Famed investor Warren Buffett has increased his stake in five Japanese trading firms, and says he may buy more of the companies’ shares.
In a media interview, Buffett said he is considering additional investments in
Mitsubishi, Mitsui & Co., Itochu, Marubeni, and Sumitomo.
Each of the Japanese companies’ share prices rose more than 2% on Buffett’s comments.
Through his holding company, Berkshire Hathaway (BRK.B), Buffett has raised his stake in all five trading houses to 7.4%. That’s up from positions of about 6% previously.
Japan’s five largest trading companies — known as Sogo Shosha —import everything from energy and metals to food and textiles into Japan, which has scant resources of its own.
The trading houses are credited with helping the Japanese economy grow and become more internationally competitive.
Buffett initially invested more than $6 billion U.S. in the Japanese trading houses last summer.
Berkshire Hathaway’s Class B stock has declined 11% over the last year to trade at $312.62 U.S. per share.
