Berkshire Hathaway Sells ¥272.3 Billion in Bonds Following Change in Leadership

Berkshire Hathaway Sees Success in First Yen-Denominated Bond Sale Since Buffett's Departure

Berkshire Hathaway Inc. has marked its return to the Japanese bond market with a ¥272.3 billion ($1.7 billion) yen-denominated bond sale. This move signifies the company's continued confidence in the country, particularly after agreeing to invest about ¥300 billion in Tokio Marine Holdings Inc.

The six-tranche offering featured maturities ranging from three to 30 years. Notably, the 10-year notes were priced at a spread of 90 basis points over benchmarks, with a coupon of 3.084%. This is a notable increase from the coupon of 2.422% on the 10-year notes sold in Berkshire's previous yen deal in November 2025.

Berkshire's recent investments in Japan, including stakes in major trading houses, demonstrate the company's commitment to the region. The Omaha, Nebraska-based company's expansion into Japan may have contributed to the success of the bond sale, which attracted investors despite rising volatility in Japanese government bonds amid heightened tensions over Iran.

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The deal ranks as Berkshire's third-largest yen deal on record, following its ¥430 billion debut in 2019 and a ¥281.8 billion sale in October 2024.

| Comparison of Berkshire's Yen-Denominated Bond Sales | | --- | --- | | Debut (2019) | ¥430 billion | | Sale (October 2024) | ¥281.8 billion | | Latest Sale (2026) | ¥272.3 billion |

Investors may view issuers with a track record and exposure to Japan as more appealing in volatile market conditions. This sentiment is reflected in the comment from Shunsuke Oshida, managing director at Manulife Investment Management (Japan) Ltd., who stated that lesser-known issuers may struggle to access the market in this environment.