Japan’s business chiefs push for stronger yen despite profit gains from weak currency

Japanese business leaders are urging a stronger yen despite many benefiting from its weakness, citing strategic planning difficulties from currency volatility. Kawasaki Heavy Industries chairman Yoshinori Kanehana called the fluctuation its "biggest problem" and said yen at 150 could prompt moving manufacturing from the U.S. to Japan. Inpex president Takayuki Ueda said yen at 100 would be "appropriate" for Japan's economy, even though nearly 90% of its business is dollar-based and benefits from conversion. Mitsui O.S.K. Lines chairman Takeshi Hashimoto wants stability, comfortable with yen at 150-155, fearing financial market confusion. The yen traded at 156.3 on Thursday, weak against its 10-year average of about 123 per dollar. Japanese firms planned for an average rate of 152.51 in the second half, while investors expect the Bank of Japan to hike rates to 1.25% at its meeting concluding Friday.