To unlock shareholder value, Singapore conglomerates can learn from Japan’s trading houses
The transformation of Japanese companies has helped drive Nikkei 225’s surge
SINCE 2020, Japan’s stock market has experienced a remarkable revival. The Nikkei 225 index surpassed the 70,000 threshold in June 2026, marking a further acceleration in its gains over recent years.
The rally has had several drivers. Front and centre has been the global artificial intelligence boom, which has lifted technology-related names such as Tokyo Electron and SoftBank. Supporting this trend is the weak yen, which has attracted global capital flows to Japan.
A highly visible turning point also came in August 2020, when Warren Buffett’s Berkshire Hathaway disclosed stakes in five major Japanese trading houses, known as the sogo shosha.
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