The dollar, the yen, or the renminbi? Invoicing currency choices by Japanese overseas subsidiaries For ITO Takatoshi's full bio, For KOIBUCHI Satoshi's full bio, For SATO Kiyotaka's full bio, For SHIMIZU Junko's full bio, For YOSHIMI Taiyo's full bio, The currency a firm chooses to invoice in reveals lessons on the prominence of that currency in the international sphere. This column presents survey data from Japanese overseas subsidiaries, highlighting how the use of Asian currencies has been growing steadily. The authors show that among Asian local currencies, Chinese renminbi and Thai baht are the most used currencies by Japanese subsidiaries. If these countries become increasingly important destination markets for regional countries, local currencies will be used more as trade invoice currency in Asia.