Marubeni, one of Japan’s largest trading houses, favors a stronger yen to better leverage a $12 billion investment plan. According to its chief executive officer, a firmer currency provides the company with greater firepower for overseas acquisitions.

“We want the yen to be very strong,” CEO Masayuki Omoto said in an interview. This position marks a significant departure from the traditional view held by many Japanese policymakers and executives, who typically argue that a weaker currency makes exports more competitive.

While a weak yen traditionally boosts the yen value of overseas earnings, Omoto suggests the benefits are less clear today. Many Japanese companies have shifted production abroad, a trend that began following the yen’s strength during the 1990s through the early 2010s.