation: The case of Korean SMEs 独家分包对技术创新的影响：以韩国中小企业为例

IF 1.3 4区经济学

Japan and the World Economy Pub Date : 2025-04-22 DOI: 10.1016/j.japwor.2025.101309

Raehyung Lee , Jinki Hong , Duk Hee Lee , Jay Y. Ohm

{"title":"Influence of exclusive subcontracting on technological innovation: The case of Korean SMEs","authors":"Raehyung Lee , Jinki Hong , Duk Hee Lee , Jay Y. Ohm","doi":"10.1016/j.japwor.2025.101309","DOIUrl":"10.1016/j.japwor.2025.101309","url":null,"abstract":"<div><div>Does subcontracting with large firms promote the innovation endeavours of small and medium-sized enterprises (SMEs)? This study addresses this question using panel data from 22,528 observations of Korean SMEs across all industries from 2015 to 2019. We tested the hypotheses individually for five sub-industries based on Pavitt’s (1984, 1990) technological trajectory classification. The findings indicate that exclusive subcontracting negatively affects innovation endeavours, specifically in the supplier-dominated, science-based, and assembly/processing industries. By examining SMEs both as a whole and within specific industries, this study provides new evidence on the relationship between exclusivity and innovation, expanding on prior research that focused on data from limited sectors. Specially, the findings have implications for the innovation strategies of firms, industries, and countries such as South Korea, where SMEs heavily rely on transactions with large firms. These findings offer new quantitative evidence for sectoral innovation systems, emphasising different innovation strategies for each industry.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"74 ","pages":"Article 101309"},"PeriodicalIF":1.3,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143873866","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0