The chairman of Mitsui OSK Lines, Takeshi Hashimoto, told CNBC that the weak yen benefits Japanese companies operating internationally due to revenue mainly denominated in US dollars, but that excessive volatility creates a confusing situation in financial markets. He indicated that a range of 150 to 155 yen to the dollar would be comfortable for the Japanese economy, while the currency currently trades around 153. Mitsui OSK Lines, the world’s largest tanker owner and operator, remains pessimistic about a quick recovery for shipping in the Strait of Hormuz, where only an average of 10 commodity ships transit per day, the lowest level since May. Negotiations between Iran and Persian Gulf countries such as Oman and Qatar could improve the situation, but according to Takeshi Hashimoto, this will take time.
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