Warren Buffett and investments in Japan (photo by shutterstock, YouTube/ CNBC Television)
Shares in Japan rose on Tuesday after Warren Buffett, chairman and chief executive of Berkshire Hathaway, said he plans to increase his holdings in the country.
In an interview with the Nikkei, Buffett said that he is considering increasing investments in some of the country’s largest companies, adding that he is “very proud” of his existing investments in them.
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Mitsubishi shares rose 2.08% in afternoon trading in Japan, Mitsui Co. gained 2.66%, Itochu Corp climbed 2.98% and Marubeni gained 4.55%. Sumitomo also increased by 3.19%.
Buffett told the Nikkei he plans to meet with the companies later this week “to have a discussion around their businesses and to emphasize our support,” according to the report.
Japan’s five largest trading companies – known as Sogo Shosha – are conglomerates that import everything from energy and metals to food and textiles to resource-poor Japan. They also provide services to manufacturers. The trading houses helped grow the Japanese economy and contributed to the globalization of its business.
Buffett told the Nikkei that he now owns 7.4% of Itocho — up about 0.6% from the 6.8% holding disclosed in November regulatory filings.
At the end of last year, Berkshire Hathaway increased its positions in Japan’s top five trading houses by at least one percentage point to more than 6% each – after its initial purchase in August, when Buffett bought holdings worth more than $6 billion in total. 90th birthday.
November filings showed that Berkshire Hathaway’s positions were 6.6% in Mitsubishi Corp., 6.6% in Mitsui Co., 6.2% in Itochu Corp., 6.8% in Marubeni Corp. and 6.6% in Sumitomo Corp.
Nikkei reported separately that Buffett’s Berkshire Hathaway was preparing another bond issue in a bid that was seen as a sign that the conglomerate would increase its investments in Japan.
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