One theme that has arisen with monotonous regularity in S&P reports this year has been the strengthening of the Japanese yen. Last week, the Japanese currency once again hit a high, breaching the 76 yen/dollar mark in New York trading for the first time since 1945 and setting a new record for the second time this year. With many ships operating on time charters at less-than-break-even levels, the strength of the yen is arguably becoming an issue for Japanese owners' financiers rather than just for the owners themselves.
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