Australian shares are set for a modest advance. Policymakers’ latest meeting minutes to be released at 11.30am AEST. RBA Deputy Governor Michelle Bullock speaking on “Achieving Full Employment” at 1.15pm.
Berkshire Hathaway raised its stake in five of Japan’s trading houses to an average of over 8.5 per cent, in a move to double down on some of Warren Buffett’s favourite stocks.Co and Sumitomo, the US insurer said in a release on Monday. Buffett, the chairman of Berkshire, said in April that the firm would boost stakes in the Japanese companies, prompting their stock prices to rise to record highs.
The billionaire investor’s endorsement, combined with signs of stable inflation and better shareholders returns including buybacks, have helped propel Japanese stock to a 33-year high. The Topix Wholesale Trade Index, which includes Mitsubishi and other peers, has soared 39 per cent this year, overtaking electric appliance makers.
Berkshire plans to increase investments to up to 9.9 per cent of each of the five Japanese firms. “The company will make no purchases beyond that point unless given specific approval by the investee’s board of directors,” according to the release.
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