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- A weak yen benefits Mitsui O.S.K. Lines because much of the Japanese shipping giant’s revenue is earned in U.S. dollars, Chairman Takeshi Hashimoto told CNBC.
- He said sharp currency swings risk creating a “confused situation” in financial and global markets, and that a range of 150 to 155 yen per dollar would be “comfortable.”
- Hashimoto also said it is “almost impossible” for the company to resume normal services through the Strait of Hormuz for now.
watch nowVIDEO06:19Mitsui O.S.K. Lines: Impossible to resume normal service on the Strait of HormuzAccess Middle East
While the weak yen is favorable to Japanese companies doing business elsewhere, the huge swings in the currency can be a problem, according to a top shipping executive.
Mitsui OSK Lines‘ revenue is mainly in U.S. dollars, so the company benefits from a depreciating yen, according to Chairman Takeshi Hashimoto. Mitsui OSK is the largest tanker owner and operator globally, and one of the largest shipping lines.
“We had some concern that the [weak yen] would create a confused situation in the financial market,” he told CNBC’s Lisa Kim in an interview.
What he wants to see is a stable currency market, Hashimoto told CNBC, adding that a range of 150-155 yen to the greenback would be “comfortable.” The yen was recently trading around 153.
Japan’s currency has swung sharply in recent months, hitting multi-decade lows over the the course of 2026, before multiple interventions by Tokyo — with a joint intervention by Washington — strengthened the currency for a period of time.
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When asked about his outlook for the Strait of Hormuz, Hashimoto said that he was pessimistic about a quick recovery for shipping in the waterway.
“For the time being, it is almost impossible for us to resume the normal service [in the] Strait,” he said. Data from analytics firm Kpler released on Monday showed that an average of 10 commodity ships transited the Strait of Hormuz per day over the past 10 days, the lowest number since May.
He hopes that a “reasonably good situation” will emerge from the talks between Iran and Persian Gulf countries like Oman and Qatar, but also said that it would “take some time.”
