Japan's trading houses serve up buffet of record earnings

TOKYO : Japan's trading houses booked record profits and upped full-year guidance, lifted by surging prices for commodities and growing demand for machinery, shipping and food as the global economy began to shake off the effects of a pandemic-induced slump.

"A historic rally in iron ore prices and a recovery in our overseas businesses, thanks to a pick-up in economic activity in China, Europe and the United States contributed to our earnings," said Keita Ishii, the president of Itochu. All five trading companies raised annual dividend forecasts, while Itochu also announced a new policy of minimum dividends as it lifted its full-year forecast to 750 billion yen, another record.

Marubeni Corp, Mitsui & Co and Sumitomo Corp, the other three, also reported record results this week.

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