Institutions: The depreciation of the yen supports the export rebound, and the Japanese stock market climbs

Japanese stocks rose after the yen fell against the dollar, as the yen’s depreciation supported exports, outpacing fears that the market had risen too fast since the beginning of the year. Mitsubishi Corporation contributed the most to the gains in the Topix index, rising 3.4%, after Barron’s reported that Warren Buffett’s Berkshire Hathaway had been increasing its stake in five Japanese trading companies, citing Sumitomo Corporation CEO Masayuki Hyodo. A Sumitomo spokesperson said Hyodo’s response was that Berkshire had previously publicly stated that it might increase its stake to 9.9 percent. In addition, export stocks are also climbing. However, the Nikkei and Topix gave up gains in afternoon trading amid concerns that the recent rally would be too fast. Rina Oshimo, senior strategist at Okasan Securities, said there was a collective sell-off in the futures market, and it is conceivable that GPIF and other pension funds may be selling to adjust their Holdings due to the rapid rise since the beginning of the year.