Key facts
- Masahiro Okafuji, chairman of the Japan Foreign Trade Council, said the yen needs to strengthen.
- Okafuji is also chair and CEO of Itochu.
Masahiro Okafuji, who chairs the Japan Foreign Trade Council and also leads Itochu, stated on Wednesday that a stronger yen is necessary for the benefit of Japan. This position is notable as Japan's trading houses often stand to gain from a weaker currency, which can boost their international competitiveness and the value of repatriated foreign earnings. The call for a stronger yen suggests a focus on broader economic stability and import cost management over short-term export advantages for the sector.