Japanese Business Leaders Call for Stronger Yen Amid Fluctuating Markets
Japanese business executives are sounding the alarm over the weak yen, even those who have benefited from its decline. Kawasaki Heavy Industries' chairman Yoshinori Kanehana says a strong yen would help his company make strategic decisions, currently hindered by fluctuations in the currency's value.
Kanehana told CNBC that if the yen strengthens to 150 per dollar, he might consider moving manufacturing back to Japan from the US. The company has 27 production sites outside its home country and 17 within it, according to a report published last year.
Takayuki Ueda, president and CEO of energy major Inpex, wants an even stronger yen, targeting 100 per dollar as an 'appropriate' level for the Japanese economy. Although nearly 90% of Inpex's business is conducted outside Japan in dollars, Ueda believes a stronger currency would benefit the overall economy.
Even Mitsui O.S.K. Lines, which generates revenue mainly in dollars and benefits from a weak yen, wants to see a stable currency market. Chairman Takeshi Hashimoto expressed concern that a weak yen could create uncertainty in financial markets and said he'd be 'comfortable' with the yen at 150-155.