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Edited by Jay P. Choi, Wonhyuk Lim and Sang-Hyop Lee

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Jeong Pyo Choi

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Peter J. Buckley and Hinrich Voss

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Yasuyuki Sawada

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Edited by Elisabetta Gentile

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Edited by Elisabetta Gentile

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Kenneth Boutin

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Hongjun Zhao

This chapter discusses the background and significance of the study, and introduces the main subjects and basic concepts of the book, such as the peasant economy and governmental governance. The author presents an overview of the book, the research method used, and conclusion, and indicates the innovation and limitation of the study.

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Hongjun Zhao

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Takatoshi Ito, Satoshi Koibuchi, Kiyotaka Sato and Junko Shimizu

Chapter 1 introduces the theme of this book, exchange rate risk for the exporters, by showing the sensitivity of corporate earnings and stock prices to exchange rate fluctuations. When the yen appreciates, corporate earnings and the Nikkei Index tend to fall. Faced with a long-run trend of yen appreciation, Japanese exporting firms have taken many countermeasures to lessen the exchange rate impact on their sales and profits. By invoicing in yen, they can avoid the exchange rate risk. However, importers suffer from exchange risk and have to absorb the change in import costs by changing their profit margins. Hence, which currency exports should be invoiced in depends on the nature of the products, the relationship between exporter and importer, and whether the exported goods are for the local market or for re-exporting after assembly. The chapter introduces these concepts and sets up the questions to be answered in later chapters.