Stocks of Japanese trading companies in which Warren Buffett has invested hit record highs

After the release of the earnings report and the announcement of the share buyback program, shares of the largest Japanese trading companies in which Warren Buffett has invested hit record levels this week, Bloomberg reports. Mitsubishi Corp, the largest corporation, announced plans for a $2.2 billion share buyback and posted a 6% increase after it also beat its profit target for the year to March 2024. Shares of Sumitomo Corp and Itochu Corp also surged to all-time highs. These stocks led the Topix index this week. Warren Buffett has held stakes in these companies since 2020 and has benefited from rising Japanese stock prices. Even though all commodity companies are forecasting a decline in earnings this quarter, they are still doing well and their shares remain relatively cheap, with Mitsubishi and Sumitomo continuing to trade below book value.