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Warren Buffett said he raised his stake in five Japanese trading houses to 7.4% during his first visit to Tokyo in over a decade, according to Becky Quick, reporting for Squawk Box on CNBC. The trading houses are an integral part of the Japanese economy and are involved in trades of some of the most critical sectors, such as energy, Quick noted.
As per reports, Buffer previously held a 5% stake in these trading houses, including Mitsubishi, Mitsui, Itochu, Marubeni, and Sumitomo. Later, he upped the stakes to 6% in all five companies before the latest move. Stock prices of all of the trading houses hiked by a few percent. Buffett plans to meet the heads of all five trading houses in person during his current visit to Japan.
Warren Buffett is known for his reading of macroeconomic conditions before investing. Very recently, the Bank of Japan Governor, the country’s central bank, suggested that the bank adopt a more accommodative approach. The quick move may have resulted from a change of stance from Japan’s central bank.
Bloomberg’s Mark Cranfield believes the current situation is ideal for investing in Japan with little downside. He also mentioned that Buffett might be raising funds through bonds issue in the country. Cranfield believes that borrowing costs are meager in Japan, especially compared to the U.S.
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