Warren Buffett has made another major investment shift, one that reduces Berkshire Hathaway’s dependence on the U.S. economy. This news followed the Federal Reserve’s policy announcement to “push up inflation,” which is seen as bullish for bitcoin, with some predicting that the price of the cryptocurrency will soon reach an all-time high.
Buffett Reducing US Dependence
Warren Buffett’s Berkshire Hathaway has invested over $6 billion in Japan’s five biggest trading houses. The company has taken a 5% stake in Itochu Corp., Marubeni Corp., Mitsubishi Corp., Mitsui & Co. Ltd., and Sumitomo Corp. The stakes could rise to 9.9%, the company said on Sunday, Buffett’s 90th birthday. Reuters described:
The investment will help reduce Berkshire’s dependence on the U.S. economy, which in the last quarter contracted the most in at least 73 years as the Covid-19 pandemic took hold.
“Buffett’s choice in Japan, however, surprised market players as trading houses have long been far from investor favorites,” the publication added. Tokyo-based…