Using a panel vector autoregression approach and industry breakdown data for financial constraints obtained from the Bank of Japan's Tankan (Short‐Term Economic Survey of Enterprises in Japan) database, this study empirically investigates whether and how Japanese firms' financial constraints (internal and external) influence the response of Japanese sectoral exports to an exchange rate shock. Furthermore, we use the industry‐specific real effective exchange rate data developed by to allow for different movements of real effective exchange rates across industries. It is found that financial constraints have a significant influence on Japanese exports in response to exchange rate shocks. Japanese exporters with either lower internal financial constraints or external financial constraints are less affected by the yen's appreciation. In addition, if firms face high external financial constraints, only reducing the internal financial constraints cannot help them mitigate the impact of the yen's appreciation on their exports. Thus, an accommodative financial environment also plays an important role in alleviating the impact that the yen's appreciation has on Japanese exports.

中文翻译：

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行业特定的汇率波动，日本出口和金融约束：面板向量自回归分析的证据

使用面板向量自回归方法和行业细分数据来解决从日本央行短观银行获得的财务约束（日本企业短期经济调查））数据库，该研究以经验方式调查了日本企业的财务约束（内部和外部）是否以及如何影响日本部门出口对汇率冲击的反应。此外，我们使用开发的特定于行业的实际有效汇率数据来考虑跨行业的实际有效汇率的不同变动。人们发现，金融紧缩对汇率冲击对日本出口产生了重大影响。内部财务约束较低或外部财务约束较低的日本出口商受日元升值的影响较小。此外，如果企业面临高外部财务约束，仅减少内部财务约束将无法帮助他们减轻日元升值对其出口的影响。