Print Sep 04, 2018

-The wake of a Japanese shipowner - Seno Kisen President, Yoichiro Seno(No.2)/Nixon shock and a strong yen

JMD: You faced a strong yen resulting from the Nixon shock.

Seno: When I first joined Seno Kisen, I think the dollar was still around USD1=JPY320. However, it rapidly strengthened to JPY160. Shipowners of ocean going ships are fated to receive charter revenue in dollars while the financing from banks is in yen. However, in order to prepare for the rapidly strengthening yen, we rearranged almost all of our loans to dollars when the yen was still around JPY180. This

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