巴菲特，最新动作！

Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, has issued a bond totaling 90 billion yen (approximately 4.6 billion RMB), marking the smallest yen transaction since entering the Japanese market in 2019 [1][3]. Group 1: Bond Issuance Details - The bond issuance occurred amidst significant market volatility, with many Japanese companies canceling their bond offerings, yet Berkshire successfully completed this transaction [3]. - The bonds are divided into six parts, with maturities ranging from 3 to 30 years [3]. - All bond yields were at a premium compared to Berkshire's previous issuance in October, with the 3-year bond having a yield premium of 70 basis points, up from 49 basis points [5]. Group 2: Investment Strategy and Market Context - The funds raised from the bond issuance are likely to be used to increase stakes in Japanese companies, particularly the five major trading companies, which have seen their valuations decline [5][10]. - Berkshire has already increased its holdings in these companies by over 1 percentage point, with ownership now between 8.5% and 9.8% [5]. - Buffett has expressed a strong interest in Japanese investments, predicting dividend income of approximately 812 million USD by 2025 from these investments, while the interest cost of the yen bonds is about 135 million USD [7]. Group 3: Market Reactions and Future Implications - Analysts interpret the yen bond financing as a strategic move by Buffett to deepen his investment in Japanese industries, with the bond issuance scale serving as a barometer for potential future acquisitions [9]. - The five major trading companies have experienced stock price declines, with some reaching lows not seen since August of the previous year, suggesting a potential buying opportunity for Berkshire [10]. - Buffett's investment philosophy of "being greedy when others are fearful" may indicate that Berkshire is poised to continue increasing its stake in these companies [10].