Trading Houses Help Boost Japan Stocks as Buffett Reveals Stakes
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Japanese stocks rose, boosted by trading houses after the revelation of stakes held by Warren Buffett’s Berkshire Hathaway Inc.
The Topix index completely erased the loss it suffered Friday after the surprise announcement that Prime Minister Shinzo Abe will step down for health reasons. Trading firms were the biggest boost to the benchmark gauge Monday after Berkshire said it now holds more than 5% each in five of the largest players in Japan. The Topix Wholesale Trade Index rose 4.5%, the most since March 27, with Mitsubishi Corp. and Mitsui & Co. each gaining more than 7%. The Nikkei 225 climbed back above its recent resistance line of 23,000.