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Prepared by Romuald Semblat.
Until recently, Korea imposed three types of won-denominated accounts for nonresidents: free won accounts for proceeds from current account transactions, nonresident domestic currency accounts for proceeds earned in won in Korea and nonresidents accounts for securities and bonds.
As is shown in Tavlas and Ozeki (1992), another issue for the yen is the low level of invoicing of Japanese exports and imports in yen. This is largely the case because a large share of exports go to industrial countries which tend to denominate their imports in their own currencies and to Asia which relies on the U.S. dollar for invoicing. It is also due to the fact that Japanese exporters tend to denominate their invoices in foreign currencies in order to maintain their market shares.