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Analysis of Warren Buffett's view on 'buying Japanese assets':
1. First clarify what "Old Buffett's view" is. At the Berkshire Hathaway shareholders' meeting on May 3, 2025, Warren Buffett once again emphasized: continue to increase allocations to non-dollar assets, with a particular focus on yen-denominated investments; the holdings in the five major Japanese trading houses (ITOCHU, MARUBENI, MITSUBISHI CORPORATION, MITSUI & CO., SUMITOMO CORPORATION) will be held "indefinitely," and he is not worried about the future rebound in Japanese bond yields. His main motivations are—the widening valuation gap between the yen and U.S. stocks; Japanese companies' strong cash flow and increasing buyback efforts; Berkshire Hathaway can use ultra-low-cost yen bonds to replace some dollar financing...