This paper investigates how the Brexit announcement affects Japanese direct investment into Europe at the regional NUTS-2 level. Political and economic uncertainty is an important factor affecting the economic performance of a country and its regions. In this study, Japanese annual firm-level data between the years 2000 and 2018 for 31 European countries is used. Negative binomial estimations indicate a significant negative relationship between uncertainty associated with the Brexit announcement and Japanese foreign direct investment (FDI) in the UK regions. Strong FDI path dependence currently acts to dampen this effect. However, depending upon future European Union Single Market access rules, such path dependence could act to magnify Brexit’s effect on inward-UK FDI. JEL Classification Codes: F23, R12.

中文翻译：

---

英国脱欧与日本在欧洲地区直接投资的位置

本文研究了英国脱欧公告如何影响日本在区域 NUTS-2 层面对欧洲的直接投资。政治和经济的不确定性是影响一个国家和地区经济表现的重要因素。在这项研究中，使用了 2000 年至 2018 年间日本 31 个欧洲国家的年度公司级数据。负二项式估计表明与英国脱欧公告相关的不确定性与日本在英国地区的外国直接投资 (FDI) 之间存在显着的负相关关系。强烈的 FDI 路径依赖目前正在抑制这种影响。然而，根据未来的欧盟单一市场准入规则，这种路径依赖可能会放大英国退欧对流入英国的 FDI 的影响。JEL 分类代码：F23、R12。