Mitsubishi Corp, Japan's biggest trading company, said on October 7 the yen's strength and the global financial turmoil will not affect its $13 billion investment plan for this financial year and its three-year $32 billion spending plan by March 2013.
Ryoichi Ueda, Mitsubishi's chief financial officer, said its pace of investment has been slower because of an increasingly complex risk management process as it gets more involved in the running of large projects, but many big projects are in the pipeline.
"We can achieve this year's investment plan of 1 trillion yen by March 2012," Ueda told Reuters in an interview. "Our policy is to steadily proceed with our investment plans after the appropriate risk management process irrespective of the yen rate and the economic environment."
Mitsubishi's spending in the April-June first quarter amounted to 120 billion yen ($1.56 billion), following its 370 billion yen investment in the 2010/11 year.
Ueda also said the company expects the dollar/yen rate to stay at the current level of around 76 yen for a while, given the political and economic situation of the United States.
He also said procuring funds in local currencies in emerging markets, including China, is an option as it seeks to minimise the risk of the yen's volatility.
Mitsubishi owns a 50 percent stake in the $5.3 billion Oakajee deepsea iron ore port and rail project in Australia, which has been in danger of collapse since July due to cost overruns and a funding shortfall.
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