Chile salmon farmer slashes coho forecast as Japan currency woes bite

Chile’s Salmones Camanchaca slashed its coho salmon harvest forecast for 2024 in response to lower demand from Japan, its biggest market for the species, after last year’s depreciation of the yen currency against the US dollar.

“Bad,” was the single word used by Camanchaca Group CEO Ricardo Garcia to describe the current Japanese coho market, and he predicted little prospect of improvement over the rest of the year.

“Japan is not waking up,” Garcia said during the company’s fourth-quarter earnings call.