Unlike at the Ryder Cup, both captains are expected to pull on their golf clothing and play for their teams.
The seventh edition of the matches, which pits Europe against Asia, will take place at the Dragon Lake Golf Club, in China between December 20-22.
Olazabal, who masterminded Europe's stunning Ryder Cup comeback at Medinah last September, will take charge of the European side for the third time in the annual event.
Yang helped Asia to record only their second victory over Europe in last year's event in Brunei, teaming up with fellow countryman K.T. Kim to defeat Nicolas Colsaerts and Francesco Molinari in the fourball play-off, after the matches had ended in an 8-8 tie.
The Korean takes over from the legendary Japanese golfer Joe Ozaki, who had led the Asian team in the previous five events.
"I am truly honoured to undertake the leadership role of Asian team captain for the next edition of the Royal Trophy," Yang said in a statement on Tuesday.
© Copyright Press Association
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