Japanese trading giant Itochu Corp. raised its full-year profit target 14 percent as it benefits from surges in metals and energy prices in conjunction with the yen’s historic decline, which has inflated earnings in its home currency. Know more:
Japanese trading giant Itochu Corp. raised its full-year profit target 14 percent as it benefits from surges in metals and energy prices in conjunction with the yen’s historic decline, which has inflated earnings in its home currency.
The new forecast shows how Japan’s biggest trading houses, known as sogo shosha, have benefited from surging energy and commodity markets as supply constraints, geopolitical tensions and a demand rebound push up prices. The lower currency is also a tailwind for Itochu, which is part-held by Berkshire Hathaway Inc., as it can repatriate overseas earnings into the yen.
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