Takeshi Hashimoto, the Chairman of Mitsui OSK Lines, highlighted the dual nature of the weak yen for Japanese companies, particularly in shipping. While a depreciating yen enhances revenue for Mitsui OSK, which primarily earns in U.S. dollars, the significant fluctuations in the currency can lead to confusion in financial markets.
Hashimoto indicated a preference for a stable exchange rate, suggesting that a range of 150-155 yen per dollar would be ideal. Currently, the yen is trading around 153. The currency has experienced sharp declines recently, reaching multi-decade lows, prompting interventions from both Tokyo and Washington to stabilize it temporarily.
Additionally, Hashimoto expressed pessimism regarding the shipping situation in the Strait of Hormuz, noting that the average number of commodity ships transiting the area has dropped to its lowest since May. He hopes for improved conditions following negotiations between Iran and Gulf nations, but acknowledges that recovery will take time