In this study, we investigate the determinants of invoice currency choice by utilizing the transaction level information contained in export and import declarations at Japan Customs. With this new data set, we identified two-way exporters that export to and import from the same country in the same year. As determinants for invoice currency choice, we found currency matching is as essential as strategic complementarity for two-way exporters. In particular, two-way exporters choose the same invoice currency for exports and imports to minimize the exchange risk generated by currency mismatch. In addition, the strategic complementarity mechanism found in the literature also works for Japanese exporters. They choose the same invoicing currency as the competitors in the same industry or in the same destination market. We also found evidence that newly-entering two-way exporters consider less currency matching. Therefore, the currency matching mechanism for two-way exporters is gradually formed as they continue to survive in international markets.