Shares in Japan’s five largest trading houses surged as much as 9 per cent on Tuesday after Warren Buffett signalled Berkshire Hathaway was likely to increase its already substantial stakes in the companies at the heart of Japanese industry.
The five stocks closed up between 4 and 9 per cent in Tokyo after Berkshire at the weekend revealed its intention to increase ownership and hold the stakes for “many decades”. Markets in Japan were closed on Monday for a public holiday.
Mitsubishi Corporation led the gains with nearly 9 per cent, while Mitsui rose more than 4 per cent, Marubeni climbed 7.5 per cent, Sumitomo jumped nearly 7 per cent and Itochu advanced 6.7 per cent.