Some of Berkshire's Newest Bets Aren't American. Greg Abel Bought 3 Japanese Trading Houses Last Quarter.

Berkshire Hathaway added to its Japanese trading house positions in Q2 2026 under CEO Greg Abel, increasing stakes in Mitsubishi, Sumitomo, and Marubeni. The conglomerate's combined holdings in five Japanese trading houses now total $35.4 billion, up from $23.5 billion a year earlier.

The positions generate $862 million in annual dividends and are financed with yen-denominated debt at 1.2% interest, producing a 5.6% yield on Berkshire's original cost basis. The strategy capitalizes on the interest rate differential between ultra-low Japanese borrowing costs and dividend income from the trading houses.

Abel's expansion of the Japan bet represents a continuation of the international diversification initiated before his tenure. The five trading houses—Mitsubishi, Sumitomo, Marubeni, Itochu, and Mitsui—represent one of Berkshire's largest concentrated exposures outside U.S. equities.

The financing structure creates positive carry through the spread between dividend yield and debt service, while Berkshire assumes currency risk on yen-denominated obligations against dollar-based returns.