Major Japanese trading houses post record profits

Major Japanese trading houses have posted record net profits for the fiscal year that ended March 31.

Mitsubishi Corporation on Tuesday reported a 1.18 trillion-yen profit, or about 8.7 billion dollars, up 25.9 percent from the previous fiscal year.

This is attributed to a surge in prices of coal and other resources, and the weakening of the yen that enabled overseas businesses to make more profit.

Mitsui & Co. reported 1.13 trillion yen, or about 8.3 billion dollars.

Other companies also posted record-high profits thanks to higher resource and energy prices and the weak yen.

Sumitomo Corporation reported 565 billion yen, or about 4.2 billion dollars, while Marubeni reported 543 billion yen, about 4 billion dollars.

Toyota Tsusho reported 284 billion yen, or about 2.1 billion dollars, and Sojitz 111 billion yen, about 820 million dollars.

Itochu's 800 billion-yen profit, or about 6 billion dollars, is its second-highest ever behind fiscal 2021.

Mitsubishi President Nakanishi Katsuya said that in addition to boosts from resource prices and the weak yen he feels his company has acquired the skills to generate profit.

He vowed to keep a close eye on unclear factors such as monetary tightening and inflation in Europe and the US.