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Japan Shipping Chairman Says Yen Volatility Could Cause Market Chaos

09/09 17:23

Mitsui O.S.K. Lines Chairman Takeshi Hashimoto said a weaker yen benefits the Japanese shipping giant because most of its revenue is settled in U.S. dollars. According to Sina Finance, he said sharp exchange-rate swings could create a “chaotic situation” in financial and global markets, and that $1 to 150-155 yen would be a comfortable range. Hashimoto also said it is nearly impossible for the company to restore normal shipping operations through the Strait of Hormuz. According to Sina Finance, he said he remains pessimistic about a quick recovery in traffic through the waterway. A shipping industry executive said a weaker yen helps Japanese companies doing overseas business, but sharp yen volatility creates problems. According to Sina Finance, recent data showed average daily traffic through the Strait of Hormuz fell to 10 bulk carriers over the past 10 days, the lowest level since May.

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