Even winners want yen stronger

Japanese business leaders who profit from a weak yen are now calling for a stronger currency, saying extreme weakness has become economically damaging.

Kawasaki would move manufacturing home

Yoshinori Kanehana, chairman of Kawasaki Heavy Industries, said yen at 150 per dollar could prompt him to move U.S. manufacturing back to Japan. Currency swings make long-term strategy impossible, he told CNBC.

“We cannot make a strategy.”

Oil giant wants yen at 100

Takayuki Ueda, CEO of energy major Inpex, says 100 yen per dollar is the appropriate level for Japan's economy. This is notable because nearly 90% of Inpex's business is dollar-based and benefits from a weak yen.

“The current exchange rate is perhaps too weak.”

Tanker operator seeks stability

Takeshi Hashimoto, chairman of Mitsui O.S.K. Lines, the world's largest tanker operator, wants a stable currency market and would be comfortable with yen at 150-155. He worries extreme weakness creates financial market confusion.

Yen remains weak historically

The yen traded at 156.3 on Thursday but has strengthened over two weeks. Its 10-year average is about 123 per dollar, meaning current levels remain historically weak despite recent gains.

Bank of Japan faces pressure

The Bank of Japan is expected to raise rates by 25 basis points to 1.25% at its policy meeting concluding Friday. Investors see this as the start of quarterly rate increases to support the yen.