BRK.B-US Buys Record Value in Japan Merchants as PM Kōno's Majority Lifts Nikkei to New High

Following PM Kōno's right-leaning coalition victory in the House of Representatives on February 9, 2026, the Nikkei 225 surged 3.89% on Monday, lifting BRK.B-US holdings in Japan’s top merchant banks. Buffett’s 2019 purchases of 5% stakes in Mitsubishi, Sumitomo, Marubeni, Itochu, and Mitsui have seen the investment’s value rise from about $13.8B to roughly $40B as of early 2026, with Monday’s gains keeping the stake on an upward trajectory. The coalition’s 352–seat win, including LDP’s 316 seats and the Japan Innovation Party’s 36, ensured a supermajority. Tuesday, February 10, the Nikkei 225 opened 2.49% higher to 57,768.77. Citigroup expects the index to reach 57,000 and TOPIX 3,800 on the back of strong earnings and inflows. The USD/JPY touched 156.66. The outcome is expected to keep the yen weak and support carry trade activity as the LDP’s “Takaichi trade” of expansion and fiscal stimulus is reinforced. The merchant bank portfolio, borrowed at ~1% in yen and yielding ~4% in dividends, benefits from yen depreciation and dollar-denominated revenues.