BRK.B-US Doubles Value from JSMs: Holdings in Japan’s Top Five Merchants Soar 200% Since 2019

BRK.B-US has more than doubled the value of its investment in Japan’s top five merchant banks since 2019, with holdings now approaching $400 billion from $138 billion. The holding includes Mitsubishi Corporation (MTSS), Marubeni (MRBN), Mitsui & Co. (7278), Sumitomo Mitsui (7291), and SMBC (8988), with average stakes around 9% and outperforming the Topix: Mitsubishi and Marubeni up roughly 20% in 2026 versus 7% for the index. The investment, publicly announced in September 2020, began with a low P/E under 10 and has delivered a “double-dip” of earnings growth and rising valuations. While the calculation excludes currency gains, the yen’s roughly 40% depreciation since 2020, offset by more than $20 billion in tax-shielded interest from yen-denominated borrowings, has boosted overall returns. Currently the third-largest stock position behind Apple (AAPL) and American Express (AXP), the holding aligns with Buffett’s value-and-dividend style and is expected to increase to above 10% under current leadership. It stands as a standout gain since the pandemic, following a period of mixed results with other major bets.