Berkshire Hathaway may raise Japan trading house stakes to 15%

Berkshire Hathaway ↘ 2.04% is considering increasing its holdings in Japan's five major trading houses and could raise its stakes to as much as 15%, according to Bloomberg, citing the head of Japan's trade lobby.bloomberg

Masahiro Okafuji, chairman of the Japan Foreign Trade Council and of Itochu, said he believes Berkshire "intends to hold its stakes in the trading houses for the long term and is even considering increasing its holdings" after meeting with CEO Greg Abel earlier this month in Japan. Okafuji added that Berkshire "would not make a fuss even if those stakes were raised to 15%," calling the company an "extremely valuable" shareholder.japantimes+1

Abel's Japan Visit

Abel traveled to Japan in early September and held a series of meetings with executives at all five trading houses — Mitsubishi, Mitsui, Sumitomo, Marubeni, and Itochu. In an interview with CNBC during the trip, Abel described the positions as long-term investments Berkshire could hold "for decades," expressing confidence that the companies' underlying earnings would continue to grow alongside expanding dividends and share buybacks.mk+1

Berkshire currently owns more than 10% of each of the five companies, with stakes collectively valued at roughly $35 billion as of the end of 2025. Mitsubishi Corporation represented the largest holding at 10.8%, worth approximately $9.21 billion, and Berkshire received about $862 million in dividends from the five firms last year.investing+1

From 5% to a Potential 15%

Warren Buffett first disclosed roughly 5% stakes in each of the five sogo shosha in August 2020. Berkshire has steadily increased those positions since, crossing the 10% threshold after negotiating the removal of an earlier ownership ceiling. The increases have come through both direct stock purchases and the trading houses' own share buyback programs, which reduced outstanding share counts and pushed Berkshire's ownership percentages higher.ft+2

Berkshire has also financed its Japan bets by regularly issuing yen-denominated bonds, creating a structure that raises capital locally for investment in Japanese companies.mk

Broader Japan Ambitions and Potential Tensions

Beyond the trading houses, Berkshire has been expanding its footprint in Japan. Abel reportedly met with management of Tokyo Marine Holdings Tokio Marine Holdings, Inc. during his September visit, following Berkshire's acquisition of a stake in the insurer earlier this year.mk

Still, Okafuji acknowledged that deeper ties could introduce complications. "If we pursue bigger business opportunities, there may be potential conflicts of interest," he said, noting that Berkshire is both an investor and a business partner to the trading houses.japantimes+1