08.31.20 - Warren Buffett, the famous investor and business tycoon, has just turned ninety but is showing little signs of slowing down as he mostly recently has set his sights on Japan.
Berkshire Hathaway, the Buffet’s industrial and insurance conglomerate, recently announced that it has purchased stakes in some of Japan's top companies. These stakes have a value of $6.7 billion altogether and are worth nearly 5% each.
Itochu, Marubeni, Mitsubishi, Mitsui and Sumitomo — the five firms invested in — play a vital role in the Japan’s economy and deal in a wide array of pivotal industries within the country.
"I am delighted to have Berkshire Hathaway participate in the future of Japan and the five companies we have chosen for investment," Buffett said in a statement. "I hope that in the future there may be opportunities of mutual benefit."
Japanese companies are not always welcome to foreign investors as a general rule, but Buffett’s name is recognizable in Japan and Japanese bookstores have sold out copies of books on his famous investment style and philosophy for years.
Berkshire Hathaway stated that it intends to hold onto these stakes for the long haul and added that it may end up doubling its holdings.
Source: Wall Street Journal