Volatile Yen Creates Market Uncertainty for Japanese Shipping Giant
Mitsui OSK Lines' Chairman Takeshi Hashimoto has expressed concern about the volatile yen, stating that it could create a 'confused situation in the financial market'. The company benefits from a weak yen due to its revenue being mainly in U.S. dollars.
Hashimoto believes that a stable currency market is crucial and would be comfortable with the yen trading within a range of 150-155 against the greenback, currently around 153. Japan's currency has seen significant fluctuations in recent months, hitting multi-decade lows before interventions by Tokyo strengthened it temporarily.
The Chairman also shared his pessimistic view on the recovery of shipping in the Strait of Hormuz, saying that a 'reasonably good situation' may emerge from talks between Iran and Persian Gulf countries, but it would take time.