Adjustments in the Balance of Payment and the Japanese Economy

日元作为日本贸易的发票货币的使用有所增加。但是，在日本与亚洲各国的贸易中，石油等具有国际定价市场的商品也主要使用美元。日本对华贸易额的增加影响了日本贸易收支J曲线的形状。未来，日本有可能成为世界上一个成熟的债权国。进口价格对国内价格冲击的反应有所扩大。但是，由于日元作为贸易计价货币的国际化，国内价格对汇率冲击的反应减弱。

The use of Japanese yen has increased as an invoice currency for Japanese trade. However, the use of the US dollar dominates even in Japanese trade with Asian countries, for commodities, such as petroleum products, that have international pricing markets. The increasing volume of Japan's trade with China influences on the shape of the J-curve for Japanese trade balance. In future, Japan will possibly become a mature creditor to the world. A response of import price to a domestic price shock has enlarged. However, a response of domestic prices to an exchange rate shock has reduced because of Japanese yen's internationalization as a trade invoicing currency.